ATLANTA — The Centers for Disease Control and Prevention (CDC) will develop a 160,000-square-foot research lab at Roybal Campus, the organization’s main headquarters in Atlanta. The high-containment continuity lab (HCCL) will be a Biosafety Level-4 (BSL-4) facility, a designation reserved for the highest level of biological safety. The lab is part of the CDC’s 2025 master plan, which was finalized before the worldwide COVID-19 pandemic began. The Atlanta-based organization expects construction to begin in early 2021 and has tapped McCarthy Building Cos. Inc. as general contractor. Flad Architects, Page Southerland Page and WSP designed the HCCL. McCarthy, a St. Louis-based general contractor, has built 25 percent of the BSL-4 labs in the United States. The company also built the Emerging Infectious Diseases BSL-4 Laboratory on the Roybal Campus in 2005. In early 2018, the CDC petitioned Congress to allow for upgrades to be made at the facility. The development cost was not disclosed, although McCarthy entered into a $233 million contract with the U.S. government to construct the HCCL. “The facility has done quite well, but it runs constantly — 24 hours a day, seven days a week, 365 days a year,” Inger Damon, director of the division of high-consequence …
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By Andy Gutman, President, Farbman Group It’s no hyperbole to acknowledge that we are living in unprecedented times and facing unique and historic challenges. The novel coronavirus pandemic has had a profound impact on the lives and livelihoods of Americans across a wide range of industries, and commercial real estate is no exception. As brands and businesses struggle to adjust to the slowdown, with many shutting their doors and others making significant operational adjustments, owners and operators face their own dilemmas. How can real estate professionals help their tenants while protecting their own interests? What can they do differently today to start preparing for a post-shutdown new normal once the nation and the economy begin reopening in the months ahead? What follows is a review of practical tips and best practices that real estate professionals should be deploying to ensure they are doing everything they can to help themselves and their tenants navigate the unfamiliar terrain of a pandemic-altered landscape. Talk the talk Communication with tenants is always important. In the current circumstances, however, clear and consistent communication is not just a priority, but an urgent necessity. Make sure your team is connecting on COVID-related changes to tenants, sharing updates …
East West Bank Funds $88M Construction Loan for Multifamily, Retail Project in Queens
by Alex Patton
NEW YORK CITY — East West Bank has funded an $88 million construction loan for 1 Archer Avenue Apartments, a 315-unit multifamily and retail project currently under construction in the Jamaica neighborhood of Queens. A partnership between Shorewood Real Estate Group and Bridge Investment Group was the borrower. Located at 160-05 Archer Ave., the 320,000-square-foot building will include a coworking space, game room, fitness center, yoga room and multiple resident lounges. Hill West Architects designed the project. Construction of the project began in late 2019. An expected completion date was not disclosed.
Penn National Gaming Reopens 73 Percent of Casino Properties Across National Portfolio
by Alex Patton
WYOMISSING, PA. — Penn National Gaming, a Pennsylvania-based casino owner and operator, has reopened 73 percent of its casino properties across its national portfolio. The company closed all 41 of its casino properties across 19 states following the COVID-19 outbreak. The company has implemented property-specific safety practices based on the various state laws, including social distancing and the requisition of masks in some venues. In February 2020, the company acquired a 36 percent interest in online sports and entertainment platform Barstool Sports for $163 million. The acquisition introduced an omni-channel approach to the business, including mobile casinos and online retail. The company’s stock price closed at $33.97 per share on June 23, compared with $18.85 per share at the same time last year.
Cushman & Wakefield Arranges $57M Acquisition Loan for Multifamily Property in Brooklyn
by Alex Patton
NEW YORK CITY — Cushman & Wakefield has arranged a $57 million acquisition loan for a 183-unit multifamily property in Brooklyn. USAA Real Estate provided the fixed-rate loan to an undisclosed borrower. Located at 1 Flatbush Ave., the 19-story, Class A apartment building was constructed in 2018. Amenities include a fitness center, resident lounge and landscaped roof deck. Gideon Gil, Alex Lapidus and Maya Steinberger of Cushman & Wakefield arranged the loan. Adam Spies, Adam Doneger, Dan O’Brien and Avery Silverstein represented the seller, a partnership between Meadow Partners and Slate Property Group, in the transaction.
CIT Group Provides $35.9M Construction Loan for Apartment Building in Stamford, Connecticut
by Alex Patton
STAMFORD, CONN. — CIT Group Inc. has provided a $35.9 million construction loan for a 183-unit apartment building in Stamford. The borrower was a joint venture between New Jersey-based developer Fields Development Group and Alpine Residential. The project will be located on Canal Street near the Metro North railway station and will include ground-floor retail space. Chris Niederpruem of CIT Group originated the loan.
Alliant Credit Union Provides $20.8M Acquisition Loan for Multifamily Community in Metro Atlanta
by Alex Tostado
MARIETTA, GA. — Alliant Credit Union has provided a $20.8 million acquisition loan for Bentley at Marietta, a 222-unit multifamily community in Marietta. The five-year loan features two years of interest-only payments followed by a 30-year amortization schedule. The property was built in 1985 and offers one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool, fitness center, playground, outdoor grilling area, dog park and a private lake with a fishing dock. The asset is located at 880 S. Cobb Drive SE, 19 miles northwest of downtown Atlanta. Matthew Mense and Ari Schwartzbard of Newmark Knight Frank (NKF) originated the loan through Alliant Credit Union on behalf of the buyer, American Landmark Apartments. Jim Jarrell, Cory Caroline Sams, Chandler Brown, Walter Miller, Taylor Brown and Bo Brown of Greystone Brown Real Estate Advisors represented both the seller, Wilkinson Corp., and the buyer, Asset Development & Management Group LLC, in the transaction. The total sales price was $31.2 million.
LOGANVILLE, GA. — CIM Group has sold North Logan Commons, a 175,969-square-foot retail property in Loganville, for $15.6 million. The asset was 83 percent leased at the time of sale to tenants including anchors TJ Maxx, Dick’s Sporting Goods, OfficeMax and PetSmart. Co-tenants include Five Guys Burgers & Fries, Anytime Fitness and Sally Beauty. North Logan Commons is situated at 4022 Atlanta Highway, 37 miles east of downtown Atlanta. Fred Victor of Transwestern represented the Los Angeles-based seller in the transaction. New York City-based Big V Group acquired the property.
BATON ROUGE, LA. — Franklin Street has arranged the $12.4 million acquisition and renovation financing for Physicians Medical Center, a 76,370-square-foot medical office and hospital campus in Baton Rouge. The three-story facility features a hospital on the first floor and 44,984 square feet of leasable medical office space at the time of sale. The buyer, New Era Cos., plans to implement property renovations. Following the project, Oceans Healthcare Outpatient Services will anchor the property. A local ophthalmology office and a division of the Louisiana Departments of Health and Capital Area Human Services will also lease space at the facility. Ben Miller and Casey Siggins of Franklin Street represented the buyer in the financial transaction. The seller and lender were not disclosed.
MIAMI — Colliers International has negotiated ECU Worldwide’s 164,432-square-foot industrial lease renewal in Miami. The space at 2401 NW 69th St. has been ECU’s long-term home. The new lease is for a period of a little more than eight years and is valued at more than $10 million. ECU specializes in global multi-modal transport and warehousing services. The property is situated eight miles northwest of PortMiami and nine miles north of downtown Miami. Jonathan Kingsley and Ryan Goggins of Colliers represented the tenant in the transaction. Stephen Panos of Annapolis, Md.-based Realterm internally represented the landlord.