Northeast

CIT Provides $44M Construction Loan for Northeast Philadelphia Industrial Project

by Taylor Williams September 29, 2023

PHILADELPHIA — CIT, a division of First Citizens Bank, has provided a $44 million construction loan for a 287,218-square-foot industrial project that will be located at 2121 Wheatsheaf Lane in northeast Philadelphia. The facility will feature a clear height of 40 feet, 36 dock doors, two drive-in doors and parking for 65 trailers and 258 cars. The borrower and developer, Greek Real Estate Partners, acquired the site in spring 2021 and subsequently demolished the existing structure. Delivery of the new facility is slated for the first quarter of 2025. JLL has been tapped as the leasing agent.

September 29, 2023

Leasing Activity New Jersey Northeast Office

Sanofi Signs 16,903 SF Office Lease in Morristown, New Jersey

by Taylor Williams September 29, 2023

MORRISTOWN, N.J. — Sanofi has signed a 16,903-square-foot office lease at 21 South St. in the Northern New Jersey community of Morristown. The 43,691-square-foot building was constructed in 1911 as a bank. The move corresponds with the global pharmaceutical company relocating its headquarters to the nearby M Station West development. That larger relocation is expected to bring about 1,900 Sanofi employees to Morristown, while about 70 people within the consumer healthcare division will work in this newly leased space. The Hampshire Cos. owns 211 South Street.

September 29, 2023

Acquisitions Industrial New Jersey Northeast

Dalfen, Centerbridge Acquire Industrial Outdoor Storage Facility in Old Bridge, New Jersey

by Taylor Williams September 29, 2023

OLD BRIDGE, N.J. — Dallas-based development and investment firm Dalfen Industrial and private investment management group Centerbridge Partners have acquired a 6.9-acre industrial outdoor storage facility in Old Bridge, about 40 miles south of Manhattan. At the time of sale, the property was fully leased to two tenants that utilize the site for truck and trailer storage. Dalfen acquired the facility in conjunction with a 4.1-acre trailer storage yard in California’s Inland Empire. The seller and sales price were not disclosed.

September 29, 2023

Development New Jersey Northeast Retail Top Stories

SJC Ventures Breaks Ground on 54-Acre Mixed-Use Development in Montgomery Township, New Jersey

by Jeff Shaw September 29, 2023

MONTGOMERY TOWNSHIP, N.J. — SJC Ventures, a privately held commercial real estate and retail development firm based out of Atlanta, has broken ground on Montgomery Promenade in the New York City suburb of Montgomery Township. Situated on a 54-acre site on Route 206, Montgomery Promenade will comprise 292,700 square feet and feature palisades for walking, green spaces, outdoor dining and restaurants. According to the Montgomery Township website, the project also includes 34 single-family detached homes that buffer the existing homes on Route 518 and the new shopping center. A Whole Foods Market grocery store will anchor the new development. Other confirmed tenants include an 11,000-square-foot Ulta, Panera Bread, Iron Whale, The Robinson Ale House, Dor L’ Dor NYC, Turning Point Restaurants, More Than Q, European Wax Center, Spavia and Norman’s Hallmark. According to the SJC Ventures, three new retail leases will be announced in the next 60 days, with five more before the end of the year. “We’re thrilled to have two great concepts from the McLoone’s Group with Iron Whale and Robinson Ale House that will take about 15,000 square feet,” says Justin Latone, senior vice president of leasing for SJC Ventures. “Both spaces will front a promenade and patio area immediately adjacent to the roundabout …

September 29, 2023

Development Multifamily New Jersey Northeast

Developer Begins Leasing 297-Unit Overlook Flats Apartments in Jersey City

by Taylor Williams September 28, 2023

JERSEY CITY, N.J. — Developer Milton Fantin has begun leasing Overlook Flats, a 297-unit apartment complex in the Journal Square area of Jersey City. Designed by Michels & Waldron with interiors by Builders Design, the 16-story building houses studio, one-, two- and three-bedroom units. Residences are furnished with stainless steel appliances, designer cabinetry and quartz countertops. Outdoor amenities include a rooftop deck with a pool, kitchen, lounge area, picnic areas, bocce ball court and a pet play area. Inside, residents have access to coworking spaces, a children’s playroom, fitness center, golf simulator and a package room. Rents start at $2,600 per month for a studio apartment.

September 28, 2023

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Douglaston Development Completes 188-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams September 28, 2023

NEW YORK CITY — Locally based firm Douglaston Development has completed a 188-unit affordable seniors housing project in The Bronx. The 12-story building is adjacent to the New York Botanical Garden (NYBG) and represents Phase I of a larger development. Phase II will consist of 277 affordable seniors housing residences and 8,000 square feet of retail space. Units are reserved for households earning 50 percent or less of the area median income. Douglaston developed the project through a 99-year ground lease with NYBG. Stephen B. Jacobs Group designed the project, and Levine Builders served as the general contractor and construction manager.

September 28, 2023

Acquisitions Hospitality New Jersey Northeast

Acadia Lodging Arranges $24M Sale of 250-Room Hotel in North Bergen, New Jersey

by Taylor Williams September 28, 2023

NORTH BERGEN, N.J. — New York-based Acadia Lodging Brokers & Advisors has arranged the $24 million sale of the 250-room Meadowlands View Hotel in the Northern New Jersey community of North Bergen. The 12-story building has been closed since the pandemic and has significant potential for renovation or repositioning, according to the brokerage team. Arbah Hotel Corp. sold the property to American Dream Hotel LLC in an all-cash transaction.

September 28, 2023

Leasing Activity Massachusetts Northeast Office

Goulston & Storrs Signs 100,000 SF Office Lease in Downtown Boston

by Taylor Williams September 28, 2023

BOSTON — Law firm Goulston & Storrs has signed a 100,000-square-foot office lease at One Post Office Square in downtown Boston. According to Wikipedia, the recently renovated building rises 42 stories, totals roughly 832,000 square feet and includes a 368-space parking garage. Goulston & Storrs has engaged Elkus Manfredi Architects to design the build-out of the space, which will house about 350 employees across four floors that will be connected by an internal staircase. The move-in is scheduled for next spring.

September 28, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $1.4M Sale of Northern New Jersey Apartment Building

by Taylor Williams September 28, 2023

ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $1.4 million sale of a 12-unit apartment building located at 153 Pierson St. in the Northern New Jersey community of Orange. According to Apartments.com, the building was originally constructed in 1896 and offers one-bedroom units. Julie Gralla of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the deal.

September 28, 2023

Market Reports Northeast Northeast Market Reports Pennsylvania Retail

Philadelphia Retail Market Establishes Its Resilience

by Taylor Williams September 28, 2023

By Taylor Williams No matter your size, market and scope of operation, for retail owners and operators, there is no such thing as total immunity from the likes of e-commerce, COVID-19, inflation and interest rate hikes. But there is such a thing as absorbing those socioeconomic hits in stride, learning and evolving from them and re-emerging on significantly more solid ground. And that is largely the path that the Philadelphia retail market has traversed over the past few years. The timing of the pandemic dismantled the launch of Fashion District, the redevelopment of the former Gallery at Market East Mall that should have ushered in a new scene of experience-based, locally merchandised retail in Philadelphia. Retailers and restaurants along Center City District’s main shopping corridors quickly devised solutions to the global healthcare crisis and were returning to normalcy when bad timing once again intervened. This time, it took the form of the Delta variant, which delayed plans to reopen existing stores or launch new ones and erased some of the positive momentum that landlords and tenants had recouped. For their part, suburban retail properties, many of whose performances were bolstered in the short run by pandemic- driven population influxes, are …

September 28, 2023

Newer Posts

Older Posts