HORSHAM, PA. — New Jersey-based investment firm First National Realty Partners (FNRP) has acquired Elements Horsham, a 50,353-square-foot retail property located about 25 miles north of Philadelphia. The property was 94 percent leased at the time of sale to tenants such as Starbucks, MaGerk’s Pub & Grill, Aqua-Tots Swim School, TruMark Financial and Charles Schwab. James Galbally, Patrick Higgins, Chris Munley and Colin Behr of JLL represented the undisclosed seller in the transaction.
NEW YORK CITY — Home and business security services provider Brink’s Inc. has signed an 8,036-square-foot office lease at 400 Madison Avenue in Midtown Manhattan. The 22-story building was originally constructed in 1929 and recently underwent a capital improvement program that included a new lobby and amenity center. Harry Blair, Lauren Hale and Michelle Mean of Cushman & Wakefield represented the landlord, Daishin America LLC, in the lease negotiations. Kyle Young of JLL represented Brink’s.
PURCHASE, N.Y. — Release Recovery, which provides counseling and treatment for substance abuse and mental health disorders, has opened a 7,698-square-foot outpatient healthcare clinic in Purchase, about 30 miles north of Manhattan. The space at 3020 Westchester Ave. is located within the 220,000-square-foot Purchase Professional Park and houses multiple treatment spaces and a yoga room. Simone Development Cos. owns Purchase Professional Park and was represented in the lease negotiations by in-house agent Sean Heneghan and Matthew Lisk of Cushman & Wakefield.
NEW YORK CITY — Cushman & Wakefield has arranged a $135 million construction loan for a 328-unit multifamily project that will be located at 975 Nostrand Ave. in Brooklyn. The site is at the intersection of the Crown Heights and Prospect Leffert Gardens neighborhoods. About 30 percent (99 units) of the nine-story building’s residences will be reserved as affordable housing, and the amenity package will feature a rooftop terrace, landscaped courtyard, fitness center, karaoke room and a pet spa. A 21,000-square-foot FRESH supermarket will anchor the project’s retail component, which will include an additional 4,200 square feet of small-shop space. Construction is slated for a fourth-quarter 2025 completion. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the loan through Santander Bank and Related Cos. on behalf of the borrower, Hudson Cos.
ORLEANS, MASS. — MassHousing has provided $19.2 million in financing for an affordable housing redevelopment project in the Cape Cod community of Orleans. The financing consists of $15.4 million in tax credit equity bridge financing, $2.8 million in permanent financing and $1 million from the agency’s workforce housing initiative. The project will convert the former site of a Cape Cod Five Bank operations center that originally opened in 1977 into a 62-unit complex that will serve renters with a range of income restrictions. The borrower, Pennrose, will adaptively reuse part of the existing structure and also construct new units from the ground up. Amenities will include a fitness room, community room, resident services office and a package room.
TROY, N.Y. — Marcus & Millichap has brokered the $18 million sale of Hudson River Commons, a 129,059-square-foot shopping center in Troy, located just north of Albany. Big Lots anchors the center, which sits on a 12.2-acre site and was 97 percent leased at the time of sale. Other tenants include Friendly’s, Sonic, Subway, Starbucks, Family Dollar and Saratoga National Bank. Joseph French and Kodi Traver represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
YARDLEY, PA. — Regional grocer Wegmans has opened an 88,000-square-foot store in Yardley, about 30 miles northeast of Philadelphia. The site is located within the Prickett Preserve mixed-use development, and the store offers a selection of approximately 1,200 wines and 500 beers and ciders. The store, which will employ about 400 people on full- and part-time bases, is Wegmans’ second in Bucks County.
EAST SETAUKET, N.Y. — Stony Brook University Hospital has signed a 16,000-square-foot lease on Long Island. The regional provider now occupies an entire 25,000-square-foot building within the 103-acre Stony Brook Technology Center campus in East Setauket. David Leviton from JLL represented the tenant in the lease negotiations. Maria Valanzano and Steven D’Orazio of Colliers represented the landlord, TRITEC Real Estate Co.
The emergence of generative artificial intelligence (AI) promises to greatly expand the property industry’s reach and abilities. Generative AI can offer suggestions, compile reports and create various types of content, ranging from video to software code. In the commercial real estate world, generative AI has the potential to harness myriad information to help owners, managers, lenders and investors assess portfolio performance, uncover operating risks and identify opportunities, among other activities, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. But companies need to begin preparing for it now, he adds. “Commercial real estate can be slow to change — it wasn’t that long ago that mortgage brokers were sending us deals via overnight mail,” observes Salladin. “But whether they’re analysts or leadership teams, someone in your shop should be dipping their toe in the water and testing out AI.” Salladin also points out the need to proceed cautiously with this new technology as it evolves. Humans with expertise need to review what AI generates for the commercial real estate field. AI can narrow the focus of many tasks but cannot substitute for human reviewers or the human ability to critically apply information gleaned. AI Benefits Salladin …
MONTGOMERY, N.Y. — New York-based developer Ridgecut Road will develop a 146,075-square-foot industrial project in Montgomery, located about 70 miles northwest of Manhattan in Orange County. The site spans 13.6 acres, and the facility will be branded I-84 Orange County Logistics Center. Building features will include a clear height of 36 feet, 31 dock doors and parking for 16 trailers and 83 cars. Premier Design + Build Group is handling architecture and construction work. Jim Pancyzkowski and Zach Antonucci of JLL are marketing the development for lease. Guy Hananya of Clear Height Advisors brokered the off-market land deal. Ridgecut Road plans to break ground on the project later this year.
