EAST SETAUKET, N.Y. — Stony Brook University Hospital has signed a 16,000-square-foot lease on Long Island. The regional provider now occupies an entire 25,000-square-foot building within the 103-acre Stony Brook Technology Center campus in East Setauket. David Leviton from JLL represented the tenant in the lease negotiations. Maria Valanzano and Steven D’Orazio of Colliers represented the landlord, TRITEC Real Estate Co.
The emergence of generative artificial intelligence (AI) promises to greatly expand the property industry’s reach and abilities. Generative AI can offer suggestions, compile reports and create various types of content, ranging from video to software code. In the commercial real estate world, generative AI has the potential to harness myriad information to help owners, managers, lenders and investors assess portfolio performance, uncover operating risks and identify opportunities, among other activities, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. But companies need to begin preparing for it now, he adds. “Commercial real estate can be slow to change — it wasn’t that long ago that mortgage brokers were sending us deals via overnight mail,” observes Salladin. “But whether they’re analysts or leadership teams, someone in your shop should be dipping their toe in the water and testing out AI.” Salladin also points out the need to proceed cautiously with this new technology as it evolves. Humans with expertise need to review what AI generates for the commercial real estate field. AI can narrow the focus of many tasks but cannot substitute for human reviewers or the human ability to critically apply information gleaned. AI Benefits Salladin …
MONTGOMERY, N.Y. — New York-based developer Ridgecut Road will develop a 146,075-square-foot industrial project in Montgomery, located about 70 miles northwest of Manhattan in Orange County. The site spans 13.6 acres, and the facility will be branded I-84 Orange County Logistics Center. Building features will include a clear height of 36 feet, 31 dock doors and parking for 16 trailers and 83 cars. Premier Design + Build Group is handling architecture and construction work. Jim Pancyzkowski and Zach Antonucci of JLL are marketing the development for lease. Guy Hananya of Clear Height Advisors brokered the off-market land deal. Ridgecut Road plans to break ground on the project later this year.
TONAWANDA, N.Y. — Locally based financial intermediary Largo Capital has arranged a $12.1 million loan for the refinancing of a 307,000-square-foot warehouse located just outside of Buffalo in Tonawanda. The building, which features a clear height of 36 feet, 28 dock-high doors and two drive-in doors, was fully leased at the time of the loan closing. Jack Phillips of Largo Capital arranged the loan on behalf of the undisclosed borrower. The name of the direct lender was also not disclosed.
RANDOLPH, MASS. — Marcus & Millichap has brokered the $7.5 million sale of a 30-acre industrial development site in Randolph, a southern suburb of Boston. The site is located between East Randolph Industrial Park and Messina Industrial Park and can support up to 120,000 square feet of new development. Harrison Klein and James Manning of Marcus & Millichap represented the seller, an undisclosed private investor, in the transaction. The duo also procured the buyer, Bluewater Property Group, which will develop the site on a speculative basis and is targeting an early 2025 delivery.
HARRISBURG, PA. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $4.6 million sale of Uptown Plaza, a 156,066-square-foot shopping center in Harrisburg. The center was built on 14 acres in 1957 and includes two pad sites, one of which is occupied by McDonald’s. Robert Holland of Kislak represented the seller, Town Associates LP, in the transaction. Barry Waisbrod, also with Kislak, procured the buyer, America’s Realty LLC.
NEW YORK CITY — Pearl World has signed a 12-year, 8,800-square-foot office lease at Carnegie Hall Tower in Manhattan’s Plaza District. The space of the cosmetics retailer, which is relocating from 37 West 57th Street, spans the entire 48th floor and can also support its showroom. Dennis Someck and Justin Myers of Lee & Associates represented Pearl World in the lease negotiations. Matt Leon with Newmark represented the landlord, TF Cornerstone.
JERSEY CITY, N.J. — Hudson Valley Property Group has completed the renovation of Grandview Terrace Apartments, a 283-unit affordable seniors housing complex in the Journal Square area of Jersey City. The $15.2 million, 16-month project upgraded the cabinetry, countertops, appliances, lighting, flooring, walls and water fixtures in the units and added amenities such as a new sky lounge with a stretching room, community room, library and a computer center. KeyBank provided construction financing for the project, and that loan was refinanced under HUD’s 223(f) program upon completion.
ROBINSON TOWNSHIP, PA. — A partnership between two Indiana-based firms, developer Milhaus and investment firm BAM Capital, will develop a 272-unit multifamily project just west of Pittsburgh in Robinson Township. Known as Nox Living, the property will feature studio, one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, coworking space, resident lounge and outdoor grilling and dining stations. The development team expects to begin construction by July and is aiming to deliver the first units by late 2025.
OAKLAND, N.J. — Dallas-based investment firm Dalfen Industrial has acquired Thornton Logistics Center, a 92,400-square-foot industrial building in Oakland, located in Bergen County in Northern New Jersey. The sales price was $14.6 million. The building is located within the 1.7 million-square-foot Oakland Industrial Park and features a clear height of 22 feet. Thornton Logistics Center was fully leased at the time of sale. Jordan Avanzato, Marc Duval, Nicholas Stefans and Jason Lundy of JLL brokered the off-market deal. The seller was not disclosed.