Property Type

McCarthy to Build $215M Expansion of Sioux Falls Regional Water Reclamation Plant

by Kristin Harlow March 2, 2023

SIOUX FALLS, S.D. — McCarthy Building Cos. Inc. will construct the $215 million expansion of the Sioux Falls Regional Water Reclamation Plant. The first major expansion since the plant was built in the 1980s, the project is expected to increase the facility’s capacity by 50 percent — from 21 million to 30 million gallons per day — and enhance operational efficiencies to meet growing demand throughout the community and region. Completion is slated for 2025. Plans call for the construction of a new three-story “headworks” building, where wastewater initially enters the treatment process; the installation of new generators and an extensive electrical system upgrade; installation of three additional aeration basins, where wastewater is treated by microbes; four “final clarifiers,” which are large circular pools where solids are separated from treated water; and the expansion of an area of the plant where water is treated with chlorine, including the addition of more storage tanks. The project received funding through loans from the State Revolving Fund, a program that provides low-interest loans to water, wastewater and sewer projects. In addition to McCarthy, project partners include Carollo Engineers Inc. and locally based Henry Carlson Construction. Sioux Falls and the surrounding area are …

March 2, 2023

Acquisitions Multifamily Texas

Northmarq Arranges Sale of 30-Unit Apartment Complex in Austin

by Taylor Williams March 2, 2023

AUSTIN, TEXAS — Northmarq has arranged the sale of Red River Apartments, a 30-unit multifamily complex in Austin’s Cherrywood neighborhood. The property was built in 1963 and renovated in phases between 2017 and 2022. Capital improvements included new bathrooms, flooring, countertops and backsplashes in unit interiors, as well as various upgrades to the exterior of the three-story building. Hayden Schnieders of Northmarq brokered the sale of the property. Cheryl Higley, also with Northmarq, provided a five-year, fixed-rate Fannie Mae acquisition loan. The buyer and seller were not disclosed. Red River Apartments was fully leased at the time of sale.

March 2, 2023

Development Healthcare Midwest Minnesota

Ryan Cos. to Open 60,000 SF Medical Office Building at Highland Bridge in St. Paul

by Kristin Harlow March 2, 2023

ST. PAUL, MINN. — Ryan Cos. will host a ribbon-cutting ceremony on Tuesday, March 7 for the opening of a two-story, 60,000-square-foot medical office building at Highland Bridge in St. Paul.The building is 85 percent leased by M Health Fairview, Dermatology Consultants, LifeStance Health, Highland Foot and Ankle Clinic and RAYUS Radiology. M Health Fairview’s clinic will occupy the second floor, with a pharmacy on the first floor. The clinic will provide primary care services, including family, women’s and general pediatric care. Urgent care with extended and weekend hours will also be offered to the community. M Health Fairview Rehabilitation Services, which offers physical therapy and sports medicine, will also be part of the new space. The existing M Health Fairview clinic at 2155 Ford Parkway is now operating out of the Highland Bridge location. Dermatology Consultants will occupy 12,000 square feet on the first floor and will move its practice from its existing St. Paul location at 280 Snelling Ave. in May. LifeStance Health will occupy 4,100 square feet on the first floor. Highland Foot and Ankle Clinic relocated its practice from 2221 Ford Parkway and will lease 1,600 square feet. RAYUS Radiology will occupy 6,400 square feet. There …

March 2, 2023

Industrial Leasing Activity Texas

Corporate Fitness Solutions Signs 8,385 SF Industrial Lease Renewal in Addison, Texas

by Taylor Williams March 2, 2023

ADDISON, TEXAS — Corporate Fitness Solutions has signed an 8,385-square-foot industrial lease renewal in the northern Dallas suburb of Addison. According to LoopNet Inc., the property at 4950 Keller Springs Road was built in 1980 and totals 60,118 square feet. Adam Curran of Cushman & Wakefield represented the tenant in the lease negotiations. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Kennington Parkway Ltd.

March 2, 2023

Development Midwest Minnesota Office

LSE Architects Opens New 36,000 SF Headquarters in North Minneapolis

by Kristin Harlow March 2, 2023

MINNEAPOLIS — LSE Architects has opened a new 36,000-square-foot headquarters at 1401 Glenwood Ave. in North Minneapolis. The two-story office features 60 workstations, three private offices, an enclosed garage with 10 parking stalls and an exterior lot with 50 parking spaces. Kraus-Anderson served as construction manager. LSE projects near the new office include Hennepin County’s Sumner Library, the Washburn Center for Children, North Market, the MPS North High School Career and Technology Center renovation and the V3 Sports new aquatics center.

March 2, 2023

Development Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $17M Acquisition Loan for Northern New Jersey Industrial Site

by Taylor Williams March 2, 2023

BELLEVILLE, N.J. — Cushman & Wakefield has arranged a $17 million acquisition loan for a 15.3-acre industrial development site in the Northern New Jersey community of Belleville. The borrower, a partnership between Lincoln Equities Group and The Carlyle Group, plans to demolish the site’s existing structures and build two Class A warehouses totaling 204,550 square feet. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through ConnectOne Bank on behalf of the developer. A construction timeline was not disclosed.

March 2, 2023

Acquisitions Connecticut Multifamily Northeast Seniors Housing

Blueprint Negotiates Sale of 180-Bed Skilled Nursing Facility in Wallingford, Connecticut

by Taylor Williams March 2, 2023

WALLINGFORD, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant, 180-bed skilled nursing facility in Wallingford, located approximately midway between Hartford and New Haven. The buyer was a Florida-based developer with local ties to Wallingford. Additional terms of sale, as well as the name and address of the property, were not disclosed.

March 2, 2023

Leasing Activity New York Northeast Office

Vibrant Emotional Health Signs 59,550 SF Office Lease in Manhattan’s Financial District

by Taylor Williams March 2, 2023

NEW YORK CITY — Vibrant Emotional Health has signed a 59,550-square-foot office lease at 80 Pine Street in Manhattan’s Financial District. The 38-story, 1.2 million-square-foot building was originally constructed in 1960 and recently underwent a capital improvement program. The nonprofit provider of mental health services will relocate from a 31,000-square-foot space at 50 Broadway to the entire 18th and 19th floors later this year. Chris Mansfield, Gerry Miovski, Masha Dudelzak and Ali Gordon of CBRE represented the tenant in the lease negotiations. Kevin Daly and Tom Keating internally represented the landlord, Rudin.

March 2, 2023

Leasing Activity New York Northeast Retail

Primark to Open 54,562 SF Store at Queens Center

by Taylor Williams March 2, 2023

NEW YORK CITY — Primark, an Irish apparel brand, will open a 54,562-square-foot, multi-level store at Queens Center, a shopping, dining and entertainment destination located in the borough’s Elmhurst neighborhood. An official opening date was not released. Other retailers at Queens Center include Apple, Adidas, Champs Sports, Macy’s, Pandora, Sephora and Victoria’s Secret, and the restaurant roster features Chick-fil-A, Shake Shack and The Cheesecake Factory. Los Angeles-based Macerich owns Queens Center.

March 2, 2023

Company News Restaurant Retail Texas

Reports: Corner Bakery Files for Chapter 11 Bankruptcy

by Taylor Williams March 2, 2023

DALLAS — Corner Bakery, a national restaurant chain based in Dallas, has filed for Chapter 11 bankruptcy protection in the Delaware Bankruptcy Court after defaulting on its loans last year, according to reports from multiple media outlets, including The Dallas Morning News. The chain cited its reliance on traditional office workers seeking fast casual or grab-and-go meals, which has yet to return to pre-pandemic levels in many areas, as a key driver behind the move. Philadelphia-based Pandya Restaurant Growth Brands purchased Corner Bakery, which currently operates 140 locations in 20 states, in October 2020. Prior to its acquisition by Pandya, the chain was owned by Atlanta-based private equity firm Roark Capital Group.

March 2, 2023

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