DALLAS — Anthology Senior Living will develop a 121-unit community in the Highland Park area of Dallas. Anthology of Highland Park will be an 11-story building with 97 assisted living residences and 24 memory care suites, available in studio, one-bedroom and two-bedroom configurations. The 144,000-square-foot community will be located within three miles of UT Southwestern Medical Center and within one mile of the Knox Street retail corridor. Cadence McShane is the general contractor for the project, which is scheduled for completion in spring 2023.
DALLAS — Lee & Associates has negotiated a 153,150-square-foot industrial lease at 2340 I-35 W. Service Road in Dallas. The crane-served building features 24-foot clear heights, 24 drive-in doors and 6.8 acres of outdoor storage space. Joseph Mullican and Brett Lewis of Lee & Associates represented the undisclosed tenant, which will occupy the entirety of the building, in the lease negotiations. The name and representative of the landlord were not disclosed.
PHILADELPHIA — Tennessee-based developer Southern Land Co. has broken ground on a 254-unit multifamily project at 1620 Sansom St. in Philadelphia’s Center City District. The development will include 22,000 square feet of flexible commercial space for restaurant or health and wellness users. The 27-story building will offer amenities such as a 12,000-square-foot rooftop deck, fitness center, pool and communal dining and entertainment spaces. Solomon Cordwell Buenz is designing the project, and Hunter Roberts Construction Group is serving as the general contractor. Completion is slated for winter 2023.
HAUPPAGE, N.Y. — Chicago-based Venture One will develop a 123,970-square-foot industrial facility in the Long Island community of Hauppage. The site spans 7.4 acres within Hauppage Innovation Park, which is home to some 1,300 businesses that employ roughly 55,000 people. Building features will include a clear height of 36 feet, 130-foot truck court depths, 131 car parking spaces and 40 trailer parking stalls. Construction is scheduled to begin in the third quarter and to last about a year. Cushman & Wakefield will lease the development.
NEW YORK CITY — Locally based investment firm GAIA Real Estate has purchased a portfolio of three multifamily buildings totaling 56 units on Manhattan’s Lower East Side for $34.7 million. The residential portfolio, which primarily offers two- and three-bedroom units and was fully occupied at the time of sale, includes five retail spaces. Guthrie Garvin, Jack Norton, Rob Knakal and Jon Hageman of JLL represented the seller, SMA Equities, in the transaction.
TARRYTOWN, N.Y. — CBRE has negotiated the $26 million sale-leaseback of a 276,000-square-foot life sciences complex located in Tarrytown, a northern suburb of New York City. Jeffrey Dunne, Steven Bardsley, Travis Langer, Alyssa Fricke, David Opper and Jeff Babikian of CBRE represented the seller, BASF Corp., which will lease back a portion of the space at the two-building complex. CBRE also procured the buyer, an affiliate of Northpath Investments. The property was 52 percent leased at the time of sale, inclusive of BASF’s occupancy and a separate lease with Northwell Health System. Michael Klein and Max Custer of JLL arranged acquisition financing through Prime Finance for the deal.
HOBOKEN, N.J. — JLL has arranged a $25 million loan for the refinancing of a 95,688-square-foot shopping center located at 900 Madison St. in the Northern New Jersey community of Hoboken. Grocer ShopRite anchors the center, which was fully leased at the time of the loan closing. Thomas Didio and Thomas Didio Jr. of JLL arranged the loan through an affiliate of Minnesota Life Insurance Co. on behalf of the borrower, an entity doing business as Northwest Redevelopment Supermarkets LLC. The loan carried a 10-year term and a fixed interest rate.
MIAMI — Development firm LCOR has acquired 1775 Biscayne Boulevard, a development site located two blocks from Biscayne Bay in downtown Miami. Plans call for a 40-story, 540-unit residential building that will be situated on the border of the Arts & Entertainment District and Edgewater neighborhood. Units will be available in studio, one- and two-bedroom options. Construction on the condominium project is scheduled to begin in early 2024 for completion in 2026. “Miami [is] a highly competitive land market currently on the cusp of a transformational development surge,” says Brad Capas, executive director of Cushman & Wakefield Capital Markets. “Located at the center of one of Miami’s most exciting growth corridors, 1775 Biscayne will aid in producing critically needed residential offerings between the Miami World Center and Midtown districts.” Unit features will include stainless steel appliances, in-unit washers and dryers and quartz countertops. Communal amenities will feature a fitness center; rooftop pool deck; outdoor terrace and grilling space with views of Biscayne Bay and downtown Miami; tenant lounges equipped with flexible coworking spaces and conference rooms; over 600 onsite parking spaces; and package retrieval services. The project was originally proposed in 2017 and included 14,000 square feet of ground-floor retail …
Miami’s multifamily market slowed down dramatically at the start of COVID-19 and now has quickly rebounded to record levels. Collections and occupancies are excellent, new supply is quickly absorbed, population/household growth is on fire, the job market has largely rebounded, wages are up, home prices are at record levels — meaning more people are renting — and limited land is keeping construction in balance. Going forward, the market is ideally positioned for continued long-term growth thanks to positive market fundamentals and continued strong sales activity. Demand for rentals was strong pre-pandemic and will grow even greater in the post COVID-19 era as South Florida continues to increase its resident count. Between 2020 and 2021, South Florida added 42,842 residents, including 14,318 new residents in Miami-Dade County. With the influx of residents, South Florida is expected to have over 37,000 new households created each year over the next five years. That represents over 14,800 new renters per year, assuming 60 percent of households enter homeownership and 40 percent rent, which is in line with historical ratios. Record year for sales 2021 was a record-setting year for the South Florida multifamily market. The region experienced 603 multifamily sales totaling $11.4 billion, which …
By Taylor Williams Well before a global pandemic barreled through the nation, destroying the jobs, savings and legacies of thousands of American businesses, launching a new restaurant was still a daunting task. According to 2021 data from National Restaurant Association, 30 percent of U.S. restaurants fail within their first year of opening. Relentless competition, high employee turnover, razor-thin margins, misfired marketing campaigns — all represent major operating minefields that come with such ventures. The industry is not for faint-of-heart entrepreneurs, and even with the aid of a healthy economy, a talented and experienced operator and a prime location, there are no guarantees of success. One might think that with COVID-19 causing food and beverage (F&B) businesses to fail and sending vacated spaces back to the market, finding quality locations at affordable rates would be feasible in the current environment. But that’s hardly the case in many major cities, especially those in states that implemented life-saving initiatives for its F&B operators early in the pandemic and has been “back to normal” for some time. Minimal Vacancy While F&B markets across numerous states are flush with pent-up consumer demand to eat, drink and socialize, the logistical and financial challenges of launching …