NEWARK, N.J. — Hollister Construction Services has broken ground for AeroFarm and RBH Group’s vertical indoor farm in Newark. Located at 212 Rome St., the 69,000-square-foot facility is expected to produce up to 2 million pounds of fresh vegetables and herbs per year when the facility is in full operation. The facility is slated for completion this year. KSS Architects designed the facility, while Harrison-Hamnett provided construction engineering services.
NORWALK, CONN. — Building and Land Technology has signed 68,500 square feet of office leases at Merritt on the River, a 225,000-square-foot office building located at 20 Glover Ave. in Norwalk. Rocaton Investment Advisors signed a new leased for 21,228 square feet. The company will relocate to the new space this fall from Merritt 7 Corporate Park. Ed Tonnessen and Ethan Rice of JLL represented the tenant in the deal. Wilton Re is also relocating to Merritt on the River from 187 Danby Road in Wilton, Conn. Kevin Foley and William Montague of Cushman & Wakefield represented the tenant in the 21,480-square-foot transaction. Additionally, Aetna renewed its 5,934-square-foot lease and McKesson Health Solutions renewed its 10,859-square-foot lease. Paul Tortora and William Fitzgerald of JLL represented Aetna, and Kevin McCarthy of CBRE represented McKesson in the transactions.
NEW JERSEY — Winick Realty Group has brokered five new leases for Jersey Mike’s Subs in new markets across New Jersey. The restaurant is leasing 1,800 square feet at 1350 Galloping Hill Road within Galloping Hill Shopping Center in Union; 1,427 square feet at 757 Bloomfield Ave. in West Caldwell; 1,600 square feet at Shoppes at Raider Boulevard in Hillsborough; 1,300 square feet at 2100 Route 35 in Ocean Township; and 1,200 square feet at 1260 Springfield Ave. in New Providence. Gary Krauss of Winick Realty Group represented various Jersey Mike’s Subs franchisees in each transaction.
NEW YORK CITY — TerraCRG has brokered the sale of a two-building multifamily portfolio located at 719-723 Eighth Ave. and 704 Eighth Ave. in Brooklyn’s Park Slope. RedSky Capital and Megalith Capital Management sold the properties for $37 million, or $811 per square foot, to an undisclosed buyer. Adam Hess and Ofer Cohen of TerraCRG represented both parties in the transaction.
CONSHOHOCKEN, PA. — The Carlton Group has arranged a bridge loan of $18.5 million in senior debt to facilitate the development of a two-property multifamily complex located in Conshohocken. Plans for the 318- and 270-unit multifamily properties, located at 401 and 433 Washington St., are pending final approval. Stephen Scorgie, Brendan Sullivan, Michael Campbell and Andrew Karaan of The Carlton Group managed the transaction. The sponsor of a deal is a local developer.
ALLENTOWN, PA. — City Center Lehigh Valley has selected Gensler to plan and design its Five City Center complex, a mixed-use complex spanning one block in downtown Allentown. The $100 million project’s master plan includes a 400,000-square-foot office and retail tower, a 335,000-square-foot residential tower with 175 apartment units, parking and a park. The project is scheduled for completion in 2018.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a four-property industrial facility in Brooklyn’s East Flatbush neighborhood. Located at 5255 Kings Highway and 2-24 Preston Court, the facility sold for $6.4 million, or $188 per square foot. The 34,396-square-foot asset, which consists of four buildings and a vacant lot, feature eight roll-down gates, one loading dock, multiple office spaces and conference room space. Jonathan Berman, Mark Spinelli, Daniel Tropp and Michael Tortorici of Ariel Property Advisors represented the seller, Zeluck Corp., and procured the buyer, a private investor, in the transaction.
SALEM, N.H. — CBRE/New England has arranged an office lease for 36creative at 23 S. Broadway in Salem. The boutique brand development and creative agency will lease 4,620 square feet from MetScott21 LLC. Formerly a Coca Cola Bottling Corp. facility, the property has been repositioned as a multi-tenant office/retail building. Chris Healey of CBRE/NE represented the tenant, while Art Bonin of ARBonin Cos. represented the landlord in the transaction.
NORWOOD, MASS. — Summit Hotel Properties Inc. has acquired the Hampton Inn Boston-Norwood, a 139-room hotel located at 434 Providence Hwy. in Norwood for $24 million. The company plans to spend $2.3 million on capital improvements, which will include a conversion to a Hampton Inn & Suites by Hilton, at the property during the second half of 2016. Additionally, the company has entered into a management agreement with Interstate Hotels & Resorts to manage the property. The name of the seller was not released.
NEW YORK CITY — Madison Realty Capital and Siguler Guff have acquired a retail condo property located at One Hanson Place in Brooklyn’s Fort Greene neighborhood. The joint venture purchased the 41,400-square-foot property for $20.4 million. The property sits at the base of the 41-story One Hanson Place, which was built in 1972. The name of the seller was not released.
