NEW YORK CITY — LEEP Dual Language Academy Charter School has signed a 13,241-square-foot lease expansion in Brooklyn. The school’s footprint now spans 37,924 square feet across four floors within the building at 5323 Fifth Ave. in the Sunset Park neighborhood, where it first opened in 2019. Martin Cottingham, Michael Gottlieb and Patrick Steffens of Avison Young represented the school in the lease negotiations. Comjem Associates owns the building.
JERSEY CITY, N.J. — A partnership between regional development and investment firms Kushner Cos. and The KABR Group has completed a $30 million mixed-use redevelopment project in Jersey City. The project converted the former Great Atlantic & Pacific Tea Co. warehouse, a six-story building that was originally constructed in 1913, into a commercial structure with 135,000 square feet of office and retail space known as The Arts & Powerhouse Building. Commercial spaces range in size from 4,000 to 100,000 square feet, and the building features a 10,000-square-foot rooftop amenity deck. Retailers that have already signed leases or opened stores at the building include Rumble Boxing, Daily Provisions, Spear Physical Therapy and One Medical. CBRE is the building’s leasing agent.
ROCHESTER, N.Y. — Northmarq has provided a $14 million Fannie Mae loan for the refinancing of Windsor Gardens, a 296-unit apartment community in Rochester. Built in 1972 and renovated in 2002, Windsor Gardens offers studio, one-, two- and three-bedroom units. Amenities include a fitness center, conference room, clubhouse, video library and onsite laundry facilities. Robert Ranieri of Northmarq originated the 10-year loan on behalf of the borrower, an entity doing business as Windsor Associates LP.
BOSTON — Marcus & Millichap has brokered the $7.3 million sale of Bennington Arms, a 28-unit apartment building in East Boston. The three-story building at 720 Bennington St. is located in the Orient Heights neighborhood and houses 17 one-bedroom units and 11 studios, half of which were recently renovated. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WHITMAN, MASS. — Locally based brokerage firm The Stubblebine Co. has negotiated the sale of a 14.3-acre industrial outdoor storage (IOS) facility in Whitman, located south of Boston in Plymouth County. The site at 215 Bedford St. includes a 23,255-square-foot warehouse and 4.8 paved acres. Matty Drouillard and James Stubblebine of The Stubblebine Co. represented the seller, a limited liability company, in the transaction and procured the buyer, Philadelphia-based Alterra IOS
THORNWOOD, N.Y. — Immortal Fitness has signed a 14,994-square-foot lease in an industrial flex building in Thornwood, located about 30 miles north of Manhattan. The building at 1 Zeiss Drive totals 120,000 square feet, and the space will feature a range of personal and group training areas, as well as a lounge, locker rooms, sauna and patio. New York Commercial Realty Group represented the tenant and the owner, Simone Development Cos., in the lease negotiations.
NEWARK, N.J. — Merchants Capital has secured $120 million in construction financing for Museum Parc, a 250-unit, mixed-income multifamily project in Newark. The financing consists of a $62 million construction loan provided by parent company Merchants Bank and a $58 million Freddie Mac 9 Percent Low-Income Housing Tax Credit forward permanent loan. Museum Parc will be a two-building complex in the downtown area that will also house a 4,120-square-foot Newark Museum of Art gallery and approximately 2,300 square feet of ground-floor retail space. Twenty percent of the units will be reserved as affordable housing. Of those 50 residences, 45 will be reserved for households earning 50 percent or less of the area median income (AMI), and the other five will be reserved for households earning 30 percent or less of AMI. Amenities will include a fitness center, coworking space, game room, speakeasy lounge, commercial kitchen area and a rooftop terrace. Michael Milazzo of Merchants Capital handled the transaction on behalf of the developer, a partnership between an affiliate of L+M Development Partners and local housing operator MCI Collective.
CHELMSFORD, MASS. — DH Property Holdings (DHPH) has received a $19.2 million construction loan for an office-to-industrial conversion project in Chelmsford, located northwest of Boston. The regional developer plans to demolish a 102,786-square-foot office building at 270 Billerica Road and construct a 91,606-square-foot industrial facility with a clear height of 32 feet, 12 dock positions and parking for 181 cars and 11 trailers. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Ianno and Stanley Cayre of Walker & Dunlop arranged the loan through Voya Financial on behalf of DHPH.
NORTH ATTLEBORO, MASS. — Regional brokerage firm Atlantic Capital Partners has arranged the $18 million sale of a 71,927-square-foot shopping center in North Attleboro, located just outside of Providence. Grocer Stop & Shop has anchored the center, which also houses an Asian restaurant, since its completion in 1993 and remodeled its store in 2018. Justin Smith, Chris Peterson, Sam Koonce and Danielle Turpin of Atlantic Capital Partners represented the seller in the transaction. Additional terms of sale were not disclosed.
BRICK, N.J. — Locally based investment firm TFE Properties has purchased The Shops at Brick, a 103,832-square-foot shopping center located near the Jersey Shore. The center is currently home to Bonefish Grill and McDonald’s, and both anchor and junior anchor spaces are available for lease. Kevin O’Hearn and Joseph Lopresti of JLL represented the undisclosed seller in the transaction and procured TFE Properties as the buyer. The new ownership plans to implement a value-add program.