WINSTED, CONN. — Marcus & Millichap has brokered the $14 million sale of The Shops at Ledgebrook, a 105,499-square-foot shopping center in Winsted, located northwest of Hartford. Grocer Stop & Shop anchors the center, which was built on 14 acres in 1989, with a 52,704-square-foot store. Other tenants include Webster Bank, Sophia’s Pizza Restaurant and China Delight. Joseph French Jr. and Kodi Traver of Marcus & Millichap represented the New York-based seller in the transaction and procured the New Jersey-based buyer. Both parties were private investors that requested anonymity.
MADISON, N.J. — Kelley Drye & Warren LLP has signed a 17,260-square-foot office lease in the Northern New Jersey community of Madison. The law firm is relocating from nearby Parsippany to Giralda Farms, a 1.3 million-square-foot corporate campus. Nick Savage and Greg Barkan of CBRE represented the tenant in the lease negotiations. Joshua Cohen and Bill Brown of Cushman & Wakefield represented the landlord, a partnership between Bergman Real Estate Group and Eightfold Real Estate Capital.
UXBRIDGE, MASS. — Boston-based investment firm Rockpoint has purchased a 607,000-square-foot industrial property in Uxbridge, located in southern-central Massachusetts, for $120 million. Completed in 2023, Uxbridge Distribution Center sits on 70 acres and features a clear height of 40 feet, 125 loading docks and four drive-in doors. The property was 73 percent leased at the time of sale, with an undisclosed medical equipment wholesaler serving as the anchor tenant via a 443,413-square-foot lease. Michael Restivo and David Coffman led a JLL team that represented the seller, a partnership between Scannell Properties and a fund advised by Crow Holdings Capital, in the transaction. Riaz Cassum and Andrew Gray, also with JLL, arranged a five-year, fixed-rate acquisition loan for the deal on behalf of Rockpoint. Affiliates of global private equity firm KKR provided the debt.
ABERDEEN, N.J. — JLL has brokered the $57 million sale of The Forge at Glassworks, a 170-unit apartment complex located in the Northern New Jersey community of Aberdeen, for $57 million. Built in 2017, the garden-style, market-rate property offers one- and two-bedroom apartments as well as three-bedroom townhomes. The average unit size is 1,077 square feet. Amenities include a resident clubroom, pool, fitness center with yoga studios, game room and multiple outdoor gathering spaces. Jose Cruz, Michael Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Ingerman Group, in the transaction and procured the buyer, multifamily development and investment firm Beachwold Residential.
PEABODY, MASS. — A partnership between Utah-based developer PEG Cos., Houston-based McNair Interests and Simon Property Group has broken ground on a 142-room hotel in Peabody, located northeast of Boston. The hotel will be situated on a 2.7-acre site within Northshore Mall, which Simon owns, and will be operated under the Residence Inn by Marriott brand. Amenities will include a fitness center, indoor pool and a conference room. The project team also includes DesignCell Architecture, civil engineer R.J. O’Connell & Associates and general contractor Callahan Construction. Completion is slated for fall 2026.
ALBANY, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $23.8 million sale of a 65,000-square-foot grocery store in Albany. Market 32, which is part of the Price Chopper Supermarkets family of brands, occupies and recently extended its lease at the building, which was previously home to ShopRite. Jim Koury and Brad Nathanson of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
MADISON, N.J. — Saiber Law has signed a 34,390-square-foot office lease in the Northern New Jersey community of Madison. The law firm is relocating from nearby Florham Park to Giralda Farms, a 1.3 million-square-foot corporate campus. Richard Baumstein and Edward Duenas of Cushman & Wakefield represented the tenant in the lease negotiations. Joshua Cohen and Bill Brown, also with Cushman & Wakefield, represented the landlord, a partnership between Bergman Real Estate Group and Eightfold Real Estate Capital.
NEW YORK CITY AND SALT LAKE CITY — Global alternative asset manager and private equity firm Apollo (NYSE: APO) has entered into an agreement to acquire Bridge Investment Group Holdings Inc. (NYSE: BRDG) in an all-stock transaction valued at approximately $1.5 billion. The deal is expected to close in the third quarter. Based in Salt Lake City, Bridge operates nearly a dozen offices nationwide and has approximately $49 billion in assets under management. In addition to some 13.5 million square feet of industrial holdings, the company’s portfolio includes nearly 65,000 residential units across the market-rate, workforce/affordable housing, seniors housing and single-family rental verticals. Bridge was ranked No. 21 on the American Seniors Housing Association’s (ASHA) 2024 list of largest seniors housing owners. Under the terms of the agreement, Bridge stockholders will receive 0.07081 shares of Apollo common stock for each share of Bridge common stock at closing. Both parties value the per-share price at $11.50, which represents a premium of about 45 percent over the company’s closing stock price of $7.92 per share on Friday, Feb. 21. Upon closing, Bridge will operate as a standalone platform within Apollo’s asset management business. Bob Morse, the current executive chairman of Bridge, will …
UNION, N.J. — Inland Acquisitions, a division of Chicago-based investment firm The Inland Real Estate Group of Cos., has purchased Summit Court, a 393-unit apartment community located in the Northern New Jersey township of Union. The sales price was $131.5 million. Built in phases between 2018 and 2023, Summit Court comprises 210 one-bedroom units and 183 two-bedroom apartments that feature stainless steel appliances and private washers and dryers. Amenities include a pool, fitness center, outdoor lounge, game room with a billiards table, pet grooming room and outdoor grilling and dining stations. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, a joint venture between Fidelco Realty Group and Diversified Properties, in the transaction. Mark Cosenza negotiated the deal for Inland on an internal basis. M&T Realty Capital provided a $65.7 million Fannie Mae acquisition loan for the deal.
BANGOR, MAINE — Marcus & Millichap has brokered the $12.4 million sale of a 91,828-square-foot retail building in Bangor, Maine. BJ’s Wholesale Club occupies the building at 110 Longview Drive, which sits on a 13-acre site and was originally constructed in 2002 and renovated in 2015, according to LoopNet Inc. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.