FORT LEE, N.J. — JLL has negotiated the sale of Ridge Pointe, a 132-unit apartment building in the Northern New Jersey community of Fort Lee. Built as an office building in 1985 and converted to residential use in 2014, Ridge Pointe offers studio, one-, two- and three-bedroom units with an average size of 1,296 square feet. Amenities include a rooftop lounge, screening room, fitness center, billiards room and a children’s playroom. Mike Oliver, Steve Simonelli, Jose Cruz, Elizabeth DeVesty, Austin Pierce and C.J. Anania of JLL represented the undisclosed seller in the transaction. Thomas Didio Jr., Gerard Quinn, Michael Mataras and Tyler Caricato, also with JLL, arranged acquisition financing for the deal through Balbec Capital on behalf of the buyer, SELA Realty Investments.
NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.8 million acquisition loan for an 11-unit apartment building in Brooklyn’s Williamsburg neighborhood. The building at 235-237 Kent Ave. includes ground-floor retail space above three levels of apartments. Bradley Buzil of MMCC arranged the nonrecourse loan, which carries a five-year term and a fixed interest rate, on behalf of the undisclosed buyer. The direct lender was also not disclosed.
MANCHESTER, N.H. — Marcus & Millichap has brokered the $3.9 million sale of a 56,000-square-foot civic building in Manchester. The building at 470 Pine St. was originally constructed in 1924 as a mill and is now home to three educational institutions. Luigi Lessa and Mattias Edenkrans of Marcus & Millichap represented the seller, an entity doing business as TAD LLC, in the transaction and procured the buyer, private investor Mike Mita. Thomas Shihadeh of Marcus & Millichap helped close the deal as the broker of record.
YORK, PA. — Chicago-based REIT First Industrial Realty Trust (NYSE: FR) has leased the entirety of First Logistics Center @ I-83, a 708,000-square-foot building in the Central Pennsylvania city of York. The tenant was not disclosed. The address and specific features of the building were also not disclosed, but the site offers proximity to interstates 76, 81 and 78, as well as Harrisburg International Airport. Leah Balerno, Ryan Barros, Vincent Ranalli, Patrick Lafferty and Bill Pellington of CBRE represented First Industrial in the lease negotiations.
WILKES-BARRE, PA. — Geisinger Health System has topped out construction of 600,000-square-foot project in Wilkes-Barre, located in northeastern Pennsylvania. The 11-story inpatient facility is being developed as part of the Geisinger Wyoming Valley Medical Center expansion. Project partners include architect FCA, general contractor Turner Construction, structural engineer O’Donnell and Naccarato and steel fabricator Beauce Atlas. Completion is slated for 2028. As part of the project, Geisinger is also renovating 102,000 square feet of existing hospital space and a pedestrian bridge that connects the project to a medical office building that is also under construction on campus.
MONMOUTH JUNCTION, N.J. — JLL has brokered the $56.9 million sale of a 223,977-square-foot distribution facility in the Central New Jersey community of Monmouth Junction. The single-tenant property at 27 Distribution Way features a clear height of 22 feet, 28 loading doors, 225-foot truck court depths and parking for 57 trailers and 126 cars. Jason Lundy, Nicholas Stefans, Ryan Cottone, Luke Ceccoli and Nate Demetsky of JLL represented the seller, CenterPoint Properties, in the transaction. The buyer was Denver-based investment firm Sagard Real Estate.
NEW YORK CITY — Mercor, which organizes human intelligence to power the AI economy, has signed a 25,550-square-foot office lease at One World Trade Center in Lower Manhattan. The space is located on the 77th floor. Harry Singer of CBRE represented Mercor in the lease negotiations. David Falk, Peter Shimkin, Hal Stein, Nathan Kropp and Paige Raisides of Newmark, along with internal agents Eric Engelhardt, Karen Rose and Sayo Kamara represented the landlord, The Durst Organization, which developed the building in partnership with The Port Authority of New York and New Jersey.
MONTREAL AND NEW YORK CITY — The Public Sector Pension Investment Board (PSP Investments), a pension fund investor based in Montreal, and Nuveen Real Estate, one of the largest investment managers in the world, have launched a joint venture with an initial investment of $790 million to acquire open-air shopping centers across the United States. To date, PSP and Nuveen have closed on 3 million square feet across 19 assets in Arizona, California, Colorado, Florida, Minnesota, Texas, Virginia and Washington. The investment strategy is demographically driven, focusing on open-air shopping centers anchored by market or category dominant grocers, necessity-based retailers and essential services that demonstrate “durable performance and resilient foot traffic,” according to the press release. In particular, the joint venture targets U.S. metro areas with strong population growth, rising household incomes and high barriers to entry, where well-capitalized retailers are actively seeking to expand. “Necessity-based retail has demonstrated remarkable resilience through various cycles, underpinned by consistent consumer demand for essential goods and services,” says Brian Wallick, portfolio manager of U.S. cities retail strategy at Nuveen Real Estate. “We’re confident this combination of scale, relationships and local execution positions us strongly in one of the most stable and defensive segments …
NEW CASTLE, DEL. — Chicago-based REIT First Industrial Realty Trust (NYSE: FR) has leased the entirety of a 226,074-square-foot building in New Castle. The tenant was not disclosed. The building is the first to be developed within First Park New Castle and features a clear height of 40 feet. Dan Rattay and Colby Reeder of CBRE represented First Industrial in the lease negotiations. Construction of a second, 612,554-square-foot building is now underway within First Park New Castle.
NORWALK, CONN. — The Prusik Group, a New York City-based retail developer, has sold a 156,568-square-foot shopping center in the southern coastal Connecticut city of Norwalk. Main Avenue Shopping Plaza was built on 16.3 acres in 1996. At the time of sale, the center was fully leased to tenants such as grocer Stop & Shop (anchor), Total Wine & More, Hobby Lobby and Burger King. J.B. Bruno, Kevin O’Hearn and Jose Cruz of JLL represented Prusik Group in the transaction. The buyer and sales price were not disclosed.