BURLINGTON, N.J. — Liberty Property Trust has broken ground on a 441,380-square-foot industrial facility in Burlington. Located at 160-180 Dulty’s Lane, the project will feature 36-foot clear heights, 54-foot by 55-foot column spacing, 88 dock doors, space for 105 trailers and 330 parking spaces. The facility, which Dishner Architects is designing, is slated for completion in the first quarter of 2019. The general contractor is Blue Rock Construction.
NEWARK, N.J. — HFF has negotiated the $8.2 million sale of a 4.5-acre land parcel in Newark. The property is located at 120 Frontage Road and is adjacent to Newark Liberty International Airport. HFF represented the undisclosed seller in the transaction. The buyer plans to construct an 80,000-square-foot industrial building on the site. The site is also located near Port Newark-Elizabeth, one of the largest containerized deep-water shipping terminals on the East Coast.
BOSTON — Cushman & Wakefield Senior Housing Capital Markets Group has arranged recapitalization financing for a 289-unit independent living, assisted living and memory care portfolio in New England. The borrower is LCB Senior Living and its joint venture capital partner, Harrison Real Estate Capital, which recently acquired the properties. The amount of the financing was not disclosed. The assets include four properties in Ipswich, Mass. (built in 2014); South Windsor, Conn. (built in 2015); Avon, Conn. (built in 2015); and Lincoln, R.I. (built in 2009). The Cushman & Wakefield team that led the transaction included Rick Swartz, Jay Wagner, Jim Dooley and Caryn Donahue. In addition to the sale, Cushman & Wakefield arranged acquisition financing on behalf of the buyer with PGIM Real Estate Finance that closed concurrently with the recapitalization. The financing holds a 10-year term that is interest-only through maturity.
FALMOUTH, MAINE — Cardente Real Estate has brokered the $1.1 million sale of a 6,085-square-foot office property in Falmouth. Located at 19 Northbrook Drive, the tenant roster includes Goldman Financial Planning, Maine Laser, Edward Jones and Joshua Rent. Matthew Cardente of Cardente Real Estate represented the seller, Mark Richards. The buyer was CPM-19 Northbrook Drive LLC.
BURLINGTON, VT. — HFF has brokered the sale of the 309-room DoubleTree by Hilton Burlington. The price was not disclosed. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, RLJ Lodging Trust, in the transaction. The buyer was AAM 15 Management LLC. Located at 870 Williston Road, the property is the largest conference center hotel in Vermont with 30,000 square feet of event space. Amenities include an indoor heated pool, fitness center, business center and complimentary shuttle service.
BOSTON — Fantini & Gorga has arranged a $15.5 refinancing for a mixed-use portfolio in Boston. The properties are located at 167, 168, 176 and 303-305 Newbury St. in Boston’s Back Bay neighborhood. Together, the properties include 20,190 square feet of retail and office space. Wayne Clough and Despina Hixon of Fantini & Gorga secured financing on behalf of an undisclosed borrower through a life insurance company. Terms of the financing were undisclosed.
HILSIDE, N.J. — Bank OZK has provided a $15.6 million construction loan for Hillside CubeSmart, a 1,203-unit self-storage facility in Hillside. HFF represented the borrower, Quinlan Development Group, in the transaction. Terms of the financing were not disclosed. CubeSmart, one of the nation’s largest operators of self-storage facilities, will manage the property. The property is located at 591 North Union Ave.
NORTH KINGSTOWN, R.I. — Retail Business Services has broken ground on a 200,000-square-foot protein packaging and distribution facility in North Kingstown. Infinity Meat Solutions will occupy the facility, where it will handle beef, pork and prepared meats. Cargill Protein will manage the site’s operations and workforce. The facility is expected to bring approximately 700 jobs to North Kingstown.
MONTVALE, N.J. — NAI James E. Hanson has negotiated the sale of a 14,000-square-foot office building in Montvale. The price was not disclosed. Located at 50 Craig Road, an undisclosed buyer acquired the 3.8-acre property and plans to convert the office building into a medical diagnostic center. NAI James E. Hanson represented the seller, Premier Associates LLC, in the transaction.
MELVILLE, N.Y. — CBRE has brokered the $54.5 million sale of a flex facility in Melville on Long Island. Located at 235 Pinelawn Road, the 48-acre site is the former headquarters, newspaper production and distribution center of Newsday. CBRE represented the seller, Tribune Real Estate Holdings, in the transaction. The buyer was New Jersey-based real estate owner/developer Hartz Mountain, which plans to build an 800,000-square-foot high-bay logistics space on the property.