NORTH BRUNSWICK, N.J. — JLL has brokered the sale of The Shoppes at North Brunswick, a 147,000-square-foot shopping center located about 40 miles southwest of Manhattan. Built on 16 acres in 2007, the center was 86.7 percent leased at the time of sale. Tenants include Starbucks, Chipotle Mexican Grill, Bath & Body Works, Men’s Wearhouse, Crumbl Cookies, Banana Republic, Big Blue Swim School and Orangetheory Fitness. Jose Cruz, Kevin O’Hearn and J.B. Bruno of JLL represented the seller, an affiliate of local owner-operator The Azarian Group, in the transaction. The buyer was a local private investor.
BEVERLY, MASS. — American Surgical Co. has signed a 20,325-square-foot life sciences lease in Beverly, a northeastern suburb of Boston. The provider of medical tools is relocating from Shetland Park in nearby Salem to 100 Cummings Center, a newly built, 1.3 million-square-foot research-and-development facility. Joe Doyle and John Coakley of Cresa represented the tenant in the lease negotiations. Al Diamond represented the landlord, Cummings Properties, on an internal basis.
By Greg Tannor, executive managing director, and Jessica Gerstein, director, Lee & Associates NYC For much of the past three years, the rollout of legal cannabis in the state of New York has been defined by headlines about licensing delays, regulatory hurdles and political infighting. That phase is largely over. Hundreds of adult-use dispensaries are now open across the state, and the market is entering a far more consequential — and less discussed — stage. Cannabis retail in New York is no longer constrained primarily by licenses. It is constrained by real estate. On the ground, the industry is moving rapidly out of its novelty phase and into a performance-driven phase where locational quality, operational discipline and realistic deal structures are separating winners from losers. This shift has major implications, not only for operators, but also for landlords, lenders and brokers who are navigating the sector for the first time. Compliance, Not Curiosity, Is The New Bottleneck Demand from licensed dispensary operators remains strong, particularly in New York City. But truly viable retail locations that meet state and local requirements while also making economic sense remain scarce. In Manhattan, the challenge is especially acute. Buffer zones restricting proximity to schools, houses of worship …
JERSEY CITY, N.J. — Cushman & Wakefield has arranged a $136 million loan for the refinancing of Modera Lofts, a 366-unit apartment building located in the Powerhouse Arts District in Jersey City. Completed in 2016, Modera Lofts offers studio, one- and two-bedroom floor plans. Amenities include a fitness center, a rooftop deck, indoor lounge, 24-hour concierge services and a pet spa, and the building also houses about 13,000 square feet of retail space and unique rentable artist studios. John Alascio, Alex Hernandez, Chris Moyer, Chuck Kohaut, Alex Lapidus and Meredith Donovan of Cushman & Wakefield arranged the loan through J.P. Morgan on behalf of the borrower, Harrison Street Asset Management.
PROVIDENCE, R.I. — Audubon Capital Partners, a real estate private equity firm, has purchased a portfolio of two multifamily properties totaling 151 units in Providence. Both Chestnut Commons (92 units) and 95 Lofts (59 units) are located in the downtown area on adjacent sites. Chestnut Commons was built in 2020 and offers one-, two- and three-bedroom units with an average size of 774 square feet, while 95 Lofts was completed in 2017 and features studio, one- and two-bedroom floor plans with an average size of 550 square feet. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the sellers, represented the sellers, two partnerships led by Waldorf Capital Management, in the transaction.
NEPTUNE CITY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $20 million sale of Hampshire Terrace, an 80-unit apartment complex located in the coastal New Jersey community of Neptune City. The garden-style, freshly renovated complex offers 56 one-bedroom units and 24 two-bedroom units. Robert Holland of Kislak represented the seller, Hampshire Associates, in the transaction. Daniel Lanni, also with Kislak, represented the undisclosed buyer.
PHILADELPHIA — JLL has brokered the sale of a 34,795-square-foot mixed-use building in Philadelphia’s Rittenhouse Square neighborhood. Originally constructed in 1937 and last renovated in 2009, the five-story building at 1619-1621 Walnut St. was 11 percent leased at the time of sale. Jim Galbally, Fran Coyne, Carl Fiebig, JP Colussi and Patrick Higgins of JLL represented the seller, Nuveen Real Estate, in the transaction. The buyer was MZP AG, a private investment group based in Switzerland.
RADNOR, PA. — Pennsylvania-based owner-operator EQT Real Estate has purchased a portfolio of nine industrial buildings totaling approximately 2 million square feet in Southern New Jersey. The sales price was not disclosed. The buildings are part of a master-planned park that is located along the I-95/295 corridor and house a mix of light industrial and bulk warehousing uses. Buildings feature clear heights that range from 24 to 33 feet, as well as flexible suite sizes and a total of 134 dock doors across the portfolio. The names of the tenants were not disclosed, but the buildings are leased to “blue chip [operators] in manufacturing, distribution and logistics, including national and global occupiers,” according to EQT. The new ownership also plans to explore selective redevelopment and leasing initiatives, including targeted capital improvements and enhancements to building exteriors. Brian Fiurama, Brad Ruppel, Mike Hines and Joe Hill of CBRE represented the seller, an affiliate of insurance giant New York Life, in the transaction. “This portfolio offers scale, location and flexibility in one of the most resilient industrial corridors in the United States,” said Matthew Brodnik, global chief investment officer at EQT. “With strong structural demand for modern infill logistics space, we believe …
STAMFORD, CONN. — New York City-based owner-operator RFR has unveiled plans for the repositioning of 300 Atlantic Street, a 300,000-square-foot office building in Stamford. Plans call for 10,000 square feet of additional amenity space, including a new tenant lounge, as well as a new offering of prebuilt suites. RFR also plans to elevate the building’s food-and-beverage offerings and enhance other amenity spaces, including fitness and conferencing facilities, as well as to update building exteriors and streetscape design. Ownership has tapped Newmark to lease the building.
MATAWAN, N.J. — Pentaurus Properties, a New Jersey-based family office, has purchased a 124-unit apartment complex in Matawan, located in Central New Jersey. Marc Hampton Apartments is a garden-style complex that was built in the 1960s and offers one- and two-bedroom units across 11 buildings. Nat Gambuzza and Trevor Fiebel of Berkadia represented Pentaurus, which plans to implement a value-add program, in the transaction. Joseph Garibaldi, Thomas Walsh and Nick Vanderslice of Colliers represented the undisclosed seller.