FLEMINGTON, N.J. — Locally based financial intermediary G.S. Wilcox Co. has arranged a $16 million loan for the refinancing of a 170,000-square-foot shopping center in the Northern New Jersey community of Flemington. Grocer ShopRite anchors the center, which was fully leased at the time of the loan closing. Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the loan, which carried a 10-year term, 30-year amortization schedule and flexible prepayment options, through an undisclosed life insurance company. The borrower was also not disclosed.
By Taylor Williams Architects and general contractors are shaking up the ways in which they design and construct industrial projects in response to financial pressures faced by their clients, an elevated emphasis on sustainability and shifts in how tenants utilize spaces. The nuts and bolts of designing and developing commercial properties are fickle by nature, as they are beholden to consumer preferences, which are in a perpetual state of flux. Yet the current shifts in industrial design and construction practices should not be viewed as indicators of the sector’s waning popularity among investors. “Despite a difficult rate environment that is causing challenges for all sectors of the economy, we have deep optimism about the near- and long-term future for the industrial market in New Jersey and Pennsylvania,” says David Greek, managing partner at regional firm Greek Real Estate Partners. “This region sits amid the most densely populated area in the nation and continues to grow. At the same time, the consumer shift to e-commerce is not nearly complete, creating a dramatic long-term need for logistics facilities to accommodate this historic change.” In other words, industrial is still hot. And the most visible and basic change occurring within the property type — …
POHATCONG, N.J. — Locally based developer Larken Associates has broken ground on Monte View at Pohatcong, a 120-unit multifamily project. The site is located near the Pennsylvania-New Jersey border near Easton. The garden-style property will consist of three multi-story buildings and one four-story building with a ground-floor clubhouse. Other amenities will include a pool, fitness center and a dog run. The first move-ins are scheduled to begin in fall 2024.
RADNOR, PA. — Locally based REIT Brandywine Realty Trust has sold a 17,884-square-foot shopping center in Radnor, a northwest suburb of Philadelphia, for $14.2 million. Built in 2014, the property was fully leased at the time of sale to tenants such as Estia, Pietro’s, Honeygrow and Buena Onda. Jim Galbally, Chris Munley, Colin Behr, James Graf and Patrick Higgins of JLL represented Brandywine in the transaction. The buyer was an undisclosed, New York-based private investor.
GARDNER, MASS. — JLL has brokered the $9.6 million sale-leaseback of a 113,000-square-foot industrial building in Gardner, located about 65 miles northwest of Boston. Built in 1959 and expanded in 2004, the building features six dock doors and a clear height of 30 feet. Lenny Pierce and David Coffman of JLL represented the tenant, food packaging company Garlock Flexibles, which will retain occupancy on a long-term basis, in the transaction. The buyer was Philadelphia-based Valley Forge Private Equity.
SOUTH PLAINFIELD, N.J. — Cushman & Wakefield has arranged an $8.9 million refinancing for an industrial outdoor storage site in South Plainfield, about 40 miles south of Manhattan. The site spans 3.9 acres and houses an 11,500-square-foot warehouse, a paved and lit parking and outdoor storage space. The property is leased to EquipmentShare, a Missouri-based construction technology firm. John Alascio, T.J. Sullivan, Chuck Kohaut and Chris Meloni of Cushman & Wakefield arranged the financing through Lakeland Bank on behalf of the borrower, a partnership between Boston-based investment firm Marcus Partners and New Jersey-based Ridgecut Road.
NEW YORK CITY — Eaglestone LLC, a holding company that supports mechanical, fire protection, plumbing and electrical contractors, has signed a 20,955-square-foot office lease in Midtown Manhattan. The lease term is 10 years. Eaglestone is taking space on the ninth floor of the historic Fred H. French Building, which is located at 551 Fifth Ave. and was originally constructed in 1927. Andrew Wiener and Randall Briskin represented the landlord, The Feil Organization, in the lease negotiations on an internal basis.
WINOOSKI, VT. — CBRE has arranged the sale of Spinner Place, a 308-bed student housing community located near the University of Vermont in Winooski. The community offers shared amenities including a media room, fitness center and recreation room. The property also features ground-floor retail space that is leased to The Archives Bar, Champlain Nails, Asian Bistro and La Bella Skin Boutique. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, John Reed and Jack Reed of CBRE represented the undisclosed seller in the transaction. Property Income Advisors Inc. represented the undisclosed buyer. Mike Bryant and Brad Peters, also with CBRE, arranged acquisition financing on behalf of the buyer.
BERWYN, PA. — Maryland-based developer Bozzuto has completed Ember at Berwyn, a 250-unit apartment complex located about 25 miles northwest of Philadelphia. Ember at Berwyn features studio, one-, two- and three-bedroom floor plans that range in size from 438 to 1,476 square feet. Amenities include a fitness center with a yoga studio, business center with coworking space and conference rooms, courtyards with grilling and dining stations, a dog park, pool and a social lounge. Bozzuto developed the project via a joint venture with developer ECHO Realty. Rents start at $1,910 per month for a studio apartment.
WILMINGTON, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged a $30 million loan for the refinancing of a 211,400-square-foot flex property in Wilmington, about 15 miles north of the state capital. The two-story buildings at 181 and 187 Ballardvale St. sit on a combined 15.4 acres and house a mix of office and research and development space. Ted Sidel of EagleBridge arranged the debt. The borrower and direct lender were not disclosed. The complex was 95 percent leased to 17 tenants at the time of the loan closing.