Property Type

Construction Begins on Tremont Renaissance Mixed-Use Property in The Bronx

by Haisten Willis March 23, 2017

NEW YORK CITY — Construction has begun and retail leasing is underway at Tremont Renaissance, a mixed-use property located at 1910 Webster Ave. in the East Tremont section of the Bronx. The building is an affordable housing development that fronts Webster and East Tremont avenues. Tremont Renaissance is located near the Tremont Metro-North station, the Tremont Avenue subway station on the B and D lines and several bus routes. Half of the 256 units in the 12-story building will rent to people with maximum household income levels ranging from $38,100 annually for an individual to $48,960 for a family of three. The rest will rent to people making up to $76,200 for an individual and $97,920 for a family of three. Amenities will include a health and fitness center, children’s play area, internet lounge, private terraces, landscaped rooftops and a yoga studio. Tremont Renaissance will contain four ground-floor commercial units totaling almost 40,000 square feet.

March 23, 2017

Healthcare Massachusetts Northeast

Tryko Partners Acquires Spaulding Nursing and Therapy Center in Boston

by Haisten Willis March 23, 2017

BOSTON — Tryko Partners has acquired the Spaulding Nursing and Therapy Center in Boston. Under the guidance of Marquis Health Services, Tryko’s healthcare affiliate, a $4 million renovation program will launch immediately. Tryko purchased the 100-bed skilled nursing facility from Spaulding Rehabilitation Network. Spaulding will continue to manage the property through late 2017, at which time operation will transition to Marquis Health Services. Located at 70 Fulton Street, Spaulding Nursing and Therapy Center has been in operation since 1983. M&T Bank provided acquisition financing.

March 23, 2017

Multifamily New York Northeast

Rosewood Realty Group Brokers $10.4M Sale of Apartment Building in NYC

by Haisten Willis March 23, 2017

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a five-story Inwood apartment building for $10.4 million. The 24,985-square-foot walk-up building is located at 4848 Broadway and includes 37 apartments. It was built in 1924. Rosewood Realty Group’s Aaron Jungreis represented the seller, 4848 Broadway LLC, and Rosewood’s Michael Guttman represented the buyer, 4848 Broadway Residences LLC.

March 23, 2017

New York Northeast Restaurant Retail

Blue Ribbon Federal Grill to Open in NYC

by Haisten Willis March 23, 2017

NEW YORK CITY — Blue Ribbon Federal Grill has opened on the ground floor of AKA Wall Street, an all-residential hotel located at 84 William St. in Manhattan’s Financial District. The 98-seat restaurant is located across the street from the Federal Reserve Bank of New York at the corner of Maiden Lane and William Street. The first Blue Ribbon Federal Grill opened its doors in 1992. Asfour-Guzy Architects designed the new Manhattan location.

March 23, 2017

Industrial Northeast

Saddleback Real Estate Developers Purchases Two Industrial Properties in Fairfield, N.J.

by Haisten Willis March 23, 2017

FAIRFIELD, N.J. — Saddleback Real Estate Developers has acquired two industrial properties in Fairfield. The first is a 22,000-square-foot asset at 22 Audrey Place, which is 100 percent occupied. The second is a 13,430-square-foot property located at 341 Kaplan Dr., which is scheduled for a renovation.

March 23, 2017

California Hospitality Mixed-Use Retail Top Stories Western

Urban Commons Unveils Plans for $250M Mixed-Use Development in Long Beach, Calif.

by Katie Sloan March 23, 2017

LONG BEACH, CALIF. — Urban Commons has unveiled plans for a $250 million mixed-use development surrounding the Queen Mary, a retired cruise ship docked in Long Beach, Calif. The 700,000-square-foot project — designed by Gensler and titled Queen Mary Island — will include a main lobby plaza; 2,400-foot boardwalk alongside marinas, eclectic retail shops, cafes and bars; 200-room hotel; and outdoor amphitheater. Urban Commons assumed the master lease of the ship in April of last year, and subsequently began a renovation program to restore the ship to its former glory. The company is also collaborating with London-based Urban Legacies to develop Urban Adventure, a 150,000-square-foot entertainment facility. The building will offer 20 interactive and experiential activities including an indoor ice climbing wall, surfing, skydiving, zip lining and a trampoline park. An expected date of completion for the development has yet to be announced. Urban Commons is a Los Angeles-based real estate investment and development firm with a portfolio of assets across the United States. — Katie Sloan

March 23, 2017

Market Reports Midwest Midwest Market Reports Minnesota Multifamily

Stars Are Aligned for Twin Cities’ Apartment Market to Remain Strong

by Kristin Harlow March 23, 2017

Following the recession, demand for multifamily development took off in many areas of the country. We predicted it as significant economic and demographic changes were happening, spurring a shift from homeownership to renting. As a result, the multifamily sector experienced a resurgence that hadn’t been seen in decades. In some cities where an abundance of multifamily projects have been delivered, there is discussion of potential saturation. That’s not the case in the Twin Cities of Minneapolis and St. Paul, where demand for multifamily developments remains strong and the vacancy rate is an extremely low 2.6 percent. Based on data from the U.S. Census Bureau, at the end of 2016 the vacancy rate in the Twin Cities compared quite favorably with other metropolitan areas such as San Antonio, Texas (13.6 percent); Tampa, Fla., (11.6 percent); and Tulsa, Okla. (10.2 percent). Keep in mind that a 5 percent vacancy rate is considered to be a stabilized market. Healthy job growth Several economic factors continue to drive apartment demand in the Twin Cities, including job growth, low unemployment and a strong base for business expansion. Minnesota ranks third in the nation for number of Fortune 500 companies per capita. Prominent corporations with headquarters …

March 23, 2017

Retail Washington Western

Madison Marquette to Redevelop Pacific Place in Downtown Seattle

by Nellie Day March 22, 2017

SEATTLE — Madison Marquette is set to begin the redevelopment of Pacific Place, a 339,000-square-foot retail center located in downtown Seattle. Barney’s New York and Tiffany & Co. anchor the four-story center, which is also home to AMC Theatres, Barnes & Noble, Kate Spade New York, lululemon athletica and Victoria’s Secret. The multi-million dollar renovation — which architectural firm Gensler designed — will include remodeling the center’s common areas and the addition of a new entrance, and new shopping and dining space. The project is scheduled to begin in the fourth quarter of 2017, with the first phase opening in fall 2018.

March 22, 2017

Nevada Office Western

Griffin-American Healthcare REIT IV Buys 191,000 SF Medical Office Building in Reno

by Nellie Day March 22, 2017

RENO, NEV. — Griffin-American Healthcare REIT IV has purchased a 191,000-square-foot medical office building in Reno for an undisclosed sum. The Class A building is situated on the campus of St. Mary’s Regional Medical Center. The six-story building is fully leased to seven tenants. Approximately 80 percent of the building is leased to Prime Healthcare Services – Reno LLC, the operator of St. Mary’s Regional Medical Center. The property is the primary outpatient location for the hospital, providing healthcare services like wellness, physical therapy, obstetrics and gynecology, oncology, radiology, women’s health, neurology, bariatrics and internal medicine. Ensemble Real Estate Solutions & Investments developed the asset. CBRE’s Chris Bodnar and Lee Asher represented the seller, an unaffiliated third party. Griffin-American financed the acquisition using cash on hand. It also borrowed under its line of credit with Bank of America and KeyBank National Association. American Healthcare Investors and Griffin Capital Company co-sponsor the REIT.

March 22, 2017

California Office Western

NSB Associates Begins Construction on Ascend Creative Office Building in El Segundo

by Nellie Day March 22, 2017

EL SEGUNDO, CALIF. — NSB Associates has commenced construction on Ascend, an 80,000-square-foot creative office building in El Segundo. The property is situated at the Utah Avenue Campus. Legendary architect Frank Gehry will design Ascend. It will include customizable, creative workplaces with 24-foot clear-height ceilings, large glass panel walls, skylights and 16,000 square feet of private outdoor patio space for collaboration. The building sits on a podium over a covered parking structure. The building is near to the LA Metro Green Line and LAX. It is scheduled for occupancy in the fourth quarter of 2017. JLL’s Mike McRoskey, Blake Searles, Evan Moran and Jason Fine are leading the property’s leasing efforts.

March 22, 2017

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