TRENTON, N.J. — Chicago-based intermediary Maverick Commercial Mortgage Inc. has arranged a $4.5 million acquisition loan for a 240,000-square-foot office building located at 240 W. State St. in Trenton. The undisclosed, Maryland-based borrower plans to convert the 16-story building, which includes retail space and onsite parking, into a multifamily complex following the expiration of in-place leases at the end of the year. An undisclosed debt fund provided the 12-month, variable-rate loan.
KEARNY, N.J. — Global Courier Express has signed a 96,375-square-foot industrial lease in the Northern New Jersey community of Kearny. The site at 205 Campus Drive is situated within the four-building Kearny Point Industrial Park. Kevin Dudley, Nicholas Klacik, Chad Hillyer and Kate Granahan of CBRE represented the landlord, New York City-based Hugo Neu Corp. in the lease negotiations. Jimo Liu with Avison Young represented Global Courier Express.
PHILADELPHIA — CBRE has negotiated a 29,000-square-foot healthcare lease in Philadelphia. According to LoopNet Inc., the six-story, 29,130-square-foot building at 3261 Tulip St. was originally constructed in 1960. Les Haggett and Kieara Hill of CBRE represented the tenant, Florida-based provider Praesum Healthcare Services, in the negotiations for the full-building lease. The name and representative of the landlord were not disclosed.
BOSTON — The Boston Planning & Development Agency has approved the master plan of Dorchester Bay City, a mixed-use project on the city’s south side, according to a host of local media sources. The Boston Globe reports that the waterfront project, which is a redevelopment of the former site of the Bayside Expo Center, carries a price tag of roughly $5 billion. Accordia Partners, which is a partnership between Boston developers Kirk Sykes and Dick Galvin, and New York-based Ares Capital Corp. lead the development team. According to The Dorchester Reporter, the latest plans for the development call for 21 buildings totaling roughly 6.1 million square feet across a total acreage of 36.2 acres. The buildings will house office, life sciences, residential, retail, restaurant and office uses, and most will include underground parking, per the media outlet. According to the project webpage, Dorchester Bay City will feature a 2.7-acre park at the water’s edge; a 6,300-square-foot pavilion with various amenities; and an 8,000-square-foot learning and innovation center. Approximately 20 percent of the residential inventory to be designated as affordable housing, specifically for households earning 70 percent or less of the area median income. The development team plans to make $36.8 …
“Traditional wired and wireless networks are becoming faster and more reliable with each new standard on the market,” says Pavlov Media CEO Cory Douglas. “We’re seeing multifamily consumers extend these data networks well beyond the need for just for voice and video. There are all kinds of new demands on multi-dwelling units (MDUs) for integrating Internet of Things (IoT), life safety and power and water management systems into traditional data networks.” For more than 30 years, Pavlov Media has been the leading national provider of residential Wi-Fi service, and now, with Douglas as the company’s newly named CEO, Pavlov Media has plans to build on its success through its unique technology and its eye on the innovation required by multifamily’s evolving needs. Douglas, promoted to replace retiring founder and CEO Mark Scifres, says what sets Pavlov Media apart is its ability to rapidly implement broadband Wi-Fi and video solutions for any style of community, located in any part of the country. “That capability is really driven by the investments in our back office, technology and engineering workflows that we’ve developed over time,” Douglas explains. “It’s our goal to make the purchasing and deployment experience easy for our customers. It’s done …
BOSTON — A partnership between Lendlease and Ivanhoé Cambridge has topped out a $545 million life sciences project within Boston Landing, a mixed-use destination in the Allston/Brighton area. The nine-story, 350,000-square-foot building at 60 Guest St. is known as FORUM and will feature traditional office space in addition to lab and research/development space. SGA Architects designed the project, and Consigli Construction Co. is serving as the general contractor. Construction began last fall and is slated for completion sometime next year. JLL is the leasing agent. The partnership first acquired the land for the project from NB Development Group, the master developer of Boston Landing, in March 2021.
NEWARK, N.J. — The New Jersey Economic Development Authority (NJEDA) Board approved $90 million in tax credits for the development of a mixed-income residential building at 81-93 Orange St. in Newark. The high-rise project will comprise 350 units across 14 stories, 500 square feet of retail space and a commercial parking garage. Units will come in studio, one-, two- and three-bedroom floor plans, and 70 units will be reserved as affordable. Income restrictions were not disclosed. The total cost of the project’s development is expected to be $150 million.
COATESVILLE, PA. — Regional brokerage firm Neuman Commercial Group has arranged the sale of Airport Village, a 70,500-square-foot shopping center in Coatesville, about 45 miles west of Philadelphia. The center sits on 10.7 acres and was 87 percent leased at the time of sale to tenants such as Aldi, Dollar Tree, Rite Aid, Burger King, Verizon Wireless and US Renal Care. Gil Neuman of Neuman Commercial Group represented the seller, New York-based Nassimi Realty, in the transaction and procured an undisclosed private investor as the buyer.
PHILADELPHIA — CBRE has negotiated a 58,000-square-foot healthcare lease in the Port Richmond area of Philadelphia. According to LoopNet Inc., the seven-story, 203,952-square-foot building at 2301 E. Allegheny Ave. was originally constructed in 1910 and renovated in 2011. Les Haggett and Kieara Hill of CBRE represented the tenant, Florida-based provider Praesum Healthcare Services, in the lease negotiations. The name and representative of the landlord were not disclosed.
VOORHEES, N.J. — Relievus, a provider of pain management treatments and procedures, has signed a 7,000-square-foot office lease in the Southern New Jersey community of Voorhees. According to commercialcafé.com, the 50,109-square-foot building at 400 Laurel Oak Road was constructed on 5.3 acres in 1989. Adam Rose of Rose Commercial Real Estate represented the tenant in the lease negotiations. Brett Davidoff, also with Rose Commercial Real Estate, represented the unnamed landlord.
