Tuesday, July 8, 2025
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Northeast

5-Omni-Way-Chelmsford-MA
MassachusettsNortheastOffice

Griffith Properties/Echo Bridge Partners Sell Office Building Massachusetts for $32.5M

by Amy Works

CHELMSFORD, MASS. — Griffith Properties/Echo Bridge Partners has completed the disposition of an office building located at 5 Omni Way in Chelmsford. A private New York-based investment firm acquired the 131,430-square-foot asset for $32.5 million. The property recently underwent a $15 million redevelopment and renovation. The building will serve as a key regional call center and executive hub for Comcast with 24/7/365 operations and full call center backup redundancy. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the transaction.

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Lakebrook-Medical-Center-Westbrook-CT
ConnecticutHealthcareNortheastOffice

Jacobson Properties, RE/MAX Right Choice Broker $6.1M Sale of Medical Center Property in Connecticut

by Amy Works

WESTBROOK, CONN. — Jacobson Properties and RE/MAX Right Choice have arranged the sale of Lakebrook Medical Center in Westbrook. An institutional healthcare real estate investment firm acquired the Class A medical office building for $6.1 million. At the time of sale, the 24,500-square-foot property was leased by Yale Heart & Vascular and Middlesex Hospital. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice handled the transaction. The name of the seller was not released.

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Berks-Park-78-Bethel-PA
IndustrialNortheastPennsylvania

Dermody Properties Leases 500,400 SF of Industrial Space in Pennsylvania

by Amy Works

BETHEL, PA. — Dermody Properties and Granite Real Estate Investment Trust leased 500,400 square feet of industrial space at Berks Park 78 in Bethel to a global consumer electronics company. The company will move into the facility in April and use the space for the distribution of its consumer home appliances. Gerry Blinebury and Adam Campbell with Cushman & Wakefield represented Dermody Properties in the lease, while Vincent Ranalli and John Schumacher of CBRE represented the tenant in the transaction.

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MassachusettsNortheastOffice

Novaya Real Estate Arranges Two Leases Totaling 32,627 SF in Massachusetts

by Amy Works

LOWELL, MASS. — Novaya Real Estate Ventures has secured two new leases totaling 32,627 square feet at 55 Technology Drive in Lowell. In the first transaction, Lowell General Hospital leased 24,116 square feet to house an expansion for the hospital administrative offices. In the second deal, Contract Logix LLC inked a lease for 8,516 square feet, which will be used for the company’s headquarters. The two-story office building is now 100 percent leased. Additional tenants include Boston Scientific, Borrego Solar and Lowell Five Center Savings Bank. Joel Kahn of Equity Alliance LLC represented Lowell General Hospital, Matt Adams of NGKF represented Contract Logix, and Mark Reardon of CBRE| New England represented Novaya in the transactions.

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New YorkNortheastOffice

RUI Credit Services Expands to 30,845 SF in Melville, New York

by Amy Works

MELVILLE, N.Y. — RUI Credit Services has expanded its lease by 11,834 square feet at the Melville Square Corporate Center at 1305 Walt Whitman Road in Melville. The company will now occupy 30,845 square feet on the second floor of the 165,310-square-foot office building, which is owned by The Feil Organization. Richard Caputi of Cresa Long Island represented RUI, while Nicholas Forelli and David Turino provided in-house representation for landlord.

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70-Hudson-St-Jersey-City-NJ
New JerseyNortheastOffice

Gramercy Property Trust Sells Two Hudson Street Properties in Jersey City for $299M

by Amy Works

JERSEY CITY, N.J. — Gramercy Property Trust has completed the disposition of a 438,158-square-foot office building at 70 Hudson St. and a 418,000-square-foot office building at 90 Hudson St. in Jersey City for an aggregate gross sales price of $299 million, or $349 per square foot. Prior to closing, Gramercy prepaid the mortgage debt attributable to 70 Hudson and the undisclosed buyer assumed the outstanding loan of $101 million on 90 Hudson. At the time of sale, 70 Hudson was vacant and the exit cap rate was 6.6 percent on stabilized 2016 cash net operating income for 90 Hudson. Net proceeds to the seller equate to $184.8 million.

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1125-S-Market-St-Mechanicsburg-PA
IndustrialNortheastPennsylvania

The Hampshire Companies Sells 596,703 SF Industrial Building in Pennsylvania

by Amy Works

MECHANICSBURG, PA. — The Hampshire Companies has completed the disposition of a 596,703-square-foot industrial building located at 1225 S. Market St. in Mechanicsburg. Allen Distribution acquired the property for an undisclosed price. Situated on more than 100 acres, the property features ceiling heights ranging from 16 feet to 30 feet, 58 loading doors, one drive-in door, 747 car parking spots and 24 trailer stalls. Additional features include a fire suppression system, office-chiller air handler HVAC system, warehouse rooftop cooling units, gas-fired heating air rotation units, on-site helicopter pad and power sub-station. At the time of sale, the property was 65 percent occupied with an available 205,858 square feet of vacancy. Gerard Blinebury, Marie Connell and Samantha Kennedy of Cushman & Wakefield brokered the transaction.

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337-W-36th-St-NYC
HospitalityNew YorkNortheast

McSam Hotel Group Breaks Ground on 89-Room Choice Hotel in Manhattan

by Amy Works

NEW YORK CITY — McSam Hotel Group, as developer, has broken ground for a 25,000-square-foot Choice Hotel at 337 W. 36th St. in Manhattan. Designed by Gene Kaufman Architect, the 23-story, 89-room hotel is rising on a site that is only 25 feet wide. The hotel will feature a stone base, brick façade and penthouse with an angled mirror-and-glass front.

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One-Palmer-Ter-Carlstadt-NJ
IndustrialNew JerseyNortheast

NAI Hanson Brokers Sale of 53,152 SF Industrial Building in New Jersey

by Amy Works

CARLSTADT, N.J. — NAI James E. Hanson has arranged the sale of a newly constructed 53,152-square-foot industrial building in Carlstadt. Loftex Logistics LLC, a Chinese textile company, acquired the property from Sitex Group for an undisclosed price. Located at One Palmer Terrace, the warehouse features 32-foot clear ceiling heights, 52-foot by 60-foot column space, five loading docks with 30,000-pound capacity levelers and one drive-in door. Additionally, the facility features state-of-the-art energy-efficient T-5 fluorescent lighting, 41 on-site parking spaces, a 130-foot truck court with a 60-foot concrete apron. Loftex Logistics plans to use the property as its first fulfillment and distribution center in the United States. Tom Vetter and Jeff DeMagistris of NAI James E. Hanson represented the seller, while Century 21 New Beginnings Realty represented the buyer in the transaction.

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The-Carlyle-Hackensack-NJ
LoansMultifamilyNew JerseyNortheast

Cronheim Mortgage Secures $18M Loan for New Jersey Multifamily Property

by Amy Works

HACKENSACK, N.J. — Cronheim Mortgage has arranged $18 million in financing for The Carlyle, an apartment building located in Hackensack. Constructed in 1976, the 13-story property features 128 residential units. Andrew Stewart and Allison Moravec of Cronheim secured the financing, which features a three-year fixed rate. The name of the borrower was not released.

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