DEVENS, MASS. — Colliers has negotiated a 101,000-square-foot life sciences lease at Pathway Devens, a 45-acre campus located about 50 miles northwest of Boston. John Carroll III and Kevin Brawley of Colliers represented the tenant, Ascend Elements, which produces parts for lithium ion batteries, in the lease negotiations. Brian McKenzie and Alex Plaistead of CBRE represented the landlord, Boston-based King Street Properties. The deal brings the first phase of the development to full occupancy.
BRIDGEWATER, MASS. — Capstone Communities and MPZ Development have completed The McElwain School Apartments, an adaptive reuse project in Bridgewater, about 25 miles south of Boston, that converted a former school building into a 57-unit mixed-income complex. The building had been vacant for the past 20 years. The majority (51) of the units are reserved for households earning 60 percent or less of the area median income. Amenities include a dog park, playground, community room and a wildflower bee meadow. The development was funded through a mix of state, local and low-income housing tax credit funding sources, as well as Community Preservation Corp. funding and a $15 million construction bridge loan from the Massachusetts Housing Investment Corp. The Massachusetts Housing Partnership also provided a $5.3 million permanent loan for the project.
NEWARK, N.J. — A joint venture between two locally based development and investment firms, CrownPoint Group Inc. and Lamar Cos., will develop a 1,200-unit self-storage facility in Newark’s Ironbound district. The site is a former salvage yard that comprises four lots totaling roughly one acre, and the six-story, climate-controlled facility will span 135,000 gross square feet. Construction is set to begin in the fourth quarter. Extra Space Storage will operate the property. Michael Klein, Jon Mikula and Ryan Carroll of JLL arranged a $19 million construction loan through Provident Bank on behalf of the development team.
PHILADELPHIA — A partnership between two Philadelphia-based development and investment firms, McGovern Holdings and Saxum Real Estate, has opened Hagert + York, a 294-unit apartment community in Philadelphia’s Fishtown/East Kensington area. Hagert + York offers studio, one- and two-bedroom units and amenities such as a fitness center, resident lounge, coworking space, package room, rooftop lounge, community kitchen and a café. Rents start at $1,280 per month for a one-bedroom apartment.
GLOUCESTER COUNTY, N.J. — An affiliate of German asset management firm DWS Group will undertake a 141,000-square-foot industrial expansion project at Commerce Corner, a 259,910-square-foot development located about 25 miles outside of Philadelphia in Southern New Jersey. The expansion project, which is expected to cost about $29 million, is a build-to-suit for Performance Food Group. Construction is scheduled to begin in the fourth quarter and to last about a year. In conjunction with the project, Performance Food Group is extending its lease by 15 years.
NEW YORK CITY — Long Island-based investment firm Barberry Rose Management has sold a 32-unit apartment building located at 720 W. 172nd St. in Manhattan’s Washington Heights neighborhood. The sales price was $7 million. The building was originally constructed in 1918. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of locally based brokerage firm Rosewood Realty Group represented both Barberry Rose and the buyer, an entity doing business as Two80 Real Estate Ventures, in the transaction.
NEW YORK CITY — Hawkins Way Capital, a California-based private equity firm, has completed a 1,355-bed student housing redevelopment project at 525 Lexington Ave. in Manhattan’s Midtown East neighborhood. Designed by Empire State Building architect Arthur Loomis Harmon, the 34-story building was originally constructed in 1923. Hawkins Way purchased the building in 2020, at which time it housed a Marriott-branded hotel that had recently ceased operations. The student housing community now offers 30,000 square feet of amenities, including a fitness center, laundry room, game room, performing arts studio, study rooms, community kitchen and lounges. FOUND Study, an affiliate of Hawkins Way Capital, operates the property as FOUND Study Turtle Bay. BDB Construction Enterprise served as a project partner on this conversion.
CHESHIRE, CONN. — Chicago-based investment firm Blue Vista Capital Management has acquired a multifamily development site in Cheshire, about 15 miles north of New Haven, that is fully approved for the construction of 300 units. The garden-style development, which is situated within the Stone Bridge Crossing master-planned community, will consist of eight three-story and one four-story building. Units will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, clubhouse, fitness center, coworking spaces, dog park and a guest suite. Construction is set to begin by the end of the month. A tentative completion date was not disclosed.
NEW YORK CITY — Locally based development and construction management firm New Empire Corp. has broken ground on a 12-story apartment building at 58-01 Queens Blvd. Designed by Tang Studio Architect and Whitehall Interiors, the building will offer amenities such as a children’s playroom, indoor lounge, outdoor terrace and a fitness center. The number of units, types of floor plans and expected completion date were not disclosed.
EAST FARMINGDALE, N.Y. — New Jersey-based financial intermediary G.S. Wilcox has arranged a $10.6 million loan for the refinancing of a 34,877-square-foot retail property located in the Long Island community of East Farmingdale. The property consists of four buildings on a 6.9-acre site. David Fryer of G.S. Wilcox arranged the loan, which carried a 15-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.