NEW YORK CITY — Two locally based brokerage firms, Rosewood Realty Group and GFI Realty, have negotiated the $5.2 million sale of a 53-unit apartment building in The Bronx. The six-story building at 4030 Bronx Blvd. was originally constructed in 1929. Ben Khakshoor, Alex Fuchs and Aaron Jungreis of Rosewood, along with Zach Fuchs of GFI, represented both the buyer and the seller in the transaction. Both parties were private investors. The deal traded at a cap rate of 8.1 percent.
COMMACK, N.Y. — PGA Tour Superstore has opened a 39,225-square-foot shop at Mayfair Shopping Center, a 220,000-square-foot development located in the Long Island community of Commack. Hugh Scullin of regional brokerage firm Katz & Associates represented PGA Tour Superstore in the lease negotiations. E.J. Moawad of Levin Management Corp. represented the undisclosed landlord. The store will be the retailer’s fourth in New York.
LIVINGSTON, N.J. — Boutique law firm A.Y. Strauss has signed a 10,728-square-foot office lease at The Eisenhower, a 384,000-square-foot campus located in the Northern New Jersey community of Livingston. Harland Hollander of Savills 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.
NEW YORK CITY — SCALE Lending, the debt financing arm of locally based development and investment firm Slate Property Group, has provided a $142 million construction loan for a 521-unit multifamily project in the Jamaica area of Queens. The building at 147-35 95th Ave. will rise 24 stories and offer studio, one- and two-bedroom units. The property will also house 363 parking spaces and 1,231 square feet of retail space. Residential amenities will include a gym with a yoga room, children’s playroom, business center and conference rooms, rooftop lounge, game room, theater room and a TikTok room. The sponsor, Sutphin Boulevard Equities, will use the proceeds to fund the final stages of construction, as well as lease-up and stabilization of the property. Steve Hersko of SHB Group arranged the 30-month, floating-rate loan. Completion is slated for next summer. Other project partners include Heartfelt Townhouse Builders, structural engineer Thorton Tomassetti and J Frankl Architects.
BEDFORD, MASS. — A partnership between Redgate, Optimum Asset Management and AEW Capital Management has delivered Bedford Labs, a 288,000-square-foot life sciences project located about 20 miles northwest of Boston. The partnership delivered the project fully preleased to biotechnology firm Sarepta Therapeutics, and with the building shell and core completed, the development team is now underway on the interior build-out. Bedford Labs sits on a 52-acre site and includes a 28,000-square-foot amenity space.
GLASTONBURY AND SOUTH WINDSOR, CONN. — Amazon has launched two delivery centers totaling 285,000 square feet in Connecticut. The facilities in Glastonbury and South Windsor total 105,000 and 180,000 square feet, respectively, and will ultimately employ more than 250 people on full- and part-time bases over the next few months. Amazon delivery stations offer entrepreneurs opportunities to build their own businesses delivering packages and independent contractors the flexibility to create their own distribution schedules.
SICKLERVILLE, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Gloucester Town Center, a 102,660-square-foot shopping center located roughly 25 miles outside Philadelphia in Sicklerville, N.J. A 57,560-square-foot ACME Markets grocery store anchors the property, which was built in 2003. Other tenants include Dollar Tree, Supercuts, AT&T, Pizza Hut and Mavis Discount Tires. Brad Nathanson of IPA represented the seller, KPR Centers, in the transaction and procured an undisclosed, New York-based partnership as the buyer. Jeremy Nussbaum and Andrew Eisen of Walker & Dunlop arranged $8.1 million in acquisition financing for the deal through Citigroup.
NEW YORK CITY — JLL has negotiated the $6 million sale of an 11-unit apartment building located at 169 Mulberry St. in Manhattan’s Little Italy neighborhood. According to StreetEasy, the building, which includes a single retail space that is occupied by an Italian restaurant, was originally constructed in 1914 and rises six stories. Hall Oster, Teddy Galligan and Guthrie Garvin of JLL represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
PHILADELPHIA — Hilco Redevelopment Partners (HRP) has broken ground on the first phase of The Bellwether District, a redevelopment project encompassing 1,300 acres in South Philadelphia. The project will transform the former Philadelphia Energy Solutions refinery into a state-of-the-art innovation, e-commerce and logistics campus. Demolition of the obsolete industrial site is now substantially complete. The redevelopment will be a 14 million-square-foot campus divided into two areas: 250 acres dedicated to innovation and 750 acres for industrial and logistics facilities. HRP expects The Bellwether District to augment the life sciences and research infrastructure in nearby University City and to bring supply chain logistics and advanced manufacturing to the site, which is located near Philadelphia International Airport and The Port of Philadelphia. “When our team arrived here in Philadelphia, we did not see a former refinery — we saw what I believe to be the most strategic piece of real estate east of the Mississippi, if not in the entire United States,” says Roberto Perez, CEO of HRP. HRP projects that the development of The Bellwether District will create 19,000 direct permanent jobs and nearly 28,000 direct construction jobs over a 10- to 15-year timeline. The groundbreaking marks the first phase of …
ENFIELD, CONN. — Regional developer WinStanley Enterprises has acquired a 135-acre industrial development site in Enfield, located near the Connecticut-Massachusetts border. The site is fully approved for the development of a two-building, 600,000-square-foot complex that will be known as Metro Park North. Specifically, the development will feature a 500,225-square-foot distribution facility and a 100,125-square-foot flex building. WinStanley expects to start construction in early to mid-2024, contingent upon securing tenant interest. Phil Gagnon and Nick Morizio of Colliers represented the seller and buyer in the land deal. Colliers will also handle leasing of the development.