Property Type

Partnership Completes 249-Unit Apartment Complex in Mount Vernon, New York

by Taylor Williams July 24, 2023

MOUNT VERNON, N.Y. — A partnership between Alexander Development Group, The Bluestone Organization and J.P. Morgan Global Alternatives has completed 42 Broad, a 249-unit apartment complex in Mount Vernon, located north of New York City. Designed by Perkins Eastman, the 16-story building houses studio, one- and two-bedroom units that are furnished with stainless steel appliances, walk-in showers and individual washers and dryers. Amenities include a pool, fitness center, outdoor kitchens, game room, lobby lounge, coworking spaces, library and a zen garden, as well as ground-floor retail space. Rents start at $2,100 for a studio apartment.

July 24, 2023

Acquisitions Civic New York Northeast

Cushman & Wakefield Arranges $14M Sale of Manhattan Elementary School Building

by Taylor Williams July 24, 2023

NEW YORK CITY — Cushman & Wakefield has arranged the $14 million sale of the 16,267-square-foot elementary school building of The Calhoun School, located at 160 W. 74th St. on Manhattan’s Upper West Side. The five-story building houses a theater, gym, playground and conference room in addition to classrooms and administrative offices. Craig Waggner, John Ciraulo, Andrew Berry, Charlie Gravina, Mike Kavanagh and Jack Stephen of Cushman & Wakefield represented The Calhoun School in the transaction. The buyer was Bayrock Capital. Ownership recently invested in upgrades to the building’s mechanical systems, windows and façade.

July 24, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Beacon Communities, CCBA Break Ground on 85-Unit Affordable Housing Project in Boston

by Taylor Williams July 24, 2023

BOSTON — A partnership between nonprofit owner-operator Beacon Communities and the Chinese Consolidated Benevolent Association of New England Inc. (CCBA) has broken ground on Pok Oi, an 85-unit affordable housing project in Boston’s Chinatown district. The complex will offer one-, two- and three-bedroom units that will be reserved for renters earning 80 percent or less of the area median income. Nine units will be specifically set aside for citizens experiencing homelessness. Citizens Bank provided construction financing for the project, and MassDevelopment issued tax-exempt bonds. Completion is slated for late 2024.

July 24, 2023

Development Industrial New Jersey Northeast

Denholtz Properties Completes 40,500 SF Industrial Flex Building in Hamilton, New Jersey

by Taylor Williams July 24, 2023

HAMILTON, N.J. — Locally based developer Denholtz Properties has delivered 800 Horizon Center, a 40,500-square-foot industrial flex building in the Northern New Jersey community of Hamilton. The site is located less than three miles from Exit 7A on the New Jersey Turnpike at the intersection of Interstate 195 and U.S. Route 130. Building features include divisibility to 2,700-square-foot units, a clear height of 26 feet, 15 roll-up doors and roughly 110 car parking spaces. Fennelly Associates has been tapped as the leasing agent as of February 2024.

July 24, 2023

Leasing Activity New York Northeast Office

VTS Signs 34,325 SF Office Headquarters Sublease at 3 Bryant Park in Midtown Manhattan

by Taylor Williams July 24, 2023

NEW YORK CITY — VTS, a provider of commercial proptech solutions, has signed a 34,325-square-foot office headquarters sublease at 3 Bryant Park in Midtown Manhattan. The term is six years. The company will relocate from 141 W. 41st St. in the fourth quarter to the entire 14th floor of the building, which was previously occupied by Salesforce. Jim Wenk of Savills, along with Patrick Heeg of Transwestern and Sam Seiler of JLL, represented VTS in the lease negotiations. Sacha Zarba, James Ackerson and Alice Fair of CBRE represented Salesforce. Ivanhoe Cambridge owns 3 Bryant Park.

July 24, 2023

Acquisitions Industrial Midwest Minnesota

PCCP, Capital Partners Acquire Six-Building Industrial Portfolio in Minneapolis

by Kristin Harlow July 24, 2023

MINNEAPOLIS — A joint venture between PCCP and Capital Partners has acquired a six-building light industrial portfolio totaling 690,742 square feet in Minneapolis for an undisclosed price. The properties, built between 2001 and 2014, are 91 percent leased to 15 tenants with an average size of 38,400 square feet and a weighted average lease term of 6.3 years. The portfolio was previously under institutional ownership. Peter Mork and Jason Simek, managing partners of Capital Partners, helped design, develop and lease the portfolio throughout the early 2000s when they previously worked for CBRE.

July 24, 2023

Development Illinois Midwest Multifamily Seniors Housing

Life Care Services Opens 258-Unit Seniors Housing Community in Northwest Chicago

by Kristin Harlow July 24, 2023

CHICAGO — Life Care Services has opened Clarendale Six Corners, a 258-unit seniors housing community in the Portage Park neighborhood of Northwest Chicago. Rising 10 stories at the intersection of Milwaukee Avenue and Irving Park Road, the property features 114 independent living units with one-, two- and three-bedroom layouts, 98 assisted living units and 46 memory care apartments.

July 24, 2023

Indiana Industrial Leasing Activity Midwest

Colliers Negotiates Lease-Up of 130,582 SF Industrial Building in Indianapolis

by Kristin Harlow July 24, 2023

INDIANAPOLIS — Colliers has negotiated the lease-up of a 130,582-square-foot industrial building located at 4740 Victory Lane in Indianapolis. BioPlus Specialty Pharmacy Services LLC, a subsidiary of Elevance Health, leased 47,891 square feet. BioPlus provides pharmacy services for patients living with chronic conditions such as cancer, multiple sclerosis, hepatitis C, autoimmune diseases and rheumatology. Hellman Worldwide Logistics signed a lease for 82,691 square feet. Headquartered in Germany, the company is one of the largest international logistics providers with 489 offices in 173 countries. Jimmy Cohoat and Billy Powers of Colliers represented the landlord, Shear Property Group.

July 24, 2023

Development Illinois Industrial Midwest

Principle Construction Completes 21,427 SF Industrial Expansion for Avery Dennison in Mount Prospect, Illinois

by Kristin Harlow July 24, 2023

MOUNT PROSPECT, ILL. — Principle Construction Corp. has completed a 21,427-square-foot office and manufacturing expansion for Avery Dennison in the Chicago suburb of Mount Prospect. The company manufactures retro-reflective sheeting. The project encompasses 11,576 square feet of manufacturing and warehouse space and 9,851 square feet of two-story office space. Cornerstone Architects was the project architect and Vivek Singla of CBRE served as project manager on behalf of Avery Dennison. The facility is located at 902 Feehanville Drive.

July 24, 2023

Acquisitions Development Illinois Industrial Lee & Associates Midwest Self-Storage

Lee & Associates Brokers Sale of Self-Storage Development Site in Bartlett, Illinois

by Kristin Harlow July 24, 2023

BARTLETT, ILL. — Lee & Associates has brokered the sale of a 3.4-acre vacant lot near the southeast corner of West Bartlett Road and Route 25 in the Chicago suburb of Bartlett. The sales price was undisclosed. A new multi-story, self-storage facility is planned for the site. Rick Scardino of Lee & Associates represented the seller, Abbott Land. Dan Lynch of Colliers represented the buyer, Berman-Lapetina.

July 24, 2023

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