MORRIS TOWNSHIP, N.J. — Vision Real Estate Partners, along with a partner firm, has purchased 64 acres of the former Honeywell headquarters campus on Columbia Road in Morris Township for an undisclosed price. The site is approved for office, research and laboratory development, and Vision plans to develop up to 715,000 square feet of premier, build-to-suit corporate headquarters space at the site. Vision Real Estate Partners will oversee the development of the project on Columbia Road.
YONKERS, N.Y. — Greystone has provided a $24.9 million HUD-insured permanent loan to refinance Adira at Riverside Rehabilitation & Nursing, a skilled nursing facility in Yonkers. Fred Levine and Shia Fishman of Greystone arranged the financing for the borrower, L&A RE Acquisitions. The loan features a 30-year term and a fixed rate. Adira at Riverside offers a certified respiratory and vent unit; short-term rehab; occupational, physical and speech therapy; wound care; neuro-rehabilitation; certified cardiopulmonary rehabilitation; long-term skilled nursing care; dedicated Alzheimer’s and dementia care units; and stroke and TBI rehab. On-site amenities include a modern fitness facility, concierge and a variety of recreational activities for residents.
NEW YORK CITY — Stellar Management, along with its partner Argent Ventures, has received a $25 million loan package to refinance The Willard, located at 252 W. 76th St. in Manhattan. New York Community Bank provided the loan, which was arranged by Meridian Capital Group. Purchased in 2013, The Willard features 53 apartment units and amenities, including a renovated lobby, gym, fitness center, children’s playroom and private storage facility. Paula Katz of Gluck & Katz represented Stellar Management, while Farber, Rosen & Kaufman P.C. represented New York Community Bank in the financing.
NEW YORK CITY — GFI Realty has brokered the sale of a development site located at 203 Sutter Ave. in Brooklyn’s Brownsville section. A local investor acquired the site for $5.6 million. The parcel has a total of 57,648 buildable square feet, with approved plans for a 42-unit residential building. Yisroel Pershin and Eli Shilian of GFI Realty represented the seller, a local investor, while Sylvia Spielman, also of GFI, represented the buyer in the deal.
JERSEY CITY, N.J. — A partnership between Mack-Cali Realty and SJP Properties has unveiled the design for Harborside Tower, a Class A office building in downtown Jersey City. Designed by FXFOWLE, the 40-story tower will feature 1.2 million square feet of office space outfitted with the high-performance infrastructure to enhance the operations of established companies and growing businesses. Situated on the waterfront, the building will feature a 600-car parking garage and is in close proximity to the Exchange Place PATH station and the Hudson-Bergen light rail station. Additionally, the building will feature two retail units offering 12,000 square feet and 25,000 square feet, a two-story lobby with concierge and security personnel, and a rooftop garden and lounge area with views of Manhattan.
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.
