MANCHESTER, PA. — Marcus & Millichap has brokered the $3.8 million sale of a 6,129-square-foot gas station in Manchester, a southern suburb of Harrisburg, that is occupied by fuel station and convenience store operator Sheetz. The newly built facility sits on a 3.3-acre site next to East Manchester Village Centre shopping center. Derrick Dougherty and Nick Geaneotes of Marcus & Millichap represented the seller and procured the buyer, both of which were Pennsylvania-based entities that requested anonymity, in the transaction.
NEW YORK CITY — Hazen & Sawyer has inked a 44,000-square-foot office lease extension at 498 Seventh Ave. in Manhattan’s Times Square area. The engineering firm will continue to house its headquarters across the entire 11th floor of the 960,000-square-foot building through 2035. Curtis Dean of CD Commercial Real Estate Services represented Hazen & Sawyer, which has been a tenant at the building since 1999, in the lease negotiations. Matt Coudert and Andrew Conrad internally represented the landlord, George Comfort & Sons.
BRISTOL, R.I. — Developer DXD Capital has completed a 750-unit self-storage facility in Bristol, about 20 miles south of Providence. Extra Space Storage will operate the facility at 180 Mount Hope Ave., which has a gross square footage of 88,620 square feet and a net rentable square footage of 61,600 square feet. In addition, the property’s design elements mimic those of New England townhomes. Jayeff served as the general contractor for the project, which was financed by Centreville Bank. DXD Capital acquired the site in November 2022.
COLTS NECK, N.J. — New York City-based developer Kushner has broken ground on a 360-unit multifamily project in Colts Neck, about 50 miles south of Manhattan. Designed by Minno & Wasko Architects and Planners, Livana Colts Neck will consist of 15 three-story buildings that will house studio, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, outdoor grilling and dining stations, clubroom, lounge, conference facilities and a dog park. Construction is expected to be complete in spring 2027.
NEWTON, MASS. — Marcus & Millichap has negotiated the $15.2 million sale of Curtis Arms Apartments, a 44-unit multifamily building located in the western Boston suburb of Newton. The property consists of four buildings that each house 11 two-bedroom units on a 1.8-acre site. The Curtis Family originally developed the property in 1969 and sold it to an undisclosed buyer. Tony Pepdjonovic and Evan Griffith of Marcus & Millichap brokered the deal.
NEW YORK CITY — PubMatic Inc., a software provider for the digital publishing and advertising industry, has signed a 60,000-square-foot office lease at 498 Seventh Ave. in Manhattan’s Times Square area. The company already subleases the entire 18th floor of the 960,000-square-foot building and will expand to the entire 19th floor early next year under the terms of the new deal. Greg Taubin of Savills represented PubMatic in the lease negotiations. Matt Coudert and Andrew Conrad internally represented the landlord, George Comfort & Sons.
COLLINGSWOOD, N.J. — Cooper University Health Care has opened the 3,800-square-foot Center for LGBTQ+ Health in Collingswood, located outside of Philadelphia in Southern New Jersey. The site is about four miles from Cooper University Hospital and houses six exam rooms, a therapy and counseling room, staff lounge, provider offices and a central medical assistant station. Spiezle Architecture Group designed the clinic, and general contractor Gary F. Gardner Inc. handled the build-out.
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Multifamily Markets See Silver Lining Despite Economic Headwinds
Like other property sectors, rental housing assets have experienced big swings in fortunes over the past few years. Historically high rent growth during the pandemic came to a halt amid new supply in many markets. And the end of cheap debt has stymied investment sales and is stressing investors who paid handsomely for apartments using short-term financing. But the situation could be worse. Housing remains in high demand, and despite higher mortgage rates and a collapse in home sales, a severe lack of inventory on the market continues to prop up home values and price out would-be buyers. In May, home prices across the country increased 5.9 percent over the previous year, according to the latest S&P CoreLogic Case Shiller U.S. National Home Price NSA Index. Rental housing owners and operators are the obvious beneficiary of those challenges, says Ivy Zelman, executive vice president and co-founder of Zelman & Associates, a Walker & Dunlop company that provides housing research, analysis and consulting. Move-outs attributed to home purchases clearly illustrate the trend. An apartment and single-family rental operator in Phoenix recently told Zelman that such move-out activity has dropped to about 13 percent from an historical average of 30 percent, she …
NEW YORK CITY — A joint venture between nonprofit developer Community Access, affordable housing developers Spatial Equity and Duvernay + Brooks, as well as neighborhood preservation organization Cooper Square Committee, has acquired the site of the former St. Emeric church in Manhattan’s East Village. According to Wikipedia, the former Roman Catholic church was originally built around 1950 and closed in 2013 when the Parish of St. Emeric merged with that of nearby St. Brigid’s Roman Catholic Church. The joint venture plans to build more than 500 affordable housing units on the site, including homes for senior New Yorkers, formerly homeless individuals and those with special needs who qualify for supportive services. The development team expects to break ground on the first phase of the redevelopment in 2026 and may also pursue rezoning through a land use review process for the second phase. Denham Wolf Real Estate Services marketed the property for sale on behalf of the parish, which is overseen by The Archdiocese of New York.
MENDON, MASS. — A joint venture between Los Angeles-based PCCP LLC and regional developer Bluewater Property Group will develop a 205,445-square-foot industrial project in Mendon, about 45 miles southwest of Boston. The site at 23 Cape Road spans 21 acres, and the building will feature a clear height of 32 feet, 34 dock doors, 135-foot truck court depths, 206 car parking spaces and 20 excess trailer parking spaces. Construction is scheduled to begin later this month and be complete by summer 2025.