Northeast

Atlantic City Development Corp. Opens 416-Bed Residence Hall at Stockton University

by Taylor Williams May 9, 2023

ATLANTIC CITY, N.J. — Atlantic City Development Co. has opened a 416-bed residence hall that will serve students at Stockton University. The six-story, 135,000-square-foot building represents the second phase of a larger development that also featured two other residence halls totaling 543 beds and a 56,000-square-foot academic center. Amenities include multiple lounges, a meeting room, business center and onsite laundry facilities. Other project partners included architect Thriven Design and Philadelphia-based engineering firm O’Donnell & Naccarato.

May 9, 2023

Acquisitions Affordable Housing Multifamily Northeast Pennsylvania

Community Preservation Partners Acquires 136-Unit Affordable Housing Complex in Pittsburgh

by Taylor Williams May 9, 2023

PITTSBURGH — Community Preservation Partners (CPP) has acquired Allegheny Commons, a 136-unit affordable housing complex in Pittsburgh’s North Shore neighborhood. The 20-building property was originally built in 1973. The majority (112) of the units are covered under a project-based Section 8 Housing Assistance Payments (HAP) contract. Additionally, the project includes units that are reserved for households earning up to 60 percent of the area median income. CPP plans to undertake $11.3 million in capital improvements to the property, including upgrades to unit interiors, common areas and building exteriors.

May 9, 2023

Development Multifamily New Jersey Northeast

Garden Communities Underway on 126-Unit Multifamily Project in Florham Park, New Jersey

by Taylor Williams May 9, 2023

FLORHAM PARK, N.J. — Locally based developer Garden Communities is underway on construction of a two-building, 126-unit multifamily project in the Northern New Jersey community of Florham Park. The site at 147 Columbia Turnpike formerly housed an office building. Units will come in one- and two-bedroom floor plans with an average size of 1,200 square feet, and amenities will include a fitness center, resident lounge and multiple open green spaces. Completion of the first building is slated for the end of the year.

May 9, 2023

Acquisitions Industrial New Jersey Northeast

Ridgecut Road, Marcus Partners Buy 11,500 SF Industrial Building in South Plainfield, New Jersey

by Taylor Williams May 9, 2023

SOUTH PLAINFIELD, N.J. — A partnership between locally based owner-operator Ridgecut Road and Boston-based investment group Marcus Partners has acquired an industrial building in the Northern New Jersey community of South Plainfield. According to LoopNet Inc., the 11,500-square-foot property at 456 Hollywood Ave. was built on 3.9 acres in 1984. The building was been owned and occupied by a crane rental and equipment business for the last 50 years. The sales price was not disclosed.

May 9, 2023

Acquisitions Industrial Massachusetts Northeast

SVN | Parsons Commercial Arranges $2M Sale of Industrial Property in Hudson, Massachusetts

by Taylor Williams May 9, 2023

HUDSON, MASS. — SVN | Parsons Commercial Group | Boston has arranged the $2 million sale of a 10,750-square-foot industrial property in Hudson, about 40 miles west of Boston. The property comprises two buildings totaling 8,750 and 2,000 square feet on a 1.7-acre site at 561 Main St. Alex Wood of SVN | Parsons Commercial represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.

May 9, 2023

Company News Development Georgia Industrial Nebraska New York Retail South Carolina Southeast Tennessee Texas Top Stories

Dollar General Grows Supply Chain Network by 3.2 MSF With Five Distribution Facilities

by John Nelson May 9, 2023

GOODLETTSVILLE, TENN. — Dollar General Corp. (NYSE: DG) has announced recent expansions in its supply chain network that will grow the discount retailer’s distribution footprint by more than 3.2 million square feet. The Goodlettsville, Tenn.-based company has recently opened three new facilities and announced expansions of two existing campuses that will support Dollar General’s traditional goods, as well as its DG Fresh line of groceries. “The recent additions to our supply chain network aim to provide greater efficiencies, create additional jobs and drive positive economic impact,” says Tony Zuazo, executive vice president of Dollar General’s global supply chain. “We’re excited to continue growing our distribution center network to further support store growth and to better serve our customers and local communities.” Dollar General recently opened an 800,000-square-foot distribution center in Blair, Neb., that is expected to create approximately 400 new jobs at full capacity. The $140 million development is the company’s first ground-up dual facility, meaning it features both traditional distribution space and cold storage. Dollar General plans to host a formal opening ceremony for the facility this summer. The company recently increased distribution center storage capacity by more than 2 million square feet by opening two new permanent regional facilities …

May 9, 2023

Development Life Sciences Loans Northeast Pennsylvania

Breakthrough Properties Receives $130M Construction Loan for Philadelphia Life Sciences Project

by Taylor Williams May 8, 2023

PHILADELPHIA — Breakthrough Properties, which is a joint venture between New York City-based Tishman Speyer and biotechnology investment firm Bellco Capital, has received a $130 million construction loan for a life sciences project in Philadelphia. The site at 2300 Market St. in the Center City District is adjacent to both the University of Pennsylvania and Drexel University and will house an eight-story, 223,000-square-foot building. Amenities will include a café and lounge, fitness center and elevated terraces. D2 Capital Advisors arranged the loan through Corebridge Financial on behalf of Breakthrough Properties. Construction of the building shell is expected to be complete by next summer, at which point tenant build-outs will commence.

May 8, 2023

Affordable Housing Development Multifamily New York Northeast

Durst Organization Completes 163-Unit Affordable Housing Project in Queens

by Taylor Williams May 8, 2023

NEW YORK CITY — The Durst Organization has completed a 163-unit affordable housing project at 3-24 27th Ave. in the Astoria neighborhood of Queens. Designed by Dattner Architects, the building rises 14 stories and offers a fitness center, tenant lounge and onsite laundry facilities. Rents start at $665 per month for a one-bedroom unit. According to 6sqft.com, that figure reflects an income restriction level of 40 and 60 percent of the area median income.

May 8, 2023

Industrial Leasing Activity New York Northeast

Duro Dyne Extends Lease at 128,600 SF Industrial Building in Bay Shore, New York

by Taylor Williams May 8, 2023

BAY SHORE, N.Y. — Duro Dyne National Corp., a manufacturer of sheet metal accessories and equipment for the HVAC industry, has extended its single-tenant lease at 81 Spence St., a 128,600-square-foot industrial building located in the Long Island community of Bay Shore. The extension runs through 2035. A partnership between Metropolitan Realty Associates and Angelo Gordon owns the building, which features a clear height of 24 feet, 10 loading docks and two drive-in doors. No outside brokers were involved in the deal.

May 8, 2023

Delaware Leasing Activity Northeast Retail

Weis Markets to Open 64,000 SF Store at Bayberry Town Center in Middletown, Delaware

by Taylor Williams May 8, 2023

MIDDLETOWN, DEL. — Regional grocer Weis Markets will open a 64,000-square-foot store and serve as the anchor tenant at Bayberry Town Center, a 280,000-square-foot development in Middletown. The site is located within the 1,500-acre Village of Bayberry master-planned community and will also house 31,000 square feet of office space and multiple open green spaces, as well as 145 townhomes. Construction is slated to begin this fall and to be complete by 2025. Blenheim Group is the master developer of Village of Bayberry.

May 8, 2023

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