LANGHORNE, PA. — A partnership between regional developer Greek Real Estate Partners and Principal Asset Management has delivered Langhorne Logistics Center, a 210,564-square-foot industrial project located about 25 miles northeast of Philadelphia. The partnership acquired the 19-acre site, which at the time housed two buildings that were constructed in 1980, in 2006. The partnership expanded the first of the two buildings by 60,000 square feet in 2008 and recently demolished the second building to make way for Langhorne Logistics Center. The new facility features a clear height of 40 feet, two drive-in doors, 80 trailer parking stalls and 209 car parking spaces.
PASSAIC, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $2.5 million sale of a 23-unit apartment building located at 60 Dayton St. in the Northern New Jersey community of Passaic. According to LoopNet Inc., the building, which houses a restaurant on the ground floor, rises three stories and was constructed in 1975. Julie Gralla of Kislak represented the seller, an entity doing business as Hobart Dayton Proud Passaic LLC, in the transaction. Gralla also procured the buyer, Bonim Realty LLC.
NEW YORK CITY — A partnership between Tiger Woods, Justin Timberlake, NEXUS Luxury Collection and 8AM Golf have opened a 22,000-square-foot sports and entertainment bar between Bryant Park and Grand Central Station in Manhattan. Dubbed T-Squared Social, the venue offers an array of golf simulators, duckpin bowling and darts, as well as food and drink. ForrestPerkins designed the space, which features 24-foot open ceilings, a 32-foot bar, dining and lounge areas and a private event room.
PHILADELPHIA — A partnership between New York City-based developer The Gotham Organization and locally based REIT Brandywine Realty Trust have begun welcoming the first residents to Avira, a 326-unit multifamily project in Philadelphia. Residences were constructed atop the 570,000-square-foot mixed-use building at 3025 JFK Blvd. within Brandywine’s Schuylkill Yards development. Units come in studio, one-, two- and three-bedroom floor plans and are housed within the building’s top 18 floors. The property also features 29,000 square feet of indoor and outdoor amenity space, 9,000 square feet of retail space, 200,000 square feet of office and life sciences space, 120 structured parking spaces and a 7,500-square-foot park. Rents start at $2,025 per month for a studio apartment.
MONTVALE, N.J. — JLL has brokered the $14.7 million sale of a 119,089-square-foot office building in the Northern New Jersey community of Montvale. The two-story building sits on a 16.5-acre site at 5 Paragon Drive and houses amenities such as a cafeteria and a fitness center. Jeremy Neuer, Jose Cruz and Kevin O’Hearn of JLL represented the seller, Dallas-based Nessel Development, in the transaction. The buyer was Exclusive Management, an investment firm based in New York’s Hudson Valley region. The building was 76 percent leased at the time of sale.
MEDFORD, N.Y. — iBorrow, a Los Angeles-based commercial bridge and direct lender, has provided a $5.1 million acquisition loan for a 41,000-square-foot industrial property located in the Long Island community of Medford. The facility sits on 3.1 acres and features a clear height of 22 feet, five drive-in doors and one loading dock, as well as proximity to Montauk Highway and the Long Island Expressway. The borrower was not disclosed.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $3 million sale of a 31-unit multifamily property located in the Morrisania area of The Bronx. The property at 988-992 Boston Road consists of two contiguous, five-story buildings that were originally constructed in 1910. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the seller, Brooklyn-based HK Organization, in the transaction and procured an undisclosed private investor as the buyer. The sale also included an adjoining, undeveloped lot.
DEVENS, MASS. — Colliers has negotiated a 101,000-square-foot life sciences lease at Pathway Devens, a 45-acre campus located about 50 miles northwest of Boston. John Carroll III and Kevin Brawley of Colliers represented the tenant, Ascend Elements, which produces parts for lithium ion batteries, in the lease negotiations. Brian McKenzie and Alex Plaistead of CBRE represented the landlord, Boston-based King Street Properties. The deal brings the first phase of the development to full occupancy.
BRIDGEWATER, MASS. — Capstone Communities and MPZ Development have completed The McElwain School Apartments, an adaptive reuse project in Bridgewater, about 25 miles south of Boston, that converted a former school building into a 57-unit mixed-income complex. The building had been vacant for the past 20 years. The majority (51) of the units are reserved for households earning 60 percent or less of the area median income. Amenities include a dog park, playground, community room and a wildflower bee meadow. The development was funded through a mix of state, local and low-income housing tax credit funding sources, as well as Community Preservation Corp. funding and a $15 million construction bridge loan from the Massachusetts Housing Investment Corp. The Massachusetts Housing Partnership also provided a $5.3 million permanent loan for the project.
NEWARK, N.J. — A joint venture between two locally based development and investment firms, CrownPoint Group Inc. and Lamar Cos., will develop a 1,200-unit self-storage facility in Newark’s Ironbound district. The site is a former salvage yard that comprises four lots totaling roughly one acre, and the six-story, climate-controlled facility will span 135,000 gross square feet. Construction is set to begin in the fourth quarter. Extra Space Storage will operate the property. Michael Klein, Jon Mikula and Ryan Carroll of JLL arranged a $19 million construction loan through Provident Bank on behalf of the development team.