NEW YORK CITY — A partnership between The Domain Cos., LMXD and Bridge Investment Group Holdings LLC has received a $290 million loan for the refinancing of Jasper, a 499-unit multifamily property located in the Long Island City neighborhood of Queens. Wells Fargo provided the loan. Residences at Jasper come in studio, one-, two- and three bedroom floor plans, and the development includes 150 affordable units that are reserved for households earning 130 percent of the area median income. Amenities include multiple outdoor terraces, a rooftop pool, fitness center with a yoga studio, a dog run, multiple landscaped courtyards, a game room, package lockers, outdoor grilling and dining areas, a resident lounge, demonstration kitchen and coworking space. Jasper also features 33,000 square feet of retail space. The property’s multifamily component was 65 percent occupied at the time of the loan closing.
Northeast
RIDGEFIELD PARK, N.J. — A partnership between KABR Group and Hornrock Properties has broken ground on a 216-unit multifamily project in the Northern New Jersey community of Ridgefield Park. The site at 95 Challenger Road is located within Overpeck Corporate Center, a 60-acre mixed-use development. Designed by Minno & Wasko Architects and Planners, the six-story building will feature a mix of studio, one- and two-bedroom residences, 22 of which will be set aside as affordable housing. Rent caps were not disclosed. Amenities will include an outdoor pool, a lounge and café, coworking spaces, a game room with a golf simulator, a children’s playroom, a pet spa and a fitness center. Residents will also have access to 2,000 square feet of ground-floor retail space. Completion is slated for 2028.
PARSIPPANY, N.J. — FRP Holdings (NASDAQ: FRPH), an investment firm with offices in Baltimore and Jacksonville, has purchased a 140,031-square-foot warehouse in the Northern New Jersey community of Parsippany. Logistics Center at Parsippany is a newly built facility that sits on a 10.5-acre site. Altman Logistics Properties, a South Florida-based investment firm formerly known as BBX Capital, developed the property, and FRP Holdings acquired the asset as part of a larger portfolio deal encompassing Altman’s entire development pipeline. The sales price was not disclosed.
SALEM, N.H. — JLL has brokered the $7.7 million sale of three industrial buildings totaling roughly 55,000 square feet in Salem, located near the Massachusetts-New Hampshire border. The shallow-bay buildings, which were all fully leased at the time of sale, feature clear heights of 17 to 20 feet, tailboard and drive-in loading doors and approximately 15 percent office space in each building. Tommy Hovey, Michael Restivo and David Coffman of JLL represented the undisclosed seller in the transaction. The buyer was an entity doing business as JBCM LLC.
EDISON, N.J. — Lee & Associates has negotiated an 88,620-square-foot industrial lease in the Central New Jersey community of Edison. The space is located within the Raritan Center business park and features 32-foot clear ceilings, 17 loading docks and an ESFR sprinkler system. Claudia Ganas, Monica Franco and Ana Carolina DeAraujo of Lee & Associates represented the tenant, an undisclosed freight forwarding company, in the lease negotiations. Vincent Visceglia internally represented the landlord, Summit Associates.
NEW YORK CITY — Summit Properties has purchased 444 Madison Avenue, a 500,000-square-foot office building in Midtown Manhattan. The 42-story building occupies an entire blockfront between East 49th and 50th streets and offers amenities such as a tenant lounge, café, conference center and two landscaped terraces. Tenants include law firm Schwartz, Sladkus, Reich, Greenberg, Atlas, as well as The Doris Duke Foundation, EOS Hospitality and financial services firm Capital Dynamics. The seller and sales price were not disclosed. Summit Properties has tapped JLL as the new leasing agent.
ROBINSON TOWNSHIP, PA. — A partnership between two Indiana-based firms, developer Milhaus and investment group BAM Capital, has completed a 272-unit apartment complex located just west of Pittsburgh in Robinson Township. Known as Nox Living, the property offers studio, one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, coworking space, pickleball court, resident lounge and outdoor grilling and dining stations. Rents start at roughly $1,650 per month for a studio apartment, according to the property website.
NEW YORK CITY — JLL has arranged the $28 million sale of a 186,584-square-foot commercial property in the Bay Ridge area of Brooklyn that formerly housed a Century 21 store. The property at 423 88th St. consists of 62,792 square feet of commercial space across three floors and 123,729 square feet of parking across six stories and two roof decks. Jeffrey Julien, Brendan Maddigan and Michael Mazzara of JLL represented the seller, ASG Equities, in the deal. Michael Feratovic of Specialized Realty Group represented the buyer.
LANCASTER, PA. — CBRE has brokered the sale of The Shops at Prospect, a 63,392-square-foot shopping center in Lancaster, located roughly midway between Philadelphia and Harrisburg. Grocer Giant anchors the center, which is also home to tenants such as Penn State Health and Hillcrest Pharmacy. Chris Munley, Colin Behr, Ryan Sciullo and Casey Benson Smith of CBRE represented the seller, Brixmor Property Group, in the transaction. Bennett Williams Commercial represented the buyer, Deerin Cos.
NEW YORK CITY — Stark Office Suites will open a 17,300-square-foot flexible workspace facility in Manhattan’s Plaza District. The space spans the 13th and 14th floors of 717 Fifth Avenue, a building that recently underwent a multimillion-dollar capital improvement program. Craig Lemle and Roi Shleifer of Savills represented Stark in the lease negotiations. CBRE represented the undisclosed landlord.