BUCKS COUNTY, PA. — JLL has arranged a $114 million construction loan for Lower Bucks Logistics Hub, an 814,567-square-foot speculative industrial project in Bucks County. The address of the site was not disclosed, but the development’s two buildings will be located at I-295, with one building on either side of Route 213 in Middletown Township, New Jersey. The buildings will have rear-load and cross-deck configurations, clear heights of 40 feet, six total drive-in doors and over 800 car and trailer parking spaces. Mike Pagniucci led the JLL team that originated the financing through Mesa West Capital on behalf of the borrower, Foxfield LLC. A construction timeline was not disclosed.
Northeast
SOUTHBOROUGH, MASS. — Thomas Park Investments has purchased Reliant Healthcare Southborough, a 125,000-square-foot healthcare property located in Worcester County in the central part of the Bay State. Reliant Medical Group, which recently signed a 97,000-square-foot extension, as well as UMass Memorial and Walgreens, anchor the outpatient facility. Brannan Knott and Mindy Berman of JLL represented Thomas Park Investments, which acquired the asset in a joint venture with an undisclosed partner, in the transaction. The seller and sales price were not disclosed.
ALLENDALE, N.J. — Marquis Health Consulting Services has begun renovations at Allendale Senior Living, an assisted living and healthcare facility in Northern New Jersey. The unit count was not disclosed, but the property spans 146,000 square feet and sits on a 12-acre site. Renovations include a refresh of corridors, expansion of some apartments and the introduction of new amenities, including lounges, a private dining room and a salon. Marquis will also upgrade the movie theater and landscaping, and has already completed the redesign of the lobby and main dining room.
NORWOOD, N.J. — Orthofeet Inc., a provider of inserts and other custom footwear products, has signed a 71,870-square-foot industrial lease renewal in the Northern New Jersey community of Norwood. Orthofeet has been a tenant at the building at 335 Chestnut St., which spans 111,300 square feet and was constructed in 1969, since 2019. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations on an internal basis. Daniel Whitehead of Resource Realty represented Orthofeet.
NEW YORK CITY — JLL has arranged a $233 million construction loan for the ground-up development of a 569-unit multifamily project in Brooklyn. The site is located at 54 Crown St. in the borough’s Crown Heights neighborhood. Christopher Peck, Geoff Goldstein, Nicco Lupo and Rob Hinckley of JLL arranged the floating-rate loan through Goldman Sachs Asset Management. According to Crain’s New York Business, the borrower was San Francisco-based Carmel Partners. Information on floor plans, amenities and a construction timeline was not disclosed.
MORRIS TOWNSHIP, N.J. — A partnership between two New Jersey-based developers, Accurate and DeVimy Equities, has completed Morris Marketplace, a retail redevelopment project in Northern New Jersey. The project brings 140,000 square feet of shopping, dining and entertainment space to the former corporate campus of Palmolive-Colgate in Morris Township. Morris Marketplace also features pocket parks, splash pads, public seating areas and al fresco dining spaces. Approximately 30 tenants have committed to the project, with more than half now open and operating.
PHILADELPHIA — Locally based investment firm Alliance HP has sold The Philadelphia Infill Industrial Portfolio, a collection of three industrial properties totaling 122,373 square feet in Philadelphia. The sales price was $24.7 million. The portfolio was fully leased at the time of sale and features clear heights between 17 and 22 feet, 14 loading doors, five drive-in doors and 163 parking spaces. The buildings are all located within a 2.5-mile radius of Philadelphia International Airport. John Plower, Ryan Cottone, Larry Maister and Kyle Lockard of JLL represented Alliance HP in the transaction. The buyer was not disclosed.
EXETER, N.H. — JLL has negotiated the sale of a two-building, 82,000-square-foot medical office complex in Exeter, located just north of the Massachusetts-New Hampshire border. Access Sports Medicine, Seacoast Pathology and Exeter Hospital anchor the complex at 1 Hampton Road, which was 92 percent leased at the time of sale. Brannan Knott, Mindy Berman, Anthony Sardo and Landon Weaver of JLL represented the seller, a joint venture between Sendero Capital and Angelo Gordon, in the transaction. The buyer and sales price were not disclosed.
CHATHAM, N.J. — New Jersey-based developer Walters has broken ground on Cornerstone at Chatham, a 63-unit affordable housing complex in Northern New Jersey. The 3.2-acre site formerly housed a restaurant that is now defunct. Units will come in one-, two- and three-bedroom formats and range in size from 807 to 1,343 square feet. Residences will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a fitness center, community room and outdoor grilling and dining stations. Walters is developing the project in partnership with Chatham Township. Completion is slated for late 2024.
Day-to day life as a property manager in both a conventional multifamily building and student housing can be unpredictable. Hiring and staffing issues can plague many operators, resulting in the need to wear many different hats. These different hats can make it difficult for staff to fully address all of the residents’ needs. Managing a Wi-Fi system — perhaps the most crucial technology platform at any community — is one duty that the onsite team can happily offload to a third-party provider. Reliable Managed Wi-Fi Systems Roxann Campbell, vice president of regional sales at Pavlov Media, says today’s Internet-connected culture has increased the need for residents to have an absolutely reliable managed Wi-Fi system. Pavlov Media (which provides Wi-Fi & fiber services to multifamily and student properties) is an Internet service provider (ISP) that can establish connectivity throughout entire buildings while managing Internet for all of a property’s residents. This managed Wi-Fi approach benefits the buildings’ owner-operators because it offers a planned strategy for wiring and Wi-Fi signals. Routers aren’t competing against each other, as they can in communities that give their residents the option to sign up with any number of competing Internet providers. “Bulk managed Wi-Fi provides residents …