MOUNT LAUREL, N.J. — Newmark has brokered the sale of an 87,460-square-foot office building located at 250 Century Parkway in the Southern New Jersey community of Mount Laurel. According to LoopNet Inc., the four-story building was originally constructed in 2000. David Dolan, Angelo Brutico and John Cook of Newmark represented the seller, Four Springs Capital Trust, in the transaction. The buyer was a partnership between an entity doing business as 250 Century Parkway LLC and the Needleman Management Co.
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How Developers Use Mix of Technology, Amenities to Attract Residents
The multifamily industry faces a major challenge. Final construction costs have grown 33 percent since 2019 interest rates and operational expenses are sky high; and rents may need to increase, where possible, to make deals feasible — an off-putting reality for residents. One developer solution is smaller apartments, which make units cheaper. There is also a push to add more common-space amenities that are both valuable and less costly to include. These features include rooftop spaces, green areas and decks. However, to make these spaces truly usable for today’s multifamily residents, it is important to make them technologically flexible and to offer easy internet connection. “The floor plans of most new-construction multi-dwelling units (MDUs) today are shrinking, and their amenities are expanding,” says Bryan Rader, president of MDU at networking and internet service company Pavlov Media. According to RentCafe, the average size of newly constructed apartment units fell by almost 6 percent in a decade, with half of that change occurring in the last year. Rader likens it to the “resort-style community” approach, where hotel rooms are small, and guests are encouraged to spend time everywhere else on the property. Similarly, multifamily developers create shared amenities such as comprehensive fitness …
EAST FISHKILL, N.Y. — A global automotive manufacturer has preleased the entirety of Hudson Valley Logistics Center, a 540,688-square-foot industrial project that is under construction in East Fishkill, about 60 miles north of New York City. The name of the tenant was not disclosed, but local publication Mid Hudson News reports that the company is Stellantis, a multinational manufacturer based in The Netherlands. The building, which is slated for a third-quarter delivery, features a clear height of 36 feet, 120 dock positions, three drive-in doors and parking for 134 trailers and 212 cars. A joint venture between Bluewater Property Group and Affinius Capital owns Hudson Valley Logistics Center. Rob Kossar, David Knee, James Panczykowski, Dave MacDonald and Charlotte Belling of JLL negotiated the deal on behalf of both parties.
CAMBRIDGE, MASS. — MassHousing has provided $41.6 million in financing for a 106-unit affordable housing project that will be located at 52 New St. in Cambridge. The majority of the financing consists of a $15.4 million permanent loan and $24.7 million in tax credit equity bridge financing. Units will come in one-, two- and three-bedroom formats and will be reserved for households earning 30, 60 and 80 percent of the area median income. The six-story building will also include 3,500 square feet of commercial space. The borrower is social services provider Just A Start.
MANCHESTER, N.H. — Colliers has arranged the sale of an industrial building located at 299 Pepsi Road in Manchester, located near the Massachusetts-New Hampshire border. According to LoopNet Inc., the property was built on an 18.9-acre site in 1997 as a food processing facility and totals 51,216 square feet. Bob Rohrer and Doug Martin of Colliers represented the seller in the transaction. Ellen Garthoff of Stubblebine Co. represented the buyer, an affiliate of Lilly’s Fresh Pasta.
WESTFIELD, N.J. — Locally based developer Adoni Property Group has completed The Franklin Westfield, a 40-unit apartment building in Northern New Jersey. The property offers one-, two- and three-bedroom units ranging in size from 750 to 2,650 square feet. Amenities include a pool, fitness center, resident lounge, outdoor grilling and dining stations, business center, library and a pet park. Coldwell Banker Realty began the leasing campaign in February, at which times rents started at $4,300 per month for a one-bedroom apartment.
EAST CAMBRIDGE, MASS. — Three tenants have signed leases totaling approximately 35,000 square feet at One Canal, a 112,000-square-foot life sciences property located across the Charles River from Boston in East Cambridge. The tenants are Larkspur Biosciences, Incendia Therapeutics and Deep Genomics. The square footages of the spaces were not disclosed. Breakthrough Properties, a joint venture between global real estate owner Tishman Speyer and biotechnology investment firm Bellco Capital, owns One Canal.
NEW YORK CITY — A partnership between locally based investment firm Waterman Interests and global asset manager HPS Investment Partners will redevelop 850 Third Avenue, a 605,000-square-foot office building in Midtown Manhattan. The 21-story building was originally constructed in 1961. According to the partnership, 850 Third Avenue offers the largest block of available space in Midtown East — more than 400,000 square feet — and will be repositioned to support build-to-suit headquarters deals. A construction timeline was not disclosed.
BOSTON — MassDevelopment has provided $21.8 million in tax-exempt bond financing for a 63-unit affordable housing project that will be located in Boston’s Hyde Park neighborhood. The property will consist entirely of one-bedroom units that will be reserved for households earning 30, 50 or 60 percent or less of the area median income. The borrower and developer is an affiliate of B’nai B’rith Housing of New England. Eastern Bank purchased the bond. The Massachusetts Executive Office of Housing & Livable Communities also provided $16.1 million in tax credit equity for the project.
BEACON FALLS, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Beacon Mill Village, a 185-unit multifamily property in Beacon Falls, located just northwest of New Haven. Built in 1988, the property offers one- and two-bedroom units with an average size of 809 square feet. Amenities include a pool, fitness center, sauna, tennis court and a dog park. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Navarino Capital Management, in the transaction. The trio also procured the buyer, an entity doing business as Beacon Mill Holdings II LLC.