PHILADELPHIA — Los Angeles-based Thorofare Capital has provided a $13 million loan for the refinancing of a portfolio of five industrial buildings totaling 118,509 square feet in Philadelphia. Four of the buildings are contiguous, and the fifth is located less than a mile down the street. David Perlman, Edward Prosser, Henry Johnson and Chris DeLuca of Thorofare Capital originated the loan on behalf of the borrower, New York City-based investment firm Thor Equities Group.
NEW YORK CITY — Marcus & Millichap has brokered the $7.1 million sale of a 12,320-square-foot office and retail building located at 36-41 Bell Blvd. in the Bayside area of Queens. The two-story building comprises 12 spaces, with retail space on the ground floor and office space on the second floor. Anthony Cerrone and Michael Tuccillo of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
ORADELL, N.J. — Locally based brokerage firm SAGE Investment Real Estate Advisors has arranged the sale of a 24-unit apartment building in the Northern New Jersey community of Oradell. The property was built in the 1960s and offers one- and two-bedroom units. Greg Pine and Steve Tragash of SAGE represented the seller, an entity doing business as Oradell Associates LLC, in the transaction. The duo also procured the buyer, an undisclosed private investor.
NEW YORK CITY — Yaupon Capital Management has signed a 6,917-square-foot office lease at 340 Madison Avenue in Manhattan. The investment management firm is taking space on the third floor of the 750,000-square-foot building. Ben Friedland and Hugh McDonald of CBRE represented the tenant in the lease negotiations. Paul Glickman, Matt Astrachan, Cynthia Wasserberger, Dan Turkewitz and Harrison Potter of JLL, along with internal agents William Elder and Andrew Ackerman, represented the landlord, RXR.
Sometimes smaller is better. “Sometimes” is of course the operative term in that controversial and wholly non-salacious statement. But in the context of industrial real estate, it’s becoming increasingly clear that at this point in the cycle, smaller buildings make more sense for developers to deliver as e-commerce and distribution users actively consolidate their footprints. “Most leases in New Jersey and Pennsylvania over the last 12 months were for less than 500,000 square feet, with 50,000 to 200,000 square feet being the ‘sweet spot,’ for leasing,” says Anthony Amadeo, executive vice president at New Jersey-based developer Woodmont Industrial Partners. “There is strong demand [for that product type], but other developers are now building it too, so we’re going to see some elevated competition in that space.” This activity is occurring across the country in varying degrees. But in markets like New Jersey and Eastern Pennsylvania, where sites that can support large-scale developments are extremely scarce and entitlement and permitting processes tend to be long and arduous, the trend is perhaps even more pronounced. Yet those longstanding characteristics of the Garden State and Lehigh Valley industrial markets are only partial reasons as to why new developments and deals are effectively downsizing. …
WEBSTER, N.Y. — The Coca-Cola Co. (NYSE: KO) has broken ground on a $650 million production facility for its dairy brand Fairlife in the Central New York community of Webster, located just west of Rochester. About 250 people are expected to work at the 745,000-square-foot facility, which will source from local milk co-operatives to produce its line of dairy-based beverages before distributing them to retailers across the region. Completion is slated for the fourth quarter of 2025. Empire State Development provided $21 million in assistance for the project through the performance-based Excelsior Jobs Tax Credit Program in exchange for job creation commitments. The Atlanta-based soft drink giant acquired Fairlife in 2020.
REVERE, MASS. — A partnership between National Real Estate Advisors, Cathexis and The HYM Investment Group has begun leasing Amaya, a 475-unit multifamily project located in the northeastern Boston suburb of Revere. Designed by ICON Architecture, the project is part of the redevelopment of the 161-acre former Suffolk Downs racetrack and houses 24,000 square feet of ground-floor retail space. Units come in studio, one- and two-bedroom floor plans. Amenities include a pool, landscaped courtyards, an outdoor kitchen with grilling stations, fitness center and a game room with an arcade. Ullico, a Washington, D.C.-based insurance company, financed construction of the project. Rents start at roughly $2,400 per month for a studio apartment.
NASHUA, N.H. — Can-One USA has opened a 180,000-square-foot beverage container manufacturing plant in Nashua, located near the New Hampshire-Massachusetts border. The facility will provide cans for an array of beverage types, including beer, soft drinks, juices and sparkling waters, allowing the company to reach production outputs of more than 2 billion aluminum beverage cans annually. Locally based design-build firm PROCON handled architectural and general contracting duties for the project. The Kane Co. developed the property.
ASTON, PA. — Walker & Dunlop Investment Partners has provided $6.2 million in equity for a 100,000-square-foot industrial project that will be located at 48 Chichester Ave. in Aston, a western suburb of Philadelphia. According to LoopNet Inc., the project will feature a clear height of 36 feet, 10 exterior dock doors and 2,500 square feet of office space. The name of the developer was not disclosed.
Four Food-and-Beverage Users, Two Retailers to Join Roster at Tuscan Village in Salem, New Hampshire
SALEM, N.H. — Four new food-and-beverage users and two retailers have joined the tenant roster at Tuscan Village, a mixed-use destination in Salem that is a redevelopment of the former Rockingham Park horseracing complex. Shake Shack, Tavern in the Square, Sweetgreen and The Capital Grille, as well as retailers Drybar and West Elm, have all chosen Tuscan Village for their first locations in New Hampshire. Tentative opening dates were not disclosed.