Northeast

G.S. Wilcox Arranges $90M Permanent Loan for Northern New Jersey Apartments

by Taylor Williams April 4, 2023

UNION, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $90 million permanent loan for Sol at Vermella Union, a 309-unit apartment community in Northern New Jersey. The property, which is part of the larger Vermella Union mixed-use development, offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, children’s play area, outdoor grilling and dining stations and a rooftop terrace. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the seven-year loan through an undisclosed direct lender on behalf of the borrower, Russo Development.

April 4, 2023

Acquisitions New York Northeast Retail

Cushman & Wakefield Brokers $22M Sale of Retail Property in East Hampton, New York

by Taylor Williams April 4, 2023

EAST HAMPTON, N.Y. — Cushman & Wakefield has brokered the $22 million sale of a two-story, 5,000-square-foot retail property in the Long Island community of East Hampton. Jordan Sutton, Robert Shapiro, Dan Abbondandolo and Victor Little of Cushman & Wakefield represented the two private investors who sold the asset in the transaction. Luxury retailer Louis Vuitton Moët Hennessy acquired the property, which is currently leased to jewelry and accessories retailer Cartier.

April 4, 2023

Healthcare Leasing Activity New York Northeast

Meeting House Lane Signs 11,778 SF Healthcare Lease Renewal in Southampton, New York

by Taylor Williams April 4, 2023

SOUTHAMPTON, N.Y. — Meeting House Lane Medical Practice has signed an 11,778-square-foot healthcare lease renewal in the Long Island community of Southampton. Dan Oliver of Newmark represented the landlord, New York-based BEB Capital, in the lease negotiations. David Leviton of JLL represented the tenant, which has committed to the space for an additional 10 years.

April 4, 2023

Leasing Activity Northeast Office Pennsylvania

CBRE Negotiates 10,470 SF Office Lease in Pittsburgh

by Taylor Williams April 4, 2023

PITTSBURGH — CBRE has negotiated a 10,470-square-foot office lease at 525 William Penn Place in Pittsburgh. The tenant, investment advisory firm Signature Financial Planning, will consolidate its offices at 1301 Grandview Avenue and One Gateway Center to the 41-story building, which originally housed the headquarters of U.S. Steel Corp. and Mellon National Bank. Patrick Greene of CBRE represented the undisclosed landlord in the lease negotiations. Dan Paterson of Swearingen Realty Group represented the tenant. The move-in is scheduled for the fourth quarter.

April 4, 2023

Development Massachusetts Mixed-Use Northeast Top Stories

Skanska USA Receives Zoning Approval for 1.7 MSF Longwood Place Mixed-Use Redevelopment in Boston

by John Nelson April 4, 2023

BOSTON — Skanska USA has received approval from the Boston Zoning Commission for the redevelopment of a 5.8-acre site in Boston that currently houses Simmons University’s residential campus into a 1.7 million-square-foot mixed-use destination. The Boston Planning and Development Agency approved Skanska’s plans for the overall development, named Longwood Place, earlier this year. Global architecture firm Sasaki designed the transit-served development, which is slated to feature five buildings that will house life sciences, office, apartments, retail and restaurant space. In addition, Longwood Place will feature 2.6 acres of open green space and 15,000 square feet of indoor community space. Located at 305 Brookline Ave. in Boston’s Longwood neighborhood, Longwood Place will be situated a half-mile from Fenway Park, home ballpark of the Boston Red Sox. Nearby institutions include Simmons University, Emmanuel College, Northeastern University, Boston Children’s Hospital, Beth Israel Deaconess Medical Center, Harvard Medical School and the Museum of Fine Arts, Boston. “A focus on delivering diverse spaces inside and out that surround high-performing life sciences buildings and a vital residential program make Longwood Place a vibrant addition to one of Boston’s most innovative neighborhoods,” says Meredith McCarthy, senior associate architect at Sasaki. As part of the master plan of …

April 4, 2023

Industrial Leasing Activity New Jersey Northeast

CODA Logistics & Distribution Signs 321,765 SF Industrial Lease in Linden, New Jersey

by Taylor Williams April 3, 2023

LINDEN, N.J. — CODA Logistics & Distribution, a third-party provider of freight services, has signed a 321,765-square-foot industrial lease in the Northern New Jersey of Linden. The company will occupy the entirety of CenterPoint at Linden, a speculative development by Chicago-based CenterPoint Properties that is slated for an August completion. Building features include a clear height of 40 feet, 62 loading doors and parking for 89 trailers and 240 cars. Michael Kimmel of KBC Advisors represented CODA Logistics & Distribution in the lease negotiations.

April 3, 2023

Industrial Loans New Jersey Northeast

Delta Equity Management Refinances 195,723 SF Industrial Property in Bayonne, New Jersey

by Taylor Williams April 3, 2023

BAYONNE, N.J. — Locally based development and investment firm Delta Equity Management has refinanced Harborview Logistics & Distribution Center, a 195,723-square-foot industrial property located in the Northern New Jersey community of Bayonne. The property features a clear height of 40 feet, 46 loading doors, 32 trailer parking spaces and 149 car parking spaces. Jon Mikula and Michael Lachs of JLL arranged the fixed-rate loan through Lincoln Financial Group. At the time of the loan closing, Harborview Logistics & Distribution Center was fully leased to an affiliate of The Home Depot.

April 3, 2023

Acquisitions Healthcare New York Northeast

Jacobson Properties Negotiates Sale of 17,380 SF Medical Office Building in Albany, New York

by Taylor Williams April 3, 2023

ALBANY, N.Y. — New York-based brokerage firm Jacobson Properties has negotiated the sale of a 17,380-square-foot medical office building in Albany. St. Peter’s Health Partners occupies the building and also operates a hospital about three miles away. A partnership of four limited liability companies sold the asset to a healthcare REIT for approximately $5.2 million, with all parties requesting anonymity. Lisa Menin of Jacobson Properties brokered the deal.

April 3, 2023

Acquisitions Affordable Housing Multifamily Northeast Pennsylvania

Scope Commercial Arranges $4.3M Sale of Affordable Housing Complex in Stroudsburg, Pennsylvania

by Taylor Williams April 3, 2023

STROUDSBURG, PA. — Regional brokerage firm Scope Commercial Real Estate Services has arranged the $4.3 million sale of Bridge Street Apartments, a 52-unit affordable housing complex in the Lehigh Valley community of Stroudsburg. The eight-building, garden-style complex originally opened in 2000 and exclusively offers four-bedroom units. A national multifamily investment firm sold the asset to a regional buyer, with both parties requesting anonymity. Jonathan Massaro of Scope Commercial brokered the deal.

April 3, 2023

Leasing Activity New York Northeast Office

Seedtag Advertising Signs 5,909 SF Office Lease in Manhattan’s NoMad District

by Taylor Williams April 3, 2023

NEW YORK CITY — Seedtag Advertising has signed a 5,909-square-foot office lease at 13-15 W. 27th St. in Manhattan’s NoMad district. Seedtag will move into the entire third floor of the 11-story building, which recently underwent a capital improvement progam, at an undisclosed date. Sebastian Infante and Jamie Katcher of Raise Commercial Real Estate represented the tenant in the lease negotiations. Michael Heaner, Elliot Warren and Grant Greenspan of Kaufman Organization represented the landlord.

April 3, 2023

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