NEWARK, N.J. — Rutgers University-Newark has partnered with RBH Group to develop a 400-bed learning and residence facility with dining, recreational and academic spaces in downtown Newark. The $70 million Honors Living-Learning Community will feature residences, classrooms/work spaces, street-level retail and parking, as well as open space for students and the surrounding community. Designed by Perkins Eastman, the 320,000-square-foot property will include 30,000 square feet of retail space. Construction is slated to begin late this year, with completion scheduled for 2018.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an office and retail building located at 243 Canal St. in Manhattan’s Chinatown neighborhood. The six-story building sold for $25 million, or $1,152 per square foot. The 21,700-square-foot property features two elevators, a full basement with 11-foot ceilings, a ground-floor retail unit and five floors of loft-style office space. Barbara Dansker, Steven Lusby and Zachary Ziskin of Marcus & Millichap represented the seller and procured the buyer. The names of the seller and buyer were not released.
DUNWOODY, GA. — Hilton Worldwide has opened Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody, a 132-room hotel located at 4565 Ashford Dunwoody Road in Dunwoody. Hotel Equities manages the hotel, which features free Wi-Fi, a 24-hour business center, 500-square-foot meeting space, indoor pool and a fitness center. The hotel is situated about 23 miles from Hartsfield-Jackson Atlanta International Airport.
SMITHTOWN, N.Y. — MIDI, an international medical research, design and engineering firm, has opened its new 6,500-square-foot headquarters and innovation center in the Village of The Branch, a part of Smithtown on Long Island. Stalco Construction served as general contractor for the new $5 million medical and life sciences facility, which is located at 226 E. Main St. Whitetop Mountain Professional Properties developed the17,300-square-foot building, which also houses a 10,800-square-foot diagnostic imaging center operated by Northwell Health, formerly North Shore-LIJ Health System. Featuring an open-space layout, the facility features a collaborative workspace, an engineering and design lab, a manufacturing shop, and a conference room with teleconferencing system, as well as executive and administrative offices.
ASHBURN, VA. — St. John Properties Inc. has begun construction on two speculative industrial facilities totaling 90,000 square feet in Ashburn. Designed to LEED Gold standards, the brick and glass buildings will feature frontage on Loudoun County Parkway and 18-foot clear heights. The properties represent the first phase of development for Ashburn Crossing, an 81-acre mixed-use development situated five miles south of Washington-Dulles International Airport. On full build-out, Ashburn Crossing will span more than 1 million square feet.
NORWOOD, N.J. — NAI James E. Hanson has arranged the sale of an industrial building located at 380 Chestnut St. in Norwood. Pro Source Inc., a housewares distributor, acquired the 26,928-square-foot property for an undisclosed price. The buyer is relocating from Mahwah, N.J. The property features 17-foot clear ceiling heights, three tailgates, a drive-in door, 3,500 square feet of office space and ample parking. Steven Leitner of NAI Hanson represented the buyer, while Bill Pastuszak of Resource Realty represented the seller, 380 Chestnut Street LCC, in the deal.
GREENVILLE, S.C. — Elevation Financial Group LLC has sold the 200-unit Serenity Apartments in Greenville for $9.3 million through its Elevation Real Property Fund IV investment fund. The South Carolina office of Berkadia Real Estate Advisors LLC brokered the transaction. Elevation Financial purchased the asset in 2014 for $3.8 million and increased the property’s net operating income by 320 percent after 15 months of ownership. Elevation Financial invested in capital improvements to Serenity Apartments prior to the sale, including replacing all the property’s windows and creating a new leasing office.
DELAND, FLA. — Brookdale Senior Living has announced plans to add 32 memory care units and 42 assisted living units to Brookdale DeLand, the company’s community in DeLand, approximately 40 miles north of Orlando. The cost of the expansion will be $8 million. In addition to the new units, the project will add an onsite therapy gym to the community. Brookdale is the largest owner and operator of seniors housing properties in the United States.
MUNSTER, IND. — Homewood Suites by Hilton has opened a new hotel in Munster, approximately 11 miles west of Gary. Homewood Suites by Hilton Munster is a 99-room hotel that features complimentary breakfast, Wi-Fi, a grocery shopping service, heated indoor pool, outdoor sports court, fitness center and a meeting room that can accommodate 80 people. The property is located at 9120 Calumet Ave. General Hotels Corp., which co-owns the property with Simborg Development Inc., also manages the Homewood Suites by Hilton Munster.
ST. LOUIS AND HARVARD, ILL. — Ten-X has brokered the sale of two office/industrial properties for a total of $17.3 million. In the first deal, an undisclosed seller disposed of a Class A, 347,399-square-foot office tower in St. Louis for $8 million. AKNO 1010 Market Street St Louis Missouri LLC was the buyer. The 20-story property, built in 1981, is located at 1010 Market St. Amenities include ground-floor retail, a gym, conference room, lounge, covered parking, courtyard, 24-hour security, concierge services and on-site management. In the second deal, Optima Ventures LLC sold a 1.5 million-square-foot office and industrial property in Harvard, Ill. for $9.3 million. The 325-acre Midwest Corporate Campus is located at 2001 North Division St. The property is comprised of five manufacturing, distribution and office buildings and was formerly the regional headquarters for Motorola. The building, constructed in 1997, has been vacant since 2003. Amenities at Midwest Corporate Campus include two on-site daycare facilities, a cafeteria, rooftop and ground-level heliports, fitness center, auditorium, ponds and running and biking trails. Both properties were sold on the Ten-X Commercial online platform.