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Northeast

Bracebridge-I-Wilmington-Delaware
AcquisitionsDelawareNortheastOffice

Incyte Buys Two Office Buildings Totaling 517,307 SF in Wilmington, Delaware

by Taylor Williams

WILMINGTON, DEL. — Incyte, a biopharmaceutical company focused on developing treatments for cancer and other autoimmune diseases, has purchased two office buildings totaling 517,307 square feet in downtown Wilmington. The buildings, which are known as Bracebridge I and III, formerly housed the operations of financial institution MBNA until its merger with Bank of America in 2006. Incyte plans to consolidate more than 300 employees — currently working in Chadds Ford, Pa. — in the newly acquired buildings. The company also plans to hire 500 additional workers in the coming years.

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Middletown-Logistics-Center
AcquisitionsIndustrialNortheastPennsylvania

JLL Brokers Sale of 251,200 SF Industrial Property in Middletown, Pennsylvania

by Taylor Williams

MIDDLETOWN, PA. — JLL has brokered the sale of Middletown Logistics Center, a 251,200-square-foot industrial property located just south of Harrisburg. The property was built in 2021-2022 and features a clear height of 36 feet, an ESFR sprinkler system, 42 loading doors, one drive-in door and parking for 193 cars and 33 trailers. John Plower, Ryan Cottone, Zach Maguire and Jeff Lockard of JLL represented the seller, an affiliate of Endurance Real Estate Group, in the transaction and procured the buyer, a fund backed by Ares Management.

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AcquisitionsMassachusettsNortheastOffice

Atlantic Capital Partners Arranges $41M Sale of Metro Boston Office Campus

by Taylor Williams

CHESTNUT HILL, MASS. — Regional brokerage firm Atlantic Capital Partners has arranged the $41 million sale of The Landing at Chestnut Hill, an office campus located about six miles south of downtown Boston. The Landing at Chestnut Hill comprises four buildings totaling 117,641 square feet on a 5.3-acre site. Justin Smith, Sean Gildea, David Smookler, Chris Peterson and Danielle Donovan of Atlantic Capital Partners represented the undisclosed seller in the transaction. The team also procured the buyer, City Realty, which plans to redevelop the property to feature a mix of uses.

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Leasing ActivityNew YorkNortheastOffice

Cushman & Wakefield Negotiates 12,847 SF Office Lease Renewal in Manhattan’s Plaza District

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has negotiated a 12,847-square-foot office lease renewal in Manhattan’s Plaza District. The building at 600 Lexington Ave. rises 36 stories and spans 305,472 square feet. Harry Blair, Connor Daugstrup and Bianca DiMauro of Cushman & Wakefield represented the landlord, Lex NY Equities LLC, in the lease negotiations. Daniel Posy and Jason Roberts of JLL represented the tenant, GLC Advisors, an independent investment advisory firm.

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Leasing ActivityNew YorkNortheastOffice

New Museum Signs 5,850 SF Office Lease in Lower Manhattan

by Taylor Williams

NEW YORK CITY — New Museum, an institution devoted to contemporary art, has signed a 5,850-square-foot office lease at 250 Bowery in Lower Manhattan. The space will house the museum’s administrative offices during its temporary closure, which stems from a 60,000-square-foot expansion project that began in November 2022 and is slated for an early 2025 completion. A joint venture of Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Asset Management owns the building.

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DevelopmentHospitalityIndustrialMixed-UseMultifamilyNew JerseyNortheastRetailTop Stories

Clarion, MRP Industrial Break Ground on Final Phase of Burlington Center Mall Redevelopment in New Jersey

by John Nelson

BURLINGTON TOWNSHIP, N.J. — A partnership between industrial development firms Clarion Partners and MRP Industrial has started construction on the final phase of The Crossings, a redevelopment of the former Burlington Center mall located in the Philadelphia suburb of Burlington Township. The last phase comprises 500 multifamily units, including affordable housing options, that are set to open in late 2025. The new apartments will cap a six-year effort by Clarion Partners and MRP to transform the 800,000-square-foot enclosed regional mall into a mixed-use destination. In addition to the planned multifamily component, The Crossings will feature more than 2.5 million square feet of warehouse and distribution space, approximately 135,000 square feet of retail space and a 153-room hotel at full build-out. Clarion Partners and MRP expect The Crossings to support 1,400 new jobs at full capacity, including 900 in the warehouse sector and 500 in retail and hospitality. Moonbeam Capital Investments, the Las Vegas-based owner of the former Burlington Center mall, assisted in the redevelopment efforts. “The Crossings was made possible by the cooperation of Burlington Township and County elected officials, who recognized the opportunity to transform a blighted shopping mall into an integrated, vibrant and economically viable mixed-use development that …

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3091-Route-22-E.-Branchburg-New-Jersey
AcquisitionsIndustrialNew JerseyNortheast

CBRE Brokers Sale of 311,040 SF Industrial Building in Branchburg, New Jersey

by Taylor Williams

BRANCHBURG, N.J. — CBRE has brokered the sale of a 311,040-square-foot industrial building in the Northern New Jersey community of Branchburg. The building sits on a 26.2-acre site at 3091 Route 22 E. and features a clear height of 40 feet and 42 loading docks. Randy Eigen of CBRE represented the buyer, an entity doing business as TYH Branchburg LLC, in the transaction. Matthew Turse, Tim Cadigan, Judy Troiano, John Gianis and Stephen Gianis of Avison Young represented the seller and developer, Transwestern Development Co.

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IndustrialLoansNew JerseyNortheastSelf-Storage

Gantry Arranges $10.2M Acquisition Loan for Southern New Jersey Self-Storage Facility

by Taylor Williams

MICKLETON, N.J. — San Francisco-based mortgage banking firm Gantry has arranged a $10.2 million acquisition loan for a 454-unit self-storage facility located at 350 Swedesboro Ave. in the Southern New Jersey community of Mickleton. The facility includes climate-controlled space, drive-up units and vehicle storage spaces. Andy Bratt, Amit Tyagi and Sean Kuang of Gantry arranged the loan on behalf of the borrower, Moove In Storage. The direct lender was not disclosed.

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DevelopmentIndustrialNew YorkNortheastSelf-Storage

Stuf Storage Opens 110-Unit Self-Storage Facility in Brooklyn

by Taylor Williams

NEW YORK CITY — Stuf Storage has opened a 110-unit self-storage facility in Brooklyn. The facility is located at 550 Fifth Ave. in the Park Slope neighborhood and consists of gross 9,000 net rentable square feet of space. Units range in size from 20 square feet to 250 square feet. The owner of the building was not disclosed. Stuf Storage now operates about 30 facilities across seven states.

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Leasing ActivityNew JerseyNortheastRestaurantRetail

Tenants Sign Leases Totaling 46,000 SF at Union Lake Crossing in Southern New Jersey

by Taylor Williams

MILLVILLE, N.J. — New tenants have signed leases totaling 46,000 square feet at Union Lake Crossing, a 393,000-square-foot retail center located in Millville in southern New Jersey. Old Navy will open a 15,000-square-foot store at the property, joining Fun City in backfilling a former Dick’s Sporting Goods space. Food-and-beverage concepts Five Guys, Poke Bros. and Crumbl have also signed leases at the center, as have Skechers, Inspira Health and Rally House. Mario Brunelli and Chelsea Reizner of R.J. Brunelli & Co. represented the owner, Irgang Group, in all lease negotiations.

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