Northeast

Adirondack Capital Partners Arranges $107M Sale of New Multifamily Property in Bridgeport, Connecticut

by Taylor Williams October 28, 2024

BRIDGEPORT, CONN. — Regional brokerage firm Adirondack Capital Partners has arranged the $107.5 million sale of Canfield Park at Fairfield Metro, a 300-unit multifamily property located in the southern coastal Connecticut city of Bridgeport. The seller was South Norwalk, Conn.-based investment firm Spinnaker Real Estate Partners. The buyer was a joint venture between an undisclosed institutional investment management firm and a New York City-based multifamily owner-operator. Michael Hunter Coghill of Adirondack Capital Partners represented both parties in the transaction. Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh of Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged agency acquisition financing and joint venture equity for the deal. “The newly built assets’ premier location adjacent to the Fairfield–Black Rock train station, coupled with our ability to facilitate a smooth agency financing process, contributed to a successful execution for all parties,” says Kazanjian, who serves as senior managing director at IPA. Built in 2023, Canfield Park at Fairfield Metro offers studio, one- and two-bedroom units that range in size from 300 to 1,200 square feet. Monthly rental rates range from $2,207 to $3,325, according to Apartments.com. Amenities include a pool, fitness center, rooftop terrace, game room, golf simulator, music …

October 28, 2024

Development Healthcare New Jersey Northeast

Hackensack Meridian Breaks Ground on $50M Emergency Medical Facility in North Bergen, New Jersey

by Taylor Williams October 25, 2024

NORTH BERGEN, N.J. — Regional provider Hackensack Meridian Health has broken ground on a $50 million emergency medical facility at its Palisades Medical Center campus in North Bergen. The new facility will add 17 treatment bays to the existing campus, bringing the total to 50 and doubling the aggregate footprint of the emergency department to 22,000 square feet. In addition, the facility will feature an enlarged trauma room that will accommodate three treatment bays and 15 new fast-track bays to enable medical staff to treat non-emergency patients more efficiently, as well as a dedicated area for pediatric patients and a secure area for behavioral health patients. Construction is underway and slated for a 2026 completion.

October 25, 2024

Affordable Housing Development Massachusetts Multifamily Northeast

MassDevelopment Provides $45M Bond Financing for Affordable Housing Redevelopment in Salem

by Taylor Williams October 25, 2024

SALEM, MASS. — MassDevelopment has provided $45 million in tax-exempt bond financing for the redevelopment of Leefort Terrace, an affordable housing complex in Salem, located north of Boston. Leefort Terrace was originally built in 1958 and houses 50 one-bedroom units across eight buildings. The borrower, an affiliate of nonprofit owner-operator Beacon Communities, has entered into a 99-year ground lease with the Salem Housing Authority and demolished the existing buildings. The redeveloped property will feature 124 units in one-, two- and three-bedroom floor plans that will be reserved for renters earning between 30 and 60 percent of the area median income. Delivery is scheduled for summer 2026.

October 25, 2024

Acquisitions New York Northeast Retail

Chase Properties Buys 180,000 SF Shopping Center in Ithaca, New York

by Taylor Williams October 25, 2024

ITHACA, N.Y. — Ohio-based investment firm Chase Properties has purchased Creekside Plaza, a 180,000-square-foot shopping center located in the upstate New York community of Ithaca. The property was built in 2001 and was 95 percent leased at the time of sale to tenants such as Dick’s Sporting Goods, HomeGoods, Barnes & Noble and O’Reilly Auto Parts. The seller and sales price were not disclosed. Chase Properties acquired Creekside Plaza in conjunction with Waynesboro Town Center, a 170,810-square-foot shopping center in Virginia’s Shenandoah Valley region.

October 25, 2024

Acquisitions New Jersey Northeast Office

JLL Negotiates Sale of 154,777 SF Office Building in Hanover Township, New Jersey

by Taylor Williams October 25, 2024

HANOVER TOWNSHIP, N.J. — JLL has negotiated the sale of a 154,777-square-foot office building in Hanover Township, located in the northwestern corner of the Garden State. The three-story building at 10 Park Ave. was constructed on 8.7 acres in 2001 and formerly housed the operations of MetLife Investment Management. Dan Loughlin, Jeremy Neuer, Jose Cruz, Charlie Dillon, Bob Ryan, Ryan Robertson and Pranav Patel of JLL represented the seller, Ravine Development Co., in the transaction. The buyer and sales price were not disclosed.

October 25, 2024

Acquisitions Industrial Lee & Associates New Jersey Northeast

Lee & Associates Brokers $16.5M Sale of Northern New Jersey Warehouse

by Taylor Williams October 25, 2024

GARFIELD, N.J. — Lee & Associates has brokered the $16.5 million sale of a 73,000-square-foot warehouse in the Northern New Jersey community of Garfield. According to LoopNet Inc., the facility at 325 Midland Ave. was originally built on 2.7 acres in 1972 and features a clear height of 21 feet. Troy Wisse, Michael Schaible, Justin Smith, Chris Vassilian and Grant La Bounty of Lee & Associates represented the buyer, Deko International, in the transaction. Kevin Dudley and Kate Granahan of CBRE represented the seller, Snowball Developments.

October 25, 2024

Development Mixed-Use Multifamily New York Northeast Office Top Stories

Rabina Tops Out 88-Story 520 Fifth Avenue Mixed-Use Tower in Manhattan

by John Nelson October 25, 2024

NEW YORK CITY — Rabina, along with general contractor Suffolk Construction, has topped out 520 Fifth Avenue, an approximately 1,000-foot-tall high-rise development situated at the intersection of Fifth Avenue and West 43rd Street in the Midtown neighborhood of Manhattan. Once completed in 2025, the tower will rise 88 stories and feature 100 condominiums and 25 floors of office space, as well as a social club called Moss. In March 2022, Rabina secured $540 million in construction financing for 520 Fifth Avenue that comprised a $410 million senior loan from Bank OZK and $130 million in mezzanine financing from Carlyle. The residential component of the project is called Five Twenty Fifth Residences. Condos will come in one- through four-bedroom layouts. Residents will have access to amenities such as a library, game room with billiards, private dining rooms and a solarium. Seventy percent of the condos have already been sold since sales launched in April. The mixed-use tower will also offer office space from floors 10 to 34. Office spaces will range from 500 to 12,000 square feet and feature 12-foot tall ceilings, private terraces and open-air covered corridors. The office component has been dubbed 520 Offices. Corcoran Sunshine Marketing Group is …

October 25, 2024

Development Industrial Massachusetts Northeast

Brookfield Underway on 880,085 SF Industrial Project in Stoughton, Massachusetts

by Taylor Williams October 24, 2024

STOUGHTON, MASS. — Brookfield Properties is underway on construction of Stoughton Logistics Park, an 880,085-square-foot industrial project located on the southern outskirts of Boston. The 65-acre site at 45 Maple St. is a former quarry that is being redeveloped into a logistics campus with three buildings. Those buildings, one of which is already complete, range in size from 189,470 to 411,930 square feet. Buildings will feature clear heights of 36 to 42 feet, and the site also offers 6.9 acres for outdoor trailer parking/storage space. CBRE has been tapped as the leasing agent. The second and third buildings are scheduled for third-quarter 2025 deliveries.

October 24, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $38M Sale of Manhattan Multifamily Portfolio

by Taylor Williams October 24, 2024

NEW YORK CITY — Marcus & Millichap has brokered the sale of a portfolio of six multifamily buildings totaling 56 units in Manhattan’s East Village area. The portfolio features units with floor plans that range from one to six bedrooms, with 70 percent of the residences rented at market rates, as well as commercial spaces. Joe Koicim, Logan Markley, Matt Berger and Zan Colin represented the seller, Kushner Cos., in the transaction. The team also procured the buyer, a partnership between Edifice Real Estate Partners, Holliswood Development and JSB Capital Group.

October 24, 2024

Acquisitions Connecticut Northeast Retail

Kislak Negotiates $12M Sale of East Brook Mall in Mansfield Center, Connecticut

by Taylor Williams October 24, 2024

MANSFIELD CENTER, CONN. — The Kislak Co., a New Jersey-based brokerage firm, has negotiated the $12 million sale of East Brook Mall in Mansfield Center, located east of Hartford. Built in 1975 and renovated in 2005, the property totals 275,239 square feet and comprises an enclosed mall as well as open-air retail space and pad sites. Old Navy, Kohl’s, T.J. Maxx and Michaels are the anchor tenants. Barry Waisbrod of Kislak and Andrew Knight of New England Commercial Brokerage represented the seller, America’s Realty, in the transaction.

October 24, 2024

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