Property Type

Toll Brothers, Carlyle Group to Develop 289-Unit Apartment Community in Woburn, Massachusetts

by Alex Patton April 21, 2020

WOBURN, MASS. — A joint venture between Toll Brothers Inc. and The Carlyle Group will develop Emblem 120, a 289-unit apartment community in Woburn, a northern suburb of Boston. The six-story building will feature 9,390 square feet of retail space and amenities including a resident lounge, coworking space, fitness center and pool. Wells Fargo Bank provided construction financing for the project. Toll Brothers Apartment Living will manage the development and leasing of the property. The construction schedule was undisclosed.

April 21, 2020

Acquisitions Industrial New Jersey Northeast

Endurance Real Estate, PCCP Acquire Industrial Portfolio in New Jersey for $43M

by Alex Patton April 21, 2020

WAYNE, N.J. — A partnership between New Jersey-based developer Endurance Real Estate Group LLC and California-based Pacific Coast Capital Partners LLC (PCCP) has acquired the Southern New Jersey core infill portfolio for $43 million. The warehousing and distribution portfolio includes seven buildings across Swedesboro, Delran and Mount Laurel totaling 553,548 square feet. At the time of sale, the portfolio was 88 percent leased to 22 tenants, including Food Sciences Inc., Carnegie Pharmaceuticals LLC and The Jewelry Group. Scott Mertz of NAI Mertz represented the buyer in the transaction. Michael Hines and Brad Ruppel led a CBRE team that represented the undisclosed seller.

April 21, 2020

Development Massachusetts Northeast Retail

Architectural Heritage Foundation Underway on 15,574 SF Retail Redevelopment in Boston

by Alex Patton April 21, 2020

BOSTON — Architectural Heritage Foundation is underway on the redevelopment of Charles River Speedway in Boston, a project that will deliver a 15,574-square-foot retail complex. The site is located in the Allston-Brighton neighborhood of Boston and includes the former racetrack administrative building and garage facility, which is a registered historic property. Local craft brewery Notch Brewing will anchor the project with a full brewery, taproom and beer garden, along with other restaurant and retail tenants and event spaces. Construction is slated for completion in December.

April 21, 2020

Development New Jersey Northeast Retail

Restoration Hardware Plans to Convert Historic Mansion in New Jersey Into Store, Restaurant

by Alex Patton April 21, 2020

MORRISTOWN, N.J. — Restoration Hardware (RH) has unveiled plans to transform the 42-room Alnwick Hall mansion in Morristown, a western suburb of New York City, into an upscale home improvement store, restaurant and wine bar. The renaissance revival-style mansion was built in 1904 and modeled after a 16th-century British manor. The Morris Township Committee designated the property, which has been vacant for several years, as a non-condemned area in need of redevelopment in 2018. Next steps include receiving project approval from a local planning board, officially naming RH as the developer and establishing a construction schedule.

April 21, 2020

Leasing Activity New Jersey Northeast Office

NAI James Hanson Negotiates 1,880 SF Office Lease Renewal in Livingston, New Jersey

by Alex Patton April 21, 2020

LIVINGSTON, N.J. — NAI James Hanson has negotiated a 1,880-square-foot office lease renewal for legal practice The Durkin Firm in Livingston, a western suburb of New York City. The space is located at 345 Eisenhower Parkway, a 157,500-square-foot office building that offers a café, fitness center, lounge and conference facility. Joshua Levering of NAI James Hanson represented The Durkin Firm in the lease negotiations. Eastman Management is the landlord.

April 21, 2020

Development Industrial Texas

Conor Commercial Breaks Ground on 198,000 SF Skyline Commerce Center Project in Dallas

by Taylor Williams April 21, 2020

DALLAS — Conor Commercial Real Estate has broken ground on Skyline Commerce Center, a 198,000-square-foot industrial project located about seven miles from downtown Dallas. The property will feature frontage along Interstate 30 and will consist of a 135,000-square-foot building and a 62,000-square-foot building. Completion is scheduled for the fourth quarter. Stream Realty Partners is handling leasing of the project. Conor Commercial is the development and investment arm of The McShane Cos., headquarters in suburban Chicago.

April 21, 2020

Civic Development Texas

McCarthy Completes 124,674 SF Renovation, Expansion Project at Texas Woman’s University in Denton

by Taylor Williams April 21, 2020

DENTON, TEXAS — McCarthy Building Cos. has completed the renovation and expansion of the Student Union at Hubbard Hall at Texas Woman’s University (TWU) in Denton. The project featured renovations of 100,754 square feet of meeting, event and dining space, as well as 23,920 square feet of structural additions to the building. Landscaping, irrigation and site utilities systems were also upgraded. McCarthy began the project in March 2018. The company previously completed construction of TWU’s Oakland Complex, a parking garage and an adjoining office building that houses campus police headquarters, human resources administrative spaces, a testing center, retail food service vendor and outdoor patio space. Texas Woman’s University is a public co-educational institution with about 13,000 students at its Denton campus.

April 21, 2020

Acquisitions Retail Texas

EDGE Negotiates Sale of 30,338 SF Shops at Porter Retail Center in Metro Houston

by Taylor Williams April 21, 2020

PORTER, TEXAS — EDGE Realty Partners has negotiated the sale of Shops at Porter, a 30,338-square-foot retail center located at 23611 Highway 59 N. in Porter, a northeastern suburb of Houston. Micha van Marcke and Chace Henke of EDGE represented the seller, SDI 59 Porter LLC, in the transaction. The buyer and sales price were not disclosed.

April 21, 2020

Development Office Texas

ARCO/Murray Delivers 31,000 SF Coworking Space at West Plano Village

by Taylor Williams April 21, 2020

PLANO, TEXAS — Locally based design-build firm ARCO/Murray has delivered a 31,000-square-foot project at West Plano Village for Spaces, a Dutch provider of coworking facilities. The space includes more than 80 individual offices, common rooms, executive suites, phone booths and a café with an attached patio. The facility had just opened prior to shelter-in-place orders taking effect as a result of the COVID-19 outbreak. Regus, a multinational provider of serviced offices, coworking spaces and virtual offices, acquired Spaces in 2015.

April 21, 2020

Healthcare Michigan Midwest

Beaumont Health to Temporarily Lay Off 2,475 Employees, Permanently Eliminate 450 Jobs in Michigan

by Kristin Harlow April 21, 2020

ROYAL OAK, MICH. — Beaumont Health says that the financial consequences of the COVID-19 pandemic has forced the organization to adjust its workforce after suffering significant losses during the first quarter. After Beaumont began caring for COVID-19 patients five weeks ago, nearly all inpatient and outpatient surgeries and other non-COVID-19 medical services had to be halted. As a result, Beaumont is temporarily laying off 2,475 of its 38,000 employees. It is also permanently eliminating 450 positions and cutting executive pay. CEO John Fox will take a 70 percent temporary pay cut to his base salary. The other members of Beaumont’s executive leadership team will also take temporary pay cuts up to 45 percent of their total compensation. Of the 2,475 layoffs, most involve hospital administrative staff and others who are not directly caring for patients. Most of the 450 position eliminations are part of the corporate staff or serving in other administrative roles. Beaumont will also pause or cancel some nonessential projects. For the first three months of 2020, Beaumont reported a net operating income of -$54.1 million, a $91.7 million decrease compared to the same time last year. The Royal Oak-based nonprofit hospital is Michigan’s largest healthcare system. It …

April 21, 2020

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