CAMBRDIGE, MASS. — Callahan Construction Managers has completed the renovation and expansion of Squirrelwood Apartments, an affordable housing project located across the Charles River from Boston in Cambridge. The project involved renovating 10 of the property’s buildings and constructing two more from the ground up. Of the 88 units, 64 are reserved for renters earning 60 percent or less of the area median income (AMI); 14 residences are restricted to households earning 30 to 50 percent of AMI, and the remaining 10 are designated as Massachusetts Workforce program units.
TALLAHASSEE, FLA. — CBRE has brokered the $95 million sale of The Cascades, a newly built mixed-use development in downtown Tallahassee. Built in 2021, the property features 161 apartments, 44,247 square feet of office space, nearly 30,000 square feet of retail space, two plazas and a 4,914-square-foot historical building. The property also includes a 770-space parking garage and three development pads that can support 173 more apartments. Frank Carriera, Mike Regan, Joe Ayers, Cliff Taylor and Mike Harrell of CBRE represented both the buyer, Becovic Management Co., and the seller, Cincinnati-based North American Properties, which built the property in partnership with the City of Tallahassee.
RICHMOND, VA. — Pinecrest has broken ground on Parc View at Commonwealth, a 509-bed community in Richmond serving students attending Virginia Commonwealth University (VCU). The 275,000-square-foot property will offer a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities within the 16-story community are set to include study spaces; a two-story parking garage with bike parking; a penthouse-level clubhouse; multi-purpose art studio; Zen wellness terrace; outdoor courtyard; and a rooftop deck lounge with grills, fire pits and seating. The project team includes Hickok Cole Architecture & Interior Design, Timmons Group Civil Engineering and Rycon Construction. Pinecrest, a student housing developer with offices in metro Chicago and Los Angeles, plans to deliver Parc View at Commonwealth in summer 2024.
CHARLOTTE, N.C. — Waypoint Residential has acquired a 20-acre development tract in Charlotte’s Mountain Island Lake submarket. The Boca Raton, Fla.-based developer plans to build a 240-unit, garden-style apartment community on the site with units averaging approximately 900 square feet. No community amenities were announced. The land seller, locally based US Developments, is working with Waypoint Residential to find other development sites in the Charlotte MSA. Waypoint Residential plans to break ground in the fourth quarter and deliver first units in fourth-quarter 2023. The developer plans to fully deliver the unnamed community by the second quarter of 2024. The site is across the street from a Food Lion-anchored shopping center and is within three miles of the U.S. National Whitewater Center.
HAZELTON, PA. — Montecito Medical, a Nashville-based healthcare real estate investment firm, has acquired a 73,255-square-foot facility in Hazelton that is fully leased to Lehigh Valley Health System. The building houses a 13,500-square-foot ambulatory surgery center, and its specialty providers include cardiology, orthopedics, physical therapy/rehabilitation, neurology, bariatric medicine, diagnostic imaging services, chiropractic and primary care. The seller and sales price were not disclosed.
OLD BRIDGE, N.J. — Locally based brokerage firm Sheldon Gross Realty has arranged the sale of a warehouse located at 3220 Bordentown Ave. in the Northern New Jersey community of Old Bridge. According to LoopNet Inc., the property was built in 1980. The 9.9-acre site includes six acres of outdoor storage space, and the building houses 42,000 square feet of office space and clear heights of 14 to 16 feet. The seller was not disclosed. Brentwood Realty purchased the building for an undisclosed price. Jonathan Glick of Sheldon Gross Realty brokered the deal.
NEW YORK CITY — Mount Sinai Health System has signed a 17,464-square-foot lease for a new cardiology office at 373 Park Avenue South in Manhattan’s Flatiron District. The lease term is 10 years. The 12-story building spans 110,000 square feet and was originally constructed in the early 1900s. Leonard Zimmerman of Hemsley Spear represented the tenant in the lease negotiations. Kate Goodman represented the landlord, ATCO Properties & Management, on an internal basis.
MISSOURI AND ILLINOIS — Berkadia has arranged the sale of The Saint Louis Five, a five-property multifamily portfolio totaling 716 units in Missouri and Illinois. The sales price was undisclosed. The properties include: the 360-unit Norwood Court Redfield Apartments in St. Louis; the 120-unit Delrado Apartments in Florissant, Mo.; the 100-unit Senate Square in St. Louis; the 112-unit Caroline Place Apartments in St. Louis; and the 24-unit Chesapeake Apartments in Marion, Ill. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, Missouri-based Baumann Property Co. Inc. New York-based David Stern Management was the buyer.
ELK GROVE VILLAGE, ILL. — Prologis and Skybox Datacenters have completed a 189,000-square-foot data center at 800 E. Devon Ave. in Elk Grove Village, a suburb of Chicago. Named Skybox Chicago I, the speculative facility sits on a 10-acre site. The project can accommodate a single tenant or several users. Leasing efforts are underway. The project was the conversion of a vacant distribution center.
ST. CHARLES, ILL. — Ready Capital has closed a $24.5 million loan for the acquisition, renovation and stabilization of a 220-unit multifamily property in the Fox River Valley submarket of St. Charles. The undisclosed borrower plans to renovate unit interiors and property exteriors as well as bring in new management. The nonrecourse, floating-rate loan features a three-year term and includes a capital expenditures facility.