CHATHAM, N.J. — New Jersey-based developer Walters has completed Cornerstone at Chatham, a 63-unit affordable housing complex in Northern New Jersey. The building sits on a 3.2-acre site that formerly housed a now-defunct restaurant. Units come in one-, two- and three-bedroom formats, range in size from 807 to 1,343 square feet and are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, community room and outdoor grilling and dining stations. Construction began in August 2023.
MATAWAN, N.J. — Marcus & Millichap has brokered the $3 million sale of a 20,665-square-foot retail center in Matawan, about 40 miles south of Manhattan. The property is known as Matawan Mall and is home to 11 tenants, with Dunkin’ serving as the anchor. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, Brupat Holdings LLC, in the sale, which was conducted via auction platform Ten-X. The trio also procured the buyer, a local private investor.
MYSTIC, CONN. — Colliers has arranged the $2.9 million sale of a retail building in Mystic, located in southern coastal Connecticut. The building at 49-53 Main St. formerly housed the Bank Street Book Store and totals 9,000 square feet, according to LoopNet Inc. John Cafasso of Colliers represented the buyer, jeweler Lux Bond & Green, which also plans to occupy the property, in the transaction. Judi Carcausa of William Pitt Sotheby’s International Realty represented the undisclosed seller.
NEW YORK CITY — CBRE has arranged $98 million in acquisition financing for a portfolio of 26 multifamily buildings totaling 80 units in the Prospect Heights area of Brooklyn. The portfolio also includes 32 retail spaces totaling roughly 40,000 square feet. Shamir Seidman, Judah Hammer and Jeff Feldman of CBRE arranged the financing, which includes capital for future building improvements, through Derby Copeland Capital. The borrowers were private investors Michael and Ed Ostad.
RIDGEWOOD, N.J. — Cushman & Wakefield has brokered the $5.6 million sale of a 16,698-square-foot retail property in the Northern New Jersey community of Ridgewood. The property at 30-38 Oak St. was 92 percent leased at the time of sale to tenants such as Park West Tavern, Je Lu Ja Spa and Ridgewood Education Association. Andrew Schwartz, Jordan Sobel, Andre Balthazard, Dan Bottiglieri and David Bernhaut of Cushman & Wakefield represented the seller, Onyx Equities, in the transaction. The buyer was not disclosed.
MEDFORD, MASS. — Marcus & Millichap has negotiated the $3.5 million sale of a 12-unit apartment building in Medford, a northwestern suburb of Boston. The building at 218-220 Middlesex Ave. was recently renovated and comprises 10 one-bedroom units and two two-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CRANBERRY TOWNSHIP, PA. — Wegmans, a grocer based in upstate New York, has announced plans to open its first Pittsburgh-area store. An opening date was not announced, but the store will span 115,000 square feet and will be located on a 13-acre site on Cool Springs Drive in Cranberry Township, a northern suburb of the Steel City. Wegmans plans to hire between 400 and 500 full- and part-time employees to staff the new store.
TARRYTOWN, N.Y. — Progressive Insurance has signed a 10,487-square-foot office lease in Tarrytown, a northern suburb of New York City. The space is located at 560-580 White Plains Road, a two-building, 306,475-square-foot development. Matthew Lisk, Tara Long and Steve Baker of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Glenn Walsh and Larry Ruggieri of Newmark represented Progressive.
NEW YORK CITY — A partnership between two locally based firms, Charney Cos. and Tavros Capital, has begun leasing Union Channel, a 224-unit multifamily project in the Gowanus area of Brooklyn. Designed by Fogarty Finger Architecture, the nine-story building houses studio, one-, two- and three-bedroom units, 25 percent of which are designated as affordable housing. Residences are furnished with stainless steel appliances, porcelain tile backsplashes, concrete countertops and floor-to-ceiling windows. Amenities include a landscaped roof deck with a pool, gym and yoga room, coworking lounge and a resident sky lounge. Rents start at $3,100 per month for a studio apartment.
TAUNTON, MASS. — JLL has brokered the sale of a 198,720-square-foot distribution center in Taunton, located near the Massachusetts-Rhode Island border. Built in 2014, facility at 151 Charles F. Colton Road features a clear height of 28 feet, 30 loading docks, 23 trailer parking spaces and ESFR sprinkler system. Michael Restivo and David Coffman of JLL represented the seller, a fund managed by Brookfield Asset Management, in the transaction. An Ares Management Real Estate fund acquired the property, which was fully leased at the time of sale to a tire and automotive services company, for an undisclosed price.