NEW YORK CITY — NY Sports Club has signed a 20,000-square-foot lease renewal at 9901 Queens Blvd. in the Forest Hill area of Queens. The lease keeps the fitness operator, which has been a tenant at the building since 2006 and has plans for a future remodel, in its space through 2034. Blumenfeld Development Group owns the building. No third-party brokers were involved in the lease negotiations.
NEW YORK CITY — A joint venture between Gamma Real Estate and JVP Management has completed Sutton Tower, an 80-story residential tower located at 430 E. 58th St. within the Sutton Place neighborhood in Midtown Manhattan. The building houses 120 for-sale condos and amenities such as a pool, fitness center, sports simulator room, screening room, private dining room, children’s play area and a sculpture garden. Thomas Juul-Hansen designed the building, and global development and investment firm Lendlease served as the general contractor. Construction began in 2018. Move-ins will begin over the summer.
NORTH FAYETTE, PA. — Locally based developer Ashford Partners has begun vertical construction on North Fayette Industrial Park, a $100 million project in North Fayette, a western suburb of Pittsburgh. Plans for the 164-acre development currently call for nine buildings totaling roughly 850,000 square feet. Ashford Partners expects to deliver the first of the eight 100,000-square-foot buildings, which will feature a clear height of 30 feet, 10 loading dock doors, two drive-in doors and an ESFR sprinkler system, by the end of the year. Bateman NFIA & Associates is Ashford’s financial partner on North Fayette Industrial Park.
NEW YORK CITY — Savills has negotiated a 41,613-square-foot office sublease at 1345 Avenue of the Americas in Midtown Manhattan. The tenant, law firm Greenspoon Marder, plans to take occupancy of the entire 22nd floor of the building by the end of the year. Jeffrey Peck, Daniel Horowitz, Thomas Capocefalo and Jacob Stern of Savills represented Greenspoon Marder in the negotiations for the eight-year sublease. Bryan Boisi and Paul Ferraro from Cushman & Wakefield represented the sublandlord, CBS Broadcasting. Fisher Brothers owns the building.
PRINCETON, N.J. — New Jersey-based Accurant Biotech has signed a 26,556-square-foot life sciences lease at 500 College Road in Princeton. The four-story, 160,000-square-foot building is situated within Princeton Forrestal Center, a 2,200-acre master-planned development, and offers amenities such as a fitness center, conference center, game room and a full-service café. Vinny Di Meglio and Erin Moran of JLL represented the landlord, a joint venture between Bergman Real Estate Group and Hornig Capital Partners, in the lease negotiations. The tenant plans to take occupancy of the space in August.
NORTH BRUNSWICK, N.J. — Marcus & Millichap has arranged the sale of Church Lane Plaza, a 21,080-square-foot retail property in North Brunswick, about 40 miles southwest of Manhattan. The sales price was $4.4 million. Built on 2.9 acres in 1991, Church Lane Plaza was 90 percent leased at the time of sale to tenants such as Bagel Fresh, Brunswick US Cleaners, Karate School, F45 Fitness and Thai Lotus. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a New Jersey-based limited liability company, in the transaction.
DEDHAM, MASS. — JLL has arranged a $190 million loan for the refinancing of Legacy Place, a 675,000-square-foot shopping center in Dedham, a southwestern suburb of Boston. Whole Foods Market, The Apple Store, L.L. Bean and Showcase Cinemas anchor the center, which was built in phases between 2008 and 2009 and renovated between 2020 and 2022. Other tenants include Nike, Athleta, Industrious, Shake Shack, Lululemon, Sephora, Sweetgreen and Yard House. The property sits on a 37-acre site at the corner of I-95 and U.S. Route 1 within a trade area that totals more than 1.3 million people. A syndicate of lenders consisting of Wells Fargo and Truist provided the financing to the borrower, a partnership between Boston-based WS Development and Nuveen Real Estate. Brett Paulsrud, Henry Schaffer, Hugh Doherty, Chris Angelone and Zach Nitsche of JLL arranged the debt. Specific loan terms were not disclosed. According to the capital markets team that worked on the deal, Whole Foods is the most highly trafficked store in Massachusetts for the Austin-based grocer, and Legacy Place as a whole is the most visited lifestyle center in New England. “This transaction further proves that in spite of macroeconomic headwinds, large-format retail properties in premier …
ELIZABETH, N.J. — Chicago-based lender and investment firm Pearlmark has provided a $10 million mezzanine loan for the refinancing of Vinty Apartments, a 267-unit multifamily property located in the Northern New Jersey community of Elizabeth. The five-story building includes 27,000 square feet of retail space that is 68 percent leased. The property offers studio, one- and two-bedroom units and amenities such as a game room, fitness center and a juice bar. Michael Klein and Steven Klein of JLL arranged the debt on behalf of the sponsor, a partnership between LeCesse Development Corp. and MAS Development Group. Vinty Apartments was 85 percent occupied at the time of the loan closing. Argentic Investment Management provided the senior loan, which totaled $97.2 million.
EAST LONGMEADOW, MASS. — New York City-based ShopOne Centers REIT Inc. has acquired Heritage Park Plaza, a 117,337-square-foot retail property in East Longmeadow, located in Hampden County in western Massachusetts. Grocer Stop & Shop anchors the property, which was 98 percent leased at the time of sale. Other tenants at Heritage Park Plaza include Petco, orangetheory Fitness, Panera Bread, Dollar Tree, Pure Barre, 99 Restaurant & Pub and H & R Block. ShopOne Centers acquired the asset in a joint venture with Pantheon Group and an undisclosed institutional investor. The seller was also not disclosed.
HOWELL, N.J. — A partnership between New Jersey-based investment firm AMS Acquisitions and Miami-based holding company Vector Group has broken ground on a 100-unit seniors housing project in Howell, located east of Trenton near the Jersey Shore. The site spans 14 acres, and the four-building project will feature one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a pool, great room with a communal kitchen, fitness center, outdoor grilling areas and a tenant lounge. Construction is expected to last about 18 months.