SOUTH BRUNSWICK, N.J. — GXO Logistics has signed a 611,000-square-foot industrial lease in South Brunswick, located in Middlesex County. The third-party freight company will occupy the entirety of the building at 301-321 Herrod Blvd., which sits on a 40-acre site. Dave Saltzman of Lee & Associates represented the tenant in the lease negotiations. Marc Petrella of KBC Advisors represented the landlord, Link Properties, which will implement various capital improvements to the property prior to GXO moving in. These upgrades will include renovating the office space, providing new LED lighting and adding new dock doors. Link Properties will also reseal and stripe all warehouse floors and outside paved areas, including parking lots and truck courts.
Axiom Capital Arranges $25.3M in Financing for Medical Office Building in Utica, New York
UTICA, N.Y. — Axiom Capital Corp. has arranged $25.3 million in construction-to-permanent financing for a three-story, 76,393-square-foot medical office building that will be located in the upstate New York community of Utica. The facility will house lab, imaging and private practice office space, as well as a pharmacy, ambulatory surgery center and onsite parking. The loan was structured with a 10-year term and two years of interest-only payments. The direct lender and borrower were not disclosed.
Hampshire Cos. Completes 85-Unit Apartment Complex in Morristown, New Jersey
MORRISTOWN, N.J. — Locally based developer The Hampshire Cos. has completed Max on Morris, an 85-unit apartment complex in the Northern New Jersey community of Morristown. The property offers studio, one- and two-bedroom units and amenities such as an entertainment lounge, coworking spaces and work pods and outdoor grilling and dining areas. Max on Morris also houses 610 square feet of retail space. Rents start in the $2,300s for a studio apartment.
Sunrise Opens 86,000 SF Seniors Housing Community in Livingston, New Jersey
LIVINGSTON, N.J. — Sunrise Senior Living has opened an 86,000-square-foot community in Livingston, approximately 20 miles west of Manhattan. Sunrise of Livingston provides assisted living and memory care services. Although the number of units was not disclosed, Sunrise said the property can serve more than 120 residents. Lantz-Boggio Architects designed the property, which Wohlsen Construction Co. built.
Standard Communities Acquires 65-Unit Affordable Housing Complex in Canton, Massachusetts
CANTON, MASS. — Standard Communities has acquired Canton Estates, a 65-unit, a naturally occurring affordable housing complex located on the southern outskirts of Boston. Built in 1982, the property comprises two three-story buildings that house one- and two-bedroom units. The seller and sales price were not disclosed. Standard Communities plans to invest about $2.4 million in capital improvements to the unit interiors and to address other deferred maintenance costs.
Berkeley Investments Moves Forward with 176 Lincoln Mixed-Use Project in Boston
BOSTON — Berkeley Investments has received approval from the Boston Planning & Development Agency to move forward with development of its 176 Lincoln mixed-use project in Boston’s Allston neighborhood. Plans call for Class A lab and R&D space, offices and apartment units. Designed by CBT, 176 Lincoln will be built on a five-acre site with two acres of landscaped open space. The two main commercial buildings will include 720,000 square feet of lab, R&D and office space. The project will also include onsite housing, including 252 apartment units with 10 live-work units for artists. The project will be situated within immediate proximity to Harvard’s recently completed Paulson School of Engineering and Applied Sciences, the Harvard Business School and the recent expansion of Harvard academic and cultural facilities such as the Harvard Innovation Labs. The expanding Harvard presence in Allston is establishing a new cluster for innovation and research in greater Boston, according to Berkeley. “With its location adjacent to Harvard’s growing Allston campus and its introduction of state-of-the-art, Class A lab space, 176 Lincoln will be an important addition to the rapidly growing life sciences, medical, academic research and corporate corridor stretching through Boston and into Cambridge,” says Young Park, …
Pittsburgh International Airport Unveils Next Phase of $1.4B Redevelopment
PITTSBURGH — Pittsburgh International Airport has unveiled designs for the next phase of its $1.4 billion redevelopment. The latest stage of the project will center around a passenger tunnel/bridge that connects the existing hub of the airport with the new terminal that is under construction. The development team broke ground on the new, 700,000-square-foot terminal in October 2021 and expects to complete the project in 2025. The new terminal will consolidate ticketing, security checkpoints and baggage claim operations and offer a multi-modal complex with a 3,300-space parking garage, rental car facilities, parking lots and roadways.
Northmarq Arranges $62M in Construction Financing for Northern New Jersey Multifamily Project
HACKENSACK, N.J. — Northmarq has arranged $62 million in construction financing for a 270-unit multifamily project that will be located at 321 Main St. in the Northern New Jersey community of Hackensack. The seven-story building will include a two-level parking garage and 8,700 square feet of retail space. The unit mix will comprise 20 studios, 189 one-bedroom apartments and 61 two-bedroom units. The amenity package will consist of a fitness center, dog walking area, multiple terraces and elevated courtyards and a multi-purpose clubroom. Valley Bank and Fulton Bank provided the financing. The borrower is an affiliate of New Jersey-based developer The Hampshire Cos. Completion is scheduled for the fourth quarter of 2024.
Accurate Breaks Ground on 325-Unit Apartment Community in Parsippany, New Jersey
PARSIPPANY, N.J. — New Jersey-based developer Accurate has broken ground on a 325-unit apartment community in Parsippany, located in the northern part of the Garden State. The site at 100 Cherry Hill Road spans 26 acres, and the development will feature two four-story buildings with 162 and 163 units. Residences will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, courtyard, fitness center, resident clubhouse and a tech lounge. Twenty percent (65 units) will be subject to income restrictions. Minno & Wasko Architects & Planners is designing the project. Full completion of both buildings is slated for the first quarter of 2024.
Marcus & Millichap Brokers Sale of 268-Unit Self-Storage Facility in Hanover, Pennsylvania
HANOVER, PA. — Marcus & Millichap has brokered the sale of Hanover Self Storage, a 238-unit facility located about 115 miles west of Philadelphia. The property spans 32,150 net rentable square feet and includes 10 outdoor parking spaces. Gabriel Coe, Brett Hatcher and Nathan Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.