BATH, PA. — San Francisco-based Prologis has acquired a 449,500-square-foot speculative warehouse in Bath, located north of Allentown in the Lehigh Valley. The building is located within the 40-acre Cubes at Lehigh Valley development and features a clear height of 40 feet, 42 dock-high doors, four grade-level doors, an ESFR sprinkler system and parking for 111 trailers and 237 cars. CRG, a development and investment firm with eight offices around the country, developed and sold the building, which was fully leased to Smart Warehousing at the time of sale.
NEW YORK CITY — JLL has arranged a $33 million loan for the refinancing of 111 West 19th Street, an eight-story, 189,731-square-foot office and retail building in Manhattan’s Chelsea neighborhood. The building was originally constructed in 1901 and comprises eight suites, according to StreetEasy.com. Aaron Niedermayer of JLL arranged the financing through Citigroup Inc. on behalf of the borrower, locally based investment firm The Kaufman Organization.
NEW YORK CITY — Lee & Associates has negotiated the $18.2 million sale of the Clock Tower Building, a 20,000-square-foot historic bank hall located at 46 Lafayette St. in Manhattan’s Tribeca neighborhood. Peter Braus, Brad Schwarz and Cory Gahr of Lee & Associates represented the seller, locally based investment firm Elad Group, in the transaction. Anne-Brigitte Sirois from ART STATE LLC represented the buyer, Jack Shainman Gallery, which plans to new art exhibition venue at the property.
JERSEY CITY, N.J. — Biotechnology firm Eikon Therapeutics has signed a 36,284-square-foot office lease at 3 Second Street, an 18-story, 600,000-square-foot building in Jersey City. The building boasts a redesigned lobby with concierge services, tenant lounge and multiple onsite dining options. David DeMatteis, Robert Rudin, Mina Shehata and Dirk Hrobsky of Cushman & Wakefield represented the landlord, funds managed by Ares Management, in the lease negotiations. Bill Hartman and James Gale of CBRE represented Eikon Therapeutics.
ASBURY PARK, N.J. — JLL has arranged $80 million in construction financing for SURFHOUSE Asbury Park, a 226-unit multifamily project in coastal New Jersey. The six-story building will house studio, one-, two- and three-bedroom apartments that will range in size from 700 to 1,200 square feet, as well as three- and four-bedroom townhomes. Amenities will include a pool, fitness center, resident lounge and a rooftop deck, and the project also includes 3,500 square feet of ground-floor retail space. Jon Mikula, Matthew Pizzolato and Ryan Carroll of JLL arranged a senior construction loan from Unity Capital for the project in addition to $21 million in equity that was raised on Crowdstreet. The borrower and developer is a joint venture between iStar Residential and Starfield Cos.
COLLEGEVILLE, PA. — Chemicals manufacturer Dow Inc. has signed an 800,000-square-foot lease extension at its office and life sciences campus in Collegeville, about 25 miles northwest of Philadelphia. A partnership between New York City-based David Werner Real Estate Investments and regional firm GreenBarn Investment Group purchased the 1.9 million-square-foot campus, which consists of 14 buildings on 340 acres, from Pfizer in August 2023. Newmark represented Dow Inc., which first moved to Collegeville in 2012, in the lease negotiations.
CLARK, N.J. — Locally based developer Garden Communities has completed the lease-up of Walnut Hill, a 177-unit apartment complex in Clark, about 23 miles southwest of New York City. The newly built property is now fully occupied and recently secured a long-term debt structure. Units come in one- and two-bedroom units, and amenities include a fitness center, pool, clubhouse with lounges and a game room. About 15 percent (28 units) of the residences are reserved as affordable housing.
NORWALK, CONN. — Cushman & Wakefield has brokered the $12 million sale of a 2.3-acre multifamily development site in the downtown area of the southern coastal Connecticut city of Norwalk. The buyer, RMS Cos., plans to develop a six-story, 204-unit building on the site at 370 West Ave., which formerly housed a YMCA. Al Mirin, Kate Schwartz, Matthew Torrance, Jim Fagan, Gerry Lees and Maureen O’Boyle of Cushman & Wakefield represented the seller, Norwalk Hospital, in the transaction.
MORRISTOWN, N.J. — Gebroe-Hammer Associates and Berkadia have negotiated the sale of The Metropolitan Lofts, a 59-unit apartment complex in the Northern New Jersey city of Morristown. Built in 2018, the property offers one- and two-bedroom units ranging from 679 to 1,203 square feet in size and amenities such as a fitness center with yoga and spin studios, golf simulator with lounge seating and outdoor grilling and dining stations. Gebroe-Hammer and Berkadia represented the seller, a partnership between Veris Residential and Woodmont Properties, in the transaction. The buyer was not disclosed.
NEW YORK CITY — Global luxury group Kering has acquired a multi-level retail property at 715-717 Fifth Ave. in New York City for $963 million. The Paris-based company manages the development of a number of major fashion houses including Gucci, Saint Laurent, Balenciaga and Alexander McQueen. The 115,000-square-foot space spans multiple levels at the base of the Corning Glass Building, a 28-story office tower developed in 1959. Rival fashion houses Dolce & Gabbana and Armani currently occupy the space. The Armani lease at the property is up in a few months, according to reports by the New York Post. Real estate developer Jeff Sutton’s Wharton Properties sold the space. The company also recently sold 720 and 724 Fifth Ave. to fashion house Prada for a combined $835 million. Eastdil Secured advised Wharton Properties in all three deals, according to the New York Post. Any potential impact on the space’s current tenants was not specified. Plans to maintain Gucci’s current flagship location across the street from 715-717 Fifth Ave. at Trump Tower were not mentioned in Kering’s release. Manhattan’s Fifth Avenue ranked as the world’s most expensive retail destination in Cushman & Wakefield’s latest Main Streets Across the World report. With …