Northeast

Walters Nears Completion of 150-Unit Multifamily Project in Branchburg, New Jersey

by Taylor Williams February 9, 2023

BRANCHBURG, N.J. — Locally based developer Walters is nearing completion of Cornerstone at Branchburg, a 150-unit, income-restricted multifamily property in Northern New Jersey. The development consists of two three-story buildings on an 11.7-acre site. Residences come in one- and two-bedroom floor plans and range in size from 700 to 900 square feet. Amenities include a fitness center, game room and outdoor grilling and dining areas. Construction began in May 2021. The first move-ins are underway, and full completion is scheduled for the spring.

February 9, 2023

Development Massachusetts Multifamily Northeast

RISE, DivcoWest Break Ground on 70-Unit Ellery Apartments in Boston

by Taylor Williams February 9, 2023

BOSTON — A partnership between Boston-based developer RISE and San Francisco-based DivcoWest has broken ground on The Ellery, a 70-unit apartment complex that will be located in the state capital’s West Roxbury neighborhood. The four-story building will house one- and two-bedroom units, nine of which will be reserved for households earning 70 percent or less of the area median income. The partnership acquired the site last summer and subsequently completed demolitions of existing structures. Full completion is slated for May 2024.

February 9, 2023

Acquisitions New Jersey Northeast Office Retail

Gebroe-Hammer Arranges Sale of 45,000 SF Office, Retail Building in Elizabeth, New Jersey

by Taylor Williams February 9, 2023

ELIZABETH, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the sale of a 45,000-square-foot office and retail building in the Northern New Jersey community of Elizabeth. The six-story building at 1139 E. Jersey St. was originally constructed in the 1920s as an apartment complex. Today, the building houses 84 micro offices and retail space that is leased to five tenants. Stephen Tragash of Gebroe-Hammer represented the seller, Edron Realty, in the transaction and procured an undisclosed private investor as the buyer.

February 9, 2023

Leasing Activity New York Northeast Retail

Ann Sacks to Open 20,000 SF Studio, Showroom in Queens

by Taylor Williams February 9, 2023

NEW YORK CITY — Ann Sacks, a provider of tile, mosaic and stone products, will open a 20,000-square-foot studio and showroom in Queens. The retailer plans to debut its new space at The Cardinal Building, which is located in the Long Island City area, in about six months. James Ferrigno of JLL represented the landlord, a partnership between Kaufman Organization and True North, in the lease negotiations. Tyler Clutts of Cresa represented Ann Sacks.

February 9, 2023

Leasing Activity New York Northeast Office

Polsinelli PC Signs 13,129 SF Office Lease Expansion at 600 Third Avenue in Manhattan

by Taylor Williams February 9, 2023

NEW YORK CITY — Law firm Polsinelli PC has signed a 13,129-square-foot office lease expansion at 600 Third Avenue, a 575,254-square-foot building in Manhattan. The tenant, which also extended its lease by 10 years to run through 2036, now occupies 52,516 square feet across the entire 33rd, 40th, 41st and 42nd floors. David Berkey internally represented the landlord, L&L Holding Co., in the lease negotiations. Kevin McLennan, Ian Murphy and Silvio Petriello of CBRE represented Polsinelli PC.

February 9, 2023

Acquisitions New Jersey Northeast Retail

IPA Brokers Sale of 91,000 SF Shopping Center in Marlton, New Jersey

by Taylor Williams February 8, 2023

MARLTON, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The View at Marlton, a 91,000-square-foot shopping center in Southern New Jersey. The sales price was $36.5 million. LA Fitness anchors the center, which was originally built in 2017 and was 98 percent leased at the time of sale. Other tenants include Truist Financial Corp., Restore Cryotherapy and Smoothie King. Brad Nathanson of IPA represented the seller, a partnership between Philadelphia-based firms Abrams Realty & Development and Lazgor Co., in the transaction. Nathanson also procured the buyer, Paramount Realty Services, which acquired the asset via a 1031 exchange.

February 8, 2023

Data Centers Development Industrial Massachusetts Northeast

Nauset Construction Underway on Renovation of 90,000 SF Data Center in Cambridge, Massachusetts

by Taylor Williams February 8, 2023

CAMBRIDGE, MASS. — Locally based firm Nauset Construction is underway on the renovation of a 90,000-square-foot data center that is located across the Charles River from Boston in Cambridge. The project represents the third phase of capital improvements at the property at 300 Bent St. Upgrades will include the demolition and excavation of the existing lobby, the revamping of mechanical and utility systems and the addition of another 8,000 square feet of tenant space. Khalsa Design is the project architect. Construction is anticipated to be complete this fall. CEM Realty Trust owns the property.

February 8, 2023

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

ESI Arranges $39M Sale of Pennsylvania Seniors Housing Portfolio

by Taylor Williams February 8, 2023

PENNSYLVANIA — Evans Senior Investments (ESI) has arranged the $39 million sale of a portfolio of three seniors housing properties in Pennsylvania. The properties, the specific names and locations of which were not disclosed, total 395 skilled nursing beds and 32 units of private-pay seniors housing. The portfolio was approximately 64 percent occupied at the time of sale. The buyer was a regional owner-operator, and the seller was not disclosed.

February 8, 2023

Leasing Activity New York Northeast Office

JLL Negotiates 45,000 SF Office Lease in The Bronx

by Taylor Williams February 8, 2023

NEW YORK CITY — JLL has negotiated a 45,000-square-foot, 20-year office lease at 2100 Bartow Ave. in The Bronx. The 180,000-square-foot building was constructed in 1988. Al Gutierrez and Ian Ceppos of JLL represented the landlord, Prestige Properties, in the lease negotiations. Mark Boisi and Stephen Bellwood of Cushman & Wakefield, along with Neil Lipinski of Lipinski Real Estate represented the tenant, United Federation of Teachers. The tenant plans to take occupancy of its new space this fall.

February 8, 2023

Healthcare Leasing Activity New Jersey Northeast

Hospital for Special Surgery Signs 40,062 SF Healthcare Lease in Paramus, New Jersey

by Taylor Williams February 8, 2023

PARAMUS, N.J. — The Hospital for Special Surgery (HSS) has signed a 40,062-square-foot healthcare lease at Nexus 17, a two-building complex located in the Northern New Jersey community of Paramus. Brian Given, Bryn Cinque and James Bailey of Colliers represented HSS in the lease negotiations. David DeMatteis, Benjamin Brenner and Mark Zaziski of Cushman & Wakefield represented the landlord, The Birch Group. The building is now 96 percent leased.

February 8, 2023

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