WHITE PLAINS, N.Y. — Merchants Capital has provided $138.5 million in financing for a 296-unit multifamily project in White Plains, located north of New York City. The financing consists of a $120.5 million construction loan from Merchants Bank and an $18 million revolving loan fund from the New York State Homes and Community Renewal’s Housing Acceleration Fund (HAF) program. Known as North White Plains Workforce Transit Hub, the project will comprise two six-story buildings that will house studio, one- and two-bedroom units. Of the 296 residences, 266 will be rented at market rates, and 30 will be reserved for households earning between 50 and 110 percent of the area median income. Amenities will include a fitness center, resident lounge and a coworking/event space, and the development will also feature onsite retail space, a parking garage and a 15,000-square-foot public park. BRP Cos. is leading development of the project, construction of which is underway and expected to be complete in mid-2029.
NASHUA, N.H. — Regional brokerage firm Atlantic Capital Partners (ACP) has negotiated the $22.5 million sale of a 44,538-square-foot retail building in Nashua, located in southern New Hampshire, that is leased to Whole Foods Market. Opened in late 2024, the grocery store is located within a larger shopping center known as Webster Square that is also home to tenants such as TJ Maxx, Michaels, Dollar Tree, Five Below, Ulta Beauty and Guitar Center. Justin Smith, Chris Peterson, Danielle Turpin and Matt Ericson of ACP represented the undisclosed seller in the transaction. The name and representative of the buyer were also not disclosed.
ALBANY, N.Y. — Regional brokerage Adirondack Capital Partners (ACP) has arranged the $10.1 million sale of Omni Plaza, a 415,000-square-foot office complex in Albany. Located in the state capital’s downtown area, Omni Plaza consists of two interconnected buildings that total 236,000 and 179,000 square feet, respectively. Michael Hunter Coghill and Jacob Brenner of Adirondack Capital Partners represented the seller, Omni Development, in the transaction, and procured the buyer, Jankow Cos. The new ownership plans to invest in capital improvements to the larger building at 30 S. Pearl St. and to convert the other building at 54 State St. into a 120-unit apartment complex.
NEW YORK CITY — Via Transportation has signed a 55,066-square-foot office lease in Midtown Manhattan. The provider of software for public transportation networks will occupy the entire 25th and 26th floors at 2 Park Avenue, a 1.2 million-square-foot building that recently underwent capital improvements. Erik Schmall and Allyson Bowen of Savills represented the tenant in the lease negotiations. Mitch Konsker, Cynthia Wasserberger, Kristen Morgan and Michael Pallas, also with JLL, along with internal agent Franco Rauseo, represented the landlord, an affiliate of fashion company Haddad Brands.
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American Healthcare REIT Acquires Eight Seniors Housing Communities for $696M
IRVINE, CALIF. — American Healthcare REIT Inc. (NYSE: AHR) has acquired eight senior housing communities in six states for $696 million. The properties, which collectively comprise 867 units and were built between 2020 and 2022, are located in Massachusetts, Connecticut, New Jersey, Pennsylvania, Delaware and Georgia. Newmark acted as AHR’s real estate advisor for the transaction. While there were multiple sellers, all eight properties were marketed together. AHR purchased 10 communities all together but assigned the purchase and sale agreements of two properties to another institutional investor. “This series of transactions is an example of disciplined capital allocation supported by strong execution,” says Jeff Hanson, chairman and CEO of AHR. “We understood that only a solution for all 10 communities would clear the market. Rather than either walking away from a highly strategic opportunity or compromising our capital allocation discipline to secure it, we constructed a solution that required neither.” The purchase gives the Irvine-based company a larger presence in the Northeastern seniors housing market. The Northeast properties in the portfolio are located primarily in wealthy suburban markets such as Philadelphia’s Main Line, Westport, Conn., and suburban Boston. AHR is strengthening this newfound foothold via a new operating relationship with Massachusetts-based LCB …
VERNON, CONN. — CBRE has negotiated the $62.5 million sale of Tri-City Plaza, a 295,817-square-foot shopping center in Vernon, located northeast of Hartford. Grocer Shoprite anchors the center, which was 96 percent leased at the time of sale. Other tenants include T.J. Maxx, HomeGoods, HomeSense and Hartford Healthcare. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, a partnership between New York-based owner-operator DLC Management and Acadia Realty Trust, in the transaction. The team also procured the buyer, East Coast Acquisitions.
DOVER, N.J. — Locally based owner-operator Legacy Real Estate Developers has sold a 126,108-square-foot industrial and office building located in the Northern New Jersey community of Dover. The building at 570 Mount Pleasant Ave. formerly housed the American headquarters operations of watchmaker Casio. Elli Klapper of CBRE represented Legacy, which acquired the building last fall in partnership with Saddleback Real Estate Developers and Commerce Park Investors, in the transaction. Dan Whitehead of Resource Realty represented the buyer and future occupant, logistics group Z Transportation Inc.
KENILWORTH, N.J. — NAI DiLeo-Bram (NAIDB) has brokered the $13.1 million sale of a 26,000-square-foot industrial flex building in the Northern New Jersey community of Kenilworth. Completed in 2024, the building at 651 Michigan Ave. consists of 16,000 square feet of warehouse space and 10,000 square feet of office space. Magni America, a provider of telescopic handlers, sold the building to New York-based investment firm Ridgecut Road. Richard Goski, Catherine Goski-Vasquez, Kyle Gerace and Christopher Chiusolo of NAIDB brokered the deal.
NEW YORK CITY — Altana has signed a 10-year, 62,309-square-foot office lease at The PENN District, a two-building, 4.4 million-square-foot development in Midtown Manhattan. The provider of AI-driven trade and supply chain management solutions will establish its new headquarters office across the entire 21st floor of PENN 2. Sam Seiler of CBRE and Joseph Sipala of JLL represented Altana in the lease negotiations. The landlord, Vornado Realty Trust, was self-represented.
ALLENTOWN, PA. — Chobani has entered into an agreement to acquire the former manufacturing facility of Keurig Dr Pepper in the Lehigh Valley city of Allentown, including the lease, equipment and operations and related infrastructure, for $125 million. Keurig Dr Pepper first opened the 1.5 million-square-foot facility in 2021, and the announcement coincides with Keurig Dr Pepper agreeing to sell its full equity stake in Chobani back to the company for $800 million. Both of those transactions are expected to close in the third quarter. Chobani’s acquisition of the facility comes as part of a larger capital investment in the Lehigh Valley that is valued at 1.2 billion and expected to add about 900 new jobs to the local economy. The provider of dairy products plans to add up to 10 new production lines and says that the new facility will give the company “the capacity to scale new products while continuing to develop new formats and food-and-beverage platforms.” Production under Chobani is expected to begin sometime next year.
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