BLUE BELL, PA. — JLL has negotiated the sale of a 199,532-square-foot office building located at 1400 Union Meeting Road in Blue Bell, a northwestern suburb of Philadelphia. The two-story building was originally constructed on 18.6 acres in 1961 and is now zoned for scientific, agricultural, industrial or research or development uses. Brett Segal and Matthew Blumberg of JLL represented the seller, Bridge Investment Group, in the transaction and procured the buyer, a foreign private investor. Specific plans for repositioning were not disclosed.
MIDDLESEX COUNTY, N.J. — Locally based financial intermediary G.S. Wilcox has arranged a $30.5 million construction loan for a 152,000-square-foot, speculative industrial project in Northern New Jersey. The exact location was not disclosed, but the site is situated in Middlesex County within 20 miles of the Port of Newark/Elizabeth. Building features will include a clear height of 36 feet, 22 dock doors and excess car and trailer parking space. Bridget Wilcox and Albert Raymond of G.S. Wilcox arranged the financing through an undisclosed, West Coast-based bank. The borrower also requested anonymity.
ALLENTOWN, PA. — Locally based firm Waterfront Development Co. has completed Six Fifteen Waterfront, a 120,000-square-foot office project in the Lehigh Valley community of Allentown. The six-story, waterfront building consists of 100,000 square feet of Class A office space and 20,000 square feet of retail and restaurant space and features a two-story lobby, floor-to-ceiling windows and a variety of outdoor gathering and lounge spaces. A grand opening ceremony was held on Wednesday, Oct. 11.
LIVINGSTON, N.J. — RWJBarnabas, a network of New Jersey-based independent providers, has signed a 11,667-square-foot healthcare lease at The Eisenhower, a 384,000-square-foot campus located in the Northern New Jersey community of Livingston. Richel Commercial Brokerage represented the tenant in the lease negotiations. Jonathan Meisel, Dan Casey and Erin Wenzler of CBRE, along with internal agent Eric Maurer, represented the landlord, Eastman Cos.
Today’s accelerating technology transformation is altering how the commercial real estate industry executes transactions and manages assets. “The amount of information that a multifamily borrower needs to submit and disclose has become more demanding over time,” says William (Bill) Hyman, a Lument senior managing director who oversees the firm’s strategic business technology transformation and conventional loan production. “That has made due diligence more complex and data intensive, and we wanted to create a more secure and expedient way to tackle that process.” Seeing this need, Lument responded by creating a suite of proprietary technology tools. Across the industry, the advent of online, friendlier multifamily loan application and servicing processes has not only eliminated the transfer of sensitive information through email by moving the processes to secure portals, but it has also streamlined common paper-based, time-consuming and burdensome tasks. That has translated into much speedier decisions about loans and responses to questions and requests. LeapOnline Beginnings Lument is a commercial real estate finance solutions provider based in New York that specializes in Fannie Mae, Freddie Mac, Federal Housing Administration and balance sheet lending. The company’s digital transformation began in 2017. At the time, the company saw the opportunity to better …
PHILADELPHIA — JLL has arranged a $33.5 million loan for the refinancing of a portfolio of 10 industrial properties totaling 443,488 square feet in the Philadelphia metro area. The portfolio was fully leased at the time of sale to a mix of local and national tenants, including Boeing and Fiserv. Building features include clear heights ranging from 16 to 22 feet and a total of 82 dock-high doors, 15 drive-in doors and 768 parking spaces. Michael Klein, Steven Klein, Ryan Ade and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Securian Financial on behalf of the borrower, Wharton Industrial.
CHATHAM, N.J. — New Jersey-based developer BNE Real Estate Group is nearing completion of The Ivy, a 245-unit multifamily project in the Northern New Jersey community of Chatham. Designed by Minno & Wasko Architects & Planners, the six-story building will house one- and two-bedroom units that will be furnished with stainless steel appliances, quartz countertops and tile backsplashes. The property will also feature 34,000 square feet of indoor and outdoor amenity space. Specifically, the amenity package will include a pool, an outdoor movie lawn and dining areas, fitness center, resident lounge, bar, game room, sport simulator lounges, children’s play area, pet spa and a media screening room. Leasing will begin later this fall.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $28.2 million sale of a 75-unit multifamily building located at 69 E. 125th St. in East Harlem. Built in 2017 by Greystone Development, the 12-story building includes two commercial spaces and is subject to a 421a tax abatement through 2043. Victor Sozio, Shimon Shkury, Mark Anderson, Gabriel Elyaszadeh and Michael Tortorici of Ariel Property Advisors represented Greystone and the buyer, GO-RE Partners, in the transaction. JP Morgan Chase provided acquisition financing for the deal.
LEXINGTON, MASS. — Voyager Therapeutics has signed a 61,307-square-foot life sciences lease expansion at Hayden Research Campus in Lexington, a northwestern suburb of Boston. The tenant’s footprint now spans 93,449 square feet at the campus, which offers amenities such as a cafeteria, fitness center and outdoor gathering spaces. Jon Varholak, Eric Smith, Perry Beal and Alex Plaisted of CBRE represented Voyager in the lease negotiations.
MALVERNE, N.Y. — Locally based balance sheet lender Bayport Funding has provided $3.2 million in financing for a multifamily project in the Long Island community of Malverne. The site at 1104 Hempstead Ave. spans 38,320 square feet. The undisclosed borrower will use the proceeds to acquire and complete the project, which is underway and slated for a summer 2024 delivery.