JERSEY CITY, N.J. — A partnership between locally based developer KRE Group and National Real Estate Advisors has topped out the third and final tower at Journal Squared, a multifamily development in Jersey City. Designed by Hollwich Kushner and Handel Architects and built by AJD Construction, the newest tower rises 639 feet and will house 598 units and 18,000 square feet of amenity space. The other two towers rise 53 and 70 stories, and the entire development will eventually consist of 1,840 apartments and 36,000 square feet of commercial space. Completion of the third tower is slated for the first quarter of 2024.
NexPoint Acquires Two Life Sciences Buildings Totaling 250,000 SF in Philadelphia
PHILADELPHIA — NexPoint, an investment firm based in metro Dallas, has acquired two life sciences buildings totaling 250,000 square feet in Philadelphia. The first building comprises research and development, manufacturing and warehouse space, and the second building features distribution packaging facilities with the potential for future expansion. NexPoint acquired the buildings, which sit on a combined 18 acres, in a sale-leaseback with Frontida Biopharm. The addresses were not disclosed.
TCB, BHA Break Ground on 223-Unit Multifamily Redevelopment Project in Boston
BOSTON — The Community Builders (TCB) and the Boston Housing Authority (BHA) have broken ground on the redevelopment of the Mildred C. Hailey Apartments in the state capital’s Jackson Square neighborhood. The project will replace 253 existing units with two six-story buildings that will house 223 units that will be subject to a range of income restrictions. Another 516 units will remain in the public housing program under BHA ownership. The project also includes the construction of a 6,800-square-foot community center and 1,520 square feet of commercial space. A timeline for completion was not disclosed.
Exceler Building Solutions Opens 180,000 SF Manufacturing Plant in Hazleton, Pennsylvania
HAZLETON, PA. — Exceler Building Solutions, a provider of wall panels for the construction industry, has opened a 180,000-square-foot manufacturing plant in Hazleton, located roughly midway between Scranton and Allentown. The single-story, climate-controlled facility features a clear height of 40 feet, two loading docks, six drive-in docks and 10 production lines. The development team estimates that the project will add about 100 new jobs to the local economy.
G.S. Wilcox Arranges $8.5M Loan for Refinancing of Northern New Jersey Industrial Building
TETERBORO, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged an $8.5 million loan for the refinancing of an 86,150-square-foot industrial building located in the Northern New Jersey community of Teterboro. The building was constructed in the 1960s and was leased to 21 tenants at the time of the loan closing. Gretchen Wilcox and Al Raymond of G.S. Wilcox arranged the debt through Mutual of Omaha on behalf of the borrower, The Hampshire Cos.
Cronheim Mortgage Arranges $50M Permanent Loan for Northern New Jersey Shopping Center
WOODCLIFF LAKE, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $50 million permanent loan for Tice’s Corner, a 120,000-square-foot shopping center in the Northern New Jersey community of Woodcliff Lake. The two-building center was constructed on 13.4 acres in 2001 and was fully leased at the time of the loan closing. Tenants include Apple, Anthropologie, Free People, GAP, J. Crew, Panera Bread, Pottery Barn, Madewell, Nike and Williams-Sonoma. Dev Morris, Andrew Stewart and Allison Villamagna of Cronheim Mortgage arranged the loan on behalf of the borrower, an affiliate of Connecticut-based David Adam Realty. The direct lender was not disclosed.
LCOR Begins Leasing 267-Unit Apartment Building in Philadelphia
PHILADELPHIA — LCOR, a developer with three offices in the Mid-Atlantic region, has begun leasing The Ryland, a 267-unit apartment building in Philadelphia’s Society Hill neighborhood. The 31-story building’s unit mix comprises 44 studios, 154 one-bedroom units, 44 two-bedroom apartments and 25 penthouses with private outdoor spaces. Amenities include a fitness center and yoga studio, piano lounge, private coworking space, chef’s kitchen and a children’s playroom. Move-ins will begin in late summer, and full completion is slated for the fall. Rents start at roughly $2,000 per month for a studio apartment.
JLL Brokers Sale of 75 Percent Interest in Mandarin Oriental New York Hotel
NEW YORK CITY — JLL has brokered the sale of a 75 percent interest in the Mandarin Oriental New York hotel. The monetary value of the stake was not disclosed, but multiple outlets that cover the hospitality industry reported that the percentage equated to roughly $98 million. The hotel, which opened in 2003 and totals 244 rooms, occupies floors 35 through 54 of Deutsche Bank Center at Columbus Circle. Amenities include a pool, spa, fitness center, meeting space and an onsite bar and lounge. Gilda Perez-Alvarado, Jeffrey Davis and Stephany Chen of JLL represented the undisclosed seller in the transaction. The buyer was Reliance Industries Ltd.
Denholtz, Redwood Break Ground on 143-Unit Multifamily Project in Bound Brook, New Jersey
BOUND BROOK, N.J. — A partnership between two regional developers, Denholtz Properties and Redwood Real Estate Group, has broken ground on The Rail at Bound Brook, a 143-unit multifamily project located about 50 miles southwest of Manhattan. The six-story building will offer studio, one- and two-bedroom units and amenities such as a fitness center, game room, courtyard and outdoor grilling and dining areas. A tentative completion date was not disclosed.
Cushman & Wakefield Negotiates 41,854 SF Office Sublease in Manhattan’s Financial District
NEW YORK CITY — Cushman & Wakefield has negotiated a 41,854-square-foot office sublease at 195 Broadway in Manhattan’s Financial District. Peter Trivelas and Gary Ceder of Cushman & Wakefield represented the sublandlord, real estate services firm Orchard Technologies, in the lease negotiations. Laura Pomerantz, Ethan Silverstein and Theodora Livadiotis, also with Cushman & Wakefield, represented the subtenant, an undisclosed digital media startup that is taking space on the building’s 26th floor.