SUNDERLAND, MASS. — MassHousing has provided $41.2 million in permanent financing for North 116 Flats, a newly built residential community in Sunderland, located in the northern central part of the state. Of the property’s 150 units, 38 are reserved for households earning 80 percent or less of the area median income. The remaining 112 market-rate units feature 329 beds that serve students at the nearby University of Massachusetts at Amherst. Amenities include a community building with common, entertainment, fitness and study areas, as well as dog parks, grilling stations and fire pits. Stuart I. Roosth designed the property, and Western Builders served as the general contractor. The borrower and developer was Landmark Properties Inc.
MONROE AND NEWINGTON, CONN. — Marcus & Millichap has brokered the sale of two Connecticut retail properties that are net leased to Walgreens for a combined price of $11.7 million. Both properties, which are located in Monroe and Newington, total approximately 15,000 square feet. Nick Geaneotes, Steve Garthwaite and Derrick Dougherty of Marcus & Millichap represented the sellers, both of which were limited liability companies, in the transactions. The trio also procured the undisclosed buyers. Susan Bands of Marcus & Millichap assisted in closing both deals as the broker of record.
MIDLAND PARK AND FAIR LAWN, N.J. — Azarian Realty Co. has signed two new office leases in Northern New Jersey. Two therapy groups have respectively leased 1,196 and 2,331 square feet in Midland Park and Fair Lawn. Kevin Pelio and James Azarian of Azarian Realty represented both parties in the first set of lease negotiations. The duo also represented the landlord in the second deal, while Nupur Darji of Sure Sell Real Estate represented the tenant.
By Greg Lyon, Chairman and Principal, Nadel Architects The appearance of retail is always evolving in terms of space and function. Today, however, it is becoming increasingly important to ensure a shopping center is the “place to be” in a community to achieve long-term success. This strategy allows developers to consistently deliver retail projects that attract crowds, encourage increased length of stay and repeat visits, and set the bar for the next evolution of retail. But how can retail designers work with developers to create this go-to destination within a community? Use Demographics, Psychographics to Inform Design Plans When you’re creating authenticity, you want to analyze not just a region’s demographics, but its psychographics as well. Every, single community is different and there is no one-size-fits-all approach when it comes to creating a center that resonates. For example, Trails at Silverdale, a 35-acre shopping and dining destination in Silverdale, Wash., speaks to the very distinct lifestyle of the region. Pacific Northwest shoppers enjoy the outdoors, are dedicated to sustainable living, and are drawn to authentic architectural elements that are innovative and youthful, while still conveying an elevated and sophisticated experience. Having a diverse, complementary mix of tenants, programmed common areas, pop-up experiences, and experiential retail alongside traditional tenants are …
By Jerry Holdner, Southern California Region Lead, Avison Young The Greater Los Angeles office sector is experiencing a fragmented and slow recovery post-pandemic as the fallout is being addressed in various ways by office tenants, investors and owners. The first quarter of 2022 ended with a 15.4 percent office vacancy rate, which was up from 15 percent at the end of 2021. It is also up from the previous high of 13.1 percent that was recorded in 2010. We started to see several companies require their employees to return to work at least in some capacity in the first quarter, which typically included a hybrid schedule. With gas prices soaring and an extremely competitive job market, hybrid situations have been significant bargaining chips for employers to attract and retain employees. That said, we don’t see leasing demand returning to pre-COVID levels for at least 12 to 24 months or longer. Office occupiers have and will continue to evaluate both their short- and long-term occupancy strategies. With all indicators pointing to hybrid work remaining indefinitely, office users are seeking to reduce their footprints. This typically involves a flight to quality as office rents are low and concessions are consistently on the table for new leases …
PHILADELPHIA — A joint venture between Tishman Speyer and Bellco Capital has purchased a development site at the 2300 Market Street city block in Philadelphia’s Center City district. The joint venture, which goes by the name Breakthrough Properties, plans to redevelop the site into 200,000 square feet of life sciences space. The site is located adjacent to the University of Pennsylvania and Drexel University and within walking distance to several academic medical centers. The property will sit between the city’s Rittenhouse Square and University City neighborhoods, as well as near the 30th Street Transit Station that is serviced by SEPTA, Amtrak and trolley and commuter rail lines. The development team plans to deliver the laboratory and research and development spaces by 2024. Breakthrough has enlisted KieranTimberlake, a Philadelphia-based architectural firm, as the project architect and Cushman & Wakefield as the exclusive leasing agent. All Breakthrough properties are designed to achieve LEED Gold certification, according to the developer’s website. Philadelphia has emerged as one of the leading life sciences clusters in the country. Greater Philadelphia ranks No. 1 nationally for the National Institutes of Health (NIH) Grant Funding for cell and gene therapy and has attracted over $3.8 billion in venture …
ISLIP, N.Y. — A public-private partnership between The Town of Islip, Suffolk County and JLL has unveiled plans for Midway Crossing, a $2.8 billion mixed-use project that will be located on Long Island. The Long Island Regional Planning Council approved the project, which will be the largest commercial or residential development on Long Island in the last 50 years, on the evening of Thursday, May 12. Midway Crossing will span approximately 2.7 million square feet across 179 acres. Plans currently call for a variety of uses, including life sciences, healthcare and hospitality, as well as a convention center and traditional retail, restaurant and entertainment space. The development team expects these uses to collectively generate more than $4.5 billion in annual economic impact upon completion. The location is near Long Island MacArthur Airport, as well as the Ronkonkoma Station of the Long Island Rail Road (LIRR), establishing Midway Crossing as a multimodal transit hub. Under the current development plan, the airport and train station would be connected via an 1,800-foot corridor. The development team also plans to make various infrastructural improvements at the airport that could have as much as $1.9 billion in additional economic impact. Beyond the economic benefits, the …
HOUSTON — Cincinnati-based Vision & Beyond Capital Investments has purchased three Houston apartment communities totaling 460 units for a combined price of $73 million. Pine Lake Village totals 96 units and is located in the Greenpoint area. Ridge Point is situated within Texas Medical Center and comprises 168 units. Green Tree Place totals 196 units and is located on the city’s north side. The investment is the first in Houston for the new ownership, which plans to implement a value-add program. The seller(s) was not disclosed.
LONGVIEW, TEXAS — Marcus & Millichap has brokered the sale of 80 West Self Storage, a 445-unit facility in Longview, located about 120 miles east of Dallas. The facility spans 76,814 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured a privately held investment group as the buyer. Both parties requested anonymity.
AUSTIN, TEXAS — Newmark has arranged the sale of The Sofia, a 210-unit apartment community in East Austin. Built in phases between 1973 and 1983 and renovated in 2019, The Sofia features one- and two-bedroom units with an average size of 723 square feet. Amenities include a pool, outdoor grilling and dining areas, a business center, fitness center, basketball court and a dog park. Jim Young and Chase Easley of Newmark represented the seller, a partnership between Dallas-based Lion Real Estate Group and Los Angeles-based Marble Partners Management LLC, in the transaction. Matt Greer and Andrew Wilson of Newmark arranged acquisition financing through Bridge Investment Group on behalf of the buyer, New York-based RockFarmer Properties.