Northeast

Conifer Realty, CPP to Renovate 526-Unit Affordable Seniors Housing Property in Rochester, New York

by Taylor Williams January 17, 2024

ROCHESTER, N.Y. — A partnership between locally based owner-operator Conifer Realty and Community Preservation Partners (CPP) will renovate Andrews Terrace, a 526-unit affordable seniors housing complex in the upstate New York city of Rochester. Built in 1975, the waterfront property consists of two buildings that rise 19 and 22 stories and house one- and two-bedroom units for seniors age 62 and above and disabled residents. A partnership between KeyBank Community Development Lending & Investment and Goldman Sachs Asset Management provided $135.6 million in Low-Income Housing Tax Credit equity and $200 million in construction financing to fund renovations and preserve the property’s affordability status. All apartments will receive upgraded countertops, painting, appliances, fixtures and cabinets. Common areas, including the lobby, community room, management office, maintenance shop and parking garage, will be renovated with drywall repairs, painting, new flooring and HVAC upgrades as needed. There will also be several new outdoor additions to the community, including a community garden on the property’s terrace, grandparents’ playground, a seating and grilling area and bocce ball courts. Indoor amenities will include a fitness room, game room, reading nook and two community rooms with serve-in kitchens. New mailboxes with parcel boxes will also be installed. Lastly, …

January 17, 2024

Development Leasing Activity New York Northeast Office

Signature Acquisitions Launches Renovation, Secures Two Renewals at Office Building in Tarrytown, New York

by Taylor Williams January 17, 2024

TARRYTOWN, N.Y. — Signature Acquisitions has launched a renovation of the lobby, cafeteria and other common areas at Tarrytown Corporate Center, a 180,000-square-foot office building located on the northern outskirts of New York City.The regional owner-operator has also secured two lease renewals at the building: a 20,538-square-foot deal with coworking firm Regus and a 7,581-square-foot deal with office technology and IT firm Atlantic Tomorrow. Jeff Smith internally represented Signature Acquisitions in both sets of lease negotiations. Peter Dana, Jason Lee and Craig Ruof of Colliers represented Regus, and Harland Hollander of Savills represented Atlantic Tomorrow. Ownership has tapped JLL to lease the building following the completion of the capital improvement program.

January 17, 2024

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

JLL Arranges Recapitalization of 80-Unit Seniors Housing Property in Ashland, Massachusetts

by Taylor Williams January 17, 2024

ASHLAND, MASS. —JLL has arranged the recapitalization of the Residence at Valley Farm, an 80-unit seniors housing property located about 25 miles west of Boston in Ashland. LCB Senior Living developed the three-story facility on a 2.9-acre site in 2015. Under the terms of the recapitalization, LCB Senior Living will stay on as co-owner, while Blue Moon Capital Partners will replace Bridge Investment Group as the other owner. Jay Wagner, Rick Swartzand Jim Dooley led the JLL investment sales and advisory team on the deal.

January 17, 2024

Leasing Activity Northeast Office Pennsylvania

Excelitas Technologies Signs 45,000 SF Office Headquarters Lease in Pittsburgh

by Taylor Williams January 17, 2024

PITTSBURGH — Excelitas Technologies Corp., a provider of photonics products for the medical, defense and automotive industries, has signed a 45,000-square-foot office lease in Pittsburgh’s Strip District for its new headquarters. The company, which is relocating from metro Boston, plans to invest $2.3 million in the build-out and take occupancy this summer. Dan Adamski and Dennis Davin of JLL represented Excelitas Technologies in the lease negotiations. The name and representative of the landlord were not disclosed.

January 17, 2024

Leasing Activity Northeast Pennsylvania Retail

Fresh Market to Open 32,131 SF Grocery Store in Pittsburgh

by Taylor Williams January 17, 2024

PITTSBURGH — North Carolina-based grocer The Fresh Market will open a 32,131-square-foot store in Pittsburgh’s East Liberty neighborhood. The building at 5880 Centre Ave. was originally constructed in 2002 for Whole Foods Market, which vacated the space in 2022 for a larger store on nearby Penn Avenue. Herky Pollock of CBRE represented the undisclosed landlord in the lease negotiations. Brian Kerr of Hanna Langholz Wilson Ellis represented the tenant. The store will be Fresh Market’s first in Pittsburgh.

January 17, 2024

Acquisitions New York Northeast Restaurant Retail Top Stories

Whopper of a Deal: Burger King Owner Agrees to Buy Largest Franchisee for $1B

by Kristin Harlow January 17, 2024

TORONTO AND SYRACUSE, N.Y. — Toronto-based Restaurant Brands International Inc. (RBI) has agreed to acquire Syracuse-based Carrols Restaurant Group Inc. for $1 billion. RBI (NYSE: QSR) owns the Burger King, Popeyes, Firehouse Subs and Tim Hortons brands. Carrols (NASDAQ: TAST) is the largest Burger King franchisee in the United States, operating 1,022 locations in 23 states. Burger King says the transaction is part of its “Reclaim the Flame” plan to accelerate sales growth and drive franchisee profitability. The transaction follows the brand’s initial $400 million investment announced in September 2022 to drive high-quality remodels, improve operations, enhance marketing and support ongoing technology and digital priorities. Burger King plans to remodel restaurants over the next five years by investing approximately $500 million of capital, funded by Carrols’ operating cash flow, to remodel roughly 600 acquired restaurants that are not currently considered “modern image.” Carrols will continue to operate the acquired restaurants in partnership with Burger King’s operations teams. Burger King ultimately plans to refranchise the vast majority of the portfolio to new or existing smaller franchise operators who live in their local communities. Following refranchising the acquired restaurants, which Burger King expects to be completed in five to seven years, Burger …

January 17, 2024

Development Industrial Loans Northeast Pennsylvania

JLL Secures Construction Debt, Equity for 320,250 SF Industrial Project Near Philadelphia

by Taylor Williams January 16, 2024

FEASTERVILLE-TREVOSE, PA. — JLL has secured construction debt and joint venture equity for a 320,250-square-foot industrial project in Feasterville-Trevose, about 20 miles northeast of Philadelphia. The sponsor is regional developer J.G. Petrucci Co. The building will be situated on a 19.5-acre site at 4626 Somerton Road and will feature a clear height of 36 feet, 55 tailgate doors, two drive-in doors and parking for 56 trailers and 195 cars. Jon Mikula, John Plower, Ryan Cottone and Michael Lachs of JLL arranged the construction loan through Principal Asset Management and structured the joint venture with Boston-based Cabot Properties.

January 16, 2024

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $49M Loan for Refinancing of Northern New Jersey Industrial Portfolio

by Taylor Williams January 16, 2024

CARLSTADT, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $49 million loan for the refinancing of a portfolio of four industrial buildings totaling 570,000 square feet in the Northern New Jersey community of Carlstadt. The buildings were constructed in the 1980s and feature clear heights of 22 feet, several loading docks and proximity to the New Jersey Turnpike. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the five-year, interest-only loan through an unnamed lender. The borrower was also not disclosed.

January 16, 2024

Industrial Leasing Activity New Jersey Northeast

Colliers Negotiates 431,720 SF Industrial Lease Extension in Southern New Jersey

by Taylor Williams January 16, 2024

FLORENCE TOWNSHIP, N.J. — Colliers has negotiated a 431,720-square-foot industrial lease extension in the Southern New Jersey community of Florence Township. The cross-dock, single-tenant building at 1500 John Galt Way is located within The Haines Center Industrial Park and features clear heights of 30 to 37 feet. Marc Isdaner and Alex Stringfellow of Colliers represented the tenant, paper products provider Sylvamo North America, in the lease negotiations. Regional developer Whitesell Construction Co. owns the property.

January 16, 2024

Industrial Leasing Activity Massachusetts Northeast

Yankee Candle Co. Opens 360,000 SF Warehouse, Distribution Center in Hatfield, Massachusetts

by Taylor Williams January 16, 2024

HATFIELD, MASS. — The Yankee Candle Co. has opened a 360,000-square-foot warehouse and distribution center in the Central Massachusetts city of Hatfield. The company will occupy the entirety of the building at 142 Elm St., which was constructed in 1968 and totals 359,938 square feet, according to LoopNet Inc. Joe Garvey of Cushman & Wakefield and Mitch Bolotin of Colebrook Realty Services represented the tenant in the lease negotiations. Tyler McGrail, J.R. McDonald, Eric Jeremiah and Margaret Fee of Newmark represented the landlord, Boston-based FoxRock Properties.

January 16, 2024

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