Property Type

David Lloyds Opens First Phase of PARK Residential Community in Roselle, New Jersey

by Amy Works September 21, 2017

ROSELLE, N.J. — Developer David Lloyds has opened the first phase of PARK, a residential property located at 417 Raritan Road at the former Roselle Golf Club in Roselle. The first phase of the property includes a 9,000-square-foot clubhouse and 190 rental units, which are already 52 percent leased. The clubhouse features a state-of-the-art gym, pet spa, movie theater, billiards room, resort-style pool, outdoor entertainment area, dog park, bocce court and three-mile fitness trail. The one- and two-bedroom apartments feature granite countertops, in-unit washers/dryers, nine-foot ceilings, central air conditioning and gas heat, gas stoves and high-speed internet. Situated on 60 acres, PARK will be built in five phases over eight years and bring 932 apartment units to Roselle.

September 21, 2017

Multifamily New York Northeast

Westbeth Artists Housing Breaks Ground on $40M Renovation Project for Manhattan Multifamily Property

by Amy Works September 21, 2017

NEW YORK CITY — Westbeth Artists Housing, the New York City Department of Housing Preservation and Development and the Community Preservation Corp. has broken ground on a $40 million renovation project for Westbeth Artists Housing, a multifamily property located in Manhattan’s Greenwich Village. Located at the former Bell Laboratories campus, the property features 384 affordable homes, as well as commercial spaces, for artists. The $40 million project will repair damages from Hurricane Sandy, including raising boilers above flood level; upgrading cellar windows and critical doorways to prevent flooding; and installing a new emergency generator, submersible domestic water pumps and submersible sump pumps. Additionally, the renovations will preserve the building’s historic status and remove lead paint and asbestos from the basement and outside surfaces. Funding for the project comes from federal Community Development Block Grant Disaster Recovery funds, administered by the HPD Multifamily Storm Recovery and Resiliency Program.

September 21, 2017

Industrial Massachusetts Northeast

SVN|Parsons Commercial Arranges Sale of 21,060 SF Industrial Building in North Andover, Massachusetts

by Amy Works September 21, 2017

NORTH ANDOVER, MASS. — SVN|Parsons Commercial Group|Boston has brokered the sale of an industrial property located at 1429 Osgood St. in North Andover. School of Leadership-Afghanistan sold the property to Oliver Enterprises for an undisclosed price. The new owner, a full-service landscape design and construction company, will relocate to the 21,060-square-foot property from Woburn, Mass. Alex Berger and Matt Quinlan of SVN|Parsons Commercial represented the seller, while Steve Donahue of Donahue Associates represented the buyer in the deal.

September 21, 2017

Michigan Midwest Mixed-Use Top Stories

Bedrock Plans $2.1B in Developments in Downtown Detroit Totaling 3.2 MSF

by John Nelson September 21, 2017

DETROIT — Bedrock, Dan Gilbert’s Detroit-based commercial real estate development and investment firm, has unveiled a package of four developments totaling $2.1 billion in new investment that will add to Detroit’s skyline. Totaling 3.2 million square feet, Bedrock expects to create both construction and permanent jobs totaling up to 24,000. “Detroit is going vertical,” says Gilbert, who also founded Quicken Loans Inc. and owns the Cleveland Cavaliers of the National Basketball Association. “In fact, that is the only way to create any type of significant expansion in the city because we are virtually at full occupancy for residential and commercial space in both downtown and midtown.” Gilbert adds that “transformational” projects like these are necessary to both accommodate the expansion of current downtown businesses and make Detroit a legitimate competitor for new businesses and massive opportunities, including Amazon’s HQ2. Gilbert, Detroit Mayor Mike Duggan and other elected officials and community members gathered at the historic Book Tower to unveil the following projects: The Hudson’s Site — The approximately $900 million, 1 million square-foot redevelopment of the old Hudson’s site will include the tallest tower in Detroit. Crain’s Detroit Business reports that the building will rise 80 stories, which would top …

September 21, 2017

Kansas Market Reports Midwest Midwest Market Reports Missouri Retail

National Retail Tenants Enter, Expand Into Kansas City Market

by Kristin Harlow September 21, 2017

The greater Kansas City area retail market remains solid as a rock, despite CoStar Group’s mid-year report showing a slight decline in the average asking rental rate and a slight increase in vacancy. The retail vacancy rate in the second quarter of 2017 stood at 5.7 percent, up slightly from the previous quarter’s 5.5 percent. The average asking rental rate for retail is $13.05 per square foot, down from $13.07 in the previous quarter. Local, regional and national restaurant chains continue to expand with strong success throughout all areas of the Kansas City market, and “new-to-market” users continue to open their doors. Currently, there is approximately 570,000 square feet of retail space under construction in the Kansas City area and various mixed-use projects under development. Additionally, several new shopping center projects have recently been announced and are quickly gaining traction with restaurant and retail users. One of the major catalysts for the widespread retail and mixed-use boom throughout greater Kansas City is the various incentives that have been made available to developers including tax increment financing, community improvement districts, transportation development districts, tax abatement and other incentives. On both sides of the state line, as sites become more expensive and …

September 21, 2017