MINEOLA, N.Y. — Mill Creek Residential has begun leasing Modera Metro Mineola, a 192-unit apartment community on Long Island. The transit-served property offers studio, one- and two-bedroom units that feature stainless steel appliances, quartz countertops, custom cabinetry, tile backsplashes and key fob entry systems. Indoor amenities include two 24-hour fitness centers with yoga and Pilates studios, two indoor clubhouses with lounges, TVs and resident kitchens, a business center with a conference room, a coffee bar, pet spa and package concierge service. Outdoor amenities include a pool, sun deck, grilling area and kitchen and a lounge. The first units are expected to be available for occupancy in the coming weeks.
EATONTON, N.J. — Newmark Knight Frank (NKF) has negotiated the $32 million sale of a commercial property located at 250 Industrial Way in the eastern New Jersey city of Eatonton. The property houses 138,163 square feet of office and research-and-development space. The property was fully leased at the time of sale to communications systems supplier SubCom on a triple-net basis through 2024. Steven Schultz, Tony Georgiev, Adam Silver and Ben Greazel of NKF represented the seller in the transaction.
NEW YORK CITY — Exact Capital, a locally based finance and development firm, has completed the renovation and preservation of 333 affordable housing units spread across 19 buildings in The Bronx. As part of the project, the developer also renovated four retail spaces located within those properties, all of which rise between two and seven stories. Exact Capital partnered with Shepherd Restoration Corp. on the project, which enhanced roofs, refreshed common areas and upgraded kitchens and bathrooms. TD Bank provided financing for the project in conjunction with the New York City Department of Housing Preservation & Development and Community Preservation Corp.
MINNEAPOLIS — RSM, a provider of audit, tax and consulting services, has unveiled plans to expand and renovate its office space at RSM Plaza in downtown Minneapolis. RSM currently occupies 115,000 square feet across five floors and will increase its footprint to just over 125,000 square feet. The firm will fully renovate its space, with completion of the upgrades slated for late 2020. RSM’s new lease coincides with the recent completion of a $10 million renovation to RSM Plaza, which is located on the corner of 8th Street and Nicollet Mall. The building now offers enhanced skyway connections, a new lobby, common areas, fitness facility and conference center. Upscale steakhouse 801 Chophouse will open in the retail space adjacent to the lobby later this year. A joint venture between Golub & Co. and Oaktree Capital owns RSM Plaza.
MONROVIA, IND. — Core5 Industrial Partners has begun development of a 1 million-square-foot industrial building within the Hendricks Gateway Park in Monrovia, about 25 miles southwest of Indianapolis. The building will be the first speculative industrial building in the market with a clear height of 40 feet. It is slated for completion in the second quarter of 2020. The development will offer parking for 663 cars and 251 trailers. Andrew Morris and Jeremy Woods of CBRE represented Core5 in the purchase of 76 acres of land for the project. The duo will also represent Core5’s leasing efforts for the new property. The project team includes GDI Construction, MacGregor Associates Architects and Structurepoint. Hendricks Gateway Park is currently home to DHL, Chewy.com, Johnson & Johnson and Geodis.
MORA, MINN. — Kraus-Anderson Construction Co. has completed a $52 million expansion of FirstLight Health System in Mora, about 75 miles north of Minneapolis. Designed by DSGW Architects, the renovation includes a new main entry and common area, eye clinic, lab, chemotherapy and radiology spaces, IT facilities, administration offices and gift shop. A two-story addition features a new rehabilitation area with a therapy pool, food-service kitchen, cafeteria and inpatient pharmacy. It also includes new units for births, medical surgeries and ICU. Another two-story addition features a new emergency department, community pharmacy, ambulance garage and fitness center. A separate one-story addition comprises clinical exam rooms. Exterior upgrades include new parking areas, relocation of the helipad and improved access from the highway. All hospital services were in full operation during the entire duration of the multi-phased, 25-month project. The original hospital was built in 1943, with additions completed in 1960, 1970, 1995, 2002 and 2007.
GREEN OAKS, ILL. — NorthShore Care has signed a 161,585-square-foot, full-building industrial lease in Green Oaks, about 35 northwest of Chicago. The property, located at the intersection of Rockland Road and I-94, is currently under construction and slated for completion in January 2020. Situated on 7.6 acres, the building will include a clear height of 32 feet, 33 exterior docks, two drive-in doors and parking for up to 188 cars. NorthShore Care, a provider of incontinence products, will move from its existing facility at 1200 Barclay Blvd. in Buffalo Grove upon completion of the new facility. Christopher Volkert of Colliers represented the landlord and developer, Panattoni, in the lease transaction. Whit Heitman of CBRE represented the tenant.
GRAND RAPIDS, MICH. — Cohen Financial, a division of SunTrust Bank, has arranged an $11 million bridge loan with SunTrust for the acquisition of Cottonwood Forest Apartments in Jenison, a suburb of Grand Rapids. The 160-unit property features multiple two-story buildings. Cathy Bronkema of Cohen arranged the loan on behalf of the borrower, Trillium Investments, which plans to upgrade the units.
AVONDALE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of Aventura, a multifamily property located at 10350 W. McDowell Road in Avondale, a western suburb of Phoenix. Boston Capital sold the property to an institutional investment manager for $65.4 million, or $160,294 per unit. Situated on 18.4 acres, Aventura features 408 apartments, a resort-style pool and 24-hour fitness center. Originally built in 2000, the property has undergone major improvements to its common areas and apartment interiors since 2016. Steve Gebing and Cliff David of IPA, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
PHOENIX — MIG Real Estate has completed the sale of Arcadia Gateway Center, a Class A office building located at 4222 E. Thomas Road in Phoenix. Clayton A. Varga, trustee of the Varga Revocable Trust, acquired the property for $17.2 million, or approximately $191 per square foot. Constructed in 1999, the four-story property features 90,225 square feet of office space, a three-story parking structure, building signage and large floorplans. At the time of sale, the multi-tenant property was 96 percent occupied. Eric Wichterman, Mike Coover and Tim Whittemore of Cushman & Wakefield Phoenix represented the seller, while McAlister Cleary and Kelly O’Dea of Marcus & Millichap represented the buyer in the deal.