Northeast

Skanska Breaks Ground on $147M Project for U.S. Navy in Newport, Rhode Island

by Taylor Williams January 5, 2024

NEWPORT, R.I. — International developer and construction firm Skanska has broken ground on a $147 million project for the U.S. Navy in Newport, Rhode Island. The facility will serve as the new operations center for the National Oceanic & Atmospheric Administration. The project will include the construction of a new pier to accommodate four large vessels and associated utilities, as well as a supporting 22,129-square-foot administration building with parking, exterior storage and an adjacent loading and laydown area. Construction began in December and is expected to be complete by 2027.

January 5, 2024

Acquisitions Connecticut Northeast Retail

Marcus & Millichap Brokers $19.2M Sale of Shopping Center in Manchester, Connecticut

by Taylor Williams January 5, 2024

MANCHESTER, CONN. — Marcus & Millichap has brokered the $19.2 million sale of Manchester Parkade, a 302,000-square-foot shopping center located on the eastern outskirts of Hartford. Tenants at the center, which originally opened in 1962, include Dollar Tree, Planet Fitness, Kidzone and the State of Connecticut Department of Children’s Services. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller, the estate of Leon Charney, in the transaction. The buyer was not disclosed. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

January 5, 2024

Loans New Jersey Northeast Retail

JLL Arranges $8.3M Loan for Refinancing of Jersey Shore Shopping Center

by Taylor Williams January 5, 2024

BARNEGAT, N.J. — JLL has arranged an $8.3 million loan for the refinancing of Barnegat Village Square, a 70,491-square-foot shopping center on the Jersey Shore. The center was built in 1998 and was 97 percent leased at the time of the loan closing, with grocer ACME Markets serving as the anchor tenant. Other tenants include Barnegat Wine & Spirits, China King, AtlantiCare Urgent Care, Marchioni’s, Dazzlz Salon and Burger King. Jim Cadranell and Michael Mataras of JLL arranged the 10-year, fixed-rate loan through Provident Bank on behalf of the borrower, an affiliate of Walters Group.

January 5, 2024

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $6.8M Sale of Northern New Jersey Apartment Complex

by Taylor Williams January 5, 2024

MORRISTOWN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.8 million sale of Ridgedale Commons, a 29-unit apartment complex that is under construction in the Northern New Jersey community of Morristown. The property will ultimately comprise one one-bedroom unit, 27 two-bedroom units and one three-bedroom unit, with four residences being subject to income restrictions. Joseph Keenan of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

January 5, 2024

Leasing Activity Life Sciences New Jersey Northeast

RegenLab USA Signs 15,792 SF Life Sciences Lease in Jersey City

by Taylor Williams January 5, 2024

JERSEY CITY, N.J. — RegenLab USA, a manufacturer of equipment for regenerative cell therapies, has signed a 15,792-square-foot life sciences lease in Jersey City. RegenLab will relocate from the Brooklyn Army Terminal to the sixth floor of the building at 95 Greene St., which was originally constructed as a manufacturing facility for Colgate Palmolive, later this year. Dan Spero, Blake Goodman, John Cahill, Bob Ryan and Craig Eisenhardt of JLL represented the landlord, Thor Equities Group, and RegenLab in the lease negotiations.

January 5, 2024

Leasing Activity New York Northeast Office

Law Firm Signs 765,000 SF Office Lease at 1345 Avenue of the Americas in Manhattan

by Taylor Williams January 4, 2024

NEW YORK CITY — International law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP has signed a 765,000-square-foot office lease at 1345 Avenue of the Americas in Midtown Manhattan. The lease term is 20 years, and the space spans 18 floors. Fisher Brothers, in partnership with J.P. Morgan, owns the building, which recently underwent a $120 million capital improvement program. Moshe Sukenik, Chris Mongeluzo and Brian Cohen of Newmark represented the tenant in the lease negotiations. Howard Fiddle, Peter Turchin, Ben Josephs, Bill Lacovelli and Antony Dattoma of CBRE represented ownership in conjunction with Marc Packman, Clark Briffel, Charles Laginestra and Josh Fisher of Fisher Brothers.

January 4, 2024

Loans Multifamily New Jersey Northeast

JLL Arranges $26.8M Loan for Refinancing of Apartment Complex in Toms River, New Jersey

by Taylor Williams January 4, 2024

TOMS RIVER, N.J. — JLL has arranged $26.8 million in financing for Camelot at Toms River, a 128-unit apartment complex in coastal New Jersey. Built in 2023, the property features one- and two-bedroom units with an average size of 1,109 square feet. Residences are furnished with stainless steel appliances, quartz countertops, walk-in closets and full-size washers and dryers. About 20 percent (26) of the units are reserved as affordable housing. Amenities include a pool, fitness center, clubhouse, outdoor grilling and dining areas and a dog park. Michael Klein, Matthew Pizzolato and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, Kaplan Cos.

January 4, 2024

Acquisitions Industrial Massachusetts Northeast

CBRE Negotiates $49.5M Sale of Industrial Facility in Wilmington, Massachusetts

by Taylor Williams January 4, 2024

WILMINGTON, MASS. — CBRE has negotiated the $49.5 million sale of a 187,589-square-foot warehouse and distribution facility in Wilmington, a northern suburb of Boston. The property features clear heights of 24 to 30 feet and was fully leased at the time of sale. Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Dan Hines of CBRE represented the seller, locally based investment firm Marcus Partners, in the transaction. The buyer was a partnership between two Boston-based firms, Oliver Street Capital and Bain Capital Real Estate.

January 4, 2024

Leasing Activity New York Northeast Office

Olshan Properties Secures Two New Office Leases at 99 Hudson Street in Manhattan

by Taylor Williams January 4, 2024

NEW YORK CITY — Locally based landlord Olshan Properties has secured two new leases at 99 Hudson Street, a 17-story, 175,000-square-foot office building in Manhattan’s Tribeca area. Community College Campus Inc. will relocate to a 9,300-square-foot space on the 12th floor in November, and HR&A Advisors renewed its lease for 12,111 square feet on the third floor. Eric Cagner, Jon Franzel, Claire Koeppel and David Falk of Newmark represented Olshan Properties in the lease negotiations. Darell Handler and Kyle Galin of Handler Real Estate represented Community College Campus Inc., and Michal Mathias of Cushman & Wakefield represented HR&A Advisors.

January 4, 2024

Acquisitions Industrial Northeast Rhode Island

Marcus & Millichap Brokers $8.9M Sale of Industrial Property in Pawtucket, Rhode Island

by Taylor Williams January 4, 2024

PAWTUCKET, R.I. — Marcus & Millichap has brokered the $8.9 million sale of a 64,928-square-foot industrial building in Pawtucket, Rhode Island. The building at 670-710 Narragansett Park Drive, which according to LoopNet Inc. was originally constructed in 1978, houses six suites. Harrison Klein of Marcus & Millichap represented the seller, Legacy Real Estate Ventures, in the transaction. Klein also procured the buyer, an affiliate of NSD Real Estate.

January 4, 2024

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