Northeast

SJC Ventures Breaks Ground on 54-Acre Mixed-Use Development in Montgomery Township, New Jersey

by Jeff Shaw September 29, 2023

MONTGOMERY TOWNSHIP, N.J. — SJC Ventures, a privately held commercial real estate and retail development firm based out of Atlanta, has broken ground on Montgomery Promenade in the New York City suburb of Montgomery Township. Situated on a 54-acre site on Route 206, Montgomery Promenade will comprise 292,700 square feet and feature palisades for walking, green spaces, outdoor dining and restaurants. According to the Montgomery Township website, the project also includes 34 single-family detached homes that buffer the existing homes on Route 518 and the new shopping center. A Whole Foods Market grocery store will anchor the new development. Other confirmed tenants include an 11,000-square-foot Ulta, Panera Bread, Iron Whale, The Robinson Ale House, Dor L’ Dor NYC, Turning Point Restaurants, More Than Q, European Wax Center, Spavia and Norman’s Hallmark. According to the SJC Ventures, three new retail leases will be announced in the next 60 days, with five more before the end of the year. “We’re thrilled to have two great concepts from the McLoone’s Group with Iron Whale and Robinson Ale House that will take about 15,000 square feet,” says Justin Latone, senior vice president of leasing for SJC Ventures. “Both spaces will front a promenade and patio area immediately adjacent to the roundabout …

September 29, 2023

Development Multifamily New Jersey Northeast

Developer Begins Leasing 297-Unit Overlook Flats Apartments in Jersey City

by Taylor Williams September 28, 2023

JERSEY CITY, N.J. — Developer Milton Fantin has begun leasing Overlook Flats, a 297-unit apartment complex in the Journal Square area of Jersey City. Designed by Michels & Waldron with interiors by Builders Design, the 16-story building houses studio, one-, two- and three-bedroom units. Residences are furnished with stainless steel appliances, designer cabinetry and quartz countertops. Outdoor amenities include a rooftop deck with a pool, kitchen, lounge area, picnic areas, bocce ball court and a pet play area. Inside, residents have access to coworking spaces, a children’s playroom, fitness center, golf simulator and a package room. Rents start at $2,600 per month for a studio apartment.

September 28, 2023

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Douglaston Development Completes 188-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams September 28, 2023

NEW YORK CITY — Locally based firm Douglaston Development has completed a 188-unit affordable seniors housing project in The Bronx. The 12-story building is adjacent to the New York Botanical Garden (NYBG) and represents Phase I of a larger development. Phase II will consist of 277 affordable seniors housing residences and 8,000 square feet of retail space. Units are reserved for households earning 50 percent or less of the area median income. Douglaston developed the project through a 99-year ground lease with NYBG. Stephen B. Jacobs Group designed the project, and Levine Builders served as the general contractor and construction manager.

September 28, 2023

Acquisitions Hospitality New Jersey Northeast

Acadia Lodging Arranges $24M Sale of 250-Room Hotel in North Bergen, New Jersey

by Taylor Williams September 28, 2023

NORTH BERGEN, N.J. — New York-based Acadia Lodging Brokers & Advisors has arranged the $24 million sale of the 250-room Meadowlands View Hotel in the Northern New Jersey community of North Bergen. The 12-story building has been closed since the pandemic and has significant potential for renovation or repositioning, according to the brokerage team. Arbah Hotel Corp. sold the property to American Dream Hotel LLC in an all-cash transaction.

September 28, 2023

Leasing Activity Massachusetts Northeast Office

Goulston & Storrs Signs 100,000 SF Office Lease in Downtown Boston

by Taylor Williams September 28, 2023

BOSTON — Law firm Goulston & Storrs has signed a 100,000-square-foot office lease at One Post Office Square in downtown Boston. According to Wikipedia, the recently renovated building rises 42 stories, totals roughly 832,000 square feet and includes a 368-space parking garage. Goulston & Storrs has engaged Elkus Manfredi Architects to design the build-out of the space, which will house about 350 employees across four floors that will be connected by an internal staircase. The move-in is scheduled for next spring.

September 28, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $1.4M Sale of Northern New Jersey Apartment Building

by Taylor Williams September 28, 2023

ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $1.4 million sale of a 12-unit apartment building located at 153 Pierson St. in the Northern New Jersey community of Orange. According to Apartments.com, the building was originally constructed in 1896 and offers one-bedroom units. Julie Gralla of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the deal.

September 28, 2023

Market Reports Northeast Northeast Market Reports Pennsylvania Retail

Philadelphia Retail Market Establishes Its Resilience

by Taylor Williams September 28, 2023

By Taylor Williams No matter your size, market and scope of operation, for retail owners and operators, there is no such thing as total immunity from the likes of e-commerce, COVID-19, inflation and interest rate hikes. But there is such a thing as absorbing those socioeconomic hits in stride, learning and evolving from them and re-emerging on significantly more solid ground. And that is largely the path that the Philadelphia retail market has traversed over the past few years. The timing of the pandemic dismantled the launch of Fashion District, the redevelopment of the former Gallery at Market East Mall that should have ushered in a new scene of experience-based, locally merchandised retail in Philadelphia. Retailers and restaurants along Center City District’s main shopping corridors quickly devised solutions to the global healthcare crisis and were returning to normalcy when bad timing once again intervened. This time, it took the form of the Delta variant, which delayed plans to reopen existing stores or launch new ones and erased some of the positive momentum that landlords and tenants had recouped. For their part, suburban retail properties, many of whose performances were bolstered in the short run by pandemic- driven population influxes, are …

September 28, 2023

Susan Mello Life Insurance Multifamily quote

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

Investments from Life Insurance Companies May Throw a Lifeline to Multifamily Sector

by Sarah Daniels September 28, 2023

No one in the multifamily sector needs a lecture on the difficulty of financing projects and deals these days. But, when there are challenges in the market, attention to detail and alternative financing can result in a better chance of finding solutions. Considering life insurance companies as viable investors is one example. Insurers often can provide needed liquidity as they search for yield, especially in the multifamily world. Multifamily fell to the same forces that have affected every other commercial real estate (CRE) class. After a buildup of easy money over more than a decade, the zero-interest rate policy in response to the pandemic collapse set asset investment on fire. Prices soared, opportunities were widespread and big leverage was in. “Starting in 2019/2020, you saw a lot of floating-rate bridge money,” says Susan Mello, executive vice president and group head of capital markets at Walker & Dunlop. But as loans came up for refinancing, quick and large Federal Reserve hikes of the benchmark federal funds rate kicked up loan costs everywhere and made penciling a deal difficult, if not impossible. “The rapid rise of interest rates put values in question across the board. That’s exacerbated by how much liquidity there …

September 28, 2023

Development New York Northeast Office

Sage Realty Completes $53M Renovation Project at Manhattan Office Building

by Taylor Williams September 27, 2023

NEW YORK CITY — Locally based development and investment firm Sage Realty has completed a $53 million renovation project at 767 Third Avenue, a 40-story, 320,000-square-foot building in Manhattan’s Grand Central Business District. The renovation upgraded the lobby and seventh-floor amenity space, which includes a café/bar, lounge, library, boardroom, salon meeting room, catering kitchen and a sculpture garden. FXCollaborative handled the design of the lobby renovation, and Fogarty Finger led the revamp of the amenity floor.

September 27, 2023

Acquisitions Northeast Pennsylvania Retail

JLL Brokers Sale of 225,214 SF Shopping Center in Boothwyn, Pennsylvania

by Taylor Williams September 27, 2023

BOOTHWYN, PA. — JLL has brokered the sale of Larkin’s Corner, a 225,214-square-foot retail center located in Boothwyn, located near the Pennsylvania-Delaware border. Acme Grocery and Walmart anchor the property, which was 99 percent leased at the time of sale. Other tenants at the center include McDonald’s, TD Bank and Dollar Tree. Chris Munley, Jim Galbally, Colin Behr, James Graf and Patrick Higgins of JLL represented the seller, Site Centers, in the transaction. The team also procured the undisclosed buyer.

September 27, 2023

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