MORRISTOWN, N.J. — Locally based developer The Hampshire Cos. has sold Max on Morris, an 85-unit apartment complex located in the Northern New Jersey community of Morristown. Completed in 2023, Max on Morris offers studio, one- and two-bedroom floor plans. Amenities include an entertainment lounge, break room and an outdoor amenity deck with grilling stations. The property also houses four affordable housing units and 14 supportive housing units designed for residents with special needs. Cushman & Wakefield represented the seller and the private buyer in the deal.
MECHANICSBURG, PA. — CBRE has brokered the sale of a 57,000-square-foot office property in Mechanicsburg, located just outside Harrisburg. Built in 1988, the property at 5035 Ritter Road is situated within the 1.9 million-square-foot Rossmoyne Business Center and is leased to the Administrative Office of Pennsylvania Courts. Steve Marzullo and Adam Silverman of CBRE represented the undisclosed seller in the transaction. CBRE also procured the buyer, Triple Crown Corp.
NEWARK, N.J. — A partnership between Deugen Investment Group and Devli Real Estate has acquired a seven-acre industrial outdoor storage facility in Newark. According to LoopNet Inc., the facility at 449 Doremus Ave. was completed earlier this year and totals 30,000 square feet. The site formerly housed a cogeneration power plant, and the new ownership plans to renovate the interior and exterior of the existing structure and repave the site for trailer parking, outdoor storage and car parking uses. The seller was not disclosed.
CHERRY HILL, N.J. — Five new tenants have signed leases totaling approximately 30,000 square feet at Cherry Hill Mall, a 1.4 million-square-foot shopping center in Southern New Jersey. Alo Yoga, Kendra Scott and Signature Workspace are scheduled to open at the property this year. Dry Goods and Rowan have also signed leases at the center, with the latter scheduled to open next spring. Pennsylvania Real Estate Investment Trust (PREIT) owns and manages the property.
MALDEN, MASS. — The DSF Group, an investment firm with offices in Boston and Washington D.C., has sold Halstead Malden Square, a 195-unit apartment complex located on the northern outskirts of Boston. Built in 2015, the six-story, market-rate building houses studio, one- and two-bedroom units and amenities such as a pool, fitness center, golf simulator, game room, bocce ball court and outdoor grilling and dining stations. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented DSF Group in the transaction. The team also procured the buyer, an entity advised by Nuveen Real Estate.
PASSAIC, N.J. — BridgeInvest has provided a $34.5 million acquisition loan for The Pennington, a 147-unit apartment complex located in the Northern New Jersey community of Passaic. The Pennington is an adaptive reuse of the former St. Mary’s Hospital complex, a site that spans about 3.5 acres. Units come in one-, two- and three-bedroom floor plans. Amenities at the pet-friendly property include a fitness center, children’s play area and a community room. The borrower was locally based investment and development firm The Birch Group.
NEW HAVEN, CONN. — Nonprofit owner-operator Beacon Communities has broken ground on a 76-unit affordable housing project in New Haven. The project will convert a parking lot on State Street and vacant upper-floor spaces on Chapel Street into a complex with studio, one- and two-bedroom apartments and ground-floor commercial spaces. The majority (60) of the units will be affordable to households earning between 30 and 60 percent of the area median income. The other 16 units will serve households that are currently or at risk of experiencing homelessness. Beacon Communities is financing construction of the project through a mix of federal and state tax credits, as well as local incentives and subsidies.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $7.7 million sale of a multifamily development site in the Far Rockaway area of Queens. The site at 60-14 Beach Channel Drive can support 74,000 square feet of buildable space and is subject to a 421a tax incentive for adding affordable housing. Jason Gold and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
HOLBROOK, N.Y. — Locally based brokerage firm CAMCO Commercial Real Estate has negotiated a 21,450-square-foot industrial lease on Long Island. The tenant, janitorial supplies provider I. Janvey & Sons Inc., is taking space at the 300,000-square-foot Sherwood Corporate Center in Holbrook. CAMCO represented the undisclosed landlord in the lease negotiations. Premier Commercial Real Estate represented the tenant.
NEW YORK CITY — Walker & Dunlop has arranged a $110 million construction loan for a 246-unit multifamily project that will be located at 880 Atlantic Ave. in the Prospect Heights area of Brooklyn. The building will house studio, one- and two-bedroom units as well as 13,000 square feet of commercial space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring of Walker & Dunlop arranged the loan on behalf of the developer, EMP Capital Group. QuadReal Property Group provided the financing.