TAUNTON, MASS. — Boston-based investment firm Rhino Capital Advisors will develop a 180,000-square-foot manufacturing facility in Taunton, located south of Boston near the Massachusetts-Rhode Island border. The site spans 11.2 acres within Myles Standish Industrial Park, and the building will feature five loading docks and 270 parking spaces. CrowdStreet raised $11.5 million in funding for the project, construction of which is scheduled to begin in the first quarter and to last about a year.
PITTSBURGH — New Jersey-based Tryko Partners has begun leasing Cedarwood Homes, an age-restricted affordable housing project located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the one-bedroom units are reserved for renters earning 60 percent or less of the area median income. Merchants Capital provided $11 million in project financing, and The Pennsylvania Housing Finance Agency awarded 9 percent Low-Income Housing Tax Credits to the developer to fund the project. Construction began last summer.
ANNAPOLIS, MD. — Annapolis, Md.-based investment firm Realterm has acquired three industrial outdoor storage sites totaling 24.8 acres in the Northeast. The sites are located in the metro areas of Boston, Providence and Philadelphia and are all utilized as truck terminals, with a combined capacity to support 163 such vehicles. Realterm acquired the sites from logistics giant Yellow Corp. as part of its Chapter 11 bankruptcy proceedings. The sales price(s) was not disclosed.
NEW YORK CITY — Cushman & Wakefield has arranged a $75 million construction loan for a 157-unit multifamily project that will be located at 255 E. 39th St. in the Manhattan’s Murray Hill neighborhood. The 20-story building will include 4,687 square feet of commercial space as well as an affordable housing component. Gideon Gil, Lauren Kaufman, Zachary Kraft and Cecelia Galligan of Cushman & Wakefield arranged the financing through J.P. Morgan and First Citizens Bank on behalf of the borrower and developer, Brause Realty. Completion is slated for late 2025.
BAYPORT, N.Y. — Metropolitan Realty Associates (MRA) has purchased a 75,000-square-foot cold storage facility in the Long Island community of Bayport for $12.6 million. Commercial baker Europastry formerly occupied the facility at 33 Rajon Road, which was originally built in 1986, according to LoopNet Inc. Building features include a clear height of 40 feet, 35,000 square feet of freezer space, 11 loading docks and two drive-in doors. Nick Gallipoli of Cushman & Wakefield represented the undisclosed seller in the transaction. Doug Omstrom of JLL represented MRA, which has subsequently inked a 15-year, full-building lease with Bakery Processing Solutions.
BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) has received approval for a multifamily project in Bala Cynwyd, a northwestern suburb of Philadelphia. The development will add 217 residential units above 16,000 square feet of retail space in the former Lord & Taylor building. Federal Realty is redeveloping the site to ultimately feature more than 300 apartments and 190,000 square feet of retail space for a total investment of $170 million. Construction on the new multifamily complex is slated to begin this spring and to be complete in summer 2026.
NEW YORK CITY — Marcus & Millichap has brokered the $9 million sale of a 43-unit apartment building located in the Astoria neighborhood of Queens. The six-story, 34,000-square-foot building was originally constructed in 1941 and houses studio and one-bedroom units. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
NEW YORK CITY — Dimension Renewable Energy has signed an 11,054-square-foot office lease at 825 Third Avenue in Midtown Manhattan. The solar energy provider is leasing the entire 18th floor of the 530,000-square-foot building, which recently underwent a $150 million capital improvement program. Greg Maurer-Hollaender and James Ackerson of CBRE represented the tenant in the lease negotiations. Tom Bow, Ashlea Aaron and Bailey Caliban represented the landlord, The Durst Organization, on an internal basis.
NEW YORK CITY — Merchants Capital has provided a $348 million Fannie Mae loan for the rehabilitation of Reid Park Rock, an affordable housing development in Brooklyn that houses approximately 3,500 people across 87 buildings. The financing complements a $635.6 million Permanent Affordability Commitment Together (PACT) initiative from the New York City Housing Authority. The sponsor, a partnership between BRP Cos., Fairstead and Urbane, will not only execute the renovations but also deliver enhanced social services programs and handle property management responsibilities.
SOUTH BRUNSWICK, N.J. — Lee & Associates has arranged a 255,000-square-foot industrial sublease in South Brunswick, about 50 miles south of New York City. According to LoopNet Inc., the 610,949-square-foot property at 301-321 Herrod Blvd. was built on 39.5 acres in 1998 and features a clear height of 27 feet and 119 parking spaces. Drew Maffey, Will Ziegler and Matt Esposito of Lee & Associates represented the subtenant, an undisclosed storage company, in the lease negotiations. Dave Saltzman, also with Lee & Associates, represented the sublandlord, which also requested anonymity.
