YORK, PA. — Lexora Home, a wholesale distributor of luxury bathroom fixtures and accessories, has signed a 70,000-square-foot industrial lease in York, about 100 miles west of Philadelphia. The building at 145 Morgan Lane was constructed in 2017 and features a clear height of 30 feet, two drive-in doors and an ESFR sprinkler system. Nicholas Klacik, Kevin Dudley, Chad Hillyer, Kate Granahan, John La Prise and Sean Bleiler of CBRE represented Lexora Home in the lease negotiations. Jason Turnbull of Rock Commercial Real Estate represented the undisclosed landlord.
RUTHERFORD, N.J. — Vango Development has begun leasing The Parker 118, a 60-unit apartment complex located in the Northern New Jersey community of Rutherford. Designed by Minno & Wasko Architects & Planners, the building houses studio, one- and two-bedroom units that feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, coworking lounge, resident lounge and outdoor grilling and dining stations. Rents start at $2,370 per month for a studio apartment.
HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of a 7,987-square-foot industrial building located at 101 S. State St. in Hackensack. The building offers a clear height of 22 feet, one drive-in door and 11 parking spaces. David Ukleja of NAI Hanson represented the seller, BCB Janitorial Supply Co. Inc., in the transaction and procured the buyer, an entity doing business as APEX 101 Holdings LLC. The sales price was not disclosed.
NEW YORK CITY — A partnership between Asset World Corp. (AWC) and Nobu Hospitality has announced plans for Plaza Athenee Nobu Hotel and Spa New York, a 145-room luxury hotel development on Manhattan’s Upper East Side. Located on 64th Street between Park and Madison avenues, the hotel will offer suites with indoor and outdoor glassed terraces. The property will also offer a townhouse rental option. Unique amenities include a traditional Japanese onsen or bathing facility, as well as a spa and wellness center. The projected development cost was undisclosed. Plaza Athenee Nobu Hotel and Spa New York will also feature a Nobu restaurant offering an omakase experience — a form of Japanese dining in which guests leave their order up to the chef. The hotel will also include a bar and lounge, and a rooftop area for private parties with a panoramic view of the New York City skyline. Scheduled for completion in 2026, AWC will oversee the overall development of the project, along with its conceptualization and design. The partnership has also announced plans for the development of The Plaza Athenee Nobu Hotel and Spa Bangkok in Thailand. Thailand-based AWC is a real estate group focused on the development of hospitality …
JERSEY CITY, N.J. — Brookfield Properties and G&S Investors have broken ground on a 60-story multifamily tower in Jersey City that represents Phase II of the Hudson Exchange, a mixed-use redevelopment project. Designed by Beyer Blinder Belle and built by Consigli Construction, the building will house 802 residential units and 115,000 square feet of retail space that will be anchored by grocer ShopRite. Residences will be furnished with quartz countertops, walk-in closets and individual washers and dryers. Amenities will include a rooftop pool, social lounge, fitness center, game room and a coworking lounge. Phase II of Hudson Exchange will also feature 20,000 square feet of public green space. At full build-out, Hudson Exchange will comprise 6 million square feet of development, including roughly 5,500 residential units, across 18 acres.
COVINGTON, PA. — Atlanta-based investment and development firm Portman has sold Covington Logistics Center, a 501,600-square-foot industrial property in northeast Pennsylvania. The facility sits on 36 acres, features a clear height of 40 feet and was fully leased at the time of sale to third-party logistics firm All-Ways Pacific. Gerry Blinebury of Cushman & Wakefield represented Portman in the transaction. Houston-based real estate giant Hines purchased the property for an undisclosed price.
LIVINGSTON AND NEW PROVIDENCE, N.J. — Cushman & Wakefield has arranged the $40.5 million sale of two medical office buildings totaling 131,314 square feet in Northern New Jersey. The buildings, which are located in Livingston and New Providence, were both fully leased at the time of sale to regional provider Summit Health. Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin and Max Helfman of Cushman & Wakefield represented the seller, The Silverman Group, in the transaction. Len Blackman of Leklen Realty represented the buyer, Nashville-based Montecito Medical Real Estate.
NEW CASTLE, DEL. — Colliers has brokered the sale of a 100,000-square-foot industrial building in New Castle, located south of Wilmington in Delaware. The building sits on 6.6 acres and offers 80 car parking spaces, 30 trailer parking spaces, one drive-in door and 5,000 square feet of office space. Charles Brown and Carl Neilson of Colliers represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
NEW YORK CITY — National Equity Fund (NEF), a Chicago-based lender in the affordable housing space, has provided a $12.5 million loan for the refinancing of a portfolio of five workforce housing buildings totaling 56 units in Brooklyn. Known as The Jefferson MacDonough Portfolio, the properties are located in the Bedford Stuyvesant area and house a mix of studio, one-, two- and three-bedroom units. The borrower was Iris Holdings Group, a national owner-operator.
A rapidly evolving connectivity frontier is shaping the future of cell tower lease sales and encouraging many commercial property owners who rent space to tower companies to sell their leases at values at the top of the market. Telecom carriers have considerably slowed their buildouts for 5G networks and are already preparing for 6G mobile networks, expected to roll out around 2024. Brokers are seeking to amend and renegotiate old cell tower leases in the face of predicted wireless infrastructure obsolescence and connectivity innovations, which may negate some physical infrastructure needs entirely. The key to maximizing sale proceeds in this landscape is to secure landlord-friendly terms and ensure clarity in a new lease or renewal. Among other elements, building owners must insist on strong insurance indemnities and well-defined subordination, non-disturbance and attornment (SDNA) in the amended agreements. But no landlord demand may be more important to future value than denying the tenant a right of first refusal to purchase the lease, says David Moore, CEO and principal of NAI Global Wireless, a Redlands, California-based national wireless real estate brokerage that represents landlords. Cell tower leases in which tenants don’t have right of first refusal are more appealing to buyers, a …