BASKING RIDGE, N.J. — Callahan Construction Managers has broken ground on Residence at Basking Ridge, a 90-unit seniors housing project that will be located about 40 miles west of New York City. Developed by LCB Senior Living and designed by The Architectural Team, the property will offer assisted living, memory care and respite care services. Amenities will include common living rooms, a bistro, salon and a fitness area. The development team expects to begin welcoming residents in early 2023.
PITTSBURGH — New York City-based Ready Capital has closed a $17.4 million loan for the acquisition and renovation of a portfolio of two multifamily properties totaling 163 units in Pittsburgh. The nonrecourse, interest-only loan featured a floating interest rate, 36-month term, two extension options and a facility to fund future capital improvements. The name of the sponsor and properties were not disclosed.
NEW YORK CITY — Telemedicine provider LifeMD Inc. has signed a 7,500-square-foot office lease at 236 Fifth Avenue, an 11-story building in Midtown Manhattan that was originally built in 1907. The owner, Kaufman Organization, acquired the property in 2018 and implemented a value-add program. Grant Greenspan and Jared Sternberg represented the landlord on an internal basis in the lease negotiations. Joshua Berg of Newmark represented the tenant, which plans to take occupancy of the space in December.
BURBANK, CALIF. — Clarion Partners and Cityview have jointly purchased Empire Landing, a garden-style apartment community in Burbank. An undisclosed seller sold the asset for $161 million. Empire Landing features 276 apartments in a mix of one- and two-bedroom layouts and 41 three-story townhomes with two-car, direct-access garages. The gated community offers a pool and deck, fitness center and clubhouse. The buyers plan to implement a comprehensive renovation to the common areas, amenities and interiors of the property, including re-envisioning the indoor and outdoor amenities and updating the units.
REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has broken ground for the redevelopment of the Redmond Square shopping center in downtown Redmond. When completed, the mixed-use development will feature 623 apartments spread across six buildings on 3.5 acres. The first phase of the development, located at 16595 Redmond Way, will offer 311 apartments and nearly 20,000 square feet of ground-floor retail space. Residences will feature built-in closets, Bertazzoni Italian appliances, kitchen range hoods, built-in microwaves, Carrera quartz countertops, floating bathroom vanities with framed mirrors, Latch smart home devices and air conditioning. The second phase, located at 16502 Cleveland St., will consist of 312 apartments and 13,000 square feet of retail and commercial space. Construction of the second phase is slated to begin in 2022. Tiscareno Associates is architect of record for both buildings, which will open in phases from winter 2023 to summer 2024.
DENVER — Prime West has obtained $71.8 million in combined joint venture equity and construction financing for the development of Alloy Sunnyside, an apartment community at 4120-4158 N. Jason St. in Denver’s Sunnyside neighborhood. JLL Capital Markets arranged co-general partner capital with Angelo Gordon, limited partnership joint venture equity through a REIT and construction financing from a national money center bank for the borrower. Leon McBroom, Mark Erland and Will Haass of JLL Capital Markets Debt Advisory team secured the financing for the borrower. Slated for completion in early 2023, Alloy Sunnyside will feature 209 apartments in a mix of studio, one-, two- and three-bedroom layouts averaging 731 square feet. Units will offer in-unit washer/dryers, luxury vinyl tile hardwood flooring, walk-in closets, stainless steel appliances and private balconies. The community will feature 2,400-square-foot of ground-floor retail space, structured parking, a community entertainment room, fitness center, outdoor pool and sundeck, terrace lounge, dog wash station and parcel lockers. The project team includes Catamount Constructors as general contractor and RATIO Architects as architect.
GLENDALE, ARIZ. — CA Industrial, in joint venture partnership with DWS/RREEF, has broken ground for the first phase of Luke Logistics Center at the northwest corner of Loop 303 and Glendale Avenue in Glendale. Situated on 90 acres, the four-building project features a total of 1.5 million square feet of industrial space. Each building will feature 32-foot to 40-foot clear heights, cross-dock and rear loading with 185-foot-deep gated truck courts, trailer storage, ample car parking, ESFR sprinkler systems and 60-foot speed bays. LGE Design Build is serving as the project’s designer and builder. John Lydon and Hagen Hyatt of JLL will handle leasing of the property.
TUSTIN, CALIF. — Cushman & Wakefield has arranged the sale of Tustin Rehabilitation Hospital, a two-building, 73,180-square-foot medical facility at 14852 Yorba St. and 165 N. Myrtle Ave. in Tustin. An affiliate of Ventas sold the asset to an undisclosed buyer for $18 million. The property consists of a single-story, 17,180-square-foot nursing facility, which is currently vacant, and a two-story, 56,000-square-foot 48-bed inpatient rehabilitation facility that will become vacant by the end of the year. Travis Ives and Gino Lillio of Cushman & Wakefield’s US Healthcare Capital Markets team represented the seller in the deal.
OAK BROOK, ILL. — Accounting and advisory firm BDO USA LLP has signed a lease for 28,000 square feet of Class A office space in Oak Brook for the headquarters of its subsidiary, BDO Digital LLC. The company is the first major corporate tenant at Oak Brook Reserve, the redevelopment of the former McDonald’s campus. The firm expects to take occupancy in the fourth quarter of 2022. Oak Brook Reserve offers more than 400,000 square feet of office space and 2.5 miles of walking and biking trails. Amenities include a conference room, tenant lounge, café, concierge services and transportation shuttles. Jeff Shay and Jack Connors of JLL represented ownership, JPD Oak Brook Holdings, in the lease transaction. Larry Serota, Cece Conway and Daye Williams of Transwestern represented BDO Digital.
CREST HILL, ILL. — Summit Design + Build has completed construction of a 55,012-square-foot expansion for TLC Ingredients in Crest Hill near Joliet. The warehouse for the food ingredients and industrial products distributor previously spanned 44,000 square feet. The expansion includes new warehouse and cold storage space along with four new loading docks, a breakroom and additional parking stalls. Harris Architects Inc. was the project architect.
