Northeast

WinnCos. Breaks Ground on $51M Seniors Housing Redevelopment Project in Worcester, Massachusetts

by Taylor Williams September 10, 2024

WORCESTER, MASS. — WinnCos. has broken ground on Residences on Lincoln Square, a $51 million seniors housing redevelopment project in the central Massachusetts city of Worcester. The project will transform the historic Worcester Boys Club property, which was originally built in 1930 and has been vacant since 2006, into an 80-unit, age- and rent-restricted complex. The existing building will be redeveloped to house 16 units, and a new building will be constructed to house the remaining 64 units. Residences will come in studio, one- and two-bedroom units, with 11 units to be set aside for residents with disabilities. Full completion of the project is slated for 2026. F.W. Madigan Co. Inc. is serving as the general contractor, and Maugel DeStefano Architects is the project architect.

September 10, 2024

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $6M Sale of Brooklyn Apartment Building

by Taylor Williams September 10, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $6 million sale of a 48-unit apartment building in Brooklyn’s Bensonhurst neighborhood. The six-story building at 7920 19th Ave., which according to LoopNet Inc. was originally constructed in 1931, houses one- and two-bedroom units. John Brennan and Bryan Ellis of Marcus & Millichap represented the seller and procured the buyer, both of which were local limited liability companies that requested anonymity, in the transaction.

September 10, 2024

Leasing Activity New Jersey Northeast Office

Hain Celestial Signs 40,000 SF Office Headquarters Lease in Hoboken

by Taylor Williams September 10, 2024

HOBOKEN, N.J. — Hain Celestial has signed a 40,000-square-foot office headquarters lease in Hoboken. The provider of healthy foods and personal care services will occupy the entire 12th floor at Waterfront Corporate Center III, a 512,000-square-foot building owned by New York City-based SJP Properties. No third-party brokers were involved in the lease negotiations.

September 10, 2024

Acquisitions Industrial New Jersey Northeast

CBRE Negotiates Sale of 8,000 SF Industrial Outdoor Storage Facility in Sayreville, New Jersey

by Taylor Williams September 10, 2024

SAYREVILLE, N.J. — CBRE has negotiated the sale of an 8,000-square-foot industrial outdoor storage facility in Sayreville, about 35 miles south of Manhattan. The site spans 1.3 acres and sold for $4 million. Mark Silverman, Elli Klapper, Liam McGregor and Jeremy Wernick of CBRE represented the buyer, Dallas-based Dalfen Industrial, in the off-market transaction. The seller was Florida-based Highpoint Enterprises.

September 10, 2024

Development Multifamily New York Northeast

Lendlease Tops Out 834-Unit Waterfront Multifamily Project in Brooklyn

by Taylor Williams September 9, 2024

NEW YORK CITY — Developer Lendlease has topped out 1 Java Street, an 834-unit waterfront multifamily project in Brooklyn’s Greenpoint neighborhood. Designed by architecture firm Marvel, the development comprises five interconnected buildings across a full city block. In addition, 1 Java Street will house 13,000 square feet of retail and restaurant space, and 30 percent of the units will be reserved as affordable housing. A syndicate of lenders led by Bank of America provided $360 million in construction financing for the project, which Lendlease is developing in partnership with Australian pension fund Aware Super and will include the construction of an 18,000-square-foot waterfront park. Construction began in spring 2023. Completion is slated for 2026.

September 9, 2024

Acquisitions Industrial Northeast Pennsylvania

Partnership Acquires 200,359 SF Industrial Portfolio in West Norriton, Pennsylvania

by Taylor Williams September 9, 2024

WEST NORRITON, PA. — A partnership between Endurance Real Estate Group and Greystar-Thackeray has acquired a six-building, 200,359-square-foot industrial portfolio in West Norriton, a northwestern suburb of Philadelphia. The properties, which were fully leased to 15 tenants at the time of sale, feature clear heights of 18 to 20 feet and a total of 530 parking spaces and 46 loading positions. Gerry Blinebury, Jonas Skovdal and Brendan McGeary of Cushman & Wakefield represented the undisclosed seller in the transaction. John Alascio, Aaron Graves and T.J. Sullivan, also with Cushman & Wakefield, arranged an undisclosed amount of acquisition financing for the deal.

September 9, 2024

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges Sale of 44-Unit Indian Oaks Apartments in Atlantic City

by Taylor Williams September 9, 2024

ATLANTIC CITY, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the sale of Indian Oaks Apartments, a 44-unit multifamily complex in Atlantic City. The sales price was $5.8 million. The property consists of 11 buildings that were recently renovated and house 10 one-bedroom units, six two-bedroom apartments and 28 two-bedroom townhouses. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

September 9, 2024

Leasing Activity Massachusetts Northeast Office

FTI Consulting Signs 21,910 SF Office Lease Renewal in Downtown Boston

by Taylor Williams September 9, 2024

BOSTON — FTI Consulting has signed a 21,910-square-foot office lease renewal in downtown Boston. The global economic and business advisory firm will remain on the ninth floor at 200 State Street, a 16-story building that is 94 percent leased. Connor Faught of Colliers represented the tenant in the lease negotiations. Tim Bianchi, Deb Gould, and Bill Anderson, also with Newmark, represented the landlord, Carr Properties.

September 9, 2024

Leasing Activity New Jersey Northeast Office

Partner Engineering & Science Opens 18,000 SF Office in Asbury Park, New Jersey

by Taylor Williams September 9, 2024

ASBURY PARK, N.J. — Partner Engineering & Science Inc. has opened an 18,000-square-foot office in the coastal New Jersey city of Asbury Park. The building at 929 Asbury Ave. was originally constructed in the late 19th century as a warehouse and showroom. The space, which will serve as the company’s East Coast headquarters and can support about 70 people, features private offices, conference rooms and flexible workstations.

September 9, 2024

ExtraSpace-Storage-Egg-Harbor-New-Jersey

Development Industrial New Jersey Northeast Self-Storage

DXD Capital Completes 602-Unit Self-Storage Facility in Egg Harbor, New Jersey

by Taylor Williams September 6, 2024

EGG HARBOR, N.J. — Developer DXD Capital has completed a 602-unit self-storage facility in Egg Harbor, located along the Jersey Shore. The facility features 76,700 net rentable square feet of both climate- and non-climate-controlled space with both multi-story and drive-up accessible unit options. Extra Space Storage will operate the facility. Storage Construction served as the general contractor for the project, construction of which was financed by Century Bank. DXD Capital first acquired the site at 6679 Black Horse Pike in November 2022.

September 6, 2024

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