BORDENTOWN, N.J. — A partnership between Texas-based developer Hillwood and Atlanta-based WDG Logistics Partners will build a 179,800-square-foot speculative industrial project in the Southern New Jersey community of Bordentown. Bordentown Crossroads will feature a clear height of 36 feet, 30 dock doors and parking for 94 cars and 30 trailers. Construction is scheduled to begin at the end of summer, with completion slated for spring 2025. Newmark is marketing the property for lease.
DARIEN, CONN. — Cushman & Wakefield has brokered the sale of Avalon Darien, a 189-unit apartment complex in southern coastal Connecticut. Avalon Darien offers a mix of recently renovated one-, two- and three-bedroom units and amenities such as a pool, fitness center, lounge and playground. Niko Nicolaou, Ryan Dowd, Matthew Torrance, Al Mirin and J.P. Hohl of Cushman & Wakefield, in coordination with Brian Whitmer of RePropCo., represented the seller, AvalonBay Communities, in the transaction. The team also procured the undisclosed buyer. The sales price was also not disclosed.
NEW BRUNSWICK, N.J. — JLL has arranged a $23.3 million in acquisition financing for a 206,069-square-foot industrial property in the Central New Jersey community of New Brunswick. The property consists of six buildings on a 21-acre site that feature clear heights of 19 to 31 feet and a total of 14 dock doors and 15 drive-in doors. Max Custer, Thomas Didio Jr. and Benjamin Morgenthal of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, New Jersey-based investment firm B&D Holdings. The direct lender was not disclosed.
PENNSAUKEN, N.J. — Alternative investment management firm GID has acquired an 111,400-square-foot industrial building in the Southern New Jersey community of Pennsauken. The building at 8290 National Highway, which according to LoopNet Inc. was built on 4.4 acres in 1967, can accommodate one or two tenants and features a clear height of 20 feet, one drive-in door and 15 dock-high doors. The new ownership plans to implement a value-add program to the building, which is currently vacant. The seller and sales price were not disclosed.
NEW YORK CITY — Daiwa Capital Markets America Inc. (DCMA) has signed a 20-year, 44,100-square-foot office lease in Midtown Manhattan. The financial services firm will occupy the entire 49th floor at 1251 Avenue of the Americas. Erik Schmall and Scott Weiss of Savills represented DCMA in the lease negotiations. David Falk and Peter Shimkin of Newmark represented the landlord, Mitsui Fudosan America. A tenant-only conference facility is under construction at the building, and the lobby was recently renovated. Three new food-and-beverage concepts are also set to open at the building in the coming weeks.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $2.5 million sale of an eight-unit apartment building located at 313 W. 92nd St. on Manhattan’s Upper West Side. Five of the eight units were vacant at the time of sale. Ben Khakshoor of Rosewood represented the buyer, Put Duc Huang, in the transaction. Mike Kerwin, also with Rosewood, represented the seller, the Goldberg Family, which owned the building for 85 years.
PARAMUS, N.J. — Cushman & Wakefield has brokered the $36.8 million sale of Paramus Plaza, a 153,494-square-foot shopping center in Northern New Jersey. The center was fully leased at the time of sale to tenants such as Hobby Lobby, Marshalls, Ashley, Skechers and Chipotle Mexican Grill. Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin, Max Helfman and Mark Gilbert of Cushman & Wakefield represented the seller, a partnership between Acadia Realty Trust and Fortress Investment Group, in the transaction. Brad Domenico of Cushman & Wakefield arranged acquisition financing through Bank United on behalf of the buyer, a partnership between DRA Advisors and an affiliate of Crown Acquisitions.
PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income adaptive reuse project in Philadelphia’s East Falls neighborhood. The project converted the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013, into a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015 and subsequently brought in architecture firm Looney Ricks Kiss to facilitate the transition of the site into a mixed-income property.
PITTSBURGH — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $10 million loan for the refinancing of the 98-room Fairfield Inn & Suites hotel in downtown Pittsburgh. The hotel was built in 2019. The nonrecourse loan features a floating interest rate and flexible prepayment options. David Turley of Cronheim Mortgage arranged the loan through an undisclosed bridge lender based on the West Coast. The borrower was a joint venture partnership between Blue Vista Capital, Woodmont Lodging and Milestone Hospitality Management.
EDISON, N.J. — NAI DiLeo-Bram has brokered the $5.5 million sale of a 21,929-square-foot retail center in Edison, located roughly midway between Newark and Trenton. The center at 1825 Route 27 consists of a 13,769-square-foot plus vacant basement space and an 8,160-square-foot building whose three units are fully leased. Marc Shein and Robert DiLeo of NAI DiLeo-Bram represented the seller, Sam Ash Properties Corp., in the transaction. Remax represented the buyer, an undisclosed, out-of-state grocer that also plans to occupy the building.