Property Type

Triple Five Group Reopens American Dream Mall in East Rutherford, New Jersey

by Taylor Williams October 1, 2020

EAST RUTHERFORD, N.J. — Triple Five Group has reopened the American Dream shopping and entertainment destination in East Rutherford, located just outside New York City. American Dream is located in the Meadowlands Sports Complex by MetLife Stadium, home of the New York Jets and Giants and features some 3 million square feet of retail and entertainment space. According to local media reports, marquee attractions include such as the Nickelodeon Universe theme park, DreamWorks water park, Angry Birds mini-golf and an NHL-sized ice skating rink are now open under limited capacities. Masks are mandatory, and social distancing guidelines will be enforced. A limited number of shopping and dining options will also be available under similar restrictions. Other attractions at American Dream, a project that went through various ownership groups and redevelopment obstacles, include a Sea Life Aquarium, Lego Discovery Center and an indoor ski and snow park.

October 1, 2020

Acquisitions Multifamily Southeast Virginia

Passco Acquires 200-Unit Multifamily Community in Northern Virginia

by Alex Tostado October 1, 2020

WOODBRIDGE, VA. — Passco Cos. has acquired The Preserve at Catons Crossing, a 200-unit multifamily community in Woodbridge. The property offers one- and two-bedroom floor plans, which were 95 percent occupied at the time of sale. Communal amenities include a fitness center, spa, pool, playground, basketball court, business center and a clubhouse. The complex was built in 2010 and is situated at 2760 Green Ash Loop, 26 miles southwest of downtown Washington, D.C. Chris Black and Caleb Marten of KeyBank Real Estate Capital originated acquisition financing on behalf of the buyer. The seller and sales price were not disclosed.

October 1, 2020

Features Multifamily Seniors Housing

Survey: Independent Living Residents, Staff Feel Safe During Pandemic

by Jeff Shaw October 1, 2020

SOUTHFIELD, MICH., and CHARLOTTE, N.C. — A national survey of independent living community residents, staff and prospective residents showed that those in the community overwhelmingly felt safe so far during the COVID-19 pandemic. Additionally, respondents said they were confident that communities had taken appropriate precautions to keep them safe. Plante Moran Living Forward, the Southfield-based senior living development consulting division of Plante Moran Cresa and an affiliated entity of Plante Moran, partnered with Retirement Dynamics, a Charlotte-based senior living consulting firm, to complete the research. In June and July of this year the companies surveyed more than 23,000 residents and staff at senior living communities across the country, along with prospective future residents. While prospects worried about social isolation, shopping and other daily tasks when living in their own homes, survey results showed only a slight decrease in their likelihood to move into an independent living community as a result of the pandemic. The survey also revealed: 92 percent of staff felt the community where they worked responded well to the COVID-19 pandemic. 93 percent of residents felt their community took all precautions to keep them safe. 85 percent of staff agreed residents “are safer in their community than in …

October 1, 2020

Development Georgia Hospitality Southeast

IHG Opens 99-Room Staybridge Suites in Metro Atlanta

by Alex Tostado October 1, 2020

DULUTH, GA. — InterContinental Hotels Group (IHG) has opened a 99-room Staybridge Suites hotel in Duluth, a northeast suburb of Atlanta in Gwinnett County. The property features a 24-hour business center, saltwater pool, fitness center, a meeting room and laundry facilities. Each room includes a 49-inch smart TV. Atlanta-based IHG has implemented its Clean Promise program, which includes disinfecting rooms and common areas with an electrostatic sprayer, as well as operating the hotel with strict social distancing guidelines. Duluth Capital Investments LLC operates and owns the hotel, which opened Sept. 30.

October 1, 2020

Industrial Loans New Jersey Northeast

JLL Arranges Loans for Refinancing of 257,949 SF Industrial Portfolio in New Jersey

by Taylor Williams October 1, 2020

MORRISTOWN, N.J. — JLL has arranged two loans of undisclosed amounts for the refinancing of a four-building, 257,949-square-foot industrial portfolio in Morristown, about 30 miles west of New York City. Built in the 1980s, the properties are located in the towns of Pine Brook and Valley Cottage. Collectively, the four buildings were close to fully occupied at the time of the loan closings. Michael Klein led a JLL team that placed the nonrecourse loans, both of which were structured with 10-year terms and fixed interest rates, through an undisclosed life insurance company. The borrower was The Frassetto Companies, a family-owned and operated developer in the Tri-State area.

October 1, 2020

Connecticut Development Multifamily Northeast

Hines Breaks Ground on 230-Unit Multifamily Project in New Haven, Connecticut

by Taylor Williams October 1, 2020

NEW HAVEN, CONN. — Houston-based Hines has broken ground on The Whit Wooster Square, a 230-unit multifamily project that will be located in New Haven. The property will feature one, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. The project also includes 5,600 square feet of retail space. Residents will have access to amenities such as communal workspaces with private offices, a fitness center with a yoga studio, coffee bar and a rooftop terrace with grilling stations, a bar and lounge seating. Bank of America is financing the project, which will be Hines’ first multifamily development in Connecticut. Completion is slated for summer 2022.

October 1, 2020

Acquisitions New Jersey Northeast Office

Colliers Brokers Sale of 43,000 SF Bloom Court Office Building in Mount Laurel, New Jersey

by Taylor Williams October 1, 2020

MOUNT LAUREL, N.J. — Colliers International has brokered the sale of Bloom Court, a 43,000-square-foot office building located in the Southern New Jersey township of Mount Laurel. Evan Zweben, Marc Isdaner and Ian Richman of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was an affiliate of locally based, full-service real estate firm Needleman Management Co. The sales price was not disclosed.

October 1, 2020

Development Midwest Missouri Multifamily

Opus Opens 254-Unit Luxury Apartment Complex in Kansas City’s Westport Neighborhood

by Kristin Harlow October 1, 2020

KANSAS CITY, MO. — The Opus Group has completed Westley on Broadway, a 254-unit luxury apartment complex in Kansas City’s historic Westport neighborhood. Located at the corner of Westport Road and Broadway Boulevard, the six-story project features three levels of underground parking and 10,000 square feet of retail space. Floor plans vary from studios to two-bedroom units. Amenities include a pool, podcast lab, fitness center, pet spa, coworking spaces and onsite storage. Many of the existing buildings in Westport date back to the late 19th century and feature red brick. Opus selected a blend of red brick to complement the building’s surroundings. Opus served as developer, design-builder, interior designer and structural engineer. Monthly rents start at $1,139 for studios.

October 1, 2020

Development Illinois Midwest Multifamily

Summit Design + Build Completes Conversion of Office Building into Apartments in Chicago’s Gold Coast

by Kristin Harlow October 1, 2020

CHICAGO — Summit Design + Build has completed The Clark in Chicago’s Gold Coast neighborhood. The project involved the conversion of a four-story office and retail building into 98 luxury apartments. The building, located at 1201 N. Clark St., also received a vertical addition comprising five more stories. Floor plans range from studios to two-bedroom units. Amenities include a rooftop terrace, fitness center, business center, bike room, dog run and first-floor lobby with a café. Hartshorne Plunkard Architecture served as architect. Monthly rents start at $1,710. Residents can currently receive up to three months of free rent.

October 1, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $17M Sale of Residential Building in Manhattan

by Taylor Williams October 1, 2020

NEW YORK CITY — Marcus & Millichap has negotiated the $17 million sale of a 12-unit residential building located at 180 W. 81st St. on Manhattan’s Upper West Side. The property spans 21,568 square feet and includes three commercial spaces. Daniel Handweiler, Haley Hasho, Jacob Kahn, Joe Koicim, Peter Von Der Ahe and Seth Glasser of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both companies were private investors that requested anonymity.

October 1, 2020

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