Property Type

CA Ventures, Liberty Mutual Begin Construction on 575-Bed Student Housing Development Near Penn State

by Amy Works August 12, 2016

STATE COLLEGE, PA. — CA Student Living, a division of CA Ventures, and Liberty Mutual have commenced construction on RISE at State College, a 12-story grocery-anchored student housing development located at 532 E. College Ave. in State College. Located across from the Penn State University campus, the 575-bed project is scheduled for completion in summer 2018. The property will feature a mix of studio, one-, two-, three-, four- and five-bedroom floor plans ranging in size from 400 to 1,500 square feet, a 16,500-square-foot Urban Market grocery store, and retail and amenity space on the first and second levels. Additionally, the project will feature a mix of graduate housing, professional residences and student housing. Leonard S. Fiore Inc. will serve as the project’s general contractor, with Boston-based Shepley Bulfinch as the architect of record.

August 12, 2016

Kansas Midwest Retail

Restoration Hardware Opens Design Gallery at Town Center Plaza in Metro Kansas City

by Christina Cannon August 12, 2016

LEAWOOD, KAN. — Restoration Hardware Holdings Inc. has opened a 56,000-square-foot design gallery at Town Center Plaza in the Kansas City suburb of Leawood. RH Leawood offers three levels of artistic installations of home furnishings in a gallery setting, including an entire floor dedicated to the company’s RH Modern line with an integrated RH Contemporary Art Gallery. The new location features a 5,000-square-foot studio called the Design Atelier, which offers a fully integrated workspace for architects, designers and customers to reimagine one room or an entire home. Architect James Gillam of Backen, Gillam & Kroeger designed RH Leawood.

August 12, 2016

Illinois Midwest Multifamily

Essex Realty Group Brokers $4.1M Sale of 39-Unit Apartment Property in Chicago

by Christina Cannon August 12, 2016

CHICAGO — Essex Realty Group Inc. has brokered the sale of a 39-unit apartment property in Chicago’s Rogers Park neighborhood for $4.1 million. The property, located at 1914-24 W. Morse Ave., was built in 1929. The building is near the Chicago Transit Authority Red Line and is less than a mile from Loyola University and Lake Michigan. Matt Welke of Essex Realty represented the seller in the transaction, and Dough Fisher represented the buyer. Both parties were undisclosed.

August 12, 2016

Iowa Midwest Multifamily Seniors Housing

Marcus & Millichap Arranges $3.7M Sale of 36-Unit Assisted Living Community in Iowa

by Christina Cannon August 12, 2016

BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of Rosebush Gardens, a 36-unit assisted living community in Burlington, for $3.7 million. Burlington is located along the Mississippi River near the Illinois and Missouri border. A local private owner sold the property to a regional owner-operator. The 28,049-square-foot facility was built in 1999. It was 83 percent occupied at the time of sale. The price per unit was $102,778. Ryan Fleming, Eric Bell, Mark Myers, Joshua Jandris and Charles Hilding of Marcus & Millichap represented the seller in the transaction.

August 12, 2016

Massachusetts Northeast Office

Boston Realty Advisors Arranges $38.5M Sale of Office Building in Boston

by Amy Works August 12, 2016

BOSTON — Boston Realty Advisors has brokered the sale of an office building located at 311 Summer St. in Boston’s Fort Point neighborhood. Qatar-based Alduwaliya acquired the property for $38.5 million, or $673 per square foot. The seven-story, 57,225-square-foot brick-and-beam building was 100 percent leased at the time of sale. Jason Weissman, Nick Herz and Michael D’Hemecourt of Boston Realty Advisors represented the undisclosed seller in the deal.

August 12, 2016

Hospitality Massachusetts Northeast

Claremont Brookline Suites Opens 130-Suite Homewood Suites Hotel in Boston

by Amy Works August 12, 2016

BOSTON — Claremont Brookline Suites has opened the Homewood Suites by Hilton Boston/Brookline. Located at 111 Bolyston St., the 130-suite hotel features an indoor pool, fitness center and complimentary hot breakfast. Claremont Brookline Suites developed and owns the property.

August 12, 2016

Massachusetts Northeast Office

The RMR Group Acquires Tremont Realty Capital

by Amy Works August 12, 2016

NEWTON, MASS. — Newton-based The RMR Group Inc. has acquired Tremont Realty Capital, a firm that specializes in commercial real estate finance. Boston-based Tremont principally raises debt and equity capital for owners and commercial real estate and serves as a manager of funds invested in commercial real estate loans. The RMR Group purchased the assets of Tremont for an upfront price of $2.2 million, excluding transaction costs. Since its founding in 2000, Tremont has completed more than $4.6 billion worth of commercial real estate transactions and currently has over $200 million of real estate loans under management. The CenterCap Group served as advisor to Tremont in the transaction.

August 12, 2016

Loans Multifamily New York Northeast Seniors Housing

Lancaster Pollard Arranges $7M Refinance for Assisted Living Home in New York

by Amy Works August 12, 2016

LAKE RONKONKOMA, N.Y. — Lancaster Pollard has arranged a $7 million refinance for The Lake Shore Assisted Living Home in Lake Ronkonkoma. Ken Gould of Lancaster Pollard secured the 30-year non-recourse loan through the FHA Section 232/223(f) program. Lake Shore features 200 assisted living units.

August 12, 2016

Multifamily New York Northeast Retail Top Stories

Extell Development, SMI to Develop 131-Story Central Park Tower in Manhattan for $3 Billion

by Christina Cannon August 12, 2016

NEW YORK CITY — A joint venture between Extell Development Co. and SMI USA, the US subsidiary of Shanghai Municipal Investment, has unveiled plans to develop Central Park Tower, a $3 billion residential and commercial tower in Manhattan. When complete, it will be the tallest residential building in the Western Hemisphere, according to the developers. The 131-story building will feature condos and retail space, including Nordstrom’s first full-line location in New York. The retail space will serve as Nordstrom’s flagship store and will be its second largest location. The seven-story store will total 285,000 square feet, according to Bloomberg. Central Park Tower will be located along Billionaire’s Row on 57th Street in Midtown Manhattan and is slated to open in 2019. “We believe the superb location, views, design and quality of Central Park Tower will make it the most important residential building ever to be built in New York City and expect it to be a great success for Extell and SMI,” says Gary Barnett, founder and CEO of Extell Development Co. Adrian Smith + Gordon Gill Architecture, which designed the world’s tallest building, the Burj Khalifa in Dubai, and the future world’s tallest building, Kingdom Tower in Saudi Arabia, will serve as the architect …

August 12, 2016

Office Texas

CBRE Arranges Sale of Dominion Plaza in Dallas

by Haisten Willis August 11, 2016

DALLAS — CBRE Capital Markets’ Institutional Properties has arranged the sale of Dominion Plaza, a Class A office asset in north Dallas, to an undisclosed buyer. The property includes a 14-story office tower and a three-story office building spanning 318,695 square feet. The property also includes a four-level parking garage and surface parking. CBRE’s John Alvarado, Gary Carr, Eric Mackey and Robert Hill arranged the transaction on behalf of the seller, Dalfen America Corp. Dominion Plaza is 83.5 percent leased to tenants including Regus, Tenet Healthcare, Old American County Mutual, RoundPoint Mortgage and healthcare staffing firm ESS. On-site amenities at the property include a renovated fitness center, full-service deli, conference facility and outdoor courtyard.

August 11, 2016

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