Property Type

Breakthrough Properties Begins Construction of One Canal Life Sciences Property in Cambridge, Massachusetts

by Katie Sloan August 4, 2022

CAMBRIDGE, MASS. — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has started construction of One Canal by Breakthrough, a life sciences development in Cambridge, roughly two miles from downtown Boston. The property, situated along the city’s First Street corridor facing Canal Park and the Charles River in the East Cambridge neighborhood, is located adjacent to CambridgeSide — an enclosed regional mall that is being redeveloped to include 650,000 square feet of office, life sciences and residential space — and the 4.5 million-square-foot Cambridge Crossing innovation hub. Breakthrough acquired the four-story building last year, and is updating it to feature 105,000 square feet of high-quality research and development space. The property will feature a ground-floor lounge, private outdoor gathering spaces, concierge, fitness center, on-site retail and adjacent parking. A timeline for the redevelopment — which is targeting Fitwel, WELL and LEED Gold certifications — was not announced. A flurry of life sciences development is underway in the Boston metropolitan area. Recently announced projects include Phase I of Assembly Innovation Park, a life sciences tower spanning 485,000 square feet in the Boston suburb of Somerville; and Allston LabWorks, a 580,905-square-foot life sciences, retail and multifamily project in the Allston neighborhood of …

August 4, 2022

Development Life Sciences Massachusetts Northeast Top Stories

Breakthrough Properties Begins Construction of One Canal Life Sciences Property in East Cambridge, Massachusetts

by Jeff Shaw August 4, 2022

CAMBRIDGE, MASS. — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has begun construction of One Canal by Breakthrough, a life sciences development project in Cambridge, about two miles from downtown Boston. The property is located on the city’s First Street Corridor overlooking Canal Park and the Charles River in the East Cambridge neighborhood and is adjacent to CambridgeSide – a gated regional mall that is being redeveloped and includes 650,000 square feet of office, life sciences and residential space — and the 4.5-million-square-foot Cambridge Crossing innovation hub. Breakthrough acquired the four-story building last year and is modernizing it to provide 105,000 square feet of high-quality research and development space. The property will feature a ground floor lounge, private outdoor meeting spaces, concierge, fitness center, on-site shops and adjacent parking. A timeline for the redevelopment — which aims for Fitwel, WELL and LEED Gold certifications — has not been announced. A flurry of life sciences developments are underway in the Boston metro area. Recently announced projects include Phase I of Assembly Innovation Park, a 485,000-square-foot life sciences tower in the Boston suburb of Somerville; and Allston LabWorks, a 580,905-square-foot life sciences, retail, and multi-family development in Boston’s …

August 4, 2022

Features Mixed-Use

How to Design, Develop Mixed-Use Projects for the ‘Live-Work-Play’ Consumer

by Taylor Williams August 4, 2022

By Nicholas Haines, CEO, Bromley Cos. The desire to live close to everyday retail destinations — grocery stores, restaurants, gyms — isn’t new. But demand for this type of amenity has become increasingly popular with the rise of mixed-use developments. Think about when you go on vacation. You pick a hotel or rental property that’s close to activities you want to do, sights you want to see or places you want to eat. Now, people are beginning to crave that same convenience in everyday life — and it makes sense. While the pandemic blurred the lines between living, working and playing, rental communities that include residential, office and retail space have more than doubled in demand throughout the United States just over the past decade. These units, also known as live-work-play (LWP) apartments, have seen a substantial increase in interest, especially among millennials. Walkability is one of the primary traits that millennials seek when they’re searching for residential options, and LWP apartments present a unique opportunity to blend accessibility with desirable living experiences, world-class amenities, communal green spaces and exciting restaurant, retail and entertainment options. LWP apartments have proven to be a worthy investment, but just like with any other …

August 4, 2022

Features Mixed-Use

How to Design, Develop Mixed-Use Projects for the ‘Live-Work-Play’ Consumer

by Taylor Williams August 4, 2022

By Nicholas Haines, CEO, Bromley Cos. The desire to live close to everyday retail destinations — grocery stores, restaurants, gyms — isn’t new. But demand for this type of amenity has become increasingly popular with the rise of mixed-use developments. Think about when you go on vacation. You pick a hotel or rental property that’s close to activities you want to do, sights you want to see or places you want to eat. Now, people are beginning to crave that same convenience in everyday life — and it makes sense. While the pandemic blurred the lines between living, working and playing, rental communities that include residential, office and retail space have more than doubled in demand throughout the United States over the past decade. These units, also known as live-work-play (LWP) apartments, have seen a substantial increase in interest, especially among millennials. Walkability is one of the primary traits that millennials seek when they’re searching for residential options, and LWP apartments present a unique opportunity to blend accessibility with desirable living experiences, world-class amenities, communal green spaces and exciting restaurant, retail and entertainment options. LWP apartments have proven to be worthy investments, but just like with any other development, there …

August 4, 2022

Development Florida Loans Office Southeast

Brand Atlantic, Wheelock Receive $87M Construction Loan for Office Development in Downtown West Palm Beach

by John Nelson August 3, 2022

WEST PALM BEACH, FLA. — Brand Atlantic Real Estate Partners and Wheelock Street Capital have received an $87 million construction loan from ACORE Capital for the development of Banyan & Olive, two Class A office buildings in downtown West Palm Beach. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the loan, terms of which were not provided. The financing provides funding for the gut renovation of 111 Olive, which includes 27,000 rentable square feet of office space and 11,000 rentable square feet of retail space to be delivered by year-end. The financing also provides funding for the vertical construction of 300 Banyan, a 12-story tower with 115,000 rentable square feet of office space, 6,000 rentable square feet of food and beverage space and roughly 300 parking spaces. Completion of 300 Banyan is slated for early 2024. Banyan & Olive will feature amenities such as 15,000 square feet of private office terraces, a golf simulator lounge and a seventh-floor amenity area with a fitness center and open-air lounge. Set in the heart of the Clematis Waterfront District, the buildings are situated near a variety of restaurants, bars, shops, Flagler Park and the boardwalk. — Kristin Hiller

August 3, 2022

Development Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Doster Construction Completes Novel Edgehill Apartments in Nashville

by John Nelson August 3, 2022

NASHVILLE, TENN. — Doster Construction Co. has completed Novel Edgehill, a five-story mixed-use apartment community situated just south of Nashville’s Gulch district. Charlotte-based Crescent Communities and locally based Pearl Street Partners co-developed the 270-unit community, which features a five-level parking garage and rooftop pool. KTGY Architecture designed Novel Edgehill with studio, one- and two-bedroom floor plans. The asset also features ground-floor retail space leased to Land of a Thousand Hills Coffee, The Mercantile, Bodyrok gym and Roc and Roe Style Bar. Doster Construction broke ground on the project in 2020. According to the property website, rental rates range from $1,905 to $3,500 per month.

August 3, 2022

Acquisitions Georgia Multifamily Southeast

Trion Purchases Two Apartment Communities in Savannah for $57.7M

by John Nelson August 3, 2022

SAVANNAH, GA. — Trion Properties, a multifamily investor based in West Hollywood, Calif., has purchased two apartment communities in Savannah’s Southside submarket for $57.7 million. The 297-unit portfolio includes Osprey on the Bluffs and Heron on the Bluffs, which are situated one mile apart. Taylor Bird, Nelson Abels, Laura Aylor and Harrison Cheeley of Cushman & Wakefield brokered the transaction. Acquisition financing included debt arranged by Continental Partners through Capital One and preferred equity provided by Walker & Dunlop. The assets were 97 percent occupied at the time of sale and were both constructed in 1986. The previous ownership invested nearly $4.8 million in renovations across both properties, according to Trion. The company plans to invest in landscaping, parking lot renovations, pool deck redesigning, signage upgrades, new barbecue areas and a dog park.

August 3, 2022

Acquisitions Alabama Retail Southeast

IPA Arranges Sales of Inverness Corners, Inverness Plaza Shopping Centers in Birmingham for $48.4M

by John Nelson August 3, 2022

BIRMINGHAM, ALA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sales of Inverness Corners and Inverness Plaza, two shopping centers in Birmingham totaling 311,000 square feet. Zach Taylor of IPA represented the Atlanta-based seller, Branch Properties, which sold the assets for a combined $48.4 million. First National Realty Partners acquired Inverness Corners, which is anchored by Kohl’s and Winn-Dixie, and Halpern Enterprises purchased Inverness Plaza, which is anchored by PGA Tour Superstore and Planet Fitness. “The Inverness properties are located on the busiest corridor in Birmingham with the strongest demographics in the state of Alabama,” says Taylor. “The quality of the underlying real estate combined with successful tenancy led to aggressive pricing in spite of the current volatility in the market.”

August 3, 2022

Acquisitions Hospitality Kentucky Southeast

Huff, Niehaus Brokers Sale of 81-Room Comfort Suites Airport Louisville Hotel

by John Nelson August 3, 2022

LOUISVILLE, KY. — Huff, Niehaus & Associates, Inc. has brokered the sale of the Comfort Suites Airport Louisville hotel in Louisville. The 81-room hotel is located at 6535 Paramount Park Drive, about 4.5 miles south of Louisville Muhammad Ali International Airport. Brandt Niehaus of Huff, Niehaus & Associates brokered the transaction. According to the property website, the hotel features an indoor heated pool, fitness center, laundry services, free airport transportation and a full buffet breakfast for guests. The undisclosed buyer has several Choice hotels in its portfolio and plans to use a third-party management company to operate the Comfort Suites Airport Louisville. The seller and sales price were not disclosed.

August 3, 2022

Acquisitions Multifamily Seniors Housing Texas

Grandbridge Brokers Sale of Three Seniors Housing Properties Totaling 664 Units in Texas

by Taylor Williams August 3, 2022

ABILENE, AMARILLO AND TYLER, TEXAS — Grandbridge Real Estate Capital has brokered the sale of three seniors housing properties totaling 664 units in Texas. The properties include Wesley Court in Abilene, The Craig in Amarillo and Meadow Lake in Tyler. The facilities offer a full continuum of services, including independent living, assisted living, memory care and skilled nursing. The properties were 90 percent occupied at the time of sale. Lifespace Communities acquired the properties from RSF Partners, Evergreen Senior Living Properties and ER Senior Management. The sales price was not disclosed. David Kliewer, Jay Jordan and David Rothschild of Grandbridge brokered the deal.

August 3, 2022

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