PEABODY, MASS. — Colliers has arranged a $52.7 million loan for the refinancing of a 370,000-square-foot industrial property in Peabody, a northern suburb of Boston. The building is located within the Centennial Park development and houses the headquarters of an undisclosed e-commerce retailer. Barings provided the financing to a partnership between two Boston-based firms, Oliver Street Capital and Bain Capital Real Estate. The partnership plans to expand the property by 82,790 square feet, and the loan includes construction proceeds for that endeavor. John Broderick and Patrick Boyle led the debt placement efforts for Colliers.
NEW ROCHELLE, N.Y. — Cleveland-based multifamily developer The NRP Group has completed Renaissance at Lincoln Park, a 179-unit workforce housing project in New Rochelle, located north of New York City. Residences feature a range of income restrictions. The project included the construction of a 22,000-square-foot Boys & Girls Club facility with a gym, basketball court, recording studio, demonstration kitchen, administrative offices and other rooms for work and play. The NRP Group developed the project in partnership with Guion Renaissance Housing Development Finance Corp. (HDFC), Kensworth Consulting, The Boys & Girls Club of New Rochelle and The City of New Rochelle. Construction began in January 2021.
EAST SETAUKET, N.Y. — New York City-based Brixmor Property Group has acquired West Center, a 41,920-square-foot shopping center located in East Setauket on Long Island. The site along State Route 25A is adjacent to Brixmor’s Three Village Shopping Center and boasts a daily traffic count in excess of 18,000 vehicles. Grocer Wild by Nature anchors the property. Other tenants include Walgreens, Pure Barre, Starbucks and AT&T. The seller and sales price were not disclosed.
BRIDGEPORT, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $8.9 million sale of Birdseye Apartments, an 81-unit multifamily complex located in the southern coastal Connecticut city of Bridgeport. According to Apartments.com, the property was built in 1962 and offers studio, one- and two-bedroom units. Brad Balletto, Jeff Wright and Rich Edwards of NEPCG represented the seller in the transaction and procured the buyer, SPA Management Group.
BEDMINSTER, N.J. — MetLife Investment Management has unveiled plans to reposition its 197-acre office campus in Bedminster, about 45 miles west of New York City, into a life sciences development named Bedminster Technology Center. MetLife has retained JLL to lead the repositioning of the property. Formerly home of AT&T and long known as One AT&T Way, the property consists of four interconnected buildings totaling 939,795 square feet. The campus includes a global network operations center, heliport and 15 acres of covered and surface parking. AT&T built the campus for its own use in 1975. MetLife acquired the property, which is now fully vacant, in 2006. The Township of Bedminster has rezoned the property to accommodate up to 2 million square feet of total development targeted toward biotech research and development and advanced manufacturing uses. Additionally, about 300,000 square feet is available for a conference center, hotel and amenities that could include a fitness center, restaurants and/or retail. Dan Loughlin is leading a JLL team that will market the property for single or multi-tenant lease, sale or site redevelopment with acreage for sale. According to JLL, Bedminster Technology Center presents an opportunity to create the first life sciences development in the …
HOBOKEN, N.J. — Locally based developer LCOR has broken ground on Hoboken Connect, a $900 million mixed-use project in Northern New Jersey. The waterfront development will consist of a 386-unit apartment complex, a 21-story office building, 5,000 square feet of retail and restaurant space and open public space. Within the multifamily component, 20 percent of the residences will be reserved as affordable housing, while the office building will total 704,355 square feet. Both of these buildings will house various Class A amenities. The development team will also make various infrastructural improvements to the site. A tentative completion date was not disclosed.
NEW YORK CITY — A partnership between locally based developer Naftali Group and holding company Access Industries is underway on construction of Williamsburg Wharf, an 850-unit multifamily development in Brooklyn. The 3.8-acre site is located on Kent Avenue between Division Street and South 11th Street, adjacent to the Brooklyn Navy Yard. Williamsburg Wharf will be a waterfront campus with five 22-story buildings that will also house retail and commercial space. Williamsburg Wharf will also feature an open lawn, public waterfront park, dog run and various walking and biking paths. The first phase is slated for a late 2025 completion.
MELVILLE, N.Y. — A joint venture between Creation, a developer with offices in Phoenix and Dallas, and J.P. Morgan Asset Management has sold Baylis 495 Business Park, a 103,500-square-foot industrial facility located in the Long Island community of Melville. Miami-based REIT BentallGreenOak purchased the property for $44 million. The eight-acre site is located about a mile south of the Long Island Expressway, and the building features a clear height of 32 feet, 20 dock doors and two drive-in bays. Marc Duval, Jordan Avanzato, Jason Lundy, Nicholas Stefans, Jose Cruz and Steve Simonelli of JLL brokered the deal. At the time of sale, Baylis 495 Business Park was fully leased to Keurig Dr. Pepper.
HORSHAM, PA. — Align Precision has signed an 85,396-square-foot industrial lease at 425 Privet Road in Horsham, a northern suburb of Philadelphia. The defense and aerospace contractor is relocating from nearby Huntingdon Valley and essentially doubling its footprint. Tim Morris, Mike Maloney and Brian Smyth of CBRE represented the landlord, a partnership between Griffith Properties and DRA Advisors, in the lease negotiations. Mike Cohen of Situs Properties represented Align Precision.
LYNDHURST, N.J. — Locally based developer Woodmont Properties has completed the renovation of a 30,000-square-foot industrial building in the Northern New Jersey community of Lyndhurst. The building at 2 Terminal Road is used for both storage and distribution purposes. Specific improvements included the installation of a new roof and front entrance; fresh painting of the building’s interior and exterior; new paving and landscaping; and the addition of built-out office space and additional loading doors.