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The-Leaf-New-Rochelle
DevelopmentMultifamilyNew YorkNortheast

BRP Cos. Completes 477-Unit Multifamily Project in New Rochelle, New York

by Taylor Williams

NEW ROCHELLE, N.Y. — Locally based owner-operator BRP Cos. has completed The Leaf, a 477-unit multifamily project located north of New York City in New Rochelle. The 26-story building is located in the city’s downtown area and offers one- and two-bedroom units, 119 of which are dedicated as affordable housing. Specifically, 20 units are reserved for households earning 50 percent or less of the area median income (AMI), while 99 residences are earmarked for renters earning 60 percent or less of AMI. The community also features approximately 20,000 square feet of amenity space that includes a pool, fitness center, coworking lounge, rooftop deck and dog run, as well as 3,000 square feet of ground-floor retail space. Construction began in early 2022.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates 44,458 SF Industrial Lease in Glenview, Illinois

by Kristin Harlow

GLENVIEW, ILL. — Lee & Associates of Illinois has negotiated a long-term lease for a 44,458-square-foot industrial building located at 1870 Elmdale Ave. in the Chicago suburb of Glenview. Jeff Janda, John Cassidy and Brad Simousek of Lee & Associates represented the owner, DRA Advisors. Nick Schurer of Vestian Global Workplace Services represented the tenant, Lakeshore Academy Gymnastics North. The property marks the gymnastic school’s third location.

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AcquisitionsIndustrialMidwestWisconsin

NAI Pfefferle Brokers Sale of 21,000 SF Flex Industrial Building in Oshkosh, Wisconsin

by Kristin Harlow

OSHKOSH, WIS. — NAI Pfefferle has brokered the sale of a 21,000-square-foot flex industrial building located at 2080 W. 20th Ave. in Oshkosh. The sales price was undisclosed, but the asking price was $1.6 million. John Roberts of NAI Pfefferle brokered the transaction. Buyer and seller information was not provided.

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AcquisitionsMassachusettsNortheastOffice

Newmark Brokers Sale of 114,677 SF Office Property in Boston Seaport District

by Taylor Williams

BOSTON — Newmark has brokered the sale of 343 Congress Street, a 114,677-square-foot office property in the Boston Seaport District. The five-story building, which is a historic structure that was originally built in 1888, is anchored by pet products e-commerce retailer Chewy and also houses two ground-floor restaurants. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the seller, BentallGreenOak (BGO), in the transaction and procured the buyer, North Colony Asset Management.

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AcquisitionsLee & AssociatesNew JerseyNortheastOffice

Lee & Associates Negotiates $3.6M Sale of Office Building in Fairfield, New Jersey

by Taylor Williams

FAIRFIELD, N.J. — Lee & Associates has negotiated the $3.6 million sale of a 34,445-square-foot office building located in the Northern New Jersey community of Fairfield. The three-story building at 383 U.S. Route 46 was originally constructed on 1.6 acres in the 1970s and has been owner-occupied since 1985. Peter Rasmusson of Lee & Associates represented the seller, The Glassman Family, in the transaction, and procured the buyer, an entity doing business as Fairfield Real Estate LLC.

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IndustrialLeasing ActivityNew YorkNortheast

Rivian Automotive Signs 41,000 SF Industrial Lease in Woodbury, New York

by Taylor Williams

WOODBURY, N.Y. — Rivian Automotive has signed a 41,000-square-foot industrial lease in the Long Island community of Woodbury. The electric vehicle maker is taking space at Crossways Logistics Center, a newly built, 145,200-square-foot facility, for its first Long Island service center. Nicholas Gallipoli, Frank Frizalone and Thomas DeLuca of Cushman & Wakefield represented the landlord, Rockefeller Group, in the lease negotiations. Roberto Rhett of GoodSpace NYC represented Rivian.

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The investment sales panel at Interface Affordable Housing Southeast
AcquisitionsAffordable HousingConference CoverageFeaturesGeorgiaMultifamilySoutheast

InterFace Panel: Affordable Housing Investment Sales Faces Uncertain Future

by Channing Hamilton

ATLANTA — Affordable housing is facing a tumultuous second half of the year. Tariffs on building materials such as lumber, steel and aluminum are slowing development activity as they elevate construction costs. Investment sales are also likely to be impacted by unstable economic conditions in the affordable housing sector, where many transactions are conducted within a limited budget due to the nature of income restrictions for renters. Amid high costs and trade uncertainty, many investors are making the decision to stay on the sidelines or invest in markets with more stable conditions. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “The most experienced, best qualified buyers are being careful about what they purchase,” said Kyle Shoemaker, a managing director at Affordable Housing Investment Brokerage. The Downers Grove, Illinois-based company arranges acquisitions and dispositions of Section 8, Section 42, low-income housing tax credit (LIHTC) and tax credit housing.  “The affordable housing sector was heated in 2021,” Shoemaker continued. “At that point in time, we were getting more calls than ever from multifamily investors who were interested in entering the affordable …

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AcquisitionsMixed-UseRestaurantRetailTexasTop Stories

Kite Realty, GIC Acquire Legacy West Mixed-Use Development in Metro Dallas for $785M

by John Nelson

PLANO, TEXAS — A partnership between Indianapolis-based Kite Realty Group (NYSE: KRG) and Singapore’s GIC has acquired Legacy West, a mixed-use development located in Plano, for $785 million. According to Kite Realty’s first-quarter earnings report that announced the transaction, Legacy West includes 344,000 square feet of retail space, 444,000 square feet of office space and 782 multifamily units. Invesco Real Estate has been the lead equity partner in Legacy West since the project’s inception in 2014, becoming the majority owner of the development in 2019. Prism Places and Mark Masinter of Open Realty Advisors handled leasing negotiations and the curation of office tenants, retailers and restauranters at Legacy West, which is now more than 95 percent leased. Tenants at the development include Louis Vuitton, Tiffany, Gucci, Tory Burch, Watches of Switzerland, Aritzia, lululemon, Chanel Beauty, Ralph Lauren and Vuori. “We’re proud to have played a role in shaping this dynamic development — one that integrates thoughtful placemaking and a carefully curated tenant mix, designed to serve the community for years to come,” says Mark Masinter, chairman of Global Retail for Newmark. Legacy West also features more than 20 various eateries, including the development’s food hall, Legacy Hall, and newer additions …

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CaliforniaMarket ReportsOfficeWesternWestern Market Reports

Creative Workspaces Reshape Los Angeles’ Office Market

by John Nelson

— By Caleb Hodge of KWP Real Estate —  The Los Angeles office market is undergoing a transformation. Finally. Downtown LA and most of the submarkets were decimated following the pandemic, but leasing activity is increasing. In fact, the fourth quarter of last year saw the highest annual leasing activity since the pandemic was officially declared “over,” according to Savills Research and Data Services. How is this possible? The answer lies in the evolving identity of office spaces, which is driven by the demand for creative office.  Despite increased asking rates in certain submarkets, Los Angeles is still a tenant-driven office market. The rub is that hybrid-working models continue to, at times, complicate leasing decisions. Fortunately, highly sought-out creative office space in Los Angeles offers two key incentives: premium amenities and functional, innovative office designs. Creative office space may still be considered niche, but the amenities and design layouts are critical when bringing employees back to the office. In fact, those attributes are highly desired by most modern office workers, whether their industry or physical space is considered “creative” or not.  With traffic being a constant factor in LA, centrally located offices with easy commutes for a majority of workers …

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CaliforniaLoansMixed-UseOfficeRetailWestern

SF Capital Secures $56.2M in Financing for Southern California Mixed-Use Portfolio

by Amy Works

LOS ANGELES — SF Capital has secured $56.2 million in life insurance company financing for a mixed-use retail and office portfolio located in Southern California. The 368,000-square-foot portfolio includes 215,000 square feet of office space and 153,000 square feet of retail space. The financing was arranged through SF Capital’s life company correspondent loan program. Additional terms of the financing were not released.

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