NEW ROCHELLE, N.Y. — RXR Realty, Brause Realty and ABS Partners have broken ground on 587 Main Street, a mixed-use development located in downtown New Rochelle. The 28-story building will comprise 280 rental units, 28 of which will be affordable; 10,000 square feet of arts and cultural space; 17,000 square feet of commercial space; and 234 on-site parking spaces. Leasing is expected to begin in the fourth quarter of 2018.
MIDDLETOWN, CONN. — CBRE has arranged the sale of Windshire Terrace, an apartment community located in Middletown. Hampshire Properties acquired the 226-unit property from an affiliate of Fairfield Residential for an undisclosed price. Built in 2000, the property features a pool, clubhouse, cyber café, fitness center, playground, picnic areas and leasing office. Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride and Eric Apfel of CBRE represented the seller in the deal.
MECHANICSBURG, PA. — HFF has secured a $6.1 million loan for a vacant industrial warehouse property located at 4500 Westport Drive in Mechanicsburg. The borrower was a joint venture between Foxfield Ventures and Novaya Real Estate Ventures. Ready Capital Structured Finance provided the non-recourse, interest-only payment loan that features a two-year term and a one-year extension option with flexible pre-payment. The loan facilitated both the acquisition and future funding needs to implement a light capital improvement program at the 178,000-square-foot property. Situated on 11.2 acres, the property features 2,500 square feet of office space, 20 dock doors and 35-foot ceiling heights. Ryan Ade of HFF led the firm’s debt placement team that arranged the financing for the borrower.
ROSELAND, N.J. — The law firm of Connell Foley is relocating its headquarters to 71,000 square feet of office space at 56 at Roseland, an office building located at 56 Livingston Ave. in Roseland. Mountain Development Corp. and Square Mile Capital Management own the property. Connell Foley is relocating its New Jersey headquarters from a nearby location in Roseland and will occupy space on the first and second floors starting in late spring 2017. Other tenants at the property include Lowenstein Sandler LLP and Brown & Brown. Newmark Grubb Knight Frank is the leasing agent for the building.
BOURNE, MASS. — Linear Retail Properties has leased 18,100 square feet to PetSmart at its Bourne Bridge Crossing, a shopping center located at 2 Bridge Approach St. in Bourne. Joel Kadis and Greg Drocz provided in-house representation for the landlord, Linear Retail Properties, while Andrew Bonica of Eastern Retail and Brian Goodwin of Metro Commercial Real Estate represented the tenant in the deal. Additionally, Eastern Mountain Sports is relocating inline to 4,103 square feet and Starbucks Coffee extended its lease at the shopping center. Kadis and Drocz represented Linear Retail, while Ken Green of RCS Real Estate Advisors represented the tenant in the relocation.
AURORA, ILL. — CyrusOne, a REIT specializing in carrier-neutral data center properties, has broken ground on a 425,000-square-foot data center at the company’s Aurora campus in suburban Chicago. Carrier-neutral data centers allow interconnection between multiple telecommunication carriers. This is the second center at the location. Construction is beginning on part of the land acquired in March 2016 as part of the sale-leaseback transaction with CME Group. The newest data center will provide CyrusOne customers involved in the global financial markets with additional space and connectivity. CyrusOne operates 35 carrier-neutral data center facilities across the United States, Europe and Asia.
ELGIN, ILL. — Conor Commercial Real Estate has completed development of Northwest Pointe II, a 385,300-square-foot speculative industrial building in Elgin, about 35 miles northwest of Chicago. The company also purchased a 20.5-acre site directly adjacent to the development. Northwest Pointe II and neighboring parcel are located within Northwest Corporate Park near the intersection of Galvin and Higgins Roads. The building offers Class A industrial space with 32-foot clear heights. Northwest Pointe I, a 342,620-square-foot speculative industrial facility, was completed in 2014. Multiple design options are available for Northwest Pointe III from 120,000 to 300,000 square feet. John Cassidy and Kenneth Franzese of Lee & Associates represented both the seller and Conor Commercial in all three transactions. McShane Construction Co. and Ware Malcomb comprised the design/build team for Northwest Pointe II.
WEST CHESTER TOWNSHIP, OHIO — CBRE has negotiated the lease of 90,750 square feet of industrial space for Polymet Corp., a manufacturer of high-performance wire for hardfacing, welding and thermal spraying, at Becknell Industrial’s speculative warehouse building in West Chester Township, about 18 miles north of Cincinnati. Polymet will consolidate two of its West Chester operations to the new Port Union E location that is currently under construction. The building, located on Union Centre Boulevard, will have a total of 138,750 square feet and sit on 9.1 acres. Completion is slated for early next year. Robert Bunton of CBRE represented Polymet in the transaction. Jeremy Kraus of CBRE represented the landlord, Becknell, and is currently marketing the remaining 48,000 square feet for lease.
ST. PAUL, MINN. — Agra Culture Kitchen & Press has signed a lease to occupy 3,270 square feet at The Finn, a mixed-use project under construction in St. Paul’s Highland Park neighborhood. The 68,353-square-foot development by Ackerberg is located at 735 Cleveland Ave. South. Agra Culture is a fast-casual restaurant offering breakfast, lunch and dinner with salads, sandwiches, soups, coffee and smoothies with local and organic ingredients. Agra Culture will occupy the northwest corner of the property. Construction began in March 2016 with project completion slated for spring 2017. Other tenants will include Alchemy365, GENT Cuts and Grooming and Edina Realty. Ackerberg and Cleveland Holdings are developing the project. BKV Group is the architect and Big-D Construction is the contractor. Tim and Josh Bloom of Bloom Commercial Real Estate represented Ackerberg in the transaction.
BROWNSVILLE, TEXAS — RightQuest LLC has broken ground on the second phase of Bella Vista Apartments, a market-rate apartment community in Brownsville. The second phase of the community includes the addition of 144 apartments, a swimming pool, laundry facility, dog park and additional amenities. The first units of the second phase will be available for occupancy in July 2017. Upon completion, the property will feature 272 apartments, include 128 units from the first phase, two swimming pools, a clubhouse and a variety of amenities. Future phases also include the development of two three-acre commercial pad sites fronting Ruben M. Torres Sr. Boulevard. RightQuest is developing the property on behalf of Brownsville-based JJR Group. The project team for the second phase includes B&A Architects, Mejia & Rose Inc., Nations Construction, SSP Design and Davidson Design Group. IBC Bank-Brownsville is providing the financing for the project. Capstone Real Estate Services is providing lease-up and property management services.
