NEW YORK CITY — JLL has negotiated the $27.5 million sale of flex property located at 185 Van Dyke St. in Brooklyn’s Red Hook neighborhood that was originally built in the mid-1800s. According to LoopNet Inc., the property totals 100,697 square feet and can support office, retail and light industrial uses. Michael Mazzara, Bob Knakal, Stephen Palmese, Brendan Maddigan, Hall Oster, Jonathan Hageman, Ethan Stanton, Winfield Clifford and Connor McCullough of JLL represented the seller, locally based investment firm Lande Alexander Properties, in the transaction. Dan Morici, also with JLL, represented the buyer, San Francisco-based Terreno Realty Corp.
ASHFORD, CONN. — Northeast Private Client Group (NEPCG) has arranged the $6.1 million sale of Ashford Hills Apartments, a 52-unit multifamily property located on the eastern outskirts of Hartford. According to Apartments.com, the property was built in 1969 and offers one-, two- and three-bedroom units that range in size from 625 to 1,014 square feet. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
FAIRFIELD, N.J. — Chicago-based investment firm Venture One Real Estate has acquired a 103,008-square-foot industrial property in the Northern New Jersey community of Fairfield. According to LoopNet Inc., the property at 25 Commerce Road, which was roughly 68 percent leased at the time of sale, was built in 1982 and features a clear height of 24 feet. Leo Joseph and Josh Meisner of Leo Joseph and Co. represented Venture One in the transaction. The new ownership has hired Cushman & Wakefield to market the property for lease. The seller was not disclosed.
NEW YORK CITY — Electric Shuffle, a concept that features high-tech shuffleboard, food and drinks, will open a 10,000-square-foot entertainment center on the second floor of the new Virgin Hotel in Manhattan’s NoMad district. John Few of SRS Real Estate Partners represented Electric Shuffle in the lease negotiations. Adam Weinblatt of Newmark, along with internal agent Richard Tang, represented the landlord, The Lam Group. The opening is slated for next spring.
ALLENDALE AND MAHWAH, N.J. — Regional investment firm Faropoint has purchased a two-property industrial portfolio in Northern New Jersey for $144.5 million. The portfolio consists of 10 buildings totaling 770,064 square feet across a combined 68 acres. Built in phases in the 1970s and 1980s, Allendale Shallow-Bay Industrial Park consists of seven industrial buildings totaling 370,064 square feet on a 35.1-acre site. The development, which offers dedicated dock-high loading for each unit and 985 total parking spaces, was fully leased at the time of sale to a roster of 19 tenants. Built in the 1960s, Mahwah Industrial Center comprises three buildings totaling 400,000 square feet across 33.2 acres. The complex features a total of 23 drive-in doors, as well as clear heights of 16 feet and parking for 1,463 cars. Mahwah Industrial Center was 91 percent leased to seven tenants at the time of sale. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, a joint venture between Camber Real Estate Partners and Advance Realty, in the transaction. “North Bergen County is one of the tightest industrial submarkets in the state and continues to demonstrate positive market rent growth, leasing velocity and compelling …
JERSEY CITY, N.J. — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $124.1 million loan for the refinancing of Grove Pointe Apartments, a 458-unit multifamily complex located at 100 Christopher Columbus Drive in Jersey City. Built in 2007, the 29-story building houses 19,675 square feet of ground-floor retail space and 535 parking spaces. The unit mix consists of 34 studios, 274 one-bedroom apartments and 150 two-bedroom residences. Amenities include a pool, fitness center, billiards room, lounge and a children’s playroom. The sponsor, a partnership between Kushner Real Estate Group and National Real Estate Investors, will use a portion of the proceeds to fund capital improvements. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage arranged the debt through an undisclosed life insurance company.
BEACON, N.Y. — KeyBank has provided $41.2 million in financing for Tompkins Terrace, a 193-unit affordable housing complex in Beacon, about 65 north of Manhattan. The financing consists of $17.1 million in Low-Income Housing Tax Credit equity and a $24.1 million Fannie Mae permanent loan. The borrower, New York City-based Related Affordable, will use the proceeds to acquire the property, fund capital improvements and preserve the affordability status. Tompkins Terrace was originally built on 16.3 acres in 1973 and last renovated in 2008. Units are reserved for households earning 50 to 60 percent or less of the area median income.
BASKING RIDGE, N.J. — The Ferber Co., a South-Florida-based developer, is underway on a retail redevelopment project in the Northern New Jersey community of Basking Ridge. Known as The Shops at The Crossing, the project is part of the larger redevelopment of the 850,000-square-foot Burlington Center Mall, which shuttered in 2018 and was demolished in 2021. Tenants that have already committed include Raising Cane’s, Panera Bread, Freddy’s Frozen Custard & Steakburgers, Discount Tire and Sleep Number. The redevelopment will also feature three industrial buildings totaling 1.9 million square feet that will be developed by Baltimore-based MRP Industrial.
SYOSSET, N.Y. — California-based boutique advisory firm Talonvest Capital has arranged a $13.8 million construction loan for a self-storage facility in the Long Island community of Syosset. The facility will consist of 1,025 climate-controlled units and 86 drive-up units for a total of 103,440 net rentable square feet. John Chase, Kim Bishop, Ivan Viramontes and Lauren Maehler of Talonvest arranged the loan, which carried a five-year term and four years of interest-only payments, through an undisclosed commercial bank. The borrower and developer is Barone Management. Delivery is slated for late 2024.
NORTON, MASS. — Locally based developer Condyne Capital Partners has completed a 220,000-square-foot industrial project in Norton, located about 40 miles south of Boston. The building is part of Phase II of Bluestar Business Park. Polar Design Build handled design and construction of the project, which features a clear height of 32 feet, 47 dock doors, EV charging stations and a solar-ready rooftop. Other project partners included Maugel DeStefano Architects, CBC Engineering, Flood Consulting and DiPrete Engineering.