NEW HAVEN, CONN. — The Connection Inc. has signed a lease for 13,000 square feet of office space at 900 Chapel St. in New Haven. The private, non-profit human service and community development agency will occupy the full penthouse floor at the 142,439-square-foot office tower. Jeffrey Williams and Hollis Pugh of Colliers International Group represented the tenant, while John Keogh of Dow Condon dba Colliers International represented the landlord, PMC Property Group, in the deal.
BOSTON — Oxford Properties Group has provided a $180 million loan for the refinancing of One Congress Street and the Government Center Garage in Boston. The 11-story, mixed-use asset includes a 1,960-space parking garage with 202,854 square feet of office space and 23,212 square feet of retail space. The borrower was a joint venture between National Real Estate Advisors LLC and its Boston-based development partner, The HYM Investment Group LLC. HFF worked on behalf of the borrower to arrange the short-term, floating-rate loan. The property is centered among many of Boston’s most popular neighborhoods and destinations, including the Financial District, TD Garden, Faneuil Hall Market District, the Rose Fitzgerald Kennedy Greenway, North End, West End and Beacon Hill. The development draws a diverse set of parkers, ranging from commuters to event attendees to residents seeking overnight parking. This location also offers immediate access to entrance ramps for Interstate 93, as well as two on-site subway lines (MBTA Green Line and Orange Line), providing connectivity to greater Boston. The property is also the site of Bulfinch Crossing, a 2.9 million-square-foot mixed-use development project that will consist of residential, office, hotel and retail uses. Led by the borrower, the Bulfinch Crossing project …
The Urban Land Institute (ULI) listed Pittsburgh among its top five markets to watch in the 2017 Emerging Trends in Real Estate report due to its low cost to do business; access to talent via four major universities; and its status as an emerging tech hub with the likes of Uber, Google, Facebook and most recently, Amazon, establishing regional research and development centers in the city. Citizens Bank announced that it would remain a tenant in 525 William Penn Place, where it occupies approximately 150,000 square feet, reporting that its management views Pittsburgh as a growth driver for the company. Ford Motor Company inked a $1 billion deal with Argo AI, a Pittsburgh start-up that focuses on artificial intelligence and robotics, to expand its research and development of self-driving cars. Ford now is surveying the Greater Downtown submarket for space to construct a 100,000-square-foot facility to hold the 200 employees it expects to hire over the next 24 months. Despite the region’s growing popularity as a tech hub, leasing activity in first quarter 2017 reported a 23.3 percent drop from the same period 2016, ending the quarter at just less than 600,000 square feet, while overall net absorption dropped an …
FREDERICKSBURG, PA. — Ace Hardware has signed a long-term lease for 1.1 million square feet of distribution space at Lebanon Valley Distribution Center, located at 139 Fredericksburg Road in Fredericksburg. The lease involves a 1.1 million-square-foot cross-docked, 36-foot clear height distribution facility. The existing 874,126-square-foot facility will be expanded by 225,875 square feet and delivered to Ace Hardware for occupancy by year’s end. Joseph McDermott, Jake Terkanian, Vincent Ranalli and David Lind of CBRE represented Ace Hardware. The property is owned by USAA Real Estate Co. and is being developed by Trammell Crow Co.
JENKINTOWN, PA. — Square Mile Capital Management has originated a $91 million whole loan for Metropolitan Properties of America. The loan is secured by 100 York, a 588-unit high-rise multifamily property located in Jenkintown. The property features a tennis court, outdoor swimming pool and an 8,000-square-foot amenity center with a fitness center, aerobics/yoga studio, cardiovascular room, billiards and game rooms, business center, theater and resident lounge. The Boston-based borrower recently renovated the property to Class A standards. Brad Johnson of CBRE arranged the financing.
NEW YORK CITY — Greystone has provided a $59.8 million HUD-insured permanent loan for The Pavilion at Queens for Rehabilitation & Nursing, a skilled nursing facility in Queens. The borrower is Kennedy Management. Fred Levine of Greystone’s Monsey, N.Y., office originated both the bridge and permanent FHA loan for the property. The HUD-insured financing for The Pavilion represents a permanent self-amortizing exit. In 2015, Greystone arranged a bridge-to-HUD loan to finance the acquisition, renovation and rebranding of the 302-bed facility, which includes an onsite 40-bed ventilator-dependent unit and a 12-chair dialysis center.
NEW BRUNSWICK, N.J. — Sheldon Gross Realty has arranged the sale of a manufacturing facility located at 1007 Jersey Ave. in New Brunswick. Macritchie Storage acquired the 50,000-square-foot building, which sits on 3.8 acres, for $2.7 million. Jonathan Glick of Sheldon Gross Realty represented the undisclosed seller in the deal.
WINDHAM, MAINE — Cardente Real Estate has arranged the lease of 3,092 square feet of restaurant space in Windham. C2 Realty, a New York-based Japanese restaurant group, will occupy the space at 818 Roosevelt Trail. The landlord is Joy Real Estate of Lisbon LLC. Mark Sandler of Cardente Real Estate brokered the transaction.
BOSTON — Rockpoint Group has completed the disposition of Tower Point, an office building located in the Upper Seaport District of Boston. Germany-based Universal-Investment and an institutional account managed by Northwood Investors acquired the 157,067-square-foot asset for an undisclosed price. The sellers rehabilitated the historic manufacturing facility into a first-class office building, which is 100 percent leased. Robert Griffin, Edward Maher, Matthew Pullen and James Tribble of NKF Capital Markets, along with Timothy Bianchi of Newmark Knight Frank, represented the seller in the transaction.
EDISON, N.J. — Domino’s Pizza has signed a lease for a 182,000-square-foot warehouse, located at 1075 King George Post Road in Edison. Domino’s plans to use the facility, which was developed by Liberty Property Trust, as a food processing and distribution center. Ken Ashley, John Wilkinson, Sam Hollis, Whitney Hembree, Matt Marshall and Jeff Williams of Cushman & Wakefield represented the tenant, while Chuck Fern, also of Cushman & Wakefield, represented the landlord in the lease.