GREEN BAY, WIS. — Marcus & Millichap has arranged the sale of Hoffman and Hibernia Apartments in Green Bay for $2.4 million. The 34-unit apartment building was completely renovated in 2014. David Tarnoff, Patrick Suffield and Yianni Mouflouzelis of Marcus & Millichap represented the seller, a local private investor. The team also secured and represented the buyer, a Wisconsin-based private investor.
EAST HAMPTON, N.Y. — Cushman & Wakefield has brokered the $22 million sale of a two-story, 5,000-square-foot retail property in the Long Island community of East Hampton. Jordan Sutton, Robert Shapiro, Dan Abbondandolo and Victor Little of Cushman & Wakefield represented the two private investors who sold the asset in the transaction. Luxury retailer Louis Vuitton Moët Hennessy acquired the property, which is currently leased to jewelry and accessories retailer Cartier.
GRANDVILLE, MICH. — Crumbl Cookies has signed a lease to open a 2,721-square-foot location at Century Center in Grandville, a southern suburb of Grand Rapids. Tjader Gerdom and Michael Murphy of Gerdom Realty & Investment represented the tenant in the lease. Dave Denton of DAR Development represented the undisclosed landlord. Crumbl Cookies has more than 700 locations across the country.
SOUTHAMPTON, N.Y. — Meeting House Lane Medical Practice has signed an 11,778-square-foot healthcare lease renewal in the Long Island community of Southampton. Dan Oliver of Newmark represented the landlord, New York-based BEB Capital, in the lease negotiations. David Leviton of JLL represented the tenant, which has committed to the space for an additional 10 years.
PITTSBURGH — CBRE has negotiated a 10,470-square-foot office lease at 525 William Penn Place in Pittsburgh. The tenant, investment advisory firm Signature Financial Planning, will consolidate its offices at 1301 Grandview Avenue and One Gateway Center to the 41-story building, which originally housed the headquarters of U.S. Steel Corp. and Mellon National Bank. Patrick Greene of CBRE represented the undisclosed landlord in the lease negotiations. Dan Paterson of Swearingen Realty Group represented the tenant. The move-in is scheduled for the fourth quarter.
BOSTON — Skanska USA has received approval from the Boston Zoning Commission for the redevelopment of a 5.8-acre site in Boston that currently houses Simmons University’s residential campus into a 1.7 million-square-foot mixed-use destination. The Boston Planning and Development Agency approved Skanska’s plans for the overall development, named Longwood Place, earlier this year. Global architecture firm Sasaki designed the transit-served development, which is slated to feature five buildings that will house life sciences, office, apartments, retail and restaurant space. In addition, Longwood Place will feature 2.6 acres of open green space and 15,000 square feet of indoor community space. Located at 305 Brookline Ave. in Boston’s Longwood neighborhood, Longwood Place will be situated a half-mile from Fenway Park, home ballpark of the Boston Red Sox. Nearby institutions include Simmons University, Emmanuel College, Northeastern University, Boston Children’s Hospital, Beth Israel Deaconess Medical Center, Harvard Medical School and the Museum of Fine Arts, Boston. “A focus on delivering diverse spaces inside and out that surround high-performing life sciences buildings and a vital residential program make Longwood Place a vibrant addition to one of Boston’s most innovative neighborhoods,” says Meredith McCarthy, senior associate architect at Sasaki. As part of the master plan of …
In a fast-paced, post-pandemic world, the amenities and services that renters expect in multifamily communities are constantly changing. Owners and managers must anticipate what residents will ask for next in order to stay competitive. Predicting What Residents Want There is no crystal ball that allows multifamily owners to foresee what amenities and services future residents will seek when searching for a new home, but there are a few ways in which developers and managers can make sure they’re keeping up with the trends. Although focused on a different customer, sectors such as office and hotel are often ahead of the curve when it comes to meeting the shifting demands of their clientele. Multifamily owners and operators should keep a close eye on what industry leaders in these sectors are doing, such as installing pickleball courts and providing open workspaces and find ways to duplicate those experiences at their own communities. These specific examples have helped Morgan Properties to provide residents with the balance they seek — an active lifestyle that supports the new normal of work from home life. For example, in response to resident demand, we recently began installing outdoor fitness equipment that focuses on body weight and gravity …
By Taylor Williams The current industrial development landscape in Texas is a true testament to the awesome power of demand — and of interest rate hikes. From El Paso to Houston, industrial users of all sizes and across all industries continue to demand new or expanded spaces to accommodate their ever-growing warehousing, distribution and manufacturing needs. E-commerce, nearshoring, COVID-19 — name your impetus — they’ve all contributed to a feverish pace of industrial development and absorption in recent years. According to fourth-quarter 2022 data from CBRE, Dallas-Fort Worth (DFW) saw an annual supply gain of about 36.1 million square feet in 2022 while posting positive net absorption of 36.5 million square feet. Third-party logistics users drove much of the new leasing activity, which contributed to a 4.6 percent vacancy rate at the end of the year. The market has now posted consecutive years of sub-5-percent vacancy. Fittingly, there remains more than 75 million square feet of product under construction throughout the metroplex. In Houston, developers delivered approximately 18.8 million square feet of new industrial space in 2022, per CBRE. Yet the market posted more than 30 million square feet of positive absorption over the course of last year, and the …
DALLAS — Bay 9 Holdings LLC, an affiliate of Lapis Advisers LP, has agreed to acquire Edgemere, a continuing care retirement community (CCRC) in Dallas. Located on a 16-acre site, Edgemere features 304 independent living units, 60 assisted living units, 31 memory care units and 72 skilled nursing beds. Bay 9 plans to install a new operator, Long Hill at Edgemere LLC, a wholly owned subsidiary of United Methodist Homes (UMH). The initial phase of development opened in 2001. The asset has been operating under a forbearance agreement with its lender, UMB Bank, since January 2022.
KATY, TEXAS — Locally based firm Investment & Development Ventures (IDV) will develop Anserra Business Park, a 715,920-square-foot industrial project that will be located on the western outskirts of Houston in Katy. The development will comprise a 510,000-square-foot cross-dock building and a 205,920-square-foot, front-load building. The structures will house 36- and 32-foot clear heights, respectively, and will offer combined parking for 436 cars and 179 trailers. A construction timeline was not disclosed.