MINOT, N.D. — Marcus & Millichap has brokered the sale of a retail property net leased to Wells Fargo in Minot, located in north central North Dakota, for $3.4 million. The property is located at 3106 16th St. Chris Lind, Jamie Medress and Mark Ruble of Marcus & Millichap secured and represented the buyer, a limited liability company.
ROCKVILLE CENTRE, N.Y. — KeyBank Real Estate Capital has arranged a $17.4 million Fannie Mae loan for Mill River Residences in Rockville Centre. The affordable multifamily property was built in 1970 and renovated in 2006. Of the 175 units, 95 are age restricted and the remaining 80 are designated for households earning less than 60 percent of area median income. Dirk Falardeau of Key’s commercial mortgage group arranged the first mortgage financing with a seven-year term and 30-year amortization schedule. The loan was used to refinance existing debt.
PITTSBURGH — Shorenstein Properties has unveiled plans for phase two of its renovations at One Oxford Centre in downtown Pittsburgh. Permits have been issued and construction is set to commence later this month on the 45-story office tower. The second phase will include a facelift to the lobby, atrium and tenant amenities. Shorenstein has already invested over $10 million on mechanical updates including HVAC replacement, elevator control modernization, exterior window repairs and parking garage work. Future exterior work will include upgraded LED lighting and façade work.
BETHLEHEM, PA. — Markward Group has brokered the sale of a 47,070-square-foot office building on 4.1 acres located at 236 Brodhead Road in Bethlehem. Matt Macdonald and Ann Kline of Markward Group represented the seller, BB&T Bank. The building was the former data and operations center for National Penn Bank. Mike Capobianco of Markward Group represented the buyer, 236 Brodhead Road LLC. The buyer plans to remodel the lobby and common areas, and to repave the parking lot. ABEC is the lead tenant in the building.
NEW BRITAIN, CONN. — Steve Pappas of Chozick Realty’s Hartford office has negotiated the $4.5 million sale of Central Townhouse and College West Apartments in New Britain. The two garden-style complexes sold in a single transaction. Central Townhouse, located at 608 Allen St., consists of 42 apartment units in four buildings on a 1.8-acre site. The unit mix includes a single one-bedroom, 35 two-bedroom and six three-bedroom units. College West Apartments, located at 499 Allen St., consists of 22 apartment units on a .59-acre site. The apartments are all two-bedroom units of 900 square feet. Chozick Realty represented the seller, Allen Street Ventures LLC, and procured the purchaser, Up Realty LLC, a New York-based investment group.
CLIFTON, N.J. — Marcus & Millichap has completed the $4.5 million sale of 3 East, a 21,600-square-foot office property located at 95 Main Ave. in Clifton. Fahri Ozturk of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller. Fahri Ozturk also secured and represented the buyer, a private investor. The property is located near Route 21, Garden State Parkway and the New Jersey turnpike. 3 East features two 10,800-square-foot floors serviced by an elevator and 78 parking spaces.
MIAMI — Hines is set to break ground on 110 10th Street, a 45-story, 600,000-square-foot mixed-use tower located within Miami Worldcenter, a 27-acre development in downtown Miami. The tower will be the first Class A office building of scale constructed in Miami’s Central Business District in eight years, and will offer a mix of office space and retail. The project is located directly adjacent to Miami Worldcenter’s 360,000-square-foot retail promenade. “More companies are moving to downtown Miami each day and existing brands are expanding here,” says Nitin Motwani, managing principal for the master developer of Miami Worldcenter, Miami Worldcenter Associates. “An office tower at Miami Worldcenter will offer tenants a chance to be in a mixed-use setting that’s centrally located, walkable and connected.” New Haven, Conn.-based architecture firm Pickard Chilton Associates was chosen to design the building, which will feature three indoor/outdoor terraces. Construction on the first phase of Miami Worldcenter began in 2016, including a 60-story Paramount luxury multifamily community and retail space. Construction on 110 10th Street is expected to begin in the second quarter of 2018, with initial occupancy occurring in late 2020. Hines has been active in the Florida real estate market since 1982 with the development of …
The Inland Empire multifamily market will retain its solid foundation of positivity this year as the economy again provides a healthy supply of new jobs and freshly formed households seek apartments to rent. The number of new multifamily units scheduled for delivery is a fraction of what it was last year, and this will place downward pressure on vacancy. Tightening vacancy will support another year of above-trend rent growth. Strong job growth in wholesale trade, government and transportation and warehousing positions has drawn many new employees to the Inland Empire in recent years. The number of 20- to 34-year-olds, who typically favor rental housing, has steadily increased. Growth in wholesale trade, government and warehousing will continue to attract Millennials in 2017, and the region’s employers are expected to add 27,500 new jobs overall. The Inland Empire’s employment boom has led to an increase in household formation, which has stimulated new multifamily construction. Developers fruitfully delivered 2,600 new units to the market in 2016. This exuberance, however, may well have been the peak for the current real estate cycle. This year, the projected number of apartment completions is just 500. This much more measured level of development will be quickly absorbed …
On a basic level, environmental graphic design (EGD) is about communicating information through visual media and tactical installations. But it’s not just about conveying information, it’s also about expressing ideas and identity. On a more engaging level, EGD is about making a space memorable and about connecting people to spaces through the thoughtful and strategic use of graphics, signage, art and artistry. EGD includes a wide array of applications and expressions. From practical and simple design to inspiring and uniquely thoughtful compositions, EGD professionals blend environmental graphics with both the built environment and interior design to reinforce identity and bring elements of an organization’s professional culture into the space. In other words, EGD isn’t just about where you are — but more importantly, who you are. For owners, managers, businesses and brokers, understanding the power and potential of high-quality EGD is critically important. It can greatly enhance the properties that people own, operate, lend on or broker — helping to sell a space and vision or sell a client on your brand, building or business. Influential Storytelling EGD attracts people to not only a polished, beautiful space, but can also visually demonstrate the potential of a space through a wide …
EAST RUTHERFORD, N.J. — Triple Five Cos. and the Ghermezian family, developers of the American Dream Meadowlands project, have secured $1.6 billion in private construction financing for the project, which is under construction and scheduled to open in March 2019. J.P.Morgan led the construction financing and Goldman Sachs led a tax-exempt bond offering. The project will include DreamWorks Water Park and the Nickelodeon Universe Theme Park, both of which will be fully enclosed and open year-round. Other attractions will include the Big Snow Indoor Ski & Snowboard Park, a 1,350-seat Cirque Du Soleil theater, movie theaters by Cinemax, Sea Life Aquarium, Legoland Discovery Center, an 18-hole miniature golf course and an ice rink. Retailers will include Saks Fifth Avenue and Hermes.
