SOUTH BRUNSWICK, N.J. – CBRE has arranged 450,000 square feet of leases at 301 Middlesex Center Blvd., a Class A industrial building in South Brunswick — bringing the newly constructed, speculative facility to full occupancy The transactions include a 250,000-square-foot lease with CDS Logistics and a 200,000-square-foot lease with Best Logistics. CBRE’s Steven Beyda, Mindy Lissner and Scott Belfer arranged the transaction on behalf of landlord IDI Gazeley, an industrial real estate developer. Beyda, Kevin Dudley and William Waxman of CBRE represented Best Logistics. Joe Nitti of Cresa represented CDS. Located near the New Jersey Turnpike, 301 Middlesex includes 36-foot ceiling heights, ESFR sprinkler systems and cross-docked loading.
PLYMOUTH MEETING, PA. — Legoland Discovery Center Philadelphia has opened at Plymouth Meeting Mall in Plymouth Meeting, a suburb of Philadelphia. The attraction is a first-to-portfolio tenant for Pennsylvania Real Estate Investment Trust (PREIT), a publicly traded real estate investment trust focused on retail properties. Legoland Discovery Center is the only Legoland location in Pennsylvania and the ninth nationally. The 33,000-square-foot attraction features a LEGO-themed ride, cinema and miniature replica of landmarks in Philadelphia. It complements tenants at Plymouth Meeting Mall including Whole Foods Market and Dave & Buster’s.
WILMINGTON, DEL. — Grandbridge Real Estate Capital has arranged a $44.5 million first mortgage loan secured by an eight-property, 4,400-unit self-storage portfolio in Wilmington. Michael Balan of Grandbridge originated the refinancing transaction for Storage Rentals of America. The fixed-rate loan was funded through BB&T Real Estate Funding and features a 10-year term and 25-year amortization schedule.
JERSEY CITY, N.J. — Gebroe-Hammer Associates has arranged the $7.8 million sale of a multifamily property in Jersey City. Nicholas Nicolaou represented the seller, an independent real estate investment firm, and identified the buyer in the sale of the 72-unit portfolio. Comprising three separate buildings located at 158 Bergen Ave. (25 units), 162 Bergen Ave. (26 units) and 232 Bidwell Ave. (21 units), the portfolio is situated within the Greenville neighborhood at the southernmost point of Jersey City. The per-unit price of the sale was $107,600. The properties are located near light rail services and bus routes along with high-traffic roads including I-78, I-287 and the New Jersey Turnpike.
HAMDEN, CONN. — HLKT 655 Fitch LLC has acquired Willow Woods, a two-building multifamily complex containing 52 units at 655 Fitch St. and 42 Warner St. in Hamden, for $4.2 million. The property, which is contiguous to Southern Connecticut State University, consists of 45 two-bedroom units and seven one-bedroom units on 1.5 acres. Stephen Press of Press/Cuozzo Commercial Services and David Gorbach of Colonial Realty represented the seller, LMJ Properties, and procured the buyer.
KEENE, N.H. — The Wilder Cos. has taken on the leasing and management of Fairbanks Plaza in Keene. Effective April 1, the contract was awarded by the center’s owner, Unison Realty Partners of Boston. Fairbanks Plaza is a 143,000-square-foot open-air center with tenants including Kohl’s, Aldi and Walgreens. The property is the fourth Unison Realty Partners center managed by Wilder.
NEW YORK, PHILADELPHIA AND ST. LOUIS — Urban Edge Properties (NYSE: UE), a real estate investment trust, has entered into a contract to acquire a seven-property portfolio of retail assets for $325 million. The portfolio was 83 percent leased at the time of sale. The portfolio, which spans approximately 1.5 million square feet of leasable space, will consist primarily of retail properties in the New York City area, with holdings in the Philadelphia and St. Louis areas as well. According to CoStar Group, affiliates of New Jersey-based Acklinis Realty Holding LLC have owned the portfolio for the last four decades. The contributors will exchange their interests for approximately $127 million of UE’s operating partnership units, which are valued at $27.02 per unit. Urban Edge will also assume $33 million in existing debt, issue roughly $117 million of non-recourse, secured debt and fund the remaining $48 million in cash. Among the portfolio’s New York City-area properties are Yonkers Gateway Center, a 436,770-square-foot asset located at 2500 Central Park Ave. in Yonkers, which is 88 percent leased to tenants such as Burlington Coat Factory, PetSmart and Alamo Drafthouse; and The Plaza at Woodbridge, a 413,013-square-foot center located at 675 U.S. Highway 1 in …
NEW YORK CITY — Tishman Speyer has unveiled plans for development of The Wheeler, a 10-story office hub to be located above the Macy’s department store in downtown Brooklyn. The Wheeler, named for 19th century Brooklyn developer Andrew Wheeler, will include 620,000 square feet of office space. Features will include 16-foot ceilings on each floor, an acre of outdoor space, a dedicated amenity floor and views of the New York skyline. The project is scheduled for completion in mid-2019. Construction financing, which was arranged by HFF, is being provided by Bank of the Ozarks.
ELMSFORD, N.Y. — DLC Management Corp., an owner and operator of open-air shopping centers, will relocate its headquarters to a 175,000-square-foot office building located at 565 Taxter Road in the New York City suburb of Elmsford. The move will be effective in August, with construction to begin on the 19,533-square-foot space in May. DLC has collaborated with the Westchester County Industrial Development Agency to facilitate the move. The new office will include open workspaces and collaborative areas for all teams, as well as various meeting and conference rooms able to house up to 90 employees. The property will also include an on-site gym, locker room and cafeteria.
BEDFORD, ANDOVER & BILLERICA, MASS. — Avison Young, as buyer representative for Atlantic Management, has arranged the purchase of three office/flex buildings in Massachusetts. Atlantic Management acquired the 211,377-square-foot portfolio from Wheelock-Novaya for $26.5 million. The assets are located at 15 Crosby Dr. in Bedford, 200 Bulfinch Dr. in Andover and 5 Federal St. in Billerica. Tenants at the properties include Ocular Therapeutix and Becton Dickinson. Scott Jamieson of Avison Young worked with Joe Zink and Steve Wyman of Atlantic Management on the buyer’s side, while Wheelock-Novaya was represented by Gary Kamin of Wheelock Street Capital and Scott Tully and Shawn Hawthorne of Novaya Real Estate Ventures.