SECAUCUS, N.J. — Newmark has negotiated a 46,000-square-foot industrial lease at 60 Metro Way in the Northern New Jersey community of Secaucus. The facility features 8,000 square feet of office, space seven loading docks and one drive-in door. David Simson and Dan Reider of Newark represented the tenant, Creative Technology Inc., which supplies technical equipment for sports and entertainment events, in the lease negotiations. Locally based investment firm Hartz Mountain Industries owns the building.
PLAINVIEW, N.Y. — Trinity Solar Inc., a provider of panels for residential homes, has signed a 17,731-square-foot life sciences lease in the Long Island community of Plainview. The building at 137 Commercial St. spans 40,660 square feet and houses research and development facilities. Robert Kuppersmith, Connor Sullivan, Scott Schubert and Dan Johnsen of Cushman & Wakefield represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
As vacant sites become rare and cost-prohibitive, commercial real estate developers need to be creative when it comes to bringing a new project out of the ground. Unconventional development sites offer cost savings and location advantages, and in-depth due diligence and creativity on the part of developers can make for sites that can allow an elegant union of lower costs and strategy. With limited room for delay, how can developers think critically about available sites and leverage existing conditions to their advantage? Katherine Roberts, senior project manager at Bohler’s Warrenton, VA office, and Gregory Roth, principal at Bohler’s Tampa office, offer their expert advice on threading this needle. Bohler specializes in land development, especially making development work when conventional sites aren’t an option. Prioritizing Development Needs When Assessing Red Flags Certain project factors can be red flags if time or cost are obstacles to a developer, including These points of concern are usually knots that can be untangled if a developer has the time, money and appetite to move forward in spite of these interruptions, but each factor does bear watching. “Developers should understand where their limits are and where they’re willing to negotiate. Ideally, anything you’re developing should be …
CHAPPAQUA, N.Y. — A partnership between two New Jersey-based firms, Atkins Cos. and Denholtz Properties, has acquired Medical Offices at Chappaqua Crossing, a 490,000-square-foot healthcare complex located about 30 miles north of Manhattan. The sales price was $40 million. Northwell Health’s Northern Westchester Hospital anchors the 59-acre facility, which is located within a larger mixed-use development. Jeffrey Dunne, David Gavin, Steve Bardsley and Travis Langer of CBRE represented the seller, a joint venture between Summit Development and Crestline Investors, in the transaction.
PITTSBURGH — Friedman Real Estate, a brokerage firm with five offices across the country, has negotiated the sale of a 150,000-square-foot retail property in Pittsburgh. The property, which is located within Washington Crown Center Mall and formerly housed a Macy’s department store, was fully occupied at the time of sale by M@C Discount, which specializes in reselling returned retail items. Steven Silverman of Friedman Real Estate represented the undisclosed buyer in the transaction. Additional terms of sale were not disclosed.
NASHUA, N.H. — The City of Nashua, located in southern New Hampshire, has opened a 53,340-square-foot performing arts center, art gallery and event center in its downtown area. Boston-based ICON Architecture designed the project, which involved the demolition of an existing building on the site and the maintenance of a second structure to house the new center. The four-story venue now features a 753-seat theater, a section of which has a retractable seating system that can create a general admissions or private banquet area, as well as a communal gallery and an outdoor terrace.
LONG BRANCH, N.J. — Locally based developer and general contractor Prime City has broken ground on SICA Lofts, a 31-unit multifamily project that will be located in the coastal New Jersey community of Long Branch. The site originally housed the home of the Lincoln Can Manufacturing Co. and later the Shore Institute of Contemporary Arts, from which the property derives its titular acronym. The project will feature one-bedroom units with an average size of 750 square feet and 2,500 square feet of ground-floor retail space. Manasquan Bank provided a $7.5 million, floating-rate construction loan for the project, which is scheduled for a third-quarter 2024 completion.
LAKE LUZERNE, N.Y. — Boutique brokerage firm Muroff Hospitality Group has arranged the sale of Hide-A-Way Waterfront Cottages, a 13-room property located in the upstate New York community of Lake Luzerne. The waterfront property sits on 3.8 acres and offers one- to three-bedroom cottages with full kitchens. Mitch Muroff of Muroff Hospitality Group represented the buyer and seller in the $1.8 million transaction.
NEW YORK CITY — Deutsche Bank Wealth Management has provided a $77.4 million acquisition loan for The Collection at Mercedes House, a 162-unit multifamily complex in Manhattan. The property’s one-, two- and three-bedroom units occupy the 22nd through 32nd floors of the building at 540 W. 54th St., which is known as Mercedes House. Residents have access to The Mercedes Club, an 80,000-square-foot amenity center that houses a full-service health club, resident lounges and workspaces, a day spa, outdoor pool and a specialty grocery store. Gideon Gil, Lauren Kaufman and Dale Braverman of Cushman & Wakefield, along with Meridian Capital’s Rael Gervis and Elliott Kunstlinger, arranged the loan on behalf of the borrower, a partnership between Empire Capital Holdings and Namdar Realty Group.
SMYRNA, DEL. — Hunt Capital Partners has provided $4.3 million in Low-Income Housing Tax Credit equity for Frazier Apartments, a 54-unit affordable seniors housing complex in Smyrna, a northern suburb of Dover. Units at Frazier Apartments are reserved for residents age 62 and above who earn between 40 and 60 percent of the area median income. The borrower, Severn Development Co., will use part of the financing to fund capital improvements. TD Bank also provided an $8.6 million construction loan for that project. Completion is scheduled for January 2024.