PARAMUS, N.J. — New Jersey Brain & Spine will open a 16,222-square-foot clinic in the Northern New Jersey community of Paramus. The neurosurgery practice will relocate from nearby Hackensack to the 348,510-square-foot building at 650 From Road in January. Ben Brenner, David DeMatteis, and Mark Zaziski of Cushman & Wakefield represented the landlord, Onyx Equities, in the lease negotiations. Cresa is designing the space.
WRENTHAM, MASS. — Simon Property Group has welcomed several new tenants to Wrentham Village Premium Outlets, located near the Massachusetts-Rhode Island border. Apparel retailer Hollister Co. featuring Gilly Hicks is now open, and Italian luxury fashion brand Moncler plans to open a store in the coming weeks. Additionally, Shake Shack will open a restaurant in late winter.
BRIDGEPORT, CONN. — Regional brokerage firm Adirondack Capital Partners has arranged the $107.5 million sale of Canfield Park at Fairfield Metro, a 300-unit multifamily property located in the southern coastal Connecticut city of Bridgeport. The seller was South Norwalk, Conn.-based investment firm Spinnaker Real Estate Partners. The buyer was a joint venture between an undisclosed institutional investment management firm and a New York City-based multifamily owner-operator. Michael Hunter Coghill of Adirondack Capital Partners represented both parties in the transaction. Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh of Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged agency acquisition financing and joint venture equity for the deal. “The newly built assets’ premier location adjacent to the Fairfield–Black Rock train station, coupled with our ability to facilitate a smooth agency financing process, contributed to a successful execution for all parties,” says Kazanjian, who serves as senior managing director at IPA. Built in 2023, Canfield Park at Fairfield Metro offers studio, one- and two-bedroom units that range in size from 300 to 1,200 square feet. Monthly rental rates range from $2,207 to $3,325, according to Apartments.com. Amenities include a pool, fitness center, rooftop terrace, game room, golf simulator, music …
NORTH BERGEN, N.J. — Regional provider Hackensack Meridian Health has broken ground on a $50 million emergency medical facility at its Palisades Medical Center campus in North Bergen. The new facility will add 17 treatment bays to the existing campus, bringing the total to 50 and doubling the aggregate footprint of the emergency department to 22,000 square feet. In addition, the facility will feature an enlarged trauma room that will accommodate three treatment bays and 15 new fast-track bays to enable medical staff to treat non-emergency patients more efficiently, as well as a dedicated area for pediatric patients and a secure area for behavioral health patients. Construction is underway and slated for a 2026 completion.
SALEM, MASS. — MassDevelopment has provided $45 million in tax-exempt bond financing for the redevelopment of Leefort Terrace, an affordable housing complex in Salem, located north of Boston. Leefort Terrace was originally built in 1958 and houses 50 one-bedroom units across eight buildings. The borrower, an affiliate of nonprofit owner-operator Beacon Communities, has entered into a 99-year ground lease with the Salem Housing Authority and demolished the existing buildings. The redeveloped property will feature 124 units in one-, two- and three-bedroom floor plans that will be reserved for renters earning between 30 and 60 percent of the area median income. Delivery is scheduled for summer 2026.
ITHACA, N.Y. — Ohio-based investment firm Chase Properties has purchased Creekside Plaza, a 180,000-square-foot shopping center located in the upstate New York community of Ithaca. The property was built in 2001 and was 95 percent leased at the time of sale to tenants such as Dick’s Sporting Goods, HomeGoods, Barnes & Noble and O’Reilly Auto Parts. The seller and sales price were not disclosed. Chase Properties acquired Creekside Plaza in conjunction with Waynesboro Town Center, a 170,810-square-foot shopping center in Virginia’s Shenandoah Valley region.
HANOVER TOWNSHIP, N.J. — JLL has negotiated the sale of a 154,777-square-foot office building in Hanover Township, located in the northwestern corner of the Garden State. The three-story building at 10 Park Ave. was constructed on 8.7 acres in 2001 and formerly housed the operations of MetLife Investment Management. Dan Loughlin, Jeremy Neuer, Jose Cruz, Charlie Dillon, Bob Ryan, Ryan Robertson and Pranav Patel of JLL represented the seller, Ravine Development Co., in the transaction. The buyer and sales price were not disclosed.
GARFIELD, N.J. — Lee & Associates has brokered the $16.5 million sale of a 73,000-square-foot warehouse in the Northern New Jersey community of Garfield. According to LoopNet Inc., the facility at 325 Midland Ave. was originally built on 2.7 acres in 1972 and features a clear height of 21 feet. Troy Wisse, Michael Schaible, Justin Smith, Chris Vassilian and Grant La Bounty of Lee & Associates represented the buyer, Deko International, in the transaction. Kevin Dudley and Kate Granahan of CBRE represented the seller, Snowball Developments.
NEW YORK CITY — Rabina, along with general contractor Suffolk Construction, has topped out 520 Fifth Avenue, an approximately 1,000-foot-tall high-rise development situated at the intersection of Fifth Avenue and West 43rd Street in the Midtown neighborhood of Manhattan. Once completed in 2025, the tower will rise 88 stories and feature 100 condominiums and 25 floors of office space, as well as a social club called Moss. In March 2022, Rabina secured $540 million in construction financing for 520 Fifth Avenue that comprised a $410 million senior loan from Bank OZK and $130 million in mezzanine financing from Carlyle. The residential component of the project is called Five Twenty Fifth Residences. Condos will come in one- through four-bedroom layouts. Residents will have access to amenities such as a library, game room with billiards, private dining rooms and a solarium. Seventy percent of the condos have already been sold since sales launched in April. The mixed-use tower will also offer office space from floors 10 to 34. Office spaces will range from 500 to 12,000 square feet and feature 12-foot tall ceilings, private terraces and open-air covered corridors. The office component has been dubbed 520 Offices. Corcoran Sunshine Marketing Group is …
STOUGHTON, MASS. — Brookfield Properties is underway on construction of Stoughton Logistics Park, an 880,085-square-foot industrial project located on the southern outskirts of Boston. The 65-acre site at 45 Maple St. is a former quarry that is being redeveloped into a logistics campus with three buildings. Those buildings, one of which is already complete, range in size from 189,470 to 411,930 square feet. Buildings will feature clear heights of 36 to 42 feet, and the site also offers 6.9 acres for outdoor trailer parking/storage space. CBRE has been tapped as the leasing agent. The second and third buildings are scheduled for third-quarter 2025 deliveries.