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Northeast

Go Store It Self Storage Nantucket
Company NewsIndustrialNorth CarolinaNortheastPennsylvaniaProperty TypeSelf-StorageSoutheastTop Stories

Go Store It, Snapbox Merge, Creating 10 MSF Self-Storage Giant

by Hayden Spiess

CHARLOTTE, N.C. AND PHILADELPHIA — Go Store It Self Storage and Snapbox Self Storage have merged. The combined company is now one of the largest private self-storage operators in the United States, according to a press release issued by the companies.  Operating under the Go Store It Self Storage brand name, the new entity will oversee a portfolio totaling more than 10 million square feet of storage space across 145 locations in 23 states. Executive leadership will include Ryan Hanks and Jake Ramage as chief executive officers (CEOs), with Matt Lang serving as president. The merger is designed to enhance operational efficiency as well as stimulate growth in the areas of acquisition, development and third-party management.  Founded in 2013 in Charlotte, N.C., Go Store It is a subsidiary of Madison Capital Group Holdings. Philadelphia-based Snapbox was also founded in 2013. Both companies are FrontRange Capital portfolio companies. FrontRange has invested roughly $100 million in Madison Capital and its affiliates, including Go Store It, and is making a co-general partner (co-GP) commitment to the new entity.  — Hayden Spiess

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Affordable HousingLoansMultifamilyNew YorkNortheast

JP Morgan Provides $210M Agency Refinancing for New York City Affordable Housing Portfolio

by Taylor Williams

NEW YORK CITY — J.P. Morgan has provided a $210 million Freddie Mac loan for the refinancing of a portfolio of 12 transitional and affordable housing properties in New York City. The properties are scattered throughout Manhattan, Brooklyn, Queens and The Bronx and total 1,115 units across approximately 304,000 square feet. Each property is leased to a unique nonprofit operator and backed by a contract with the New York City Department of Homeless Services. The loan carries a seven-year term and a fixed interest rate. The borrower is a partnership between two locally based firms, developer Slate Property Group and alternative asset management firm Fundamental Advisors.

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TownPlace-Suites-Lyndhurst-New-Jersey
HospitalityLoansNew JerseyNortheast

Cronheim Mortgage Arranges $14.6M Construction Loan for Northern New Jersey Hotel

by Taylor Williams

LYNDHURST, N.J. — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $14.6 million construction loan for a Marriott-branded hotel project in the Northern New Jersey community of Lyndhurst. The hotel will total 128 rooms and will be operated under Marriott’s TownePlace Suites brand. David Turley of Cronheim Mortgage placed the loan through an undisclosed local bank on behalf of the borrower, regional hospitality owner-operator BDG Hotels. Construction is slated for a late 2025/early 2026 completion.

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Spencerport-Village-Plaza
AcquisitionsNew YorkNortheastRetail

Legacy Realty Negotiates Sale of 99,096 SF Shopping Center in Spencerport, New York

by Taylor Williams

SPENCERPORT, N.Y. — New York-based brokerage firm Legacy Realty Group Advisors has negotiated the sale of Spencerport Village Plaza, a 99,096-square-foot shopping center located on the western outskirts of Rochester. Tops Friendly Markets anchors the property, which is also home to tenants such as Dollar Tree, M&T Bank and Lamont Awards & Apparel. Jacob Baruch and Daniel Baruch of Legacy Realty represented the buyer and seller, both of which requested anonymity, in the transaction.

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AcquisitionsNew YorkNortheastRetail

Innovative Resources for Independence Buys Queens Retail Building for $5.2M

by Taylor Williams

NEW YORK CITY — New York-based nonprofit organization Innovative Resources for Independence has purchased a 9,227-square-foot retail building in the Rego Park area of Queens. The sales price was $5.2 million. The building, which previously housed a Rite-Aid, is located at 65-35 Woodhaven Blvd. and includes 21 parking spaces. Andrew Jaworski, Dean Rosensweig, Chris Betting and Jojo Lewis of CBRE represented the undisclosed seller in the transaction.

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Leasing ActivityNew JerseyNortheastPennsylvaniaRetail

Norman’s Hallmark to Open Nine Stores in New Jersey, Pennsylvania

by Taylor Williams

NEWTOWN, PA. — Norman’s Hallmark has signed leases to open nine stores that will range in size from 5,000 to 7,000 square feet in New Jersey and Pennsylvania. The New Jersey stores are located in Princeton, Somers Point, Marlton, Ocean Township, Manalapan, Turnersville and Mays Landing. The Pennsylvania stores are located in Allentown and Wyomissing. Rose Urban of Equity Retail Brokers represented the Pennsylvania-based home décor retailer in all lease negotiations.

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Leasing ActivityLife SciencesMassachusettsNortheastOffice

Vertex Pharmaceuticals Renews 1.1 MSF Office, Life Sciences Lease in Boston

by Taylor Williams

BOSTON — Vertex Pharmaceuticals Inc. has renewed its lease for approximately 1.1 million square feet of office and life sciences space at 50 Northern Avenue and 11 Fan Pier Boulevard in Boston. According to Loopnet Inc., both buildings were constructed in 2013 and total 587,374 and 543,098 square feet, respectively. Vertex’s existing lease, which expires in December 2028, was extended for approximately 15 years through June 2044. A joint venture that includes locally based REIT Diversified Healthcare Trust (NASDAQ: DHC) owns both buildings. The RMR Group provides property and asset management services for the joint venture.  

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133-E.-55th-St.-Manhattan
DevelopmentLoansMultifamilyNew YorkNortheast

JLL Arranges $52M Construction Loan for Manhattan Multifamily Project

by Taylor Williams

NEW YORK CITY — JLL has arranged a $52 million construction loan for a multifamily project located at 133 E. 55th St. in Manhattan’s Midtown East neighborhood. The project currently rises 12 stories and will reach 21 stories upon completion, which is scheduled for winter 2025. Designed by Zproekt Architecture, the building will house one-, two- and three-bedroom units as well as one three-bedroom duplex penthouse. Amenities will include a spa complex with a sauna, steam room and plunge pool, as well as a fitness center, package room and an outdoor recreation area. Locally based bridge lender Emerald Creek Capital provided the loan to the developer, a joint venture between Rybak Development and BK Developers. Robert Tonnessen and Aaron Neidermayer led the tranasaction for JLL.

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66-Main-St.-Yonkers
LoansMultifamilyNew YorkNortheast

Bayview PACE Provides $3.5M in Financing for Yonkers Apartment Building

by Taylor Williams

YONKERS, N.Y. — Bayview PACE has provided $3.5 million in C-PACE financing for a 170-unit apartment building in Yonkers, located north of New York City. The 10-story building at 66 Main St. was originally built in 2008 and offers amenities such as a fitness center, basketball court, community room, media room and rooftop terrace, as well as nearly 20,000 square feet of ground-floor retail space. The undisclosed owner will use the financing to fund energy-efficiency initiatives and HVAC repairs and replacements. To close the loan, Bayview worked with Energy Improvement Corp. (EIC), a nonprofit development corporation that provides long-term alternative financing to fund clean energy projects in commercially owned buildings in New York.

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AcquisitionsIndustrialNew JerseyNortheast

Cushman & Wakefield Brokers $2.5M Sale of Industrial Flex Building in Denville, New Jersey

by Taylor Williams

DENVILLE, N.J. — Cushman & Wakefield has brokered the $2.5 million sale of 1 Stewart Court, a 14,100-square-foot industrial flex building in Denville, about 40 miles west of New York City. The building is located on a 2.2-acre site within Bridge View Business Park and features a clear height of 16 feet and two loading docks. Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, an entity doing business as One Stewart Court LLC, in the transaction. The team also procured the undisclosed buyer.

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