REBusinessOnline

WS Development Tops Out 525,000 SF Office Project for Amazon in Boston’s Seaport District

BOSTON — WS Development has topped out 111 Harbor Way, a 525,000-square-foot office project in Boston’s Seaport District that will be occupied by Amazon upon completion in late 2021 or early 2022. Designed by Gensler, the property is located within WS Development’s Boston Seaport mixed-use development that spans 33 acres and 20 city blocks. Amazon is expected to occupy about 430,000 square feet and create about 2,000 new jobs within the

Development, Massachusetts, Northeast, Office

Spinnaker, Eastpointe to Develop 300-Unit Apartment Community in Bridgeport, Connecticut

BRIDGEPORT, CONN. — A partnership between Spinnaker Real Estate Partners LLC and Eastpointe LLC will develop Canfield Park at Fairfield Metro, a 300-unit apartment community in Bridgeport. The property will feature studio, one- and two-bedroom units averaging 850 square feet, as well as 20,000 square feet of amenity space and 500 parking spaces for residents. Christopher Peck, Peter Rotchford, Kristen Knapp and Rob Root of JLL arranged $68 million in construction financing for the developer …

Connecticut, Development, Loans, Multifamily, Northeast

Tower Holdings Completes 81,200 SF Industrial Project in Montgomery, New York

MONTGOMERY, N.Y. — Development and construction management firm Tower Holdings Group has completed an 81,200-square-foot industrial project located on a 7.4-acre tract in Montgomery, about 60 miles northwest of New York City. The first floor features 7,237 square feet of office space and 71,643 square feet of warehouse space, while the second floor houses 9,880 square feet of office space, equipped with a conference room and

Development, Industrial, New York, Northeast

Marcus & Millichap Brokers Sale of 59,050 SF Industrial Building in Harrisburg

HARRISBURG, PA. — Marcus & Millichap has brokered the sale of Hagy Way Industrial Building, a 59,050-square-foot property in Harrisburg. The asset was fully occupied at the time of sale and traded for $4.1 million. Building features include 22-foot clear heights, four drive-in bays and 10 loading docks. Craig Dunkle of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully occupied at the time of …

Acquisitions, Industrial, Northeast, Pennsylvania

JLL Arranges $12M Loan for Refinancing of Multifamily Asset in Somerset, New Jersey

SOMERSET, N.J. — JLL has arranged a $12 million loan for the refinancing of 745 Hamilton, a 61-unit multifamily asset located in the Northern New Jersey city of Somerset. The property was built in 2020 and houses 4,322 square feet of retail space. Units feature quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. Jim Cadranell, Matthew Pizzolato and Michael Lachs of JLL arranged the 12-year, fixed-rate loan through Nationwide Life Insurance Co. …

Loans, Multifamily, New Jersey, Northeast

Creative Solutions Expand Affordable Housing Supply in Northeast Markets

By Taylor Williams A severe shortage of affordable housing that has been building for years and may soon be exacerbated by the expiration of the federal eviction moratorium is forcing developers to be more aggressive and innovative in terms of how they add much-needed supply in dense, high-growth markets. According to a 2020 report by the National Low Income Housing Coalition, when it comes to housing that American renters whose incomes levels are at or below 30 percent of their area median …

Market Reports, Multifamily, Northeast, Northeast Market Reports

Colliers Arranges $94M Sale of Affordable Seniors Housing Property in East Orange, New Jersey

EAST ORANGE, N.J. — Colliers International has arranged the $94 million sale of Norman Towers, a Section 8 seniors housing project located in the Newark suburb of East Orange. The 405-unit property has not been renovated since its original construction in 1980. Colliers represented the seller, Squiretown Properties LLC, in the transaction. The buyer was a partnership between Community Preservation Partners and L+M Development Partners. The property’s affordability status, which was set to …

Acquisitions, Multifamily, New Jersey, Northeast, Seniors Housing

ARCO/Murray Completes 1,100-Unit Self-Storage Development in Rochelle Park, New Jersey

ROCHELLE PARK, N.J. — Dallas-based design/build firm ARCO/Murray has completed a 1,100-unit self-storage project in Rochelle Park, about 25 miles northwest of New York City. The 120,000-square-foot property features a 2,800-square-foot office and an interior loading dock. ARCO/Murray provided a complete design-build solution, including architectural and engineering design, permitting, construction and final equipment. The developer was not

Development, Industrial, New Jersey, Northeast, Self-Storage

Mantua Partners, North Bridge to Develop 10-Acre Medical Office, Retail Project in Southern New Jersey

MANTUA TOWNSHIP, N.J. — Mantua Partners LLC and North Bridge Properties will develop a 10-acre medical office and retail project in Mantua Township, located outside Philadelphia in Southern New Jersey. Branded as Mantua Shopping Center & Medical Complex, the property will consist of approximately 77,500 square feet of medical office space and 18,000 square feet of retail space. Construction is scheduled to begin next spring and to be complete in the spring or summer of 2022. Soloff Realty …

Development, Healthcare, New Jersey, Northeast, Retail

Westbridge Realty Brokers Sale of 300-Unit Self-Storage Facility in Brooklyn

NEW YORK CITY — Westbridge Realty Group has brokered the sale of a 300-unit self-storage facility located at 88 Ninth St. in the Gowanus area of Brooklyn for $6.5 million. The site spans 40,200 square feet. Alexandra Rossland and David Marciano of Westbridge represented the seller, Charles Devito of Chuck Realty Corp., in the transaction. David Marciano of Westbridge represented the buyer, Insite Property Group, a California-based self-storage operator and manager that will continue to run …

Acquisitions, Industrial, New York, Northeast, Self-Storage
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