REBusinessOnline

Hilco Global Acquires 1,300-Acre Industrial Site in Philadelphia for $225.5M

PHILADELPHIA — Hilco Global, an Illinois-based developer, has acquired a 1,300-acre industrial development site in Philadelphia. The sales price was $225.5 million. Located at 1735 Market St., the site formerly housed the Philadelphia Energy Solutions (PES) oil refinery for more than 150 years. Hilco plans to redevelop the site as an “environmentally responsible” commercial hub, the exact details of which were undisclosed. According to The Philadelphia Inquirer, PES was the East Coast’s …

Innovo Property Group Completes 210,000 SF Office Project at Mixed-Use Building in Queens

NEW YORK CITY — Innovo Property Group, a New York City-based developer, has launched 210,000-square-feet of office space in the Long Island City neighborhood of Queens. The space is located on two floors of The Bridge, an 830,000-square-foot mixed-use building located at 24-02 49th Ave. and can be adapted for coworking or shared office use. The building was originally completed in 1928 as an industrial facility and once served as a warehouse for Bloomingdale’s. The New York City Housing …

Indoor Dining, Entertainment Businesses Reopen in Pennsylvania

HARRISBURG, PA. — Indoor dining and entertainment establishments have been cleared to reopen in 12 counties, according to a statement from Pennsylvania Gov. Tom Wolfe’s office on Friday, June 26. The counties include Berks, Bucks, Chester, Delaware, Erie, Lackawanna, Lancaster, Lehigh, Montgomery, Northampton, Philadelphia and Susquehanna, leaving only one county in the state still in the more restrictive yellow phase of reopening. Businesses in the state have reopened in recent weeks …

BJ’s Wholesale Club to Open 90,000 SF Store in Seabrook, New Hampshire

SEABROOK, N.H. — BJ’s Wholesale Club will open a 90,000-square-foot store in Seabrook, approximately 50 miles north of Boston. The newly constructed building will be located on a 20-acre site on the crossroads of Interstate 95 and State Routes 107 and 1. The store will anchor several nearby parcels planned for future commercial development. Slated for delivery in 2021, the new store will be BJ’s seventh in the state. Waterstone Properties owns the development

Nuovo Pasta Productions Signs 35,492 SF Industrial Lease in Stratford, Connecticut

STRATFORD, CONN. — Italian food supplier Nuovo Pasta Productions has signed a 35,492-square-foot industrial lease in Stratford. The space is located within a former food storage and distribution facility at 849 Honeyspot Road in Stratford Industrial Park, Nuovo Pasta signed a 10-year lease at the facility. Bruce Wettenstein of Vidal/Wettenstein represented Nuovo Pasta in the lease negotiations. George Shawah Jr. of Baldwin Pearson & Co. Inc. represented the undisclosed

Smithsonian Institution Pays $254M for New Headquarters in Washington, D.C.

WASHINGTON, D.C. — The Smithsonian Institution has acquired the 318,557-square-foot West Tower of the Capital Gallery office property in Washington, D.C. for $254 million. The U.S. government entity, which operates 19 museums and nine research centers, will use the building as its new headquarters. Located at 600 Maryland Ave. S.W., the 10-story glass building makes up just over half of the two-building property, which totals 631,029 square feet of Class A office space. Smithsonian also …

Reports: Amazon Preleases 1 MSF Build-to-Suit Warehouse in Queens

NEW YORK CITY — Amazon has preleased a 1-million-square-foot, build-to-suit industrial warehouse located at 55-15 Grand Ave. in Queens, according to reports from Business Insider and City Biz List. A joint venture between New York City-based developer RXR Realty and Los Angeles-based developer LBA Realty plans to demolish a former factory structure to construct a new build-to-suit facility for the Seattle-based e-commerce giant. The four-story facility will feature a rooftop parking structure …

Barings Provides $250M Construction Loan for Academic, Residential Building in Manhattan

NEW YORK CITY — Barings LLC has provided a $250 million construction loan for a 345,000-square-foot academic and residential building in the Morningside Heights neighborhood of Manhattan. A partnership between Australian developer Lendlease and New York-based L+M Development Partners Inc. was the borrower. Located at 100 Claremont, the 41-story building will feature 165 residential condominiums, 54,000-square-feet of academic space for the Union Theological Seminary and 49,000-square-feet of …

JLL Negotiates 68,000 SF Office Lease for WuXi Biologics in Cranbury, New Jersey

CRANBURY, N.J. — JLL has negotiated a 68,000-square-foot office lease for WuXi Biologics, a Chinese medical technology development company, in Cranbury, a northeastern suburb of Trenton. The company has leased the entirety of a facility located at 7 Clarke Drive for 10 years. The building includes a research and development laboratory, biologics manufacturing space and office space. The facility was constructed in 1998 and is located within Cedar Brook Corporate Center, a 1.2 …

Golden Gate Capital Acquires Office Portfolio in Mount Laurel, New Jersey for $14.8M

MOUNT LAUREL N.J. — Brooklyn-based private equity firm Golden Gate Capital has acquired a seven-building office portfolio in Mount Laurel, an eastern suburb of Philadelphia, for $14.8 million. The portfolio totals 244,000 square feet and includes a building located at 10001 Briggs Road in the Cambridge Crossing office complex, as well as six buildings in Greentree North Corporate Center. Tenants of the portfolio include Vertical Screen, Cooper Institute for Reproductive Hormonal Disorders, …

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