NEW YORK CITY — J.P. Morgan has provided a $99.8 million acquisition loan for a portfolio of 11 multifamily properties totaling 361 units in Manhattan. The properties total 208,917 square feet. Gideon Gil, Lauren Kaufman, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the financing on behalf of the borrower, HUBB NYC Properties. Adam Spies, Doug Harmon and Adam Doneger, also of Cushman & Wakefield, brokered the sale of the portfolio. The seller was not disclosed.
REVERE, MASS. — A partnership between Houston-based Hines, Connecticut-based investment firm Belfonti Cos. and Bridge Investment Group has broken ground on Revio Revere Beach, a 209-unit multifamily project located just east of Boston. The project will feature ground-floor retail space and 20,000 square feet of amenities, including a pool, courtyard and roof deck all overlooking the Atlantic Ocean. Santander Bank is financing the construction of the project, which is scheduled to be fully complete by the second quarter of 2024.
CHICAGO — Sterling Bay has received $81.8 million in financing to begin construction of 160 N Morgan, a new apartment tower in Chicago’s Fulton Market district. Developed in partnership with Ascentris, the project will feature 282 units and 2,600 square feet of ground-floor retail space. CIBC Bank USA provided the financing. Walsh Group will oversee construction alongside joint venture partner and certified minority-owned business BOWA Construction. Local firm bKL Architecture will serve as lead architect. A timeline for completion was not provided. As part of its development-related commitment to provide affordable housing, Sterling Bay will contribute nearly $6 million to fund the construction of 28 affordable housing units at SL Solar Lofts, a residential project on Chicago’s South Side.
TROY, MICH. — Local developer MKiezi Investments has acquired Oakland Mall in Troy for an undisclosed price. CenterCal Properties was the seller. The mall, which opened in 1968, spans roughly 1.5 million square feet and is home to Macy’s, J.C. Penney and a former Sears store, which MKiezi acquired last year. Other retailers at the mall include Dick’s Sporting Goods and At Home. Hobby Lobby is scheduled to open later this year in a portion of the former Sears space. Longhorn Steakhouse will replace the former Logan’s Roadhouse space. MKiezi plans to make improvements to the mall entrances, restrooms and lighting. Redevelopment of the former Sears store is underway. MKiezi is working with Detroit-based GH+A Design Studios to envision future possibilities for the mall that may include family entertainment, dining, ghost kitchens, advanced retail distribution or activation of outdoor space.
OMAHA, NEB. — Triage Staffing, a healthcare staffing firm based in Omaha, is expanding its corporate headquarters to 100,000 square feet. John Maaske and Tyler Pieper, Triage’s founders, purchased the building at 13609 California St. along with a group of investors. The building more than triples Triage’s current space. Architect Leo A. Daly has started the design process and is planning a major overhaul of the building’s interior. Renovations will begin in August, with occupancy slated for February 2023. Triage was founded in 2006 with four employees. The company expects to hire its 500th employee sometime this year.
FRIDLEY AND MONTICELLO, MINN. — JLL Capital Markets has brokered the sale of a two-building industrial portfolio in Fridley and Monticello for $9.8 million. Foundation Building Materials occupies both properties, which total 92,008 square feet and feature more than 150,000 square feet of outside storage space. David Berglund and Colin Ryan of JLL represented the undisclosed seller. Steve Nelson of Hoyt Properties co-brokered the deal. Lincoln Property Co. was the buyer.
ST. PAUL, MINN. — Kraus-Anderson has completed Phase III of the Andrew Boss Laboratory of Meat Science on the St. Paul campus of the University of Minnesota. The $9 million project, which began in May 2019, was conducted in multiple phases in order to allow portions of the building to be occupied during construction. The four-story, 14,283-square-foot project completes the replacement of all mechanical and electrical systems building-wide. BWBR Architects designed the project, while University Services Capital Project Management served as project manager. The meat processing facility contains research and teaching labs, a stadium-seating presentation classroom, a meat and dairy consumer salesroom and offices.
NEW YORK CITY — JLL has negotiated the $15.5 million sale of a 27-unit multifamily building at 2647-2649 Broadway on Manhattan’s Upper West Side. The seven-story building includes two retail spaces totaling 4,250 square feet. Hall Oster, Teddy Galligan and Braedon Gait of JLL represented the seller, an undisclosed private investor that owned the property for 35 years, in the transaction. The buyer was New York-based investment management firm Aulder Capital.
NEW YORK CITY — Red Bull has signed a 17,585-square-foot office lease at 5 Little West 12th St. in Manhattan’s Meatpacking District for its new East Coast headquarters. The energy drink provider plans to relocate from 218 West 18th Street to the 82,000-square-foot building in the third quarter. David Falk, Daniel Levine and Jason Greenstein of Newmark represented the landlord, British investment firm EPIC, in the lease negotiations. Cushman & Wakefield’s David Mainthow represented Red Bull.
ATLANTA — Trammell Crow Co. (TCC) and its residential subsidiary High Street Residential (HSR), along with Georgia Advanced Technology Ventures (GATV), have closed on ground leases and are ready to begin construction on the first phase of a life sciences and multifamily development adjacent to Atlanta’s Georgia Institute of Technology campus. Formerly known as Technology Enterprise Park, the site is now named Science Square. The first phase will include TCC’s Science Square Labs, a 364,740-square-foot speculative lab and office tower. The lab project is the only ground-up commercial lab space under construction in the Atlanta market, according to TCC. Phase I will also include HSR’s 280-unit multifamily building, the firm’s first residential development in Atlanta. The multifamily component will include shared parking and ground-floor retail space. Designed by Perkins + Will, Science Square Labs will rise 13 stories with 35,558-square-foot floor plates. The facility will also feature ground-floor retail space and amenities such as a fitness center, conference space, indoor-outdoor tenant lounge and outdoor amenity deck. TCC is seeking LEED and WELL certifications for the property and plans to incorporate View Dynamic Glass, which controls ultraviolet and visible light from entering the building without blinds. Additionally, the project will feature …
