BATON ROUGE, LA. — Boston Capital, a real estate investment and advisory firm specializing in tax-advantaged investments, is investing in The Gardens Senior Apartments, a 55-unit multifamily development for seniors in Baton Rouge. The community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The Humanities Foundation Inc., a Charleston, S.C.-based non-profit organization dedicated to affordable housing development, is the general partner. The Gardens Senior Apartments will include 49 one-bedroom and six two-bedroom units in a two-story building.
ORLANDO, FLA. — A one-story, 19,344-square-foot office building at 1001 N. Orange Ave. in downtown Orlando recently traded for $2 million. Donald F. Evans Trust sold the property, which was built by The Evans Group in 1998 and expanded in 2003, to Orlando-based 1001 North Orange Avenue LLC. Thomas Hankins and Eric Parrs of NAI Realvest represented the seller.
CHICAGO — Summit Design + Build has been selected as the general contractor for the redevelopment of parcels at 70-104 E. Oak St., immediately east of the firm's ongoing renovation of the old Esquire Theater site in Chicago's Gold Coast neighborhood. The existing building will be demolished to make way for a new 14,200-square-foot retail building, designed for high-end retail and entertainment use. Upon completion of the Esquire renovation and the 70-104 W. Oak St. building, the projects will provide more than 17,000 square feet of ground-level retail space. Booth Hansen is providing architectural services for the project. Completion is scheduled for the first quarter of 2013.
MENDOTA HEIGHTS, MINN. — Opus Design Build is designing and constructing a new 4,000-square-foot Science, Technology, Engineering and Math (STEM) building at the Convent of Visitation School in Mendota Heights. In addition to the STEM center, Opus will also construct a new main entrance along with the additional classrooms and study and gathering areas. The new building will serve as a workshop and assembly space for the school's robotics program and engineering classes. Concurrent with the work, an 1,800-square-foot expansion to the school's dining area will also be constructed. The project is slated for completion in January 2013.
BROOKFIELD, ILL. — Commercial real estate services firm Jones Lang LaSalle plans to open a new corporate office in suburban Brookfield. Dan Jessup, a longtime Milwaukee-area commercial real estate executive, has been tapped to lead the new office and will be joined by fellow broker Michael Streit. Jessup and Streit are joining the firm from APEX Commercial Realty and will specialize in representing office and industrial real estate tenants and owners, as well as local corporations. Among the team's first assignments is overseeing leasing for four office buildings totaling 350,000 square feet in Waukesha and Brookfield owned by a private Midwest-based real estate investment company.
DEARBORN, MICH. — Severstal Dearborn, a Michigan-based steel maker, has renewed its lease for 62,203 square feet of industrial space in Dearborn. The facility is located at 14661 Rotunda Drive. John Boyd and Grant Bruce of Signature Associates represented the tenant in the transaction.
NEW YORK CITY — Construction is complete on an $11 million renovation at 650 Fifth Ave., a 36-story office tower in New York City that is home to tenants such as Citigroup, Starwood Hotels and Resorts and Liz Claiborne. The 18-month project resulted in a new lobby, elevators, a new outdoor esplanade and new restrooms on vacant floors. The 382,500-square-foot property is owned by 650 Fifth Ave. Co., which hired architectural firm Swanke Hayden Connell for the project. The owner also tapped CBRE Group to lease and manage the property, which is located at the edge of Rockefeller Center.
FITCHBURG, MASS. — WinnDevelopment has opened Fitchburg Place, a new 42,528-square-foot affordable seniors housing development in Fitchburg, following a $19 million redevelopment project. The property is located on the site of the former Groop Townview Towers, a public housing complex owned by the Fitchburg Housing Authority. Originally planned to be converted into an assisted living facility, the redevelopment sat idle due to financial trouble. WinnDevelopment acquired the property through a joint venture partnership last October and restructured the stalled project into 96 units for seniors age 62 and older. Fitchburg Place features Energy Star appliances, an upgraded HVAC system and an on-site management and leasing office. Amenities include a resident lounge, laundry facilities, fitness center, library and computer learning space.
CAMBRIDGE, MASS. — Shire Realty Corp. has acquired a retail property at 122-128 Cambridge St., located near Massachusetts General Hospital, for $3.2 million. The two-story building is known for Clear Channel's rooftop Apple billboard, which can be seen from Standard Street. The property houses a convenience store and yoga studio. Sean Ryan of NAI Hunneman represented the seller, Ozzy Properties, in the transaction. He also procured the buyer.
NEW YORK CITY — An apartment building at 40 Cumberland St., located between Flushing and Park avenues in Brooklyn's Fort Greene neighborhood, has sold to an investor through a 1031 tax-deferred exchange for $2.2 million. The 8,268-square-foot building contains nine two-bedroom units and two one-bedroom units. The property also includes a three-bedroom unit with rear yard access. In the past 12 months, 10 of the 12 units have been fully renovated. Stephen Palmese and Mike Amirkhanian of Massey Knakal Realty Services represented both parties in the transaction.