WALL TOWNSHIP, N.J. — CBRE has arranged the $40.5 million sale of four industrial buildings in Wall Township, located near the Jersey Shore. The buildings range in size from 20,000 to 80,000 square feet and are located within Monmouth Business Campus. The buyer was Treetop Cos., and the seller was not disclosed. Charles Berger, Elli Klapper, Mark Silverman and Jeremy Wernick of CBRE brokered the sale, while CBRE’s Jason Gaccione and Shawn Rosenthal arranged acquisition financing on behalf of the buyer.
MONTVALE, N.J. — The S. Hekemian Group, a locally based developer, has completed Workplace North Market, a 52,000-square-foot office and retail project in Montvale, located near the New York-New Jersey border. The four-story building houses 40,500 square feet of office space and 11,500 square feet of retail space and is located within North Market, a mixed-use redevelopment of the former Mercedes-Benz USA North America headquarters campus. Law firm Beattie Padovano has committed to leasing 20,000 square feet as the anchor tenant.
LONG BRANCH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.4 million sale of Rose Gardens, a 32-unit apartment complex located in the Northern New Jersey community of Long Branch. Built in 1955, the property houses two studios and 30 one-bedroom apartments. Daniel Lanni of Kislak represented the seller, an entity doing business as Rose 3 Holdings LLC, in the transaction. Lanni also procured the undisclosed buyer.
BOSTON — New York City-based real estate giant Tishman Speyer has received $750 million in construction financing for Phase I of Harvard Enterprise Research Campus, a 900,000-square-foot mixed-use project that will be located in the Allston neighborhood of Boston. Phase I of the development will consist of two life sciences buildings totaling 440,000 square feet, a 343-unit apartment complex and a hotel, all of which will be developed on a nine-acre parcel. Tishman Speyer is developing the project in partnership with the Harvard Allston Land Co. The site is adjacent to the Harvard Business School and Harvard Science & Engineering Complex in Allston. Breakthrough Properties, a joint venture of Tishman Speyer and Bellco Capital, will oversee the development, operations and leasing of the life sciences component. Tishman Speyer will also develop a conference facility on behalf of Harvard University. Within the multifamily component, 25 percent of the units will be designated as affordable housing for households earning between 30 and 100 percent of the area median income. At full build-out, Enterprise Research Campus will also include retail and restaurant space, as well as two acres of open green space that will host farmers markets, live music and outdoor fitness classes. …
LITTLE FALLS, N.J. — New Jersey-based developer Accurate has begun leasing Citizen Little Falls, a 185-unit apartment complex located in the northern part of the Garden State. The property offers one- and two-bedroom units and amenities such as a fitness center, business center, landscaped courtyards, pet wash area and package lockers. Lessard Design served as the project architect. Rents start at $2,640 per month for a one-bedroom apartment.
NEW YORK CITY — KeyBank has provided a $17.7 million Fannie Mae acquisition loan for Broadway Terrace, a 131-unit apartment complex located in Manhattan’s Washington Heights neighborhood. The garden-style property was originally built in 1927 and consists of eight four-story buildings. Alan Isenstadt and John Ward of KeyBank originated the financing, specific terms of which were not disclosed, on behalf of the borrower, Meridian Capital.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the sale of a partial interest in three affordable housing buildings totaling 163 units in Brooklyn’s Williamsburg and Brownsville neighborhoods. The percentage was not disclosed, but the interest fetched a price of $9.3 million. Victor Sozio and Shimon Shkury of Ariel Property Advisors represented the seller, Dunn Development Corp, in the deal. The buyer was a partnership between The Community Preservation Corp., The Community Development Trust, Monadnock Development, Red Stone Equity Partners and the Black Developers Network Triboro.
BRISTOL, CONN. — Northeast Private Client Group (NEPCG) has arranged the $8.1 million sale of a portfolio of two multifamily properties totaling 75 units in Bristol, located in Connecticut’s Hartford County. Both buildings, which together are known as The Brook & Middle Portfolio, are located near ESPN headquarters and total 55,399 square feet. Brad Balletto and Bob Paterno of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PITTSBURGH — The Pittsburgh Foundation, a nonprofit that addresses community needs and promotes philanthropy, has signed a 31,308-square-foot office headquarters lease in the downtown area. The foundation has committed to space on the ninth and 10th floors of 912 Fort Duquesne Blvd. for a term of 15 years. Geoff Greco and Andrew Millberg of JLL represented The Pittsburgh Foundation in the lease negotiations. Jeff Adams and Jesse Ainsman, also with JLL, represented the landlord, The Elmhurst Group.
NEW YORK CITY — KPG Funds has received a $50 million construction loan for 40 Crosby, a boutique office redevelopment project in the high-end SoHo district of Lower Manhattan. The five-story cast iron building totals 70,000 square feet, including prime retail space on the ground floor with Broadway frontage. KPG plans to rebrand the property as The Crosby upon completion. KPG bought the asset in early 2022 and immediately began planning the redevelopment. Sabal Investment Holdings and GDS Brightstar provided the construction loan. Nick Scribani, Dustin Stolly and Jordy Roeschlaub at Newmark arranged the financing. According to Rod Kritsberg, KPG’s co-founder and chief investment officer, the three-year construction loan will be used to give 40 Crosby a full-building renovation, keeping in line with KPG Funds’ standard to transform it into one of the “most desirable office and retail assets in the neighborhood.” Improvements will consist of a separate entrance on Crosby Street with high-end, pre-built office space and significant capital allocated to the lease-up of the specialty retail space fronting Broadway. The asset offers flexible floorplates to cater to multiple tenants or contiguous floors for a flagship headquarters location. The office space features up to 18-foot ceiling heights, 20 oversized windows bringing …