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MidwestMinnesotaOffice

Ackerberg Breaks Ground on 193,000 SF Office Project in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Ackerberg has broken ground on MoZaic East, an eight-story, 193,000-square-foot office and retail project in the Uptown neighborhood of Minneapolis. The property, located at 2900 Fremont Ave., will encompass 180,000 square feet of office space and 13,000 square feet of retail space. The project is an expansion of the MoZaic Art Plaza, as MoZaic West was completed in 2012. MoZaic East, slated for completion in the fourth quarter of 2018, will feature bike amenities and rooftop patios. The project team includes Ackerberg as developer, Opus AE Group as architect and The Opus Group as general contractor. First National Bank of Omaha, MidCountry Bank and First Western Bank and Trust are providing project financing.

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IllinoisMidwestRetail

CBRE Arranges $13.6M Sale of Retail Property in Chicago

by Kristin Harlow

CHICAGO — CBRE has arranged the sale of Block Y in Chicago for $13.6 million. The 24,863-square-foot retail property is located at 1301 W. Madison St. The property is 100 percent leased to three tenants. Keely Polczynski of CBRE represented the seller, 1940 Y Century Associates LLC, which is an entity controlled by Los Angeles-based Blatteis & Schnur Inc. An affiliate of Renaissance Capital LLC purchased the asset.

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MidwestMultifamilyOhio

Joint Venture Breaks Ground on Luxury Apartment Complex in Centerville, Ohio

by Kristin Harlow

CENTERVILLE, OHIO — A joint venture between Mills Development and Hills Properties has broken ground on Allure Luxury Apartments, a seven-building apartment property in Centerville. The 312-unit community is located at 350 Arden Way adjacent to Cross Pointe Shopping Center. Amenities will include a two-story fitness center, executive conference room, cyber café, pool and bark park. Hills Properties will manage the property. First move-ins are slated for late 2018.

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MichiganMidwestOffice

Farbman Group to Renovate 500,000 SF Office Complex in Troy, Michigan

by Kristin Harlow

TROY, MICH. — Farbman Group has unveiled plans to renovate Sheffield Office Park, a three-building, 500,000-square-foot office complex in Troy. The property is located at 3290 W. Big Beaver Road. Renovations will be made to the 3310 building, including an updated lobby space and deli as well as new interior finishings. The exteriors to all three buildings will be refaced and repainted different colors. Renovations were previously made to the 3250 and 3290 buildings.

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SoHo-Lofts-Jersey-City-NJ
MultifamilyNew JerseyNortheast

Manhattan Building Co. Develops 377-Unit Apartment Building in Jersey City

by Amy Works

JERSEY CITY, N.J. — Manhattan Building Co. is developing SoHo Lofts, a rental multifamily property located at 273 16th St. in Jersey City’s SoHo West district. Slated for delivery this October, the two-building property features 377 rental units housed in 13-story and 20-story towers, which are connected by a five-story podium. SoHo Lofts is the second phase of the larger SoHo West neighborhood concept that Manhattan Building Co. is developing. The first phase, The Cast Iron Lofts Collection, features 387 apartments and 20,000 square feet of retail space. SoHo Lofts will feature one-, two-, three- and four-bedroom apartments, as well as a limited number of private townhome rentals. On-site amenities include an infinity-edge pool, private cabanas, surround-sound media room, Zen garden, clubroom, attended lobby, arcade lounge, 10-person sauna and enclosed parking garage. City Homes and Gardens is directing the marketing program at SoHo Lofts, which has begun pre-leasing.

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Cornerstone-Salem-NH
LoansMultifamilyNew HampshireNortheast

Cornerstone Realty Capital Arranges $37.7M Construction Loan for Apartment Community in New Hampshire

by Amy Works

SALEM, N.H. — Cornerstone Realty Capital has arranged $37.7 million in financing for The Dolben Co. for the development of an apartment community in Salem. The loan features an interest-only period during construction followed by a 30-year amortization schedule. The 256-unit apartment complex will consist of four residential buildings, a 5,500-square-foot clubhouse, outdoor swimming pool, grilling area and play area. Units will feature granite counters, kitchens with stainless steel appliances, in-unit laundry and a private balcony or patio. The community will feature a mix of studio, one-bedroom/one-bath units and two-bedroom/two-bath units ranging from 567 square feet to 1,088 square feet.

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Park-Roselle-NJ
MultifamilyNew JerseyNortheast

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

by Amy Works

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.

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MultifamilyNew YorkNortheast

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

by Amy Works

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.

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1429-Osgood-St-North-Andover-MA
IndustrialMassachusettsNortheast

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

by Amy Works

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.

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MichiganMidwestMixed-UseTop Stories

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

by John Nelson

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 …

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