NEW YORK CITY — The New York City Council has approved Innovation QNS, a $2 billion mixed-use project that will be located in the Astoria neighborhood of Queens, according to reports from multiple news outlets such as Crain’s New York Business and Patch. A partnership between BedRock Real Estate Partners, Kaufman Astoria Studios and Silverstein Properties is developing Innovation QNS, which will span five city blocks and will be an expansion of the Kaufman Arts District. The various reports differ on the exact size of the multifamily component, but the project page on the website of Silverstein Properties states that plans call for approximately 2,700 units, about 700 of which will be affordable. In addition, Innovation QNS will feature 200,000 square feet of retail, restaurant and entertainment space, as well as 250,000 square feet of office space, a grammar school that can support 600 students, health and wellness facilities and two acres of programmable outdoor space.
FRISCO, TEXAS — A partnership between The Corinth Land Co. and locally based investment firm Prattco Creekway Industrial has acquired a 50,000-square-foot property located north of Dallas in Frisco. The facility at 6300 Flyers Way was built on five acres in 2018 and is leased to the Frisco Flyers national volleyball organization. The seller and sales price were not disclosed.
NEW YORK CITY — Newmark has arranged a $150 million loan for the refinancing of 295 Fifth Avenue, a 19-story, 710,000-square-foot office building in Midtown Manhattan. Dustin Stolly, Jordan Roeschlaub, Christopher Kramer, Nick Scribani, Ben Kroll and Holden Witkoff of Newmark arranged the financing on behalf of the borrower, a partnership between Tribeca Investment Group, Meadow Partners and PGIM Real Estate. Deutsche Bank provided the loan. The sponsor will use a portion of the proceeds to fund capital improvements such as a remodel of the lobby and an overhaul of the building’s windows, elevators and HVAC systems.
HACKENSACK, N.J. — Locally based developer Garden Communities has begun leasing The Jefferson, a 377-unit apartment community located outside of New York City in Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two- bedroom units ranging in size from 735 to 1,598 square feet, with most residences offering private balconies/patios. Communal amenities include a pool, fitness center, business center, private bowling alley, a billiards and entertainment room, golf simulator, children’s playroom, outdoor grilling and dining areas and a dog park. Rents start at $2,240 per month for a one-bedroom apartment.
LINDEN, N.J. — Chicago-based investment and development firm CenterPoint Properties has broken ground on a 321,875-square-foot industrial project in the Northern New Jersey community of Linden. The site, which formerly housed a Walmart-anchored shopping center, is located within four miles of two I-95 interchanges. Building features will include a clear height of 40 feet, 50 loading docks with room to expand and parking for up to 100 trailers and some 250 cars. Completion is slated for August 2023. CenterPoint has tapped Cushman & Wakefield to lease the development.
ST. LOUIS PARK, MINN. — Bridge Investment Group’s subsidiary Bridge Office Fund has acquired 10 West End in the western Minneapolis suburb of St. Louis Park. The sales price was undisclosed. The Class A office building rises 11 stories and spans 343,000 square feet. Ryan Cos. US Inc. sold the property in conjunction with The Excelsior Group and Sotarra LLC. The building opened in January 2021. Amenities include a bike room, onsite parking, electric vehicle charging, a fitness center and sky deck. The property is the first Class A office building constructed in the submarket in the last 18 years, according to Ryan. Tom O’Brien, Avery Ticer, Dan Phoel and Jeff Altenau of Cushman & Wakefield represented Ryan in the sale. Bridge now owns more than 1.4 million square feet of commercial real estate space in the Minneapolis market.
ORLAND PARK, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6.6 million loan for the acquisition of a retail portfolio in the Chicago suburb of Orland Park. The portfolio spans 20,732 square feet and is home to tenants such as Chipotle, Panera Bread, Smashburger, Raising Cane’s and BJ’s Brewhouse. Dean Giannakopoulos, Frank Montalto and Matthew Smego of MMCC arranged the 10-year loan, which features a fixed interest rate of 4.65 percent. Sean Sharko and Austin Weisenbeck of Marcus & Millichap brokered the transaction. An undisclosed lender provided the loan to the buyer, which completed a 1031 exchange.
PINE ISLAND, MINN. — Kraus-Anderson Construction has completed a $6.1 million early childhood center for Pine Island Schools. The 20,356-square-foot project is located at 223 1st Ave. SE in Pine Island, about 17 miles north of Rochester. Designed by Wendel Architects, the two-story early childhood center features classrooms and a 2,000-square-foot multipurpose area. There are also indoor and outdoor playgrounds and offices for staff.
MIDDLETON, WIS. — Greywolf Brokerage, a division of Greywolf Partners Inc., has brokered the $4 million sale of Pheasant Branch Senior Apartments in Middleton, a suburb of Madison. The 45,166-square-foot building contains 47 units. The property was fully occupied at the time of sale and sold slightly above the listing price. Dawn Davis of Greywolf represented the seller. Buyer and seller information was not provided.
ST. PAUL, MINN. — Grandbridge Real Estate Capital has arranged a $2.5 million Freddie Mac loan for the acquisition of a 32-unit multifamily property in St. Paul. Jeff Witt and William Perry of Grandbridge arranged the loan, which features a 30-year amortization schedule and interest-only payments for a portion of the term. The borrower was undisclosed.