PENNSAUKEN, N.J. — An affiliate of SNS Real Estate Investment Group has purchased a 30,266-square-foot vacant warehouse in the Northern New Jersey community of Pennsauken. According to LoopNet Inc., the building at 7101 Airport Highway was constructed in 1962 and features a clear height of 14 feet and three exterior dock doors. The site also houses a fenced-in yard area for outdoor storage. Ian Richmond of Colliers brokered the deal. The seller and sales price were not disclosed.
FAIRFIELD, N.J. — Locally based brokerage firm Resource Realty has negotiated a 30,000-square-foot industrial lease renewal in Fairfield, about 30 miles west of New York City. The 50,000-square-foot building at 11 Madison Road was built on 2.3 acres in 1980. Greg Sabato and Dan Whitehead of Resource Realty represented the landlord, Richards & Robbins, in the lease negotiations. Cresa represented the tenant, PPI Time Zero, an affiliate of electronics manufacturer VIRTEX.
BOSTON — Newmark has negotiated the $39.1 million sale of a 26,000-square-foot office and retail building located at 801 Boylston St. in Boston’s Back Bay neighborhood. Fidelity Investments has served as the anchor tenant of the building, which according to LoopNet Inc. was constructed in 1998 and renovated in 2018, since 1999. Robert Griffin, Edward Maher, Matthew Pullen, Paul Penman and Jonathan Martin of Newmark represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Casey O’Brien of Newmark provided financial analysis support for the deal.
SEAFORD, DEL. — Marcus & Millichap has brokered the $7.4 million sale of a portfolio of two industrial buildings totaling 124,784 square feet in Seaford. The portfolio spans 23 acres, including a 10-acre tract that is undeveloped. Bob Johnson and Paul Johnson of Marcus & Millichap represented the seller, a Maryland-based limited liability company, in the transaction. Timothy Stephenson Jr. of Marcus & Millichap assisted in closing the deal as the broker of record, as did John McClellan and Kelly Jeter of SVN-Miller Commercial Real Estate.
WATERTOWN, MASS. — Boylston Properties and Wilder Cos. have welcomed seven new tenants to Arsenal Yards, a mixed-use destination located roughly 10 miles outside Boston that is a redevelopment of a former mall. J.Crew Factory and Jersey Mike’s Subs are now open at the property. Additionally, Butterbird, Splash and Dash, Marvelous Cuts, Medium Rare and Squeeze Massage are scheduled to open later this year. Arsenal Yards totals more than 1 million square feet and features life sciences, residential and hospitality uses, in addition to retail and restaurant space.
EAST HANOVER, N.J. — Locally based brokerage firm Resource Realty has negotiated a 42,116-square-foot industrial lease renewal in East Hanover, about 30 miles west of New York City. The 198,000-square-foot building at 905 Murray Road was built on 9.1 acres in 1963. Tom Consiglio and Scott Peck of Resource Realty represented the landlord, Morgan Stanley, in the lease negotiations. Steve Sander of Cushman & Wakefield represented the tenant, Givaudan Fragrances Corp., a Swiss company that provides scents for the food, beverage and cosmetics industries. Givaudan has been a tenant at the property since 2009.
NEW YORK CITY — Studio Museum in Harlem has signed a 26,000-square-foot office lease at 121 W. 125th St. The building, which is known as the Urban Empowerment Center and is located across from the actual museum, will also soon be home to the National Urban League headquarters as the organization returns to Harlem. Taconic Partners is leading the office component of the development. No third-party brokers were involved in the lease negotiations.
NEW YORK CITY — An affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $41 million loan for the refinancing of the 175-room Aloft New York Brooklyn Hotel. The property is located in the borough’s downtown area and offers a fitness center and an onsite restaurant and bar. Beau Williams of Cronheim originated the financing on behalf of the borrower, locally based investment firm The Lam Group. The direct lender was not disclosed.
LODI, N.J. — CBRE has negotiated the $29.2 million sale of a 169,205-square-foot industrial showroom in the Northern New Jersey community of Lodi. The building was originally constructed in 1968 and renovated in 2020. Brian Fiumara, Elli Klapper, Kevin Dudley, Jeremy Wernick, Mark Silverman, Chad Hillyer, Nicholas Klacik and Kate Granahan of CBRE represented the buyer, AAA Wholesale, in the transaction. The seller was not disclosed.
SAYREVILLE, N.J. — Marcus & Millichap has brokered the $7.2 million sale of a 25,898-square-foot retail center in Sayreville, about 40 miles south of Manhattan. The center was 97 percent leased at the time of sale to 14 tenants, with convenience store QuickChek serving as the anchor. Ala Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.