REVERE, MASS. — Regional developer Redgate is underway on construction of Gibson Point, a 291-unit apartment community in the Boston suburb of Revere. Gibson Point will offer studio, one-, two- and three-bedroom units. Amenities will include a fitness studio, sauna and cold plunge pools, recovery room, private coworking areas and a lounge with an indoor/outdoor bar, deck and fully equipped kitchen. The property will also feature an onsite restaurant and immediate access to the nearby Gibson Park. Preleasing will begin on June 1, with the first move-ins commencing in September.
PATERSON, N.J. — Cushman & Wakefield has arranged a $22.5 million acquisition loan for a portfolio of two industrial properties totaling 192,000 square feet in the Northern New Jersey community of Paterson. The portfolio, which consists of a 102,000-square-foot building and a 90,000-square-foot building, features 26 dock-high doors, four drive-in doors, clear heights of 22 feet and 64 car parking spaces. GID Credit provided the loan to Eagle Cliff Real Estate Partners. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield originated the debt. The firm also represented the seller, Boston-based investment firm Marcus Partners, in the disposition of the portfolio, which was fully leased at the time of sale.
J.P. Morgan Real Estate Income Trust Acquires Majority Interest in 99,837 SF Retail Center in Queens
NEW YORK CITY — J.P. Morgan Real Estate Income Trust (JPMREIT) has acquired a 95 percent interest in Shops at Grand Avenue, a 99,837-square-foot retail center in Queens. Acadia Realty Trust sold the interest for $48 million. Grocer Stop & Shop anchors the property, which was fully leased at the time of the acquisition. Other tenants include Party City, Five Below, Sally Beauty Supply, Starbucks and Burger King.
BURLINGTON, MASS. — Bob’s Discount Furniture has opened a 43,000-square-foot store and showroom at 3 Abbott Park in Burlington, a northwestern suburb of Boston. The space will house furniture with smart technology features, as well as with multipurpose functionalities and furniture that promotes wellness. Based in Manchester, Conn., Bob’s operates about 170 stores across 24 states.
By Taylor Williams If the whole mall redevelopment thing doesn’t work out, you can always become a marriage counselor. Perhaps some additional training and education would be needed for such a career transition to actually take place. But mall and shopping center owners who undertake high-risk redevelopments undoubtedly have firsthand appreciation of the importance of providing clear and courteous communication to the many different groups they deal with, from municipal leaders to longstanding tenants to onsite contract workers. That’s not to say that poor communication will necessarily kill a mall redevelopment. The inability to secure zoning overlay districts, civic partnerships for infrastructural improvements or feasibly priced construction loans in 2024 — these are variables over which mall owners have limited control and can actually sink these projects in their infancy. And those factors only come into play once the development team has done its due diligence and determined what uses and levels of density the project will feature. “After you’ve considered the macro-level needs of the market and the asset itself, you enter a phase that we call ‘the minefield map,’” says Steve Plenge, CEO of Pacific Retail Capital Partners. “Reciprocal easement agreements [that regulate design or tenancy issues] by …
CARNEYS POINT, N.J. — New York City-based Rockefeller Group has broken ground on an approximately 1.1 million-square-foot industrial project in Carneys Point, located across the Delaware River from Wilmington in Southern New Jersey. Rockefeller Group Logistics Center at Carneys Point will consist of two buildings, one totaling 596,443 square feet and the other spanning 530,000 square feet, on a 141-acre site. Building features will include clear heights of 40 feet and parking for 658 cars and 328 trailers. Sumitomo Mitsui Trust Bank provided $114.8 million in construction financing for the project, which is slated for an early 2025 delivery. M+H Architects designed the project, and FCL Builders is serving as the general contractor. CBRE has been tapped as the leasing agent.
MORRISTOWN, N.J. — Locally based developer The Hampshire Cos. has sold Max on Morris, an 85-unit apartment complex located in the Northern New Jersey community of Morristown. Completed in 2023, Max on Morris offers studio, one- and two-bedroom floor plans. Amenities include an entertainment lounge, break room and an outdoor amenity deck with grilling stations. The property also houses four affordable housing units and 14 supportive housing units designed for residents with special needs. Cushman & Wakefield represented the seller and the private buyer in the deal.
MECHANICSBURG, PA. — CBRE has brokered the sale of a 57,000-square-foot office property in Mechanicsburg, located just outside Harrisburg. Built in 1988, the property at 5035 Ritter Road is situated within the 1.9 million-square-foot Rossmoyne Business Center and is leased to the Administrative Office of Pennsylvania Courts. Steve Marzullo and Adam Silverman of CBRE represented the undisclosed seller in the transaction. CBRE also procured the buyer, Triple Crown Corp.
NEWARK, N.J. — A partnership between Deugen Investment Group and Devli Real Estate has acquired a seven-acre industrial outdoor storage facility in Newark. According to LoopNet Inc., the facility at 449 Doremus Ave. was completed earlier this year and totals 30,000 square feet. The site formerly housed a cogeneration power plant, and the new ownership plans to renovate the interior and exterior of the existing structure and repave the site for trailer parking, outdoor storage and car parking uses. The seller was not disclosed.
CHERRY HILL, N.J. — Five new tenants have signed leases totaling approximately 30,000 square feet at Cherry Hill Mall, a 1.4 million-square-foot shopping center in Southern New Jersey. Alo Yoga, Kendra Scott and Signature Workspace are scheduled to open at the property this year. Dry Goods and Rowan have also signed leases at the center, with the latter scheduled to open next spring. Pennsylvania Real Estate Investment Trust (PREIT) owns and manages the property.