TRENTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $3.3 million sale of Parkview Commons, a 33-unit apartment building in Trenton. The three-story building houses a mix of studio, one- and two-bedroom units and recently underwent a capital improvement program. Barry Waisbrod of Kislak brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — The New York City Council has approved two life sciences projects representing hundreds of millions of dollars in capital investment and thousands of new jobs, according to a press release issued by New York City Mayor Eric Adams and the New York City Economic Development Corp. The first project is known as Science Park and Research Campus (SPARC) Kips Bay and will be located on the current site of Hunter College’s Brookdale Campus on the east side of Manhattan. SPARC Kips Bay will encompass an entire city block and will feature more than 2 million square feet of academic, public health and life sciences space. SPARC Kips Bay is expected to generate more than $42 billion in economic impact over the next 30 years and to account for the creation of more than 15,000 total jobs (12,000 unionized construction jobs and 3,100 permanent jobs). Construction is expected to begin before the end of year in the form of decommissioning and demolishing of existing structures on the future site of the campus. International developer Skanska has been named construction manager of SPARC Kips Bay. The development team will also make public infrastructure improvements, including the creation of …
PHILADELPHIA — DH Property Holdings has completed construction of two industrial buildings totaling 760,000 square feet in northeast Philadelphia. The site at 5000 Richmond St. spans 67 acres. The first building is a 348,000-square-foot, single side-load facility with a clear height of 40 feet, 60-foot speed bays and 22 loading dock doors. The second building totals 411,000 square feet and features a cross-dock configuration, 125 trailer parking stalls and 50 loading dock doors. Mancini Duffy served as the project architect, and Blue Rock Construction served as the general contractor. DH Property Holdings developed the project in partnership with Corebridge Financial.
HAINESPORT AND LUMBERTON, N.J. — A partnership between New Jersey-based Camber Real Estate Partners and Atlanta-based global investment manager Invesco has acquired a portfolio of five industrial buildings totaling 384,335 square feet in Southern New Jersey. The buildings, which were originally developed by Whitesell Real Estate Group, are located off Exit 5 of the New Jersey Turnpike in Hainesport and Lumberton and feature clear heights of 30 feet. Michael Hines, Joe Hill and Brad Ruppel of CBRE represented the seller in the transaction.
NEW YORK CITY — Spectrum Reach has signed an 11-year, 55,848-square-foot office lease in Midtown Manhattan. The advertising sales business of Charter Communications will relocate from 1633 Broadway to the 26th and 27th floors of 3 Times Square, a 30-story building that was originally constructed in 2001 as the headquarters for Reuters, this fall. Robert Stillman, Cara Chayet and Liz Lash of CBRE represented Spectrum Reach in the lease negotiations. Ron Lo Russo, John Cefaly, Paige Engeldrum, Lou D’Avanzo, Mike Burgio and Dan Organ of Cushman & Wakefield, along with internal agent Thomas Keating, represented the landlord, Rudin.
MEDFORD, N.Y. — New Jersey-based intermediary Cronheim Mortgage has arranged $3 million in financing for a 69,350-square-foot shopping center in the Long Island community of Medford. The name of the property was not disclosed. Pool supplies retailer Island Recreational anchors the center, which was originally built in 1968 and has a roster of 15 tenants, including Dollar Tree and Dunkin’. Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the debt. The borrower and direct lender were not disclosed.
TRENTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.8 million sale of Belleview Commons, a 24-unit apartment building in Trenton. The three-story building houses a mix of studio, one- and two-bedroom units and recently underwent a capital improvement program. Barry Waisbrod of Kislak brokered the deal. The buyer and seller were not disclosed.
MOORESTOWN, N.J. — Chicago-based Brennan Investment Group has recapitalized a portfolio of 20 industrial buildings totaling approximately 1 million square feet in Moorestown, located about 12 miles east of Philadelphia in Southern New Jersey. The shallow-bay buildings were all constructed between 1984 and 2000 and had a collective occupancy rate of about 96 percent at the time of the recapitalization. Brennan, which acquired the portfolio in 2017, did not disclose specific details on either the debt and/or equity aspects of the recapitalization.
FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has delivered the first building of a 310-unit multifamily project in the northern Philadelphia suburb of Fort Washington. The 14-acre site at 1125 Virginia Drive, which was formerly home to an office building occupied by ADP, now houses five mid-rise buildings that comprise a community known as J Veridian at Upper Dublin. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, outdoor grilling and dining stations, dog park, clubroom with a bar, game room, fitness center, coworking lounge and a movie theater. The property also features multiple acres of open green space. Rents start at $1,800 per month for a one-bedroom apartment. Full completion is scheduled for the coming months.
TETERBORO, N.J. — Seagis Property Group is nearing completion of a 166,725-square-foot warehouse in the Northern New Jersey community of Teterboro. Known as Teterboro Distribution Center, the building offers proximity to Port Newark-Elizabeth and Liberty International Airport. Building features include a clear height of 40 feet, 5,000 square feet of office space, 40 loading docks, 185-foot truck court depths and parking for 46 trailers and 114 cars. CBRE is marketing the property, which is slated for a summer delivery, for lease.