Property Type

TF Cornerstone to Develop 1.5 MSF Mixed-Use Project in Long Island

by Nellie Day August 2, 2017

NEW YORK CITY — TF Cornerstone is set to develop a 1.5 million-square-foot mixed-use development in Long Island City’s Anable Basin inlet. The $925 million, 4.5-acre project will include residential, commercial, industrial and academic spaces in the New York borough of Queens. The office portion will feature 277,500 square feet of Class A office space and 80,000 square feet of “step-up” office space for start-ups and fast-growing companies in the technology, arts, design and creative industries. Another 22,500 square feet will be dedicated to pre-built incubators for arts, technology and creative industry startups with flexible co-working spaces. The industrial portion will include nearly 100,000 square feet of light industrial space, as well as a 5,000-square-foot “fab lab” for digital fabrication and hardware prototype assembly. About 10,000 square feet will be utilized for an Arts and Technology Accelerator, which will provide education, training, incubation and economic opportunities. This accelerator was designed to forge new collaborations and businesses by merging art, technology and hardware, and to support an ecosystem for technological innovations and entrepreneurship. Another 10,000 square feet will be set aside for classroom space to foster workforce development and training in growing economic sectors, including arts, technology and advanced manufacturing industries. …

August 2, 2017

Midwest Minnesota Multifamily

Kraus-Anderson, Inland to Develop $65M Apartment Complex in Metro Minneapolis

by Jeff Shaw August 1, 2017

RICHFIELD, MINN. — A joint venture between Minneapolis-based construction firm Kraus-Anderson and Inland Development Partners will develop Chamberlain, a 316-unit apartment complex in Richfield, located about eight miles south of Minneapolis. The current design calls for 283 units to be constructed in three new buildings on the site, in addition to 33 units in three existing buildings that will be renovated. Designed by Urban Works, the project has an estimated price tag of $65 million. The property is situated near the intersection of 66th Street and Cedar Avenue. Construction is expected to begin in spring 2018 with the first of the new units slated to open in spring 2019.

August 1, 2017

Midwest Missouri Multifamily Seniors Housing

Wiegmann Completes HVAC Project for $17.5M Seniors Community in Suburban St. Louis

by Jeff Shaw August 1, 2017

CHARLES, MO. — St. Louis-based contractor Wiegmann Associates has completed the installation of the HVAC system at Cedarhurst of St. Charles, a new $17.5 million seniors housing community in the St. Louis metro of St. Charles. The 99,000-square-foot property features 76 assisted living units and 24 memory care units. Vermont-based Dover Development LLC developed the property, and Illinois-based IMPACT Strategies Inc. served as construction manager. The community officially opened June 25. Cedarhurst Living LLC will operate the facility.

August 1, 2017

Industrial Loans Michigan Midwest

Bernard Financial Arranges $7.2M Refinancing for Industrial Facility in Auburn Hills, Michigan

by Jeff Shaw August 1, 2017

AUBURN HILLS, MICH. — Bernard Financial Group has arranged a $7.2 million refinancing for a 144,400-square-foot industrial facility in Auburn Hills, located about 30 miles northwest of Detroit. The building serves as a newly expanded industrial manufacturing facility for Dana Corp. David Dismondy originated the loan for the borrower, Brown Eight LLC. Protective Life Insurance Co. provided the capital. Bernard Financial will service the loan.

August 1, 2017

Illinois Midwest Restaurant Retail

Dunkin’ Donuts to Open Location in Machesney Park Near Rockford, Illinois

by Jeff Shaw August 1, 2017

MACHESNEY PARK, ILL. — Dunkin’ Donuts has unveiled plans to open a new location at the intersection of Harlem Road and North Second Street in Machesney Park, roughly seven miles north of Rockford, Illinois. The location will be the fourth store in the Rockford area for co-owners Vijay Patel and Greg Novak, who secured the new location in a shopping center occupied by Michalsen’s Office Furniture. Slated to open this fall, Dunkin’ Donuts will join several new tenants who have opened in Machesney Park, including Potbelly Sandwich Shop and Eggspresss. Pita Pit is expected to open later this month.

August 1, 2017

Mixed-Use Multifamily New York Northeast Office

Olshan Properties, Millhouse Properties Acquire Two-Building Apartment Complex in Manhattan for $40.1M

by Amy Works August 1, 2017

NEW YORK CITY — A joint venture between Olshan Properties and Millhouse Properties has acquired a two-building apartment complex located at 385 and 395 Fort Washington Ave. in the Washington Heights section of Manhattan. Scandinavian Homes sold the properties for $40.1 million. The properties comprise a total of 115 apartments and four office units. Michael Weiser, Barak Jacobov, Shawn Sadaghait and Yisroel Pershin of GFI Realty represented the buyer and the seller in the deal.

August 1, 2017

Northeast Pennsylvania Retail

Katz Properties Sells 211,758 SF Shopping Center in Brookhaven, Pennsylvania

by Amy Works August 1, 2017

BROOKHAVEN, PA. — Katz Properties has completed the disposition of Brookhaven Shopping Center, a retail center located along State Route 352 in Brookhaven. Invesco Real Estate acquired the 211,758-square-foot property for an undisclosed price. Chris Angelone and Jim Galbally of JLL represented the seller in the deal. ShopRite and Lowes Home Improvement Warehouse anchor the center.

August 1, 2017

Industrial Massachusetts Northeast Office

Calare Properties Completes Sale of 40,000 SF Lab Space in Billerica, Massachusetts

by Amy Works August 1, 2017

BILLERICA, MASS. — Calare Properties has completed the sale of a laboratory space located at 749 Middlesex Road in Billerica. An undisclosed buyer purchased the property for $6.2 million. Calare Properties originally acquired the vacant 40,000-square-foot lab facility in 2013 for $3.3 million while concurrently leasing the entire property to RainDance Technologies, a biotechnology company.

August 1, 2017

Massachusetts Northeast Office

The Davis Cos. Executes Long-Term 208,686 SF Renewal with iRobot in Bedford, Massachusetts

by Amy Works August 1, 2017

BEDFORD, MASS. — The Davis Cos. (TDC) has executed a lease renewal with iRobot. The global consumer robot company has renewed its long-term lease for 208,686 square feet of space at The Xchange. TDC renovated the eight-building, 475,000-square-foot office park into a cutting-edge technology campus. Matt Daniels of JLL represented the landlord, while John Varholak and Ron Friedman of Transwestern Consulting Group represented the tenant in the transaction.

August 1, 2017

Industrial New Jersey Northeast

Damascus Bakery Leases 204,000 SF of Industrial Space in Clifton, New Jersey

by Amy Works August 1, 2017

CLIFTON, N.J. — Brooklyn-based Damascus Bakery has signed a 15-year lease for an industrial and warehouse facility located at 65 Industrial Street South in Clifton. Tulfra Real Estate and The Hampshire Cos. own the 204,000-square-foot building, which was formerly occupied by GlaxoSmithKline. The property recently underwent a $10 million upgrade and renovation after it was acquired by Tulfra and The Hampshire Cos. in 2015. A family-owned and operated bakery since 1930, Damascus Bakery is a large-scale baker of paninis, pitas, roll-ups and wraps. The bakery currently has operation facilities in Brooklyn, New York, and Newark, New Jersey. Mark Tannen of United Realty and Steven Fleissig of Greenberg Traurig LLP represented the tenant, while Chris Hile, Jenna Imperatore and Harold Imperatore of JLL, along with Mitchell Berkery of CSG Law, represented the landlord in the deal.

August 1, 2017

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