MELVILLE, N.Y. — Nationwide Mortgage Bankers has signed a 28,552-square-foot office lease in the Long Island community of Melville. The provider of home financing solutions is taking space at the 165,000-square-foot building at 1305 Walt Whitman Road. Joseph Lopresti of JLL represented the tenant in the lease negotiations. Andrew Wiener and Tim Parlante represented the landlord, The Feil Organization, on an internal basis.
NEW YORK CITY — A partnership between The Port Authority of New York and New Jersey, Worldwide Flight Services (WFS) and Annapolis-based transportation real estate investment and management firm Realterm has completed a $270 million consolidated cargo handling facility at John F. Kennedy International Airport in Queens. WFS, the airport’s main cargo handling agency, will operate the 350,000-square-foot facility, which spans 26 acres, replaces two older facilities and brings together operations from four separate cargo zones into a single modernized location. Realterm, which developed the facility via ground lease, specializes in owning and operating airport logistics facilities via a 17 million-square-foot portfolio of such assets across 37 airports. The project was first announced in summer 2021. The new cargo facility features several innovations designed to reduce wait times for truck drivers and minimize queuing outside the facility. These include an advanced truck dock management system that optimizes the flow of goods in and out of the facility, leveraging real-time scheduling, automated check-ins and digital communication between drivers and dock operators. The system automatically allocates the most efficient doors based on the size, type and contents of each delivery and also ensures that trucks arrive only when a dock is available, …
MIDDLE ISLAND, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $24 million construction loan for The Villas at Oak Run, a 74-unit multifamily project on Long Island. The 23.5-acre site is located at the northeast corner of Birchwood Park Drive and Middle Country Road in Middle Island, and the development carries a $35 million price tag. The project will consist of 37 duplex buildings with age-restricted, two-bedroom units. The property will include an affordable housing component and amenities such as an indoor fitness center, walking path and pickleball courts. Bryan Manz and Emil DePasquale of BBCP arranged the loan, which carried a two-year term and a 70 percent loan-to-value ratio, through Kearny Bank on behalf of the developer, The Crest Group.
ANDOVER, MASS. — Newmark has brokered the sale of 150 Minuteman Road, a 112,148-square-foot office and life sciences building in the northern Boston suburb of Andover. The building is one of six within the 1 million-square-foot Minuteman Park campus and was fully leased at the time of sale to global medical technology company Smith + Nephew. Institutional investment firm BentallGreenOak (BGO) sold the building to Optimum Asset Management for an undisclosed price. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark brokered the deal.
WILTON, CONN. — Cushman & Wakefield has negotiated a 22,000-square-foot office lease in the southern coastal Connecticut community of Wilton. The tenant is Strong Start Early Care and Education, and the space is located within the freshly renovated building at 187 Danbury Road. Adam Klimek and Steve Baker of Cushman & Wakefield represented the landlord, Time Equities Inc., in the lease negotiations. The representative of the tenant was not disclosed.
NEW YORK CITY — Treville Capital Group has signed a 10-year, 18,412-square-foot office lease in Midtown Manhattan. The investment and financial services firm is relocating from 437 Madison Avenue to the eighth floor of 477 Madison Avenue, a 24-story building that recently underwent a capital improvement program. Peter Michailidis of JLL represented the tenant in the lease negotiations. Arkady Smolyansky and Alex D’Amario of CBRE represented the landlord, RFR.
HAZLET, N.J. — CBRE has negotiated the $44 million sale of a 190,000-square-foot shopping center in Hazlet, about 40 miles south of New York City. German discount grocer Aldi anchors Hazlet Town Center, which is also home to tenants such as Burlington, Urban Air Adventure Park and Wawa, although the latter tenant’s outparcel building was not included in the sale. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, an affiliate of Onyx Equities, in the transaction. An entity doing business as LJL Realty purchased Hazlet Town Center, which was approximately 90 percent leased at the time of sale, via a 1031 exchange.
BOSTON — Colliers has arranged a $34.3 million loan for the refinancing of the Custom House Block and Gardiner Building at Long Wharf, a pair of historic buildings totaling 83,824 square feet in Boston’s Seaport District. The Custom House Block was originally completed in 1848 and totals 74,783 square feet, while the 9,041-square-foot Gardiner Building was originally constructed in 1760 and once functioned as John Hancock’s counting house. Today, both buildings house office and retail uses and were 94 percent occupied at the time of the loan closing. Patrick Boyle and Kevin Phelan of Colliers arranged the fixed-rate loan through Grant Street Funding on behalf of the owner, Capital Street Properties, which completed the adaptive reuse of the buildings in 2021.
NEW YORK CITY — Marcus & Millichap has brokered the $4.8 million sale of a mixed-use building in Lower Manhattan. The building at 47 Bayard St. in Chinatown was originally constructed in 1910 and consists of a ground-floor retail space occupied by Nice One Bakery, two residential units and four commercial units across the second and third floors. Matt Fotis, Michael Weinstein and Colton Traynham of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction.
TRURO, MASS. — The Community Builders (TCB) has broken ground on Cloverleaf, a 43-unit affordable housing project in Truro, located on Cape Cod. The majority (39) of residences will be restricted to households earning between 30 and 100 percent of the area median income, and the other four will be rented at market rates. Units will come in one-, two- and three-bedroom formats and will be spread across 10 buildings. TCB is developing Cloverleaf in partnership with Community Housing Resource Inc. and the Town of Truro.