Northeast

SJP Properties Unveils Plans for Next Phases of $731M Life Sciences Development in New Brunswick, New Jersey

by Taylor Williams May 23, 2023

NEW BRUNSWICK, N.J. — New York City-based SJP Properties has unveiled plans for the second and third phases of the HELIX Health + Life Science Exchange, a $731 million life sciences development in New Brunswick, about 45 miles south of Manhattan. Developed in partnership with New Brunswick Development Corp., Phase II of the project will be known as H-2 and will feature 600,000 square feet of build-to-suit lab and office space that can accommodate a range of users. The final phase of HELIX, H-3, will include a 42-story mixed-use building that will have traditional office space and 220 units of housing in addition to life sciences space. The first phase of HELIX, known as H-1, is currently under construction adjacent to Rutgers University’s campus in the downtown area. Totaling 574,000 square feet, H-1 will house the New Jersey Innovation HUB, the new home of Rutgers Robert Wood Johnson Medical School and a Rutgers translational research facility equipped with a variety of labs. The initial phase of the project will also have a 10,000-square-foot market hall with food options and a 3,000-square-foot restaurant that opens onto a 70-foot-wide plaza. The site of the four-acre innovation district is across the street from …

May 23, 2023

Content Partner Features Loans Midwest Multifamily Northeast Office Southeast Texas Walker & Dunlop Western

“State of CRE” Webcast Frames Market Trends in Face of Potential Downturn

by Sarah Daniels May 23, 2023

By Willy Walker, CEO of Walker & Dunlop I recently had the pleasure of sitting down to talk with some prominent members of the Walker & Dunlop team, including Kris Mikkelsen, executive vice president of investment sales, Aaron Appel, senior managing director of capital markets, and Ivy Zelman, executive vice president of research and securities. In this episode of the Walker Webcast, “State of CRE,” we covered some of the most prominent issues the commercial real estate industry is facing, as well as some headwinds it will continue to face in the future. Changes in Homebuilding and Consumer Spending Although homebuilders had to offer incentives when rates first started increasing last year, they are still seeing a steady demand for homes, as demand still heavily outpaces supply. This imbalance is seen in the new and existing home market. Single-family homes in many markets across the country are in multiple offer situations, indicating that single-family residential real estate is still strong. This is incredible, given the fact that many existing homeowners are locked into mortgage rates in the 2-5 percent range, giving them little reason to move out of their current home. How Mortgage Deals Are Currently Financed Although we are …

May 23, 2023

Development Industrial Northeast Pennsylvania

DH Property Holdings Begins Sitework on 759,210 SF Industrial Project in Philadelphia

by Taylor Williams May 22, 2023

PHILADELPHIA — DH Property Holdings has begun sitework on a two-building, 759,210-square-foot industrial project at 5000 Richmond St. on the northeast side of Philadelphia. The 348,210-square-foot Building A will feature a clear height of 40 feet, 42 loading dock doors and parking for 81 trailers. Building B will total 411,000 square feet and offer 70 loading dock doors and 125 trailer parking stalls. Completion is slated for the fourth quarter of 2024. CBRE has been appointed as the leasing agent.

May 22, 2023

Development Multifamily New Jersey Northeast

JCM Living Underway on 295-Unit Multifamily Redevelopment in Wood-Ridge, New Jersey

by Taylor Williams May 22, 2023

WOOD-RIDGE, N.J. — New Jersey-based developer JCM Living is underway on construction of Rosera Wesmont, a 295-unit multifamily redevelopment project in Wood-Ridge, located in Bergen County in the northern part of the Garden State. The project represents the final phase of Wesmont Station, which is a redevelopment of a 150-acre site that formerly housed an aircraft engine manufacturing facility. Upon completion, which is slated for early next year, Rosera Wesmont will offer one-, two- and three-bedroom units, as well as Class A amenities and 35,000 square feet of retail and restaurant space. Project partners include Minno & Wasko Architects & Planners, Childs Dreyfus Interior Design and general contractor Ingerman Construction.

May 22, 2023

Acquisitions New Jersey Northeast Retail

JLL Negotiates $18M Sale of Shopping Center in Woodland Park, New Jersey

by Taylor Williams May 22, 2023

WOODLAND PARK, N.J. — JLL has negotiated the $18 million sale of West Falls Plaza, a 90,945-square-foot shopping center located in the Northern New Jersey community of Woodland Park. Cost Plus World Market and Christmas Tree Shops anchor the property. Jose Cruz, J.B. Bruno, Kevin O’Hearn and Michael Zlotnick of JLL represented the undisclosed seller in the transaction and procured the buyer, an affiliate of New York-based Northeast Capital Group.

May 22, 2023

Acquisitions Hospitality Northeast Pennsylvania

Shaner Hotels Acquires 86-Room Hilton-Branded Property in Hershey, Pennsylvania

by Taylor Williams May 22, 2023

HERSHEY, PA. — Pennsylvania-based owner-operator Shaner Hotels has acquired the Hampton Inn & Suites by Hilton Hershey, and 86-room property located about 100 miles west of Philadelphia. All guestrooms and suites feature microwaves and refrigerators, and the hotel offers amenities such as an indoor pool, fitness center and complimentary breakfast. Shaner plans to invest $1.2 million to remodel guestrooms. The seller and sales price were not disclosed.

May 22, 2023

Acquisitions Connecticut Northeast Office

Marcus & Millichap Arranges $8.2M Sale of Office Building in Guilford, Connecticut

by Taylor Williams May 22, 2023

GUILFORD, CONN. — Marcus & Millichap has arranged the $8.2 million sale of Innovation Park, a 56,564-square-foot office building in Guilford, located in New Haven County. Thermo Fisher Scientific serves as the building’s anchor tenant. Ani Paulson and C.J. Wilson of Marcus & Millichap represented the seller in the transaction. Paulson also procured the buyer. Both parties were private investors that requested anonymity. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

May 22, 2023

Development Multifamily New Jersey Northeast

J&L Cos. Begins Leasing 403-Unit Apartment Community in Newark

by Taylor Williams May 19, 2023

NEWARK, N.J. — Locally based developer J&L Cos. has begun leasing Fifty-Five Union, a 403-unit apartment community in Newark’s historic Ironbound neighborhood. Designed by Minno & Wasko Architects & Planners, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, business center, clubroom, coffee bar, private dining room, a rooftop garden and outdoor grilling and dining stations. Rents start at $1,900 per month for a studio apartment. Move-ins will begin later this month.

May 19, 2023

Development Hospitality New York Northeast

Lightstone Group Completes 303-Room Moxy Hotel on Manhattan’s Lower East Side

by Taylor Williams May 19, 2023

NEW YORK CITY — New York City-based development and investment firm Lightstone Group has completed the 303-room Moxy Hotel at 145 Bowery St. on Manhattan’s Lower East Side. Moxy is part of the Marriott family of brands. Designed by Stonehill Taylor and AMA Group, the boutique establishment houses a Japanese restaurant, rooftop bar, piano lounge, subterranean nightclub and a lobby café and bar. Other amenities include coworking spaces and meeting and event rooms.

May 19, 2023

Development Multifamily Northeast Pennsylvania

Westrum Development Opens 211-Unit Apartment Community in Lansdale, Pennsylvania

by Taylor Williams May 19, 2023

LANSDALE, PA. — Locally based firm Westrum Development has opened Luxor Lifestyle Apartments Lansdale, a 211-unit multifamily community located about 30 miles north of Philadelphia. Designed by Pennsylvania-based architecture firm Meyer, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, gaming area, outdoor grilling and dining stations and a dog wash area. Rents start at $1,800 per month for a studio apartment. The project carried a total price tag of about $28 million.

May 19, 2023

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