ENGLEWOOD CLIFFS, N.J. — Locally based developer Garden Communities is underway on demolitions for a 20-acre multifamily redevelopment project in Englewood Cliffs, located across the Hudson River in Bergen County. The site at 800 Sylvan Ave. previously housed office and research and development for consumer products conglomerate Unilever. The number of units in the new apartment community has yet to be determined, but residences will come in a mix of studio, one- and two-bedroom floor plans.
ATTLEBORO, MASS. — MassHousing has provided $18 million in financing for Hillcrest Acres, a 100-unit affordable housing complex located south of Boston in Attleboro. The property houses a mix of floor plans that are reserved for renters earning at various percentages of the area median income and includes a workforce housing component. The borrower is a partnership between nonprofit Retirement Housing Foundation and Schochet Cos. In addition to refinancing existing debt, ownership will use a portion of the proceeds to fund renovations and preserve the property’s affordability status.
FRISCO, TEXAS — Dallas-based developer StreetLights Residential and its partners have unveiled plans for The Mix, a $3 billion mixed-use development that will be located at the intersection of Dallas Parkway and Lebanon Road in Frisco. The 112-acre project is set to include 2 million square feet of office space; 375,000 square feet of retail space, including a grocery store; a 400-key business hotel and 200-key boutique hotel; and 3 million square feet of residential development. The development will also include a central park designed by OJB Landscape Architecture, the landscape firm behind Klyde Warren Park in Dallas. The park will include an event lawn and performance pavilion, playground, promenades and a pond for a total of 20 acres of communal green space. The development team includes master architects Torti Gallas + Partners and CallisonRTKL, with Kimley-Horn providing planning and design engineering services. The Retail Connection will handle leasing for the retail component, and JLL has been appointed to lease the office and medical space. The groundbreaking of Phase I took place in December, and full completion of the project is slated for 2026. The Mix joins a number of large-scale mixed-use developments underway in the Dallas/Fort Worth metroplex, …
By Steve Roppel, Senior Vice President, Allied Commercial Real Estate Encompassing 62 square miles, San Bernardino is the governmental seat of San Bernardino County, the largest county in the world at more than 21,000 square miles. About 86,000 people alone work within the city, per the 2020 Census. The largest industries are retail (12,280 people), transportation and warehousing (11,164 people) and health (9,603 people). Of the six largest office buildings, only one is occupied by traditional multiple commercial tenants. The others are occupied by the county, city, courts, non-profits and the University of Loma Linda. The only large office building presently proposed is a county office building of 307,000 square feet. San Bernardino was historically a vibrant metropolitan whose image has become tarnished over the years. It is famous for its affiliation with Route 66, which runs through the city and allowed many people to emigrate to the Golden State. The first original McDonald’s restaurant – now a museum – was opened in San Bernardino in 1940. To restore the former luster and recognize the potential for San Bernardino, local governments have pulled together on several fronts. Multiple recent infrastructure improvements and redevelopments were completed and planned for San Bernardino, …
MYRTLE BEACH, S.C. — Hudson Capital Properties (HCP) has sold Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. An undisclosed buyer acquired the property for $53.2 million. Tai Cohen of Cushman & Wakefield represented HCP in the transaction. Units are available in one-, two- and three-bedroom options. Cape Fear Commercial co-developed the project alongside HCP. The partnership broke ground on the community in 2019. Like many of the Southeastern markets where HCP invests, the greater Myrtle Beach area benefits from continued population growth that has strong potential to continue over the long term, according to HCP.
MOBILE, ALA. — Cushman & Wakefield has arranged the sale of Astoria, a 252-unit multifamily community in Mobile. Carter Multifamily purchased the community from Saxony Capital Management for $35.6 million. Andrew Brown and Ben Thomas of Cushman & Wakefield represented the seller in the transaction. Built in 2001, Astoria’s amenities include a resident lounge with billiards, foosball and a coffee bar; a remodeled clubhouse and wellness center; valet trash removal; and a saltwater swimming pool with an outdoor kitchen area. Carter Multifamily plans to make interior renovations to Astoria during its ownership period, according to Cushman & Wakefield.
BIRMINGHAM, ALA. — Berkadia has brokered the $8.5 million sale of Hampton Inn & Suites Birmingham East Irondale, a 99-room hotel located at 950 Old Grants Mill Road in Birmingham. Dan Hawkins and Jake Pietras of Berkadia’s Hotels & Hospitality division completed the sale on behalf of the undisclosed seller. The buyer was also not disclosed. Amenities at the Hampton Inn hotel include an indoor pool, fitness center, business center, a complimentary breakfast and 576 square feet of meeting space.
ZUG, SWITZERLAND — IWG plc, a Swiss coworking provider, plans to open five new Regus-branded flexible offices in North and South Carolina. The five locations include 3511 Shannon Road in Durham; 8024 Glenwood Ave. in Raleigh; 140 Stoneridge Drive in Columbia, S.C.; 222 N Lafayette St. in Shelby, N.C. (Charlotte suburb); and 900 Trail Ridge Road in Aiken, S.C. (Augusta suburb). All five locations will offer IWG’s full suite of services, including private offices, coworking and collaboration spaces, meeting rooms and a host of tech services, including IT support. The new Carolinas locations are part of IWG’s plan to add more than 500 locations throughout the United States.
FREDERICK, MD. — Edge has negotiated a 20,000-square-foot retail lease with Partner Veterinary Emergency and Specialty Center at Frederick Crossing, a nearly 300,000-square-foot power retail center located at 7330 Guilford Drive in Frederick. Kristin Rebeck of Edge represented the tenant, which plans to open the clinic in the spring and employ roughly 70 people once fully operational. Adam Greenberg of DLC Management Group represented the landlord, a partnership between DLC and Acadia Realty Trust. Situated near I-70, Frederick Crossing’s tenant roster includes Kohl’s, Best Buy, Regency Furniture, Ross Dress for Less, Off Broadway Shoes, Five Below, Ulta Beauty and Dollar Tree.
DALLAS — Morning Calm Management, an investment and management firm based in South Florida, has purchased Towers at Park Central, an 875,000-square-foot office complex located at the corner of LBJ Freeway and U.S. Highway 75 in North Dallas. Towers at Park Central features a conference facility with training rooms, fitness center, tenant lounge and onsite food options, and the undisclosed seller previously invested more than $7 million in capital improvements during its hold period. Tenants include SCP Health, foodmaker Daisy Brand and insurance company Arthur J. Gallagher. Morning Calm Management has tapped Newmark to lease the complex.