Northeast

Partnership Delivers 288,000 SF Life Sciences Project in Bedford, Massachusetts

by Taylor Williams October 18, 2023

BEDFORD, MASS. — A partnership between Redgate, Optimum Asset Management and AEW Capital Management has delivered Bedford Labs, a 288,000-square-foot life sciences project located about 20 miles northwest of Boston. The partnership delivered the project fully preleased to biotechnology firm Sarepta Therapeutics, and with the building shell and core completed, the development team is now underway on the interior build-out. Bedford Labs sits on a 52-acre site and includes a 28,000-square-foot amenity space.

October 18, 2023

Connecticut Development Industrial Northeast

Amazon Launches Two Delivery Centers Totaling 285,000 SF in Connecticut

by Taylor Williams October 18, 2023

GLASTONBURY AND SOUTH WINDSOR, CONN. — Amazon has launched two delivery centers totaling 285,000 square feet in Connecticut. The facilities in Glastonbury and South Windsor total 105,000 and 180,000 square feet, respectively, and will ultimately employ more than 250 people on full- and part-time bases over the next few months. Amazon delivery stations offer entrepreneurs opportunities to build their own businesses delivering packages and independent contractors the flexibility to create their own distribution schedules.

October 18, 2023

Acquisitions New Jersey Northeast Retail

IPA Arranges Sale of 102,660 SF Shopping Center in Metro Philadelphia

by Taylor Williams October 18, 2023

SICKLERVILLE, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Gloucester Town Center, a 102,660-square-foot shopping center located roughly 25 miles outside Philadelphia in Sicklerville, N.J. A 57,560-square-foot ACME Markets grocery store anchors the property, which was built in 2003. Other tenants include Dollar Tree, Supercuts, AT&T, Pizza Hut and Mavis Discount Tires. Brad Nathanson of IPA represented the seller, KPR Centers, in the transaction and procured an undisclosed, New York-based partnership as the buyer. Jeremy Nussbaum and Andrew Eisen of Walker & Dunlop arranged $8.1 million in acquisition financing for the deal through Citigroup.

October 18, 2023

Acquisitions Multifamily New York Northeast

JLL Negotiates $6M Sale of Manhattan Apartment Building

by Taylor Williams October 18, 2023

NEW YORK CITY — JLL has negotiated the $6 million sale of an 11-unit apartment building located at 169 Mulberry St. in Manhattan’s Little Italy neighborhood. According to StreetEasy, the building, which includes a single retail space that is occupied by an Italian restaurant, was originally constructed in 1914 and rises six stories. Hall Oster, Teddy Galligan and Guthrie Garvin of JLL represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

October 18, 2023

Development Industrial Northeast Pennsylvania Top Stories

Hilco Breaks Ground on 1,300-Acre Bellwether District Logistics Campus in South Philadelphia

by Kristin Harlow October 18, 2023

PHILADELPHIA — Hilco Redevelopment Partners (HRP) has broken ground on the first phase of The Bellwether District, a redevelopment project encompassing 1,300 acres in South Philadelphia. The project will transform the former Philadelphia Energy Solutions refinery into a state-of-the-art innovation, e-commerce and logistics campus. Demolition of the obsolete industrial site is now substantially complete. The redevelopment will be a 14 million-square-foot campus divided into two areas: 250 acres dedicated to innovation and 750 acres for industrial and logistics facilities. HRP expects The Bellwether District to augment the life sciences and research infrastructure in nearby University City and to bring supply chain logistics and advanced manufacturing to the site, which is located near Philadelphia International Airport and The Port of Philadelphia. “When our team arrived here in Philadelphia, we did not see a former refinery — we saw what I believe to be the most strategic piece of real estate east of the Mississippi, if not in the entire United States,” says Roberto Perez, CEO of HRP. HRP projects that the development of The Bellwether District will create 19,000 direct permanent jobs and nearly 28,000 direct construction jobs over a 10- to 15-year timeline. The groundbreaking marks the first phase of …

October 18, 2023

Acquisitions Connecticut Development Industrial Northeast

WinStanley Acquires 135-Acre Industrial Development Site in Enfield, Connecticut

by Taylor Williams October 17, 2023

ENFIELD, CONN. — Regional developer WinStanley Enterprises has acquired a 135-acre industrial development site in Enfield, located near the Connecticut-Massachusetts border. The site is fully approved for the development of a two-building, 600,000-square-foot complex that will be known as Metro Park North. Specifically, the development will feature a 500,225-square-foot distribution facility and a 100,125-square-foot flex building. WinStanley expects to start construction in early to mid-2024, contingent upon securing tenant interest. Phil Gagnon and Nick Morizio of Colliers represented the seller and buyer in the land deal. Colliers will also handle leasing of the development.

October 17, 2023

Acquisitions Development Healthcare New York Northeast Office

Simone Development Buys 133,768 SF Office Building in Yonkers, Plans Healthcare Conversion

by Taylor Williams October 17, 2023

YONKERS, N.Y. — New York City-based Simone Development Cos. has purchased One Executive Boulevard, a 133,768-square-foot office building located north of Manhattan in Yonkers, with plans to convert the building into a healthcare facility. The four-story building sits on a 6.7-acre site that is located within a quarter mile of nearly 900,000 square feet of existing medical real estate. Robert Martin Co. sold the property for an undisclosed price.

October 17, 2023

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Brokers $6.6M Sale of Midtown Manhattan Mixed-Use Building

by Taylor Williams October 17, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $6.6 million sale of a 6,216-square-foot mixed-use building located at 60 W. 45th St. in Midtown Manhattan. The building was originally constructed in 1920 and comprises seven units that feature a mix of commercial and residential uses. Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the undisclosed seller in the transaction. The trio also procured the buyer, an entity doing business as Borgetto PNA Inc.

October 17, 2023

Development Multifamily New Jersey Northeast

Diversified Properties Breaks Ground on 32-Unit Multifamily Project in Jefferson, New Jersey

by Taylor Williams October 17, 2023

JEFFERSON, N.J. — Locally based developer Diversified Properties has broken ground on a 32-unit multifamily project in the Northern New Jersey community of Jefferson that represents Phase I of a larger development known as Jefferson Place. Residences will come in one- and two-bedroom floor plans and range in size from 855 to 1,216 square feet. Amenities will include a fitness center and an outdoor lounge with grilling and dining stations. Delivery is slated for fall 2024. Details of Phase II were not disclosed.

October 17, 2023

Leasing Activity New York Northeast Office

Flexpoint Ford Opens 30,000 SF Office at One Vanderbilt in Midtown Manhattan

by Taylor Williams October 17, 2023

NEW YORK CITY — Investment services and financial advisory firm Flexpoint Ford has opened its 30,000-square-foot office at One Vanderbilt, a 77-story tower in Midtown Manhattan by locally based real estate giant SL Green. The space features an open floor plan and a variety of smart technology and energy-efficient systems. SPECTOR Cos. designed the space. Cresa and Clune Construction Co. handled the build-out.

October 17, 2023

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