PHILADELPHIA — Hunt Mortgage Group has provided a $5.5 million Freddie Mac Small Business Loan to finance the acquisition of Reach Lofts Apartments, an affordable multifamily property located at 1701-1707 Tulip St. in Philadelphia. The borrower is MM Equity Partners Philly LLC. The seven-year fixed-rate loan features an 84-month overall term with the first two years as interest-only payments followed by seven years of 30-year amortization and a yield management prepayment schedule. The five-story apartment building features 30 residential units in a mix of one- and two-bedroom layouts. Property amenities include in-unit washers and dryers, bike storage and a furnished roof deck.
BROCKTON, MASS. — NAI Hunneman has arranged the sale of an industrial building located at 120 N. Main St. in Brockton. Brockton & Main LLC acquired the property for $2.6 million. The buyer plans to convert the property into a 75,000-square-foot fully climate-controlled self-storage facility. Over Osvold, Cathy Minnerly and Sean Hannigan of NAI Hunneman represented the seller, Micro Wire Products, and procured the buyer in the transaction. Additionally, the NAI Hunneman team represented Micro Wire in its relocation to an 18,000-square-foot sublease at 5 Year Road in Holbrook, Massachusetts.
MOUNTAINSIDE, N.J. — Delaney Real Estate Holdings has completed the disposition of an office building located at 1139 Spruce Drive in Mountainside. Jiljo Real Estate Holdings acquired the 20,000-square-foot two-story property for an undisclosed price. Eric Demmers and Russ Verducci of NAI James E. Hanson represented the seller in the deal.
PHILADELPHIA — Southern Land Co. is developing The Laurel, a $300 million mixed-use property located at 1911 Walnut St. in Philadelphia. Designed by Solomon Cordwell Buenz, the 565,000-square-foot tower will feature 54 condominiums and 241 long- and short-term residences with separate lobbies and entrances. Additionally, the 48-story tower will feature 24,000 square feet of retail space. Amenity space at the property will include indoor and outdoor pools, fitness clubs, a game room with demonstration kitchen/bar, a library and music room.
NEWARK, DEL. — The Chemours Co. is developing Chemours Discovery Hub, a 312,000-square-foot research facility located on the University of Delaware’s Science Technology and Advanced Research Campus in Newark. IMC Construction broke ground on the $150 million project in December 2017. Designed by L2 Patridge, the 15-acre project will consolidate laboratories and offices for approximately 330 scientists, engineers and researchers who will be relocated from Chemours’ New Castle County facilities. The new facility will include more than 100 labs, 50 specialty rooms, cafes, conference rooms and 20 huddle rooms for small group meetings. Project members include Tetra Tech, RDK and O’Donnell & Naccarato. Completion of the four-story building is slated for early 2020. Trammell Crow is representing the owner in the project.
NEW YORK CITY — Anbau, a Manhattan-based full-service real estate development firm, has purchased an as-of-right new construction development located at 620 W. 153rd St. in Manhattan’s Hamilton Heights neighborhood. Verizon sold the site for $22.5 million. The site consists of two two-story parking garages with more than 120,000 sellable square feet. Anbau will develop two luxury residential condominium buildings with a shared common landscaped courtyard and on-site parking on the site. Construction is slated to commence this spring. Goldman Sachs is providing pre-construction financing. Bob Knakal, Josh Kuriloff, Jonathan Hageman and Patrick Yannotta of Cushman & Wakefield represented the seller in the transaction.
EDISON, N.J. — Marcus & Millichap has arranged the sale of a retail property located in Edison. A private investor acquired the property for $1.2 million. Chase Bank occupies the 3,910-square-foot property on a net-leased basis. Alexander Pildes and Michael Lombardi of Marcus & Millichap represent the seller, a private investor, while Pildes, Lombardi and Greg Babaian, also of Marcus & Millichap, represented the buyer in the deal.
BETHLEHEM, PA. — Markward Group has brokered the sale of a retail building located at 1635 Broadway in Bethlehem. Noosh Inc. sold the property and liquor license to Mariam’s Restaurant LLC for an undisclosed price. The 4,051-square-foot property was formerly occupied by 6 Pack Shop. Chip Miers and Ann Kline of Markward Group represented the seller and buyer in the transaction.
From new mixed-use developments popping up in the skyline to the increase of small-format stores, 2017 saw robust growth in downtown Boston’s retail landscape. Specifically, stabilizing rental rates have led to an uptick in retail leasing activity, showing the strength of both traditional retail destinations such as Newbury Street, as well as new mixed-use developments like One Seaport Square. While the downtown retail market is poised to remain stable, 2018 will welcome new trends fueled by e-commerce and omnichannel retailers, new leasing models, shifting consumer shopping behaviors and the ongoing challenge to accommodate millennials’ evolving preferences and expectations. The Seaport’s Emergence as a Retail Destination Historically, Back Bay has served as Boston’s premier neighborhood for retail with Newbury Street as its crown jewel and nearby Prudential Center, Copley Place and Boylston, all within a few minutes’ walking radius from the famous street. While Back Bay will continue to be a hotspot in 2018, Boston’s Seaport neighborhood is breaking out as a retail destination to watch as it transitions into one of Boston’s premier work-live-play destinations. Most recently, retailers Bluemercury, Mr. Sid, TravisMathew, Filson, L.L. Bean, and Lululemon are finding the value in meeting Boston’s young professionals where they work, live and …
NEW YORK CITY — JLL Capital Markets has arranged $41.6 million in financing for the acquisition and renovation of a multifamily portfolio located across five locations in the Bronx. The borrower is Quality Communities, a partnership between Taconic Investment Partners and a client of Clarion Partners. Related Cos. sold the 12-building portfolio, which was 97 percent leased at the time of sale. Jonathan Schwartz, Aaron Appel, Mark Fisher and Brian Buglione of JLL secured the financing, which was provided by Sterling National Bank, for the borrower.