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.
NORTH BERGEN, N.J. — Mobility services provider First Transit has signed a 72,000-square-foot industrial lease in North Bergen, located across the Hudson River from Upper Manhattan. According to LoopNet Inc., the single-tenant property at 5901 Tonnelle Ave. was originally built in 1958. Scott Deutchman of Lee & Associates represented the tenant in its site selection and lease negotiations. Chaus Realty represented the landlord, Maryland-based industrial investment firm Realterm.
NEW YORK CITY — A public-private partnership between The Port Authority of New York & New Jersey and JFK Millennium Partners (JMP) has released plans for a $4.2 billion redevelopment of Terminal 6 at John F. Kennedy International Airport in New York City. The redeveloped terminal, which will be located on the airport’s north side and offer international flight services, will span 1.2 million square feet. The new Terminal 6 will also connect to Terminal 5, which JetBlue owns and operates, and eventually replace the existing Terminal 7, which will be demolished. Lufthansa Group, which comprises Lufthansa, SWISS, Austrian Airlines and Brussels Airlines, will operate out of Terminal 6 along with JetBlue and other international airlines. The new terminal will feature updated international passenger processing, ticketing counters and passenger security screening, as well as 100,000 square feet of concession spaces and airport lounges. The developers say the project will add more than 4,000 jobs to the local economy. The first gates are scheduled to open in early 2026, with full project completion slated for 2028. In addition to airport-specific upgrades, the development team will deliver infrastructural improvements that are designed to reduce congestion and delays within the airspace and on …
New Orleans has seen significant, pent-up retail growth over the past 12 months as we emerge from the COVID-19 pandemic. More recently, however, external forces have provided some headwinds and caused tenants and investors to go back to their corners to reassess. Inflation, rising interest rates, insurance premium increases and elevated construction costs have all contributed to uncertainty in the Greater New Orleans retail landscape. Within the French Quarter and CBD, growing concerns from crime have forced some CEOs to look outside of the city core for their office headquarters. This issue, coupled with the current “work-from-home” environment, causes downtown retailers to rely even more on tourism and convention business. Thankfully, the hospitality sector has had success and is now exceeding pre-pandemic levels. Due to an active 2021 hurricane season that saw Hurricane Ida devastate South Louisiana, insurance rates have skyrocketed as carriers continue to leave the state. As a result, landlords have struggled with how to handle these unforeseen spikes in expenses. Should they pass those on to the tenant or eat them to remain competitive, or a combination of the two? 2022 has been a surprisingly quiet storm season, so with any luck these rates should begin to …