EAST HANOVER, N.J. — Urban Edge Properties (NYSE: UE) has sold a portfolio of seven light industrial buildings totaling 1.2 million square feet in the Northern New Jersey community of East Hanover. The portfolio was fully leased to a roster of 13 tenants at the time of sale, and the buildings feature an average clear height of 21 feet. Jose Cruz, Marc Duval, Jordan Avanzato, Nick Stefans, Jason Lundy and Austin Pierce of JLL represented Urban Edge Properties in the transaction. The buyer was a partnership between an investment fund managed by Morgan Stanley and New Jersey-based owner-operator Saxum Real Estate.
GRISWOLD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $30 million sale of Pleasant View Estates, a 102-unit, newly built multifamily property in Griswold, located near the Connecticut-Rhode Island border. The unit mix consists of two-bedroom apartments with an average size of 1,036 square feet and three-bedroom townhouses that range in size from 1,363 to 1,693 square feet. Amenities include a clubhouse, game room, playground and walking/biking trails. Rick Chozick of Chozick Realty brokered the deal. The buyer and seller were not disclosed.
BOONTON, N.J. — Greystone has provided a $12.2 million bridge loan for the refinancing of Packard Lofts Apartments, a 65-unit multifamily complex located in the Northern New Jersey community of Boonton. The property was originally constructed in the 1880s and was used as a warehouse and distribution center for Packard Car Co. in the 1950s before being converted to residential use in 2019. Packard Lofts Apartments offers a fitness center and onsite parking, and 12 units are reserved as affordable housing. Eliav Dan of Greystone originated the financing on behalf on the undisclosed borrower.
NEW YORK CITY — Weill Cornell Medicine has signed a 100,000-square-foot office and healthcare lease at 575 Lexington Ave., a 35-story, 745,000-square-foot building in Manhattan’s Plaza District. As part of a new 30-year agreement, Weill Cornell Medicine now occupies eight full floors and a portion of the ground floor for a total footprint of 300,000 square feet. David Falk, Andrew Sachs and Ben Shapiro of Newmark represented the tenant in the lease negotiations. Peter Duncan and Dana Pike represented the landlord, George Comfort & Sons, on an internal basis.
JERSEY CITY, N.J. — CBRE has brokered the $8.1 million sale of a 41-unit apartment complex located at 160 Vroom St. in the Journal Square area of Jersey City. The transit-served property houses 22 one-bedroom units, 19 two-bedroom apartments and onsite laundry facilities. A private investment group acquired the building from a New York City-based family office, with both parties requesting anonymity. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE represented both parties in the deal.
BOSTON — Boston Global Investors, in partnership with Cogsville Capital Group and Bastion Cos., has topped out 10 World Trade, a 17-story, 555,250-square-foot life sciences and office building in Boston’s Seaport District. The development team is targeting LEED Gold certification for the building and will also introduce other eco-friendly and wellness-based features, such as VIEW Smart Windows and a rooftop solar field. Other project partners include Suffolk Construction and H.J. Russell & Co. Construction began in March 2022 and is expected to be complete in late 2024.
FORT LEE, N.J. — Regional developer UNLMTD Real Estate is underway on construction of FIAT House, a 300-unit multifamily project in the Northern New Jersey community of Fort Lee. The site is located at the foot of the George Washington Bridge. Units will come in studio, one- and two-bedroom formats, and the property will house more than 30,000 square feet of amenity and social gathering spaces. The first units are expected to be available for occupancy in early 2024. The developer is constructing the project in partnership with Italian automaker FIAT, and residents will have access to a car-sharing program of FIAT electric vehicles.
LINDEN, N.J. — NAI DiLeo-Bram has arranged the $21 million sale of a 67,355-square-foot warehouse in the Northern New Jersey community of Linden. The facility at 1900 Lower Road is located adjacent to an Amazon fulfillment center and has housed the operations of electrical and industrial distribution company Turtle & Hughes since its original construction in 1960. Christopher Galiano of NAI DiLeo-Bram represented the buyer, Service Truck Tire Center, which plans to occupy the property and implement a value-add program, in the deal.
WHITE PLAINS, N.Y. — Fleet Pump & Service Group has signed a full-building, 31,255-square-foot industrial lease renewal at 455 Knollwood Road in White Plains, a northern suburb of Manhattan. Rick Rakow of Rakow Commercial Realty Group represented the tenant in the lease negotiations. Josh Gopan and Sean Heneghan represented the landlord, Simone Development, on an internal basis.
LANCASTER, PA. — Locally based brokerage firm TRUE Commercial Real Estate has negotiated a 15,100-square-foot lease at BURLE Corporate Park, a commercial facility located about 80 miles west of Philadelphia in Lancaster. Althea Ramsay Carrigan of TRUE Commercial represented the landlord in the lease negotiations. The tenant was HealthDirect Pharmacy Services.