ARLINGTON, VA. — CIM Group has provided a $90.3 million loan to an affiliate of Carr Cos. and the Oliver Carr Co. for the acquisition of Columbia Crossing, a 247-unit apartment community in Arlington. The loan proceeds will also be used to complete interior and exterior renovations and upgrades. Located at 1957 Columbia Pike on 6.3 acres, Columbia Crossing features six buildings and 324 parking stalls. Built in 1991, Columbia Crossing includes one-, two- and three-bedroom floor plans. Community amenities include a clubhouse with a game room, business center, billiard room, fitness center, swimming pool and an outdoor grilling area. Columbia Crossing has direct access to National Landing, Virginia Tech’s Innovation Campus, and major transportation arteries including Interstate 395, Glebe Road and Washington Boulevard, which offers connectivity to Virginia’s Rosslyn-Ballston Corridor, Tyson’s Corner, Reston-Herndon and Alexandria, as well as Washington, D.C. The property is situated near the Pentagon, Amazon HQ2 and Ronald Reagan Washington National Airport.
HIALEAH, FLA. — CBRE has arranged the sale of North Dade Distribution, a 16.5-acre industrial site under development in Hialeah. Dallas-based Dalfen Industrial purchased the site for $26.4 million. Christian Lee, Chris Riley, José Lobón, Amy Julian and Royce Rose of CBRE represented the seller, Coconut Creek, Fla.-based Butters Realty, in the transaction. Slated to be completed in March 2023, North Dade Distribution will total 298,354 square feet. The rear-load warehouse will feature 32-foot clear heights, a 120-foot truck court, 240-foot building depth, separate ingress and egress access for cars and trucks and an ESFR sprinkler system. Located on the corner of 97th Ave. and 165th St., the site provides access to Interstate 75 and the Florida Turnpike via NW 138th St.
MIAMI BEACH, FLA. — Miami-based Integra Investments, in partnership with Miami-based Constellation Group, has sold 1674 Meridian, a 31,979-square-foot office building in Miami Beach for $26.5 million or $828 price per square foot. The buyer was not disclosed. Integra Investments and Constellation Group acquired 1674 Meridian in August 2019 for $10.1 million. Over the course of their ownership, the firms completed building renovations including new HVAC systems, touchless elevators and face temperature camera telecoms. The Class A office building also includes 5,505 square feet of retail space. The five-story building is located one block from Lincoln Road, Miami Beach’s pedestrian-only, high street promenade with dining, retail and entertainment options.
NEW YORK CITY — Boston Properties (NYSE: BXP) has acquired 350 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan. Enterprise Asset Management sold the 20-story building for approximately $300 million. The new ownership plans to implement a capital improvement program to enhance building systems, work suites and common areas. Boston Properties also secured a $220 million loan for the refinancing of the existing debt attached to the property.
ROSELAND, N.J. — CBRE has negotiated the $16 million sale of a 121,667-square-foot office building in the Northern New Jersey community of Roseland. At the time of sale, the property was 91 percent leased to tenants in the cybersecurity, legal and financial services sectors. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented the seller, a partnership between Northlight Capital Partners and Accordia Realty, in the transaction. The team also procured the buyer, New York-based investment firm Aresco Management.
BOSTON — South Carolina-based Greystar is nearing completion of a 126-unit multifamily project in Boston’s historic Bay Village neighborhood. Designed by Sasaki and Höweler + Yoon, the property rises 19 stories and spans 150,000 square feet, including ground-floor retail space. Boston-based Transom Real Estate handled the permitting and entitlement processes prior to selling the site to Greystar. Construction began in March 2020, and full completion is slated for next summer.
TOMS RIVER, N.J. — Marcus & Millichap has brokered the sale of Briar Knoll, a 53-unit apartment complex in Toms River, located in the central coastal part of the Garden State. The property offers 43 one-bedroom units and 10 two-bedroom units. Chez Eider and Andrew Townsend of Marcus & Millichap represented the seller, Pine View Equity Group LLC, in the transaction, and procured a private investor as the buyer. James Conley and Neil Campbell of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer.
NEW YORK CITY — Locally based firm Ariel Property Advisors has arranged a $5.5 million construction loan for a 24-unit multifamily project in the Morrisania neighborhood of The Bronx. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors arranged the loan. The borrower was an international family office, and the direct lender was a local debt fund. Both of those parties involved in the transaction requested anonymity.
SOMERVILLE, MASS. — A partnership between Leggat McCall Properties, DLJ Real Estate Capital Partners and Deutsche Finance America (DFA) has received $246 million in construction financing for 808 Windsor, a life sciences development located roughly four miles outside Boston in Somerville. Brett Paulsrud and Henry Schaffer of JLL Capital Markets secured the five-year loan through Bank OZK. 808 Windsor will be positioned adjacent to the newly developed Union Square MBTA Green Line Station within Boynton Yards, a master-planned development that is set to span up to 1.35 million square feet. The 11-story property will include 346,000 square feet of state-of-the-art lab space, 7,000 square feet of retail and 242 below-grade parking spaces. A timeline for the development was not announced. Boston remains a top life sciences market in the U.S., with recently announced projects including the conversion of a 105,000-square-foot building in suburban Boston and the conversion of a 102,727-square-foot office building in Boston’s Seaport District into life sciences space, among others. Leggat McCall Properties is an owner, developer and service provider for corporate, educational and healthcare properties across the greater Boston area. The company has developed over 42 million square feet of projects over the past 10 years. …
The COVID-19 pandemic changed the ways schools operate, how classes were taught, and how students learned and socialized in 2020. Life still hasn’t returned to normal for anyone, including students away at college. Interior design may seem like a lower priority in the wake of such a health crisis, but these professionals would argue the exact opposite — that it’s more important than ever. That’s because leasing, retention, and making students and parents feel safe and secure as they return to their college experiences is more important than ever. The pandemic shifted higher education from in-person classes to online learning in 2020. This gave students and parents an entire year to reassess whether going away to school was the right decision going forward. This has been compounded by a focus on increasing education costs, as well as many colleges announcing that the 2021 to 2022 school year would emphasize hybrid learning, with lots of classes remaining online as the Delta variant took hold. The cumulative result of all this was a 4 percent decrease in undergraduate enrollment in 2021, per the National Student Clearinghouse Research Center. Freshman enrollment for the fall 2021 semester start sank by 13 percent when compared to …