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400-Atrium-Drive-Franklin-Township
DevelopmentIndustrialNew JerseyNortheastOffice

Woodmont Begins Office-to-Industrial Conversion Project in Franklin Township, New Jersey

by Taylor Williams

FRANKLIN TOWNSHIP, N.J. — Woodmont Industrial Partners, which is a joint venture between New Jersey-based Woodmont Properties and Romark Logistics, has begun an office-to-industrial conversion project in Franklin Township, about 40 miles south of New York City. Woodmont plans to convert the 30.6-acre site at 400 Atrium Drive, which according to LoopNet Inc. currently houses a 395,000-square-foot office building, into a two-building, 370,000-square-foot industrial complex. Building 1 will be approximately 255,000 square feet and will offer a clear height of 40 feet, 44 loading docks and two drive-in doors. The second, 115,000-square-foot building will feature a clear height of 36 feet, 34 loading docks and two drive-in doors. Woodmont has partnered with an undisclosed life insurance company on the redevelopment and secured construction debt from New York Life that was arranged by John Alascio and Chuck Kohaut of Cushman & Wakefield.

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AcquisitionsConnecticutIndustrialNortheast

JLL Brokers $12M Sale of Distribution Center in Manchester, Connecticut

by Taylor Williams

MANCHESTER, CONN. — JLL has brokered the $12 million sale of a 190,646-square-foot distribution center in Manchester, an eastern suburb of Hartford. The site at 100 Sanrico Drive spans 10 acres within Manchester Industrial Park, and the property, which was fully leased at the time of sale, features a clear height of 45 feet and 24 loading positions. Michael Restivo, David Coffman and Ali Howard of JLL represented the seller, regional investment firm SkyREM, in the transaction. Sentry Commercial and Silver Edge Real Estate represented the buyer, B&D Holdings. Max Custer, Amy Lousararian, Thomas Didio Jr. and Christian Badalamenti, also with JLL, arranged a five-year, fixed-rate acquisition loan for the deal through life insurance company Ameritas.

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DevelopmentHospitalityNew JerseyNortheast

Hotels Unlimited Completes $5M Renovation of Hilton-Branded Hotel in Lakewood, New Jersey

by Taylor Williams

LAKEWOOD, N.J. — Hotels Unlimited, an affiliate of New Jersey-based developer TFE Properties, has completed the $5 million renovation of the 110-room Hilton Garden Inn hotel in Lakewood, located in Ocean County. The renovation delivered an overhaul of all guestrooms and suites, as well as the lobby and amenity spaces, which include meeting rooms, an indoor pool, fitness center and an onsite restaurant. In addition, the project team applied fresh paint to the building’s exterior. A grand re-opening ceremony will take place on Tuesday, May 13.

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DevelopmentMultifamilyNew JerseyNortheast

Joint Venture Underway on 80-Unit Multifamily Project in West New York, New Jersey

by Taylor Williams

WEST NEW YORK, N.J. — A joint venture between Black Bear Asset Management, Bettina Equities Management and Echevarria Industries is underway on construction of an 80-unit multifamily project in West New York, located across the Hudson River from Manhattan. The site is located at 6205–19 Madison St., and the building will rise six stories and offer amenities such as a rooftop terrace, solarium lounge, fitness center, indoor garage parking with electric vehicle charging stations and a community center with grills and entertainment space. Completion is slated for some time next year.

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Leasing ActivityNew JerseyNortheastOffice

B&G Foods Signs 46,000 SF Office Headquarters Lease in Parsippany, New Jersey

by Taylor Williams

PARSIPPANY, N.J. — B&G Foods has signed a 46,000-square-foot office headquarters lease in the Northern New Jersey. The food supplier is consolidating and relocating its operation from the nearby building at 4 Gatehall Drive to the entire second and partial third floors of 8 Sylvan Way, a 166,039-square-foot building that also supports life sciences uses. Tim Greiner and David Stifelman of JLL represented the landlord, Orion Properties, in the lease negotiations. Josh Cohen and Ben Brenner of Cushman & Wakefield represented the tenant.

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Singing-Bridge-Residences-Chicopee-Massachusetts
DevelopmentLoansMassachusettsMultifamilyNortheast

MassHousing Provides $37.3M in Financing for Affordable Housing Project in Chicopee, Massachusetts

by Taylor Williams

CHICOPEE, MASS. — MassHousing has provided $37.3 million in financing for Singing Bridge Residences, a 105-unit affordable housing project in Chicopee, located near the Massachusetts-New York border. The borrower, a joint venture between Sydney Capital Group LLC and Brisa Builders Development, will develop the complex on a four-acre, riverfront site at 400 Main St. that was previously owned by the city. Other portions of the site will be developed separately to feature a sports complex, brewery and an office building. The unit mix will consist of 16 studios, 21 one-bedroom apartments, 57 two-bedroom residences and 11 three-bedroom apartments and will feature a range of income restrictions. Paul A. Castrucci Architects is designing Singing Bridge Residences, and Western Builders is serving as the general contractor. Completion is slated for summer 2027.

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Baldwinville-School-Apartments-Templeton-Massachusetts
Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

MPZ Development, Capstone to Undertake $36M Multifamily Adaptive Reuse Project in Templeton, Massachusetts

by Taylor Williams

TEMPLETON, MASS. — A partnership between metro Boston-based MPZ Development and Capstone Communities will undertake a $36 million multifamily adaptive reuse project in Templeton, about 65 miles northwest of Boston. Designed by ICON Architecture, the project will convert the historic Baldwinville Elementary School, which was originally built in 1923, into a 54-unit apartment complex that will be known as Baldwinville School Apartments. Residences will come in studio, one-, two- and three-bedroom floor plans, and the majority (49) of the units will be reserved for households earning between 30 and 60 percent of the area median income. Amenities will include a children’s playground, fitness center, electric vehicle charging stations, onsite laundry facilities and a community walking trail and green space. Rockland Trust provided $21.5 million in construction financing for the project. A groundbreaking ceremony will take place in May.

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IndustrialLoansNortheastPennsylvania

Cushman & Wakefield Arranges $34M Loan for Refinancing of Metro Philadelphia Industrial Facility

by Taylor Williams

TINICUM TOWNSHIP, PA. — Cushman & Wakefield has arranged a $34 million loan for the refinancing of Airport Logistics Center, a 627,252-square-foot industrial facility located within the Philadelphia metro area. The property, which was 83 percent leased to 20 tenants at the time of the loan closing, consists of four buildings with clear heights ranging from 30 to 65 feet and three acres of outdoor storage space. John Alascio, Chuck Kohaut and Meredith Donovan of Cushman & Wakefield arranged the loan through private equity firm Blue Owl Capital on behalf of the borrower, a partnership between Ivy Realty and institutional investment firm Lubert-Adler.

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DevelopmentMultifamilyNortheastPennsylvania

Federal Realty, CBG Top Out 217-Unit Multifamily Redevelopment in Metro Philadelphia

by Taylor Williams

BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) and CBG Building Co. have topped out a 217-unit multifamily redevelopment project in Bala Cynwyd, a northwestern suburb of Philadelphia. The project, which represents the second phase of a larger redevelopment known as Bala Cynwyd on City Avenue, is a conversion of the former 120,000-square-foot Lord & Taylor department store into an apartment complex with 16,000 square feet of ground-floor retail space. Federal Realty received zoning approval for the project in February 2024 and broke ground a few months later. The company expects to complete construction of this phase next summer.

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Leasing ActivityNew YorkNortheastRetail

Whole Foods to Open 10,000 SF Store in Manhattan’s East Village on May 14

by Taylor Williams

NEW YORK CITY — Whole Foods Market will open a 10,000-square-foot store in Manhattan’s East Village on Wednesday, May 14. The small-format store will be located within the StuyTown development at 409 E. 14th St. At the opening, Whole Foods will present Harlem-based supplier Uncle Waithley’s with a low-interest loan to help grow its operations and support expansion to more Whole Foods Market stores.

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