HOBOKEN, N.J. — Funds managed by Greystar Real Estate Partners have acquired Observer Park, a multifamily property located at 51 Garden St. in Hoboken, for an aggregate purchase price of $70.3 million. The seller was Invesco. Constructed in 1991, the 12-story building features 115 units. On-site amenities include a fitness center, package concierge, terrace with gas grills and lounge areas, indoor parking, a hospitality bar with Starbucks Coffee, 24-hour laundry facilities, dry cleaning pickup and delivery, and controlled-access lobbies. Brian Whitmer, Andrew Merin, Adam Spies, David Bernhaut, Gary Gabriel and Ryan Dowd of Cushman & Wakefield represented the seller in the transaction.
VINELAND, N.J. — Cushman & Wakefield has arranged the sale of a manufacturing and warehouse facility located at 500 W. Elmer Road in Vineland. F&S Produce Co. acquired the 580,000-square-foot property for an undisclosed price. The buyer will use the new facility to accommodate its future expansion. Matthew Marshall, Brian Hilger and Gerry Blinebury of Cushman & Wakefield represented the undisclosed seller in the deal.
MOUNT LAUREL, N.J. — New York Life Real Estate Investors, on behalf of institutional investors, has acquired Mount Laurel Crossing, a garden-style apartment community located in Mount Laurel, approximately 20 miles east of downtown Philadelphia. Built in 1999, the property comprises 13 residential buildings offering a total of 296 units. At the time of sale, the property was 95 percent occupied. The name of the seller and acquisition price were not released.
PEABODY, MASS. — KeyPoint Partners has arranged the sale of Route One Marketplace, a retail property located at 216 Newbury St. in Peabody. An undisclosed seller sold the property to the owner and operator of FUNCITY and Aero Trampoline Parks for $6.1 million. The buyer plans to open a FUNCITY facility at the property in spring 2018. Work Out World, Namco, Mass Bay Hockey Center and Revival Church are tenants at the 68,530-square-foot property. Don Mace of KeyPoint Partners negotiated the transaction.
WORCESTER, MASS. — Senate Construction has completed the construction of a 615,600-square-foot distribution center located at 150 Blackstone River Road in Worcester. The property was developed by 150 Blackstone River Road LLC, a joint venture between Mid-States Packaging Inc. and GFI Partners. Imperial Distributors occupies 325,000 square feet of property, with G-3 occupying 200,000 square feet and Mid-States Packaging occupying the remaining space. Senate performed the design-build of the foundation, superstructure, HVAC, fire protection, plumbing and electrical work. Jim Thornton of Andover, Mass.-based Applied Form and Space Architects provided architectural services for the project.
BOSTON — Needham, Mass.-based PTC has signed an 18.5-year lease for 250,000 square feet of office space at 121 Seaport Blvd. in Boston’s Seaport District. PTC will occupy the top nine floors of the 17-story, 400,000-square-foot office building when it is completed in the first quarter of 2018. Developed by Skanska Development and designed by Boston-based CBT Architects, the property will feature large floor plates, two floors of retail and views of the Boston Harbor and downtown Boston. PTC is a global provider of technology that transforms how companies design, manufacture, operate and service the “things” in the Internet of Things. Jack Burns, Adam Subber and Dan Sullivan of Cresa Boston negotiated the lease for PTC, while Bill Anderson and Dave Martel of Newmark Knight Frank represented the developer in the lease transaction.
READING, MASS. — Cushman & Wakefield has arranged the sale of Residence at Pearl Street, an 83-unit assisted living and memory care community in the Boston suburb of Reading, for an undisclosed price. The seller was a joint venture between LCB Senior Living and Virtus Real Estate. A new joint venture between LCB and Artemis Real Estate Properties acquired the asset. LCB will continue to operate the property. The community was originally an elementary school built in 1939 and is now a historic building. In 1996 the building was redeveloped into a seniors housing community and a purpose-built wing was added that currently houses the majority of the residential units. The property underwent a $3.3 million renovation in 2014 and 2015. LCB stabilized the community by the end of 2016 with occupancy over 90 percent. The Cushman & Wakefield team involved in the transactions included Rick Swartz, Jay Wagner, Jim Dooley and Caryn Miller.
EDISON, N.J. — CBRE has arranged the sale of Washington Park Apartments, an apartment complex located at 1940 Lincoln Parkway, Route 27 in Edison. Joseph’s Wish LLC sold the property for $6.2 million. Situated on 1.9 acres, the garden-style apartment complex features 52 units. At the time of sale, the property was fully occupied. Nat Gambuzza and Spencer Beriont of CBRE represented the seller and procured the undisclosed buyer in the deal.
NORWALK, CONN. — RHYS has arranged the sale of an office building located at 14 Westport Ave. in downtown Norwalk. Watermill Westport LLC sold the three-story Class B building to Philipos Properties for $2.9 million. Constellation Health Services occupies the 32,000-square-foot building, which was built in 1985. Christian Bangert, Cory Gubner and Alex Haendler of RHYS represented the seller, while John Zervos of DVB Commercial represented the buyer in the transaction.
With 4,900 new rental units coming on line this year in Northern New Jersey, inquiring minds are asking whether demand here is keeping pace with supply. The short answer is “yes.” New multifamily inventory continues to lease up, especially along the Hudson River Gold Coast, with performance meeting and exceeding developer expectations market-wide. Rental rates for Class A apartment product in Northern New Jersey have increased 3 percent year over year, registering at $2,369 at the midway point of 2017, according to Reis. Vacancy had been trending down since mid-2016, with a slight tick up in the second quarter of 2017, currently resting at 5.2 percent due to the delivery of 1,600 units in the last three months. Compare this to a $1,336 average rent and 4.4 percent vacancy rate nationwide, and New Jersey’s sustained appeal to investors and developers is unquestionable. However, multifamily investment sales to date in 2017 have been fairly measured — with fewer opportunities coming onto the market. For sales in excess of $10 million through August 2017, the volume has totaled $1.07 billion with the number of units sold totaling 4,708 (down 12 percent and 43 percent respectively compared to the same time in 2016) …