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Northeast

23-Cape-Road-Mendon-Massachusetts
DevelopmentIndustrialMassachusettsNortheast

PCCP, Bluewater Property to Develop 205,445 SF Industrial Project in Mendon, Massachusetts

by Taylor Williams

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.

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Boston-East
AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers Sale of 200-Unit Apartment Complex in East Boston

by Taylor Williams

BOSTON — CBRE has brokered the sale of a 200-unit apartment complex in East Boston. Built in 2018 and known as Boston East, the six-story building houses studio, one-, two- and three-bedroom units and amenities such as a clubroom with meeting space, sky lounge and terrace, fitness center and community arts space. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of Los Angeles-based investment firm American Realty Advisors, in the transaction. CBRE also procured the buyer, Goldman Sachs Alternatives.

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LoansMixed-UseNew YorkNortheast

HKS Real Estate Advisors Arranges $30M Loan for Refinancing of New York City Mixed-Use Portfolio

by Taylor Williams

NEW YORK CITY — HKS Real Estate Advisors has arranged a $30 million loan for the refinancing of a 65,787-square-foot mixed-use portfolio in New York City. The portfolio consists of eight buildings in Manhattan and The Bronx that collectively total 54 multifamily units and 17 commercial units. Commercial tenants include Mr. Green Laundry, Hunter Convenience Shop, Little Amber Nails & Spa and Monster Barber Shop. Michael Lee of HKS arranged the loan through Citigroup on behalf of the undisclosed borrower.

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DevelopmentIndustrialNew JerseyNortheast

Hillwood, WDG Logistics  to Build 179,800 SF Spec Industrial Project in Bordentown, New Jersey

by Taylor Williams

BORDENTOWN, N.J. — A partnership between Texas-based developer Hillwood and Atlanta-based WDG Logistics Partners will build a 179,800-square-foot speculative industrial project in the Southern New Jersey community of Bordentown. Bordentown Crossroads will feature a clear height of 36 feet, 30 dock doors and parking for 94 cars and 30 trailers. Construction is scheduled to begin at the end of summer, with completion slated for spring 2025. Newmark is marketing the property for lease.

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Avalon-Darien
AcquisitionsConnecticutMultifamilyNortheast

Cushman & Wakefield Brokers Sale of 189-Unit Apartment Complex in Darien, Connecticut

by Taylor Williams

DARIEN, CONN. — Cushman & Wakefield has brokered the sale of Avalon Darien, a 189-unit apartment complex in southern coastal Connecticut. Avalon Darien offers a mix of recently renovated one-, two- and three-bedroom units and amenities such as a pool, fitness center, lounge and playground. Niko Nicolaou, Ryan Dowd, Matthew Torrance, Al Mirin and J.P. Hohl of Cushman & Wakefield, in coordination with Brian Whitmer of RePropCo., represented the seller, AvalonBay Communities, in the transaction. The team also procured the undisclosed buyer. The sales price was also not disclosed.

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IndustrialLoansNew JerseyNortheast

JLL Arranges $23.3M in Acquisition Financing for Central New Jersey Industrial Property

by Taylor Williams

NEW BRUNSWICK, N.J. — JLL has arranged a $23.3 million in acquisition financing for a 206,069-square-foot industrial property in the Central New Jersey community of New Brunswick. The property consists of six buildings on a 21-acre site that feature clear heights of 19 to 31 feet and a total of 14 dock doors and 15 drive-in doors. Max Custer, Thomas Didio Jr. and Benjamin Morgenthal of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, New Jersey-based investment firm B&D Holdings. The direct lender was not disclosed.

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AcquisitionsIndustrialNew JerseyNortheast

GID Acquires 111,400 SF Industrial Building in Pennsauken, New Jersey

by Taylor Williams

PENNSAUKEN, N.J. —  Alternative investment management firm GID has acquired an 111,400-square-foot industrial building in the Southern New Jersey community of Pennsauken. The building at 8290 National Highway, which according to LoopNet Inc. was built on 4.4 acres in 1967, can accommodate one or two tenants and features a clear height of 20 feet, one drive-in door and 15 dock-high doors. The new ownership plans to implement a value-add program to the building, which is currently vacant. The seller and sales price were not disclosed.

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1251-Avenue-of-the-Americas
Leasing ActivityNew YorkNortheastOffice

DCMA Signs 44,100 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Daiwa Capital Markets America Inc. (DCMA) has signed a 20-year, 44,100-square-foot office lease in Midtown Manhattan. The financial services firm will occupy the entire 49th floor at 1251 Avenue of the Americas. Erik Schmall and Scott Weiss of Savills represented DCMA in the lease negotiations. David Falk and Peter Shimkin of Newmark represented the landlord, Mitsui Fudosan America. A tenant-only conference facility is under construction at the building, and the lobby was recently renovated. Three new food-and-beverage concepts are also set to open at the building in the coming weeks.

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AcquisitionsMultifamilyNew YorkNortheast

Rosewood Realty Group Negotiates $2.5M Sale of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $2.5 million sale of an eight-unit apartment building located at 313 W. 92nd St. on Manhattan’s Upper West Side. Five of the eight units were vacant at the time of sale. Ben Khakshoor of Rosewood represented the buyer, Put Duc Huang, in the transaction. Mike Kerwin, also with Rosewood, represented the seller, the Goldberg Family, which owned the building for 85 years.

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Paramus-Plaza
AcquisitionsNew JerseyNortheastRetail

Cushman & Wakefield Brokers $36.8M Sale of Northern New Jersey Shopping Center

by Taylor Williams

PARAMUS, N.J. — Cushman & Wakefield has brokered the $36.8 million sale of Paramus Plaza, a 153,494-square-foot shopping center in Northern New Jersey. The center was fully leased at the time of sale to tenants such as Hobby Lobby, Marshalls, Ashley, Skechers and Chipotle Mexican Grill. Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin, Max Helfman and Mark Gilbert of Cushman & Wakefield represented the seller, a partnership between Acadia Realty Trust and Fortress Investment Group, in the transaction. Brad Domenico of Cushman & Wakefield arranged acquisition financing through Bank United on behalf of the buyer, a partnership between DRA Advisors and an affiliate of Crown Acquisitions.

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