M&T: Positives in Seniors Housing Include Rate Environment, Available Assistance

The seniors housing industry has had a particularly challenging year. But the latest data from NIC MAP shows COVID cases are down in nursing homes and occupancies are expected to rebound from historic lows in the coming months, says Matt Pipitone, seniors housing platform manager with M&T Realty Capital Corp. (MTRCC).It remains to be seen how quickly leasing will ramp up and to what extent rents and incentives will be impacted long term. But in the meantime, Pipitone points to some …

CIM Group Completes 163-Unit Multifamily Project in Brooklyn’s Crown Heights Area

NEW YORK CITY — Los Angeles-based CIM Group has completed construction of 111 Montgomery, a 163-unit multifamily condominium building in Brooklyn’s Crown Heights neighborhood. The 12-story property is located adjacent to the 52-acre Brooklyn Botanic Garden and Prospect Park. Units feature studio, one-, two- and three-bedroom floor plans, with select units offering private balconies/patios. Amenities include a resident lounge, fitness center and a children’s play

Elion Partners Buys Industrial Property in Elizabeth, New Jersey, for $29.7M

ELIZABETH, N.J. — Miami-based investment firm Elion Partners has purchased a 207,000-square-foot industrial property in the Northern New Jersey city of Elizabeth that is located approximately two miles from Newark Liberty International Airport. The sales price $29.7 million. According to LoopNet Inc. the property was built on 8.6 acres in 1948 and renovated in 2019. The seller was not

Cushman & Wakefield Brokers Sale of Seniors Housing Campus in Norton, Massachusetts

NORTON, MASS. — Cushman & Wakefield has brokered the sale of a seniors housing campus in Norton, located near Rhode Island in the southern part of the state. The campus houses Residences at Norton, a 72-unit assisted living facility, and Wingate at Norton, a 106-bed skilled nursing home. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the institutional seller in the transaction. The buyer was a joint venture between investment firm Harrison …

CBRE Negotiates 130,000 SF Industrial Lease in Lodi, New Jersey

LODI, N.J. — CBRE has negotiated a 130,000-square-foot industrial lease at the former National Wholesale Liquidators building in the Northern New Jersey community of Lodi. Bill Waxman and Kevin Dudley of CBRE represented the tenant, AAA Wholesale, a supplier of household items, in the lease negotiations. The name and representative of the landlord were not

NAI DiLeo-Bram Arranges Sale of 98-Unit Apartment Complex in Alpha, New Jersey

ALPHA, N.J. — NAI DiLeo-Bram has arranged the sale of Evergreen Village, a 98-unit apartment complex in Alpha, located in the central-western part of the state. The property offers one-, two- and three-bedroom units across seven two-story buildings. Jerry Zaro and Jeffrey Meltzer of law firm Sills Cummis & Gross PC represented the undisclosed seller. David Simon of NAI DiLeo-Bram brokered the deal. The buyer was also

PRP Acquires Interest in AmerisourceBergen’s 429,122 SF Metro Philadelphia Headquarters Building

CONSHOHOCKEN, PA. — Washington, D.C.-based investment firm PRP has acquired a preferred equity investment in the 429,122-square-foot office headquarters building of drug wholesaler AmerisourceBergen in Conshohocken, a northern suburb of Philadelphia. The Philadelphia Business Journal reports that the value of PRP’s stake is $340 million. Developer Keystone Property Group is nearing completion of the headquarters building, which will be located within the company’s $325 million SORA West …

JLL Income Property Trust Buys 147,000 SF Life Sciences Building in Florham Park, New Jersey

FLORHAM PARK, N.J. — JLL Income Property Trust has acquired 170 Park Avenue, a 147,000-square-foot life sciences building in the Northern New Jersey city of Florham Park. The sales price was approximately $47 million. The property is net leased on a long-term basis to biotechnology firm Celularity Inc. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer, Zach McHale and Tom Sullivan of CBRE represented the undisclosed institutional seller. With this …

Gebroe-Hammer Associates Brokers $15.7M Sale of Multifamily Asset in Dover, New Jersey

DOVER, N.J. — Gebroe-Hammer Associates has brokered the $15.7 million sale of Dover Hills Apartments, a 100-unit multifamily asset in Morris County. Built in 1964, the property offers 15 studio units, 72 one-bedroom residences, 12 two-bedroom apartments and one three-bedroom unit. Debbie Pomerantz of Gebroe-Hammer represented the seller, Dover Hills Properties LLC, in the transaction. Steve Tragash, also with Gebroe-Hammer, procured the undisclosed

Walker & Dunlop: Single-Family Rental and Build-for-Rent in High Demand

A number of factors are driving an increase in demand for single-family rental assets. Declines in home ownership rates, increasing demand/short supply for multifamily options and baby boomer renting preferences have made renting these single-family properties an increasingly popular choice. Meanwhile, COVID-19 spurred increases in teleworking that created a desire for additional space in the home and allowed more people to move to suburban locations — accelerating demand for single-family …

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