EASTON, PA. — Phillips Edison has acquired Palmer Town Centre, a shopping center located in Easton, for $32.3 million. Anchored by Giant Foods Supermarket and Marshalls, the property offers 153,085 square feet of retail space. Colliers International represented the seller, Los Angeles-based The Festival Cos., in the deal.
MOUNT LAUREL, N.J. — An affiliate of Endurance Real Estate Group and Thackeray Partners have purchased a warehouse and distribution facility located at 2000 Bishop Gate Blvd. in Mount Laurel. An undisclosed corporate user sold the 305,250-square-foot property for an undisclosed price. The property features 30-foot clear ceiling heights, 25 dock-high loading doors, an ESFR sprinkler system and Comcast fiber service. CBRE represented the seller in the transaction.
PROVIDENCE, R.I. — CBRE/New England has arranged the sale of Grant Mill, an apartment building located in Providence. Brady Sullivan Rhode Island Properties sold the 85-unit building to an affiliate of Heritage Properties for an undisclosed price. Converted from a mill building into an apartment property in 2009, Grant Mill features 85 units in a mix of one-, two- and three-bedroom units, a community room with billiards, fitness center, media room, resident storage, 111 surface parking spaces and 28 garage parking spaces. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the deal.
NEW YORK CITY — Royal Bank of Canada has renewed its 400,000-square-foot lease of office space at 200 Vesey Street at Brookfield Place New York in Lower Manhattan. RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada, will continue to occupy floors 6 (partial), 8-12, 14 and 25 (partial) at the 51-story office tower until 2032. Bruce Mosler, Ethan Silverstein, Dale Schlather, Al Edwards, John Bestill and Chuck Scott of Cushman & Wakefield represented the tenant. The landlord, Brookfield Properties, was represented in-house.
EAST HEMPFIELD, PA. — Bennett Williams Commercial has brokered the sale of Wheatland Shopping Center, a retail center located at 1761-1835 Columbia Ave. in East Hempfield. Nico Wheatland LLC acquired the 70,692-square-foot property from Homewood Realty for an undisclosed price. Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial represented the buyer, while Stine, Rohrbaugh and Gary Russell of Bennett Williams represented the seller in the deal.
BOSTON — New Balance Athletics Inc. and John Hancock Financial have partnered to develop The Residences at Boston Landing, a 17-story apartment building located near the New Balance headquarters in Boston. Hancock is taking a major equity stake in the project, which is slated to open in June 2018. Designed by Elkus Manfredi Architects, the property will feature 295 units in a mix of studio, one-, two- and three-bedroom layouts, 16,400 square feet of ground-floor retail space, an activity lounge, outdoor courtyard and pool, pet grooming station and bicycle storage. The Residences at Boston Landing will be a residential building within Boston Landing, which is a 15.2-acre mixed-use development. Other buildings at the development are occupied by New Balance, the Boston Bruins Practice and Training facility and the future practice and training facility of the Boston Celtics. Future plans for the development include the construction of a 290,000-square-foot sports complex. The project team includes John Hancock and New Balance Athletics as investors; New Balance Development Group as master-plan developer; The HYM Investment Group as development manager; Elkus Manfredi Architects as architect; John Moriarty & Associates as general contractor; and Moran & Co. as real estate investment banker.
NEW YORK CITY — A partnership between Quadrum Global and Simon Baron Development has secured a $70 million loan for the refinancing of 393 West End Avenue, a 17-story residential tower in Manhattan’s Upper West Side. The 114-unit property features one-, two-, three- and four-bedroom layouts, a 24-hour concierge, rooftop terrace, residents’ lounge, fitness center and children’s playroom. Ayush Kapahi of HKS Capital Partners sourced the loan from Signature Bank.
NEW YORK CITY — Akelius has purchased an apartment building located on Dean Street in Brooklyn for $16 million. An undisclosed seller sold the 34-unit building, which was built in 1920. With this acquisition, Akelius now owns 14 properties in New York, for a total of 30 properties in the United States.
NEW KENSINGTON, PA. — Kacin Cos. has completed the disposition of a warehouse facility located at 350 Alvin Drive in New Kensington. Broadstone Real Estate acquired the property for $15.5 million. Leedsworld Inc. occupies the 239,400-square-foot property, which was constructed in 2015 as a build-to-suit for the tenant. Donovan Mackey, Mark Taylor and Mitchell Cowan of Marcus & Millichap represented the seller, while Mackey also procured the buyer in the deal.
NORTHERN NEW JERSEY — Walker & Dunlop has acquired the loan origination platform of Deerwood Real Estate Capital, a commercial mortgage brokerage and advisory firm based in Northern New Jersey. The firm specializes in sourcing debt and equity for all commercial real estate asset classes. Sixteen commercial loan originators are expected to join Walker & Dunlop, including Deerwood co-founders, David Rosenberg and Abe Katz. The acquisition does not bring additional loan servicing to Walker & Dunlop. Terms of the cash transaction were not disclosed.
