HEMPSTEAD, N.Y. — Los Angeles-based PCCP has provided a $36 million senior loan for the acquisition of The Hub Shopping Center, a 248,569-square-foot retail property that sits on a 28-acre site in the Long Island community of Hempstead. The borrower was New York City-based Agus Holdings. Tenants at the center, which was 99 percent leased at the time of sale, include The Home Depot, Stop & Shop, Old Navy and AT&T. The seller and sales price were not disclosed.
JERSEY CITY, N.J. — JLL has arranged $13.1 million in construction financing for Vroom Street Apartments, a 42-unit multifamily project that will be located in the Journal Square neighborhood of Jersey City. The property will house five studios, 14 one-bedroom units and 23 two-bedroom units with an average size of 913 square feet. Max Custer and Salvatore Buzzerio of JLL arranged the loan through First Bank on behalf of the developer, Urban Street Properties. Construction is slated for a fall 2025 completion.
BOSTON — The Division of Capital Asset Management and Maintenance (DCAMM) for the Commonwealth of Massachusetts has signed a 10-year, 106,000-square-foot office lease in downtown Boston. The DCAMM handles facilities management and real estate services and is bringing together employees from six state agencies to two full floors at One Federal Street, a 1.1 million-square-foot building owned by Tishman Speyer. Occupancy is slated for early 2025. Jeffrey Moore and Victoria Robinson of Tishman Speyer negotiated the lease.
NORWALK, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of The Overlook Apartments, a 33-unit multifamily building located in the southern coastal Connecticut city of Norwalk. According to Apartments.com, the building was completed in 2023 and offers one-, two- and three-bedroom units as well as a fitness center. Rich Edwards and Jeff Wright of NEPCG brokered the deal. The buyer and seller were not disclosed.
HAMILTON, N.J. — Lincoln Equities Group has received a $60.8 million construction loan for a 420,024-square-foot industrial project that will be located in the Central New Jersey community of Hamilton. The site at 861 Sloan Ave. spans 48 acres and offers proximity to both interstates 95 and 295. Building features will include a clear height of 40 feet, 84 loading docks, two drive-in doors and parking for 556 cars and 81 trailers. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through Los Angeles-based PCCP on behalf of Lincoln Equities, which is developing the property in partnership with PGIM. Cushman & Wakefield also previously arranged the sale of the site.
DOWNINGTOWN, PA. — BWE has arranged $45 million in first mortgage financing for Brandywine Square Shopping Center, a 607,999-square-foot retail center located roughly 40 miles outside Philadelphia in Downingtown. Regional grocer Wegmans anchors the center. Other tenants include BJ’s Wholesale, Dick’s Sporting Goods, DSW, PetSmart, Regal Cinema and Best Buy. Kevin Hicks of BWE originated the financing through a life insurance company on behalf of the borrower, Delaware-based development and management firm Allied Properties.
WESTPORT, CONN. — Matthews Real Estate Investment Services, a California-based brokerage firm, has negotiated the $10.6 million sale of a 17,358-square-foot mixed-use property in the coastal Connecticut city of Westport. The property consists of an 11,572-square-foot retail space leased to Urban Outfitters and the historic Sherwood House, a 5,786-square-foot building featuring a restaurant and office space. Joanna Manfro of Matthews represented the undisclosed seller in the transaction. Gregory Kim of Sequoia Property Group represented the buyer, a New York City-based 1031 exchange investor.
NEW YORK CITY — Marcus & Millichap has brokered the $8.2 million sale of a 10-unit apartment building in Brooklyn. The five-story building at 29 Willow St. is located in the Brooklyn Heights area and was originally constructed in 1900. Shaun Riney and Michael Salvatico of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors who requested anonymity, in the transaction.
HAMILTON, N.J. — Pickleball Kingdom will open a 40,500-square-foot, full-building lease at 1100 Negron Drive, an industrial flex property in the Central New Jersey community of Hamilton. The space will house 14 courts as well as conference rooms, meeting areas and a lounge. New Jersey-based Denholtz Properties owns the building, which was completed in 2023 and features a clear height of 26 feet. The opening is scheduled for the fall.
Crossroads Holdings Underway on $300M Mixed-Use Project in Southern Maine, Partners With Wilder Cos.
SCARBOROUGH, MAINE — Developer Crossroads Holdings LLC is underway on construction of Scarborough’s Town Center in southern Maine. Valued at $300 million, the project is located within The Downs, a 577-acre destination that is a redevelopment of a former horseracing complex. Plans call for 320,000 square feet of retail space, 60,000 square feet of medical office space, 240 residential units and a boutique hotel, as well as various open green spaces. Construction began last fall. The development team behind The Downs has partnered with Wilder Cos., a Boston-based development, management and leasing firm, in which Wilder will provide strategic retail and leasing services for the town center development. Wilder is also engaged with a local brokerage firm, The Boulos Co., to assist in securing local retail and restaurant interest.