TEANECK, N.J. — Alfred Sanzari Enterprises has begun the renovation of a 351-room Marriott-branded hotel in the Northern New Jersey community of Teaneck. The hotel, which opened in 2018, is located within the locally based development and investment firm’s 670,000-square-foot Glenpoint mixed-use development. The multimillion-dollar project will update the Glenpoint Marriott’s 39,317 square feet of meeting and event space with new carpeting, wall coverings, paint and furniture. Completion is slated for the fall. The design team includes HotelStudio and Kimmerle Newman Architects.
DOVER, N.H. — Colliers has brokered the $5 million sale-leaseback of a 44,232-square-foot warehouse and distribution building that sits on an eight-acre site at 111 Venture Drive in Dover, about 70 miles north of Boston. According to LoopNet Inc., the single-tenant property was built in 1993 and features a clear height of 14.5 feet and two dock-high loading doors. David Choate and Abby Bachman of Colliers represented the seller and tenant, Merchandise Central LLC, in the transaction. The duo also procured the buyer, an affiliate of Vermont-based developer Redstone.
BURLINGTON, MASS. — Regional brokerage firm Atlantic Capital Partners has negotiated the sale of Middlesex Marketplace, a 38,243-square-foot shopping center in Burlington, a northern suburb of Boston. Built in 2013, the property was 89 percent leased at the time of sale to tenants such as Smith & Wollensky, Visionworks, Ideal Image and AFC Urgent Care. Justin Smith, Chris Peterson and Matt Ericson of Atlantic Capital Partners represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WILMINGTON, DEL. — Incyte, a biopharmaceutical company focused on developing treatments for cancer and other autoimmune diseases, has purchased two office buildings totaling 517,307 square feet in downtown Wilmington. The buildings, which are known as Bracebridge I and III, formerly housed the operations of financial institution MBNA until its merger with Bank of America in 2006. Incyte plans to consolidate more than 300 employees — currently working in Chadds Ford, Pa. — in the newly acquired buildings. The company also plans to hire 500 additional workers in the coming years.
MIDDLETOWN, PA. — JLL has brokered the sale of Middletown Logistics Center, a 251,200-square-foot industrial property located just south of Harrisburg. The property was built in 2021-2022 and features a clear height of 36 feet, an ESFR sprinkler system, 42 loading doors, one drive-in door and parking for 193 cars and 33 trailers. John Plower, Ryan Cottone, Zach Maguire and Jeff Lockard of JLL represented the seller, an affiliate of Endurance Real Estate Group, in the transaction and procured the buyer, a fund backed by Ares Management.
CHESTNUT HILL, MASS. — Regional brokerage firm Atlantic Capital Partners has arranged the $41 million sale of The Landing at Chestnut Hill, an office campus located about six miles south of downtown Boston. The Landing at Chestnut Hill comprises four buildings totaling 117,641 square feet on a 5.3-acre site. Justin Smith, Sean Gildea, David Smookler, Chris Peterson and Danielle Donovan of Atlantic Capital Partners represented the undisclosed seller in the transaction. The team also procured the buyer, City Realty, which plans to redevelop the property to feature a mix of uses.
NEW YORK CITY — Cushman & Wakefield has negotiated a 12,847-square-foot office lease renewal in Manhattan’s Plaza District. The building at 600 Lexington Ave. rises 36 stories and spans 305,472 square feet. Harry Blair, Connor Daugstrup and Bianca DiMauro of Cushman & Wakefield represented the landlord, Lex NY Equities LLC, in the lease negotiations. Daniel Posy and Jason Roberts of JLL represented the tenant, GLC Advisors, an independent investment advisory firm.
NEW YORK CITY — New Museum, an institution devoted to contemporary art, has signed a 5,850-square-foot office lease at 250 Bowery in Lower Manhattan. The space will house the museum’s administrative offices during its temporary closure, which stems from a 60,000-square-foot expansion project that began in November 2022 and is slated for an early 2025 completion. A joint venture of Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Asset Management owns the building.
BURLINGTON TOWNSHIP, N.J. — A partnership between industrial development firms Clarion Partners and MRP Industrial has started construction on the final phase of The Crossings, a redevelopment of the former Burlington Center mall located in the Philadelphia suburb of Burlington Township. The last phase comprises 500 multifamily units, including affordable housing options, that are set to open in late 2025. The new apartments will cap a six-year effort by Clarion Partners and MRP to transform the 800,000-square-foot enclosed regional mall into a mixed-use destination. In addition to the planned multifamily component, The Crossings will feature more than 2.5 million square feet of warehouse and distribution space, approximately 135,000 square feet of retail space and a 153-room hotel at full build-out. Clarion Partners and MRP expect The Crossings to support 1,400 new jobs at full capacity, including 900 in the warehouse sector and 500 in retail and hospitality. Moonbeam Capital Investments, the Las Vegas-based owner of the former Burlington Center mall, assisted in the redevelopment efforts. “The Crossings was made possible by the cooperation of Burlington Township and County elected officials, who recognized the opportunity to transform a blighted shopping mall into an integrated, vibrant and economically viable mixed-use development that …
BRANCHBURG, N.J. — CBRE has brokered the sale of a 311,040-square-foot industrial building in the Northern New Jersey community of Branchburg. The building sits on a 26.2-acre site at 3091 Route 22 E. and features a clear height of 40 feet and 42 loading docks. Randy Eigen of CBRE represented the buyer, an entity doing business as TYH Branchburg LLC, in the transaction. Matthew Turse, Tim Cadigan, Judy Troiano, John Gianis and Stephen Gianis of Avison Young represented the seller and developer, Transwestern Development Co.