HILLSBOROUGH, N.J. — New Jersey-based developer Adoni Property Group has completed The Franklin at Hillsborough, a 44-unit multifamily project in Northern New Jersey. The property, which is now 90 percent occupied, offers one- and two-bedroom units ranging in size from 1,000 to 1,300 square feet that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Rents at the remaining two-bedroom units start at $2,900 per month.
PHILADELPHIA — Locally based brokerage firm Roddy Inc. has negotiated an 11,000-square-foot industrial lease in northeast Philadelphia. The building at 10081 Sandmeyer Lane sits on 2.8 acres and totals 34,000 square feet. Sean Durkin of Roddy Inc. represented the tenant, Rhoads Industries, a provider of welding and custom fabrication services, in the lease negotiations. Jason Ostach of Binswanger represented the undisclosed landlord.
Shopping center owners and property managers throughout the United States are exploring opportunities to increase foot traffic by transforming excess parking into restaurants, entertainment venues, neighborhood amenities and even multifamily uses. “In our experience, nearly every shopping center that’s not grocery-anchored is going through a process to reassess the amount of parking they have, the amount of parking they need and alternative ways to develop those parking areas to add value,” says Cornelius Brown, a principal in the Pennsylvania offices of Bohler, a land development consulting and site design firm. With more than 30 offices across the Eastern and Central United States, Bohler has helped many of its clients with parking conversions ranging from single pad site creation to comprehensive, property-wide redevelopment. Municipalities Onboard Landlords have been carving out parcels for standalone retailers, restaurants and other uses for years, but the trend is accelerating as more and more municipalities ease minimum parking requirements. Parking-reduction advocates have argued that offering fewer spaces reduces environmental impacts associated with heat islands and stormwater runoff. Others contend it promotes the use of mass transit and ridesharing, which can reduce vehicle emissions and, in the case of bars and restaurants, may reduce incidents of impaired …
WALPOLE, MASS. — Locally based owner-operator Wilder, in conjunction with an undisclosed partner, has acquired Walpole Mall, a 429,285-square-foot shopping, dining and entertainment destination located roughly 30 miles outside Boston. Tenants at the property include Kohl’s, Aldi, Barnes & Noble, Old Navy, Panera Bread, Aspen Dental, T-Mobile, PetSmart, X Golf, Five Guys and LA Fitness. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners, a division of Boston-based Atlantic Realty, represented the undisclosed seller in the transaction and procured Wilder as the buyer.
NEW YORK CITY — Locally based firm Douglaston Development is nearing completion of a 188-unit affordable seniors housing project in The Bronx. The 12-story building at 2856 Webster Ave., which is adjacent to the New York Botanical Garden (NYBG), represents Phase I of a larger development. Phase II consists of 277 affordable seniors housing residences and 8,000 square feet of retail space. Units are reserved for households earning 50 percent or less of the area median income. Douglaston is developing the project through a 99-year ground lease with NYBG. Stephen B. Jacobs Group is the project architect, and Levine Builders is the general contractor and construction manager. The first move-ins are now underway.
NEW YORK CITY — Cushman & Wakefield has arranged a $30 million loan for the refinancing of Brewster LIC, a 700,000-square-foot office complex located at 27-01 Queens Plaza North in the borough’s Long Island City area. The property, which is currently undergoing a capital improvement program, was 72 percent leased at the time of the loan closing to JetBlue and Amaris. Amenities include a fitness center, conference center, terraces and a designated food-and-beverage facility. Gideon Gil, Lauren Kaufman and Dale Braverman of Cushman & Wakefield arranged the debt through Apple Bank on behalf of the borrower, Brause Realty.
BEDFORD, N.H. — Marcus & Millichap has brokered the sale of two retail properties in Bedford, located outside of Manchester in the southern part of the Granite State. The buildings total 17,301 square feet and are net leased to grocer Trader Joe’s and restaurant Friendly Toast. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer. Both parties requested anonymity. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.
HARTFORD, CONN. — Central Rock Gym, a fitness concept centered on indoor rock climbing, has signed a retail lease to open a 22,000-square-foot facility at 99 Shield St. in Hartford. Phil Gagnon of Colliers represented the undisclosed landlord in the lease negotiations. David Dumeer of locally based brokerage firm Goman York represented Central Rock Gym. A tentative opening date was not disclosed.
NEW YORK CITY — Wegmans Food Market has announced plans to open an 87,500-square-foot store at 770 Broadway in Manhattan’s East Village neighborhood. The market, dubbed Wegmans Astor Place, will be located at the base of an office building that Vornado Realty Trust owns. Meta, formerly known as Facebook, occupies the office portion of the property. The store, which is set to open on Oct. 18, will offer made-to-order and packaged foods; ready-to-eat and ready-to-heat options, including a selection of entrees and sides for individuals and families; and a ‘restaurant foods’ section with fresh sushi, salads, sandwiches, soups, pizza and wings. The location will also include an onsite dining room with sushi and oyster bars, which are set to open in early 2024. This store will be Wegman’s second in New York City, following the opening of Wegmans Brooklyn in 2019. “We know our customers can’t wait to come see what we have in store and our employees have been training, in some cases, for over a year to get ready for this day,” says Matt Dailor, the new store’s manager. “Wegmans is a celebration of food and people, and we can’t wait to open the doors on October 18 …
ANDOVER, MASS. — Newmark has brokered the $58 million sale of two office and life sciences buildings totaling 273,662 square feet in Andover, a northern suburb of Boston. The building at 50 Minuteman Road totals 145,262 square feet and serves as the headquarters of Mercury, a provider of technology solutions for the aerospace and defense industries. The facility at 6 Technology Drive spans 128,400 square feet and serves as a design, development and manufacturing hub for Dräger, a supplier of medical and safety technology products. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, California-based REIT Peakstone Realty Trust, in the transaction. The team also procured the buyer, Boston-based Rhino Capital Advisors.