AUBURN, N.H. — Colliers has brokered the sale of a 20,780-square-foot industrial building in Auburn, located near the Massachusetts-New Hampshire border. The building sits on a 4.8-acre site within Wellington Business Park that can support future expansion. Abigail Bachman and Laura Nesmith of Colliers represented the buyer, an affiliate of product development company IPSUMM Inc., in the transaction. Denis Dancoes III, Thomas Farrelly and Sue Ann Johnson of Cushman & Wakefield represented the seller, Analog Devices Inc.
BOSTON — MassDevelopment has provided $37.6 million in tax-exempt bond financing for an affordable housing conversion project in Boston. The project will convert the former Blessed Sacrament Church in the Jamaica Plain neighborhood, which was built in the early 1900s and served as an active parish until the early 2000s, into a 55-unit complex. The unit mix will consist of 17 studios, 25 one-bedroom residences and 13 two-bedroom apartments that will be reserved for households earning between 30 and 80 percent of the area median income. Six units will be specifically reserved for formerly homeless individuals. Construction is underway and is expected to be completed in early 2028. The developer is a partnership between an affiliate of Pennrose and the local nonprofit Hyde Square Task Force. Citizens Bank purchased the bond.
NEW YORK CITY — JLL has brokered the $54.3 million sale of a multifamily development site in Brooklyn. The site at 970 Franklin Ave. is located in the Crown Heights neighborhood and is approved for the development of up to roughly 290,000 buildable square feet of product across 355 apartments, all within a 10-story building. The Continuum Co. sold the site to private investor Isaac Schwartz. Andrew Scandalios, Ethan Stanton, Brendan Maddigan and Michael Mazzara of JLL represented both parties in the transaction.
DOVER, DEL. — NAI Emory Hill, in partnership with NS Development Partners, has purchased a 46-acre industrial development site in Dover. The parcel is located within Garrison Oak Technology Park and is zoned for manufacturing, logistics and technology uses. The seller and sales price were not disclosed. According to Becker Morgan Group, the architecture and engineering firm that designed Garrison Oak Technology Park, the development spans 389 acres across 15 parcels.
MILFORD, MASS. — Marcus & Millichap has negotiated the $4.1 million sale of a 39,424-square-foot healthcare property in Milford, located southwest of Boston. Built on 3.5 acres in 1985, Hill Office Park was 76 percent leased at the time of sale to 12 tenants, including Milford Regional Medical Center, Metro West Oral Surgery and Asthma Allergy Physicians. Harrison Klein of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
NEW YORK CITY — The National Association on Drug Abuse Problems has signed an 11,384-square-foot office lease in Midtown Manhattan. The lease term is roughly 11 years, and the space is located on the 12th floor of 520 Eighth Avenue, a 26-story, 860,000-square-foot building in the Garment District. Matthew Mandell of GFP Real Estate represented the landlord in the lease negotiations on an internal basis. Marc Shapses, Eva Shih and Roi Shleifer of Savills represented the tenant.
By Taylor Williams Retail and restaurant operators looking to enter or expand within the Philadelphia metro area are increasingly looking at suburban locations, and owners of those properties and seasoned brokers within the market both say there’s more to the trend than a simple lack of availability in key urban retail nodes. “The suburbs have been the preferred asset class — to some degree the first choice — for some retailers,” says Kari Glinski, vice president of asset management at regional owner-operator Federal Realty Investment Trust. “It started during COVID, when everybody was home, and with a lot of people living in the suburbs, we’ve seen strong demand. For well-located suburban properties, the leasing volume over the past three years has been at historical highs.” “Even over the past 12 to 24 months, supply has absolutely been constrained and should be even more constrained going forward,” Glinski continues. “For well-located properties backed by demand, new development can work. But right now, with where the cost of capital is, there’s not going to be a huge pop in new supply, thus creating a scarcity of well-located retail space.” Glinski acknowledges that since Federal Realty doesn’t operate many projects in the city, …
NEW YORK CITY — A joint venture between Smith Hill Capital, the commercial real estate debt investment management business of the Procaccianti Cos., and Boston-based Bain Capital has received a $216 million loan for the refinancing of the 774-room Westin New York Grand Central Hotel. The hotel features 18,750 square feet of meeting and event space, a fitness center and a full-service restaurant. The joint venture acquired the hotel in 2019 and undertook renovations in 2021. JLL arranged the debt on behalf of ownership. The direct lender was not disclosed. The hotel first opened in 2012.
TETERBORO, N.J. — Metro Philadelphia-based developer Seagis Property Group has completed a 166,725-square-foot warehouse in the Northern New Jersey community of Teterboro. Known as Teterboro Distribution Center, the building at 200 Hollister Road offers proximity to Port Newark-Elizabeth and Liberty International Airport. Building features include a clear height of 40 feet, 3,580 square feet of office space, 37 loading docks, 185-foot truck court depths and parking for 46 trailers and 114 cars. CBRE is marketing the property for lease.
RIVERHEAD, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage and Singer Financial have co-arranged a $16 million acquisition loan for Riverhead Medical Office Park on Long Island. Riverhead Medical Office Park consists of six single-story buildings totaling 101,949 square feet that were fully leased at the time of the loan closing. Andrew Stewart and Brandon Szwalbenest of Cronheim Mortgage, in conjunction with Gregg Singer of Singer Financial, arranged the fixed-rate loan on behalf of the owner, Miami-based Candor Capital. The direct lender was an undisclosed life insurance company.