Northeast

4-Fairfield-Blvd.-Wallingford-Connecticut

OR&L Negotiates $3.3M Sale of Industrial Property in Wallingford, Connecticut

by Taylor Williams September 5, 2023

WALLINGFORD, CONN. — Locally based brokerage firm OR&L Commercial has negotiated the $3.3 million sale of a 45,320-square-foot industrial property in Wallingford, located just north of New Haven. The building, which sits on 3.6 acres and features four loading docks, was roughly 45 percent leased at the time of sale to a single tenant. Frank Hird of OR&L represented the seller, Founders Associates LLC, in the transaction and procured the buyer, NEC Advisors. Hird is also representing the new ownership in leasing the available space.

September 5, 2023

Delaware Development Industrial Northeast

Agile Cold Storage to Open 275,000 SF Facility in Claymont, Delaware

by Taylor Williams September 1, 2023

CLAYMONT, DEL. — Georgia-based owner-operator Agile Cold Storage will open a 275,000-square-foot facility in Claymont, Del., about 25 miles southwest of Philadelphia. The site is located within First State Crossing, an industrial park that is a redevelopment of a former steel mill. Agile Cold Claymont is expected to create 130 new jobs and involve capital investment of more than $170 million over the next five years.

September 1, 2023

Acquisitions Massachusetts Northeast

JLL Arranges $41M Sale of Office Building in Boston’s Financial District

by Taylor Williams September 1, 2023

BOSTON — JLL has arranged the $41 million sale of 7 Post Office Square, a 64,246-square-foot office building in Boston’s Financial District. The seven-story building was 91 percent leased to eight tenants at the time of sale, with Fidelity Investments serving as the anchor tenant. Chris Angelone, Coleman Benedict, Scott Carpenter, Scott Tully Jr., Brooke Howard and Rachel Bliss of JLL represented the seller, Nuveen Real Estate, in the transaction. The team also procured the buyer, Azora Exan Capital.

September 1, 2023

Development Multifamily New York Northeast

PAZ Management Begins Leasing 39-Unit Multifamily Project in Poughkeepsie, New York

by Taylor Williams September 1, 2023

POUGHKEEPSIE, N.Y. — Locally based developer PAZ Management has begun leasing The Flats at Raymond, a 39-unit multifamily project located north of New York City in Poughkeepsie. The property features one- and two-bedroom units ranging in size from 706 to 1,098 square feet. The Flats at Raymond is one of two complexes that comprise the first phase of a larger development known as The Arlington of Poughkeepsie. The second property, a 24-unit adaptive reuse project known as Lofts at The School, began welcoming residents earlier this year and is now 90 percent occupied. Rents at The Flats at Raymond start at $1,975 per month.

September 1, 2023

Acquisitions Connecticut Northeast Office

Timex Group USA Sells Headquarters Complex in Middlebury, Connecticut, for $7.5M

by Taylor Williams September 1, 2023

MIDDLEBURY, CONN. — Watchmaker Timex Group USA has sold its 84,886-square-foot corporate headquarters complex in Middlebury, Conn., for $7.5 million. Chris O’Hara of Coldwell Banker Commercial represented Timex Group in the sale to a partnership between Drubner Equities Florida LLC and Atlantic Management. The site spans 93 acres, and the new ownership plans to redevelop the complex into a 720,000-square-foot industrial park.

September 1, 2023

Leasing Activity Northeast Pennsylvania Restaurant Retail

Tapville Social to Open 5,307 SF Restaurant at Vision on Fifteenth in Pittsburgh

by Taylor Williams September 1, 2023

PITTSBURGH — Tapville Social, a concept that combines craft cocktail flights, self-pouring beer taps and American fare, will open an 5,307-square-foot restaurant with patio seating at The Vision on Fifteenth in Pittsburgh. The eight-story building, which is located in the Strip District, spans 265,000 square feet of office and retail/restaurant space. Joseph Williams and Rachel Forslund of Fort Worth-based brokerage firm Woodmont Co. represented Tapville Social in the lease negotiations. Tommy McCafferty of CBRE represented the landlord, Burns Scalo Real Estate. The opening is slated for 2024.

September 1, 2023

Delaware Development Industrial Loans Northeast

JLL Arranges $56.3M Construction Loan for Industrial Project in Claymont, Delaware

by Taylor Williams August 31, 2023

CLAYMONT, DEL. — JLL has arranged a $56.3 million construction loan for Tri-State Industrial, a 525,000-square-foot project that will be located about 25 miles outside of Philadelphia in Claymont, Delaware. The property will feature 40-foot clear heights, an ESFR sprinkler system, 130-foot truck court depths, four drive-in ramps with overhead doors and ample trailer and car parking. Chris Drew, Mike Pagniucci and Michael DiCosimo of JLL arranged the loan through Principal Asset Management on behalf of the borrower, a partnership between New York City-based KPR Centers and Los Angeles-based PCCP LLC.

August 31, 2023

Acquisitions Industrial New Hampshire Northeast Self-Storage

Marcus & Millichap Brokers Sale of 448-Unit Self-Storage Facility in Merrimack, New Hampshire

by Taylor Williams August 31, 2023

MERRIMACK, N.H. — Marcus & Millichap has brokered the sale of a 448-unit self-storage facility located in the southern New Hampshire city of Merrimack. The facility, which is managed by Life Storage, opened in early 2022 and spans 57,840 net rentable square feet of non-climate-controlled space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the deal. Thomas Shihadeh of Marcus & Millichap assisted in closing the transaction as the broker of record. Additional terms of sale were not disclosed.

August 31, 2023

Development Multifamily New York Northeast

Skyline Developers Breaks Ground on 97-Unit Multifamily Project in Midtown Manhattan

by Taylor Williams August 31, 2023

NEW YORK CITY — New York City-based Skyline Developers has broken ground on a 97-unit multifamily project at 18 W. 55th St. in Midtown Manhattan. Designed by Morris Adjmi Architects, the building will rise 26 stories and span 152,000 square feet. Goldman Sachs Bank USA provided construction financing for the project, which is slated for a 2025 delivery. Information on floor plans and specific amenities was not disclosed.

August 31, 2023

Development Industrial Leasing Activity Massachusetts Northeast Office

Dacon Completes 30,000 SF Headquarters Project in Canton, Massachusetts

by Taylor Williams August 31, 2023

CANTON, MASS. — Massachusetts-based design-build firm Dacon has completed a 30,000-square-foot, build-to-suit headquarters project for healthy snack food provider 88 Acres in Canton, a southern suburb of Boston. The facility at 85 John Road, which allows the company to more than quintuple its production, features a quality control lab, R&D lab, production area, cooling room, warehouse, executive offices and conference rooms. Camber Development owns the building.

August 31, 2023

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