BOSTON — Locally based investment and management firm Capital Properties has received a $19 million loan for the refinancing of The S.S. Pierce Building, a 72,790-square-foot office and retail building located in the Brookline area of Boston. Originally constructed in 1898 for grocer S.S. Pierce, the building currently features street-level retail space and three levels of office space. Brookline Bank is a retail tenant, and the office component includes users in the financial services and behavioral health fields, among others. Patrick Boyle, Kevin Phelan and Rose Liu of Colliers arranged the fixed-rate loan through an undisclosed balance sheet lender on behalf of Capital Properties.
FAIRFIELD, CONN. — New Jersey-based intermediary Cronheim Mortgage has arranged a $5 million permanent loan for Fairfield Shopping Center in southern coastal Connecticut. The 72,000-square-foot center was built in 1955. Anchored by Restoration Hardware Outlet, which recently backfilled a 35,000-square-foot space formerly occupied by Bob’s Stores, the center is also home to tenants such as T-Mobile, The UPS Store, Village Bagels and HobbyTown USA. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim arranged the debt on behalf of the owner, the firm of late local developer Albert Phelps.
MANCHESTER, PA. — Marcus & Millichap has brokered the $3.8 million sale of a 6,129-square-foot gas station in Manchester, a southern suburb of Harrisburg, that is occupied by fuel station and convenience store operator Sheetz. The newly built facility sits on a 3.3-acre site next to East Manchester Village Centre shopping center. Derrick Dougherty and Nick Geaneotes of Marcus & Millichap represented the seller and procured the buyer, both of which were Pennsylvania-based entities that requested anonymity, in the transaction.
NEW YORK CITY — Hazen & Sawyer has inked a 44,000-square-foot office lease extension at 498 Seventh Ave. in Manhattan’s Times Square area. The engineering firm will continue to house its headquarters across the entire 11th floor of the 960,000-square-foot building through 2035. Curtis Dean of CD Commercial Real Estate Services represented Hazen & Sawyer, which has been a tenant at the building since 1999, in the lease negotiations. Matt Coudert and Andrew Conrad internally represented the landlord, George Comfort & Sons.
BRISTOL, R.I. — Developer DXD Capital has completed a 750-unit self-storage facility in Bristol, about 20 miles south of Providence. Extra Space Storage will operate the facility at 180 Mount Hope Ave., which has a gross square footage of 88,620 square feet and a net rentable square footage of 61,600 square feet. In addition, the property’s design elements mimic those of New England townhomes. Jayeff served as the general contractor for the project, which was financed by Centreville Bank. DXD Capital acquired the site in November 2022.
COLTS NECK, N.J. — New York City-based developer Kushner has broken ground on a 360-unit multifamily project in Colts Neck, about 50 miles south of Manhattan. Designed by Minno & Wasko Architects and Planners, Livana Colts Neck will consist of 15 three-story buildings that will house studio, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, outdoor grilling and dining stations, clubroom, lounge, conference facilities and a dog park. Construction is expected to be complete in spring 2027.
NEWTON, MASS. — Marcus & Millichap has negotiated the $15.2 million sale of Curtis Arms Apartments, a 44-unit multifamily building located in the western Boston suburb of Newton. The property consists of four buildings that each house 11 two-bedroom units on a 1.8-acre site. The Curtis Family originally developed the property in 1969 and sold it to an undisclosed buyer. Tony Pepdjonovic and Evan Griffith of Marcus & Millichap brokered the deal.
NEW YORK CITY — PubMatic Inc., a software provider for the digital publishing and advertising industry, has signed a 60,000-square-foot office lease at 498 Seventh Ave. in Manhattan’s Times Square area. The company already subleases the entire 18th floor of the 960,000-square-foot building and will expand to the entire 19th floor early next year under the terms of the new deal. Greg Taubin of Savills represented PubMatic in the lease negotiations. Matt Coudert and Andrew Conrad internally represented the landlord, George Comfort & Sons.
COLLINGSWOOD, N.J. — Cooper University Health Care has opened the 3,800-square-foot Center for LGBTQ+ Health in Collingswood, located outside of Philadelphia in Southern New Jersey. The site is about four miles from Cooper University Hospital and houses six exam rooms, a therapy and counseling room, staff lounge, provider offices and a central medical assistant station. Spiezle Architecture Group designed the clinic, and general contractor Gary F. Gardner Inc. handled the build-out.
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Multifamily Markets See Silver Lining Despite Economic Headwinds
Like other property sectors, rental housing assets have experienced big swings in fortunes over the past few years. Historically high rent growth during the pandemic came to a halt amid new supply in many markets. And the end of cheap debt has stymied investment sales and is stressing investors who paid handsomely for apartments using short-term financing. But the situation could be worse. Housing remains in high demand, and despite higher mortgage rates and a collapse in home sales, a severe lack of inventory on the market continues to prop up home values and price out would-be buyers. In May, home prices across the country increased 5.9 percent over the previous year, according to the latest S&P CoreLogic Case Shiller U.S. National Home Price NSA Index. Rental housing owners and operators are the obvious beneficiary of those challenges, says Ivy Zelman, executive vice president and co-founder of Zelman & Associates, a Walker & Dunlop company that provides housing research, analysis and consulting. Move-outs attributed to home purchases clearly illustrate the trend. An apartment and single-family rental operator in Phoenix recently told Zelman that such move-out activity has dropped to about 13 percent from an historical average of 30 percent, she …