IRVINGTON, N.J. — NAI James E. Hanson has brokered the sale of a 10,878-square-foot industrial building in the Northern New Jersey community of Irvington. The building at 592 Hawthorne Ave., which according to LoopNet Inc. was built in 1950, features a clear height of 12 feet, three drive-in doors and 958 square feet of office space. Justin Allessio of NAI Hanson represented both the seller, Haenssler Realty Corp., in the transaction and procured the buyer, an entity doing business as Irvington Industrial LLC.
EWING, N.J. — Locally based developer KRE Group has begun a 345,152-square-foot industrial redevelopment in the Northern New Jersey community of Ewing. The project will convert the 26.3-acre site of a decommissioned former naval air propulsion center into a single-story, 285,152-square-foot warehouse and three standalone flex buildings of 20,000 square feet each. The development team will also undertake various infrastructural improvements, including upgraded landscaping and lighting, the addition of a new bus stop, surface parking lots and walking trail, and enhancements to the surrounding roadways. The U.S. Navy operated the site as a vital jet engine test facility from 1951 until 1997, and a redevelopment plan for the site was introduced in 2013. A tentative completion date for the project was not disclosed.
NEW YORK CITY — American Eagle Outfitters Inc. has signed a 338,085-square-foot office lease at 63 Madison Avenue, a 15-story building in Midtown Manhattan. The lease term is 20 years. The space encompasses 108,194 square feet across the entire 7th and 11th floors and the entire 66,597 square feet of one of the tower’s concourse areas. Additionally, a sublease arrangement totaling 162,291 square feet — approximately 54,097 square feet per floor — has been reached with CBS for the 8th, 9th and 10th floors. This sublease agreement will eventually convert into a direct lease. Mitti Liebersohn, David Goldstein, Anna Erickson, Nate Brzozowski and Will Demuth of Savills represented American Eagle in the direct lease and sublease negotiations. Mark Boisi of Cushman & Wakefield represented CBS in the sublease negotiations. Peter Duncan, Matt Coudert and Alex Bermingham represented the landlord, George Comfort & Sons, which owns the building in partnership with Jamestown and Loeb Partners Realty, on an internal basis.
WOODBURY, N.Y. — Simon Property Group is underway on an expansion project at Woodbury Common Premium Outlets, located about 55 miles north of New York City. The project will add 155,000 square feet of new retail and restaurant space, as well as a 200-room hotel, second parking facility and upgraded amenities. A VIP suite with private dressing rooms, a lounge and a private kitchen is also scheduled to open later this year. Simon will also add a new children’s play area, improved crosswalks and wayfinding, and enhanced landscaping to the property, which is home to some 250 tenants.
SPRINGFIELD, MASS. — The Michaels Organization, an affordable housing owner-operator, has completed the renovation of Bergen Circle Housing Community, a 201-unit complex in the western Massachusetts city of Springfield. The unit mix consists of 89 one-bedroom units, 72 two-bedroom apartments, 20 three-bedroom residences and 20 four-bedroom units. The majority (170) of the units are reserved for households earning between 50 and 80 percent of the area median income. Michaels bought the eight-building property in 2021 and invested $17 million in capital improvements. MassHousing financed the renovations.
HOPKINTON, MASS. — JLL has arranged the sale of a 56,324-square-foot office and data center located in Hopkinton, about 30 miles west of Boston. According to LoopNet Inc., the two-story building at 117 South St. was built in 1981 and renovated in 1985. Mike Restivo and Scott Carpenter of JLL represented the undisclosed seller in the transaction. Brett Paulsrud and Tom Sullivan, also with JLL, arranged acquisition financing on behalf of the buyer, locally based investment firm Rhino Capital. The new ownership plans to implement a value-add program.
NORWOOD, MASS. — Hobbs Brook Real Estate has broken ground on a 320,000-square-foot office and life sciences project in Norwood, a southern suburb of Boston, that is a build-to-suit for commercial property insurance company FM Global. The project will replace a 1950s-era building with a four-story office, lab and research and development building, as well as add a new 930-space parking garage and outdoor amenity spaces. Payette is the project architect, and Shawmut Design & Construction is the general contractor. Completion is slated for 2026.
MassDevelopment Provides $11M Bond Financing for Student Housing Project in Fitchburg, Massachusetts
FITCHBURG, MASS. — MassDevelopment has provided $11 million in tax-exempt bond financing for a student housing project in Fitchburg, about 55 miles west of Boston. The project will add a two-story building to the campus of Applewild School, a private day and boarding school, that will house 20 bedrooms for 40 students and six faculty apartments. Construction is underway and expected to be complete before the start of the fall 2024 semester. Proceeds will also be used to fund renovations to the preschool and toddler facilities in the Marshall Building. Enterprise Bank purchased the bond.
BUFFALO, N.Y. — Locally based financial intermediary Largo Capital has arranged a $6 million bridge loan for a multifamily conversion project in Buffalo. The project will convert a 272,000-square-foot office complex in the downtown area that was formerly known as the Atrium Building into a residential building with an undetermined number of units. Kevin Coscia and Ned Perlman of Largo arranged the debt. The direct lender and borrower were not disclosed.
MAMARONECK, N.Y. — Lee & Associates has brokered the $3.2 million sale of a 2,800-square-foot retail building in Mamaroneck, located north of New York City in Westchester County. The building sits on a half-acre site at 1444 E. Boston Post Road and was previously occupied by People’s United Bank. Peter Braus, Ben Tapper and Cory Gahr of Lee & Associates represented the seller, BFT Holdings LLC, in the transaction, and procured the buyer, an entity doing business as Integrity 1444 BPR LLC.