GRAND RAPIDS, MICH. — Trinity Chiropractic has opened a 1,450-square-foot practice at 448 Leonard St. NW in Grand Rapids. Wesley Emert and Tina Emert of CityWide Real Estate Services assisted the holistic chiropractor in securing the space, which features two exam rooms, a waiting area and a kid’s area. The office is situated within a mixed-use building that CityWide acquired in August 2020. Other commercial tenants at the property include FURN on Leonard and Captain Bizzaro’s Treasure World.
FORT LEE, N.J. — Cushman & Wakefield has brokered the $51.7 million sale of The Sterling, a 128-unit multifamily property located in the Northern New Jersey community of Fort Lee. The community’s unit mix consists of 14 studios, 56 one-bedroom apartments, 56 two-bedroom residences and two four-bedroom units. Communal amenities include an updated lobby, pool and laundry facilities. Niko Nicolaou, Brian Whitmer, Ryan Dowd and Will Gerlin of Cushman & Wakefield represented the undisclosed seller and procured the buyer, Blue Diamond Equities, in the transaction.
COLONIE, N.Y. — Locally based developer Crisafulli Associates has broken ground on The Montage, a 114-unit multifamily project located in the upstate New York community of Colonie. The Montage will offer studio, one- and two-bedroom units that will be reserved for renters age 55 and older. Residences will feature stainless steel appliances, quartz countertops, individual washers and dryers and covered porches or balconies. Amenities will include a pool, fitness center, outdoor grilling stations, a billiards lounge, private dining room, walking trails and a dog park. Albany-based Capital Bank provided $22 million in construction financing for the project, which is slated for a fall 2023 completion.
FREEHOLD, N.J. — Los Angeles-based Thorofare Capital has provided a $28.5 million construction loan for a 206,881-square-foot industrial project that will be located in Freehold, an eastern suburb of Trenton. The facility will feature a clear height of 36 feet. The loan carries a two-year initial term and flexible prepayment options. The name of the locally based borrower was not disclosed.
BOSTON — A fund sponsored by CBRE Investment Management has acquired a majority interest in a 132,000-square-foot life sciences building located at 300 Third St. in Boston’s Kendall Square neighborhood. The six-story building was originally constructed in 2000 and includes both traditional office and lab space that was recently renovated, as well as ground-floor retail space. The property was fully leased to an undisclosed pharmaceutical company at the time of sale. The percentage of the interest was not disclosed.
NORTH MIAMI, FLA. — Berkadia has arranged a $100 million construction loan for the development of The Gardens Residence, a 358-unit midrise apartment community located at 1155 N.E. 126th St. in North Miami. Churchill Real Estate provided the two-year, floating-rate loan to the borrower, Omega Real Estate Management. Charles Foschini, Christopher Apone and Robert Ludice of Berkadia’s Miami office arranged the financing, which includes two one-year extension options and is interest-only for the full loan term, including extensions. In addition to the financing, the North Miami CRA is providing $15 million in subsidies. The Gardens Residence is part of Omega’s plan to transform a seven-acre assemblage into a mixed-use community named The Gardens District that will include offices, shops and restaurants. The nine-story apartment community will feature studio, one-, two- and three-bedroom apartments ranging from 511 square feet to 1,270 square feet. Amenities will include a ground-floor café with outdoor terrace seating, rooftop pool with rentable poolside cabanas, gym, yoga studio, bike lockers and workshop stations and structured parking with 528 stalls. Ten percent of units will be reserved for families earning at or below 80 percent of area median income.
MARIETTA, GA. — North American Properties (NAP) has gained unanimous approval from the Cobb County Board of Commissioners for its redevelopment plan of the Avenue East Cobb, an open-air shopping center located in the northeast Atlanta suburb of Marietta. Plans call for a portion of the central building near Kale Me Crazy to be demolished to make way for an 8,000-square-foot area called The Plaza that will be surrounded by restaurants with patios. The Plaza will feature a covered, raised stage for performances; an LED screen for broadcasting live events; and a deck with soft, flexible seating. Connected to The Plaza will be a 500-square-foot concierge building with optional valet that will be offered seasonally and during large-scale events. Two 2,500-square-foot, standalone retail and restaurant buildings will also be constructed adjacent to the concierge station. Additionally, NAP has secured new leases with Warby Parker, New York Butcher Shoppe and Tempur-Pedic, as well as a Kendra Scott pop-up and Vanilla Café. The Cincinnati-based developer will begin the permitting process immediately with plans to host a public groundbreaking celebration later this fall. NAP is partnering with PGIM Real Estate for the redevelopment of Avenue East Cobb, which Atlanta-based Cousins Properties opened in …
KNOXVILLE, TENN. — Four Stones Real Estate has begun construction on Phase II of Kern’s Bakery, a 16-acre mixed-use redevelopment of a former bakery of the same name in Knoxville. The second phase will redevelop a historic 75,000-square-foot building into a food hall, market, offices, rooftop bars and outdoor gathering spaces. Tenants announced include Flourish Flowers, Archer Paper Goods, F45, Mae Lee’s Boutique and Drop Zone Distilling, as well as an 18-merchant food hall that will include coffee, Italian, Southern and breakfast purveyors, among others. The second phase will also include multiple bars, stages, gathering spaces, a dog park and direct access to the proposed G&O Railway track. The project team behind Kern’s Bakery include Timothy Matin of TMA Real Estate; project designer Joey Staats of Knoxville’s Johnson Architecture; civil engineers Fulghum, MacIndoe and Associates; and project manager Jaron Dowalter of BurWil Construction Co. Phase I was the 310-unit Flagship Kerns apartment community, which is now open and fully occupied, and Phase III is still in the design phase.
JONESBORO, ARK. — Mumford Co. has brokered the sale of a 98-room Courtyard by Marriott hotel in Jonesboro. An entity doing business as McCain Lodging Jonesboro LLC purchased the hotel from Hunt Properties of Jonesboro LLC. The sales price was not disclosed, but Mumford Co. says the hotel sold for full list price. Steve Kirby, Ed James and George Arvantis of Mumford Co. represented the seller in the transaction, and Arvantis procured the buyer. Built in 2018, the four-story Courtyard by Marriott features meeting space, laundry services, a convenience store, restaurant and a fitness center, according to the property website.
SOMERVILLE, MASS. — Colliers Capital Markets has arranged $192.5 million in construction financing for the development of 100 Chestnut Street. The life sciences project totals 208,616 rentable square feet in the Brickbottom District of Somerville, a first-ring suburb of Boston. The plans also call for nearly 8,500 square feet of ground-floor retail space and two levels of below-grade parking. The borrower, North River Leerink (NRL), is developing the property as part of a larger mixed-use “campus for discovery and innovation,” which will include labs, creative offices and retail space on 4.5 acres of contiguous land. Scheduled for completion in summer 2023, the four-story, Gensler-designed facility will be built to LEED Platinum standards. Square Mile Capital Management provided the construction funds. Jeff Black, Kevin Phelan, Sean Burke and Bryan Koop led the Colliers Capital Markets team representing the borrower. “This financing marks a major milestone for the transformation of Somerville’s Brickbottom District into a world-class hub for innovation and wellness,” says Black. “Metro Boston remains the most active and liquid life sciences market in the world, and 100 Chestnut Street is well-positioned to catalyze the region’s next great ecosystem.” The site runs parallel to 150 & 200 Inner Belt Road, a …
