PASSAIC, N.J. — A partnership between Los Angeles-based finance and investment firm PCCP LCC and Atlanta-based private equity group Stonemont Financial will develop a 295,500-square-foot warehouse in the Northern New Jersey community of Passaic. The site spans 17 acres. Building features will include a clear height of 40 feet, 185-foot truck court depths, 40 dock doors, two drive-in doors, 167 car parking spaces and 55 trailer parking stalls. Construction is set to begin in February and to be complete in spring 2024.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $17.6 million sale of a portfolio of eight multifamily buildings totaling 84 units in Harlem. The portfolio includes four commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer and seller, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.5 percent.
WATERTOWN, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Plaza at Salmon Run, a 68,761-square-foot shopping center located in the upstate New York community of Watertown. Regional grocer Hannaford anchors the center, accounting for 76 percent of the gross leasable space with a lease that runs through 2028. Other tenants include Red Robin, boating specialist West Marine and salon Zoom Tan. Jim Koury led an IPA team that represented the buyer and seller, both of which requested anonymity, in the transaction.
PARAMUS, N.J. — Valley Medical Group has signed a 22,500-square-foot office lease at Paramus Corporate Center in Northern New Jersey. The tenant will occupy most of the first floor at the four-story, 119,846-square-foot building, which was recently renovated. Jeffrey Prezant of Cushman & Wakefield represented the landlord, American Equity Partners, in the lease negotiations. Peter Hamburger, Robert Rudin and Jan Randall, also with Cushman & Wakefield, represented the tenant.
Data Center Developers Consider Unconventional Sites, Streamlining Strategies to Meet Immense Demand
Data center development is simultaneously growing by leaps and bounds as well as suffering from its own success. The easy-to-develop sites have been snapped up and demand for additional data and cloud services continues to grow, forcing developers to look beyond the obvious locations for sites. This can entail running into less-than-obvious delays in the development process. Data centers reliably store and transmit the deluge of information that makes modern life possible. The factors driving the need for data centers — enterprise demand for cloud services, dependence on 5G cell networks, artificial intelligence technology, edge computing capabilities, social media use and streaming needs — will continue to grow exponentially in the coming years. According to a September 2022 report by advisory company Arizton, approximately 2,825 megawatts of power capacity will be added to the data center market in the next five years. The same report forecasts the U.S. data center construction market will reach $25 billion by 2027, up from $20 billion in 2021. Data centers are utility-intensive property types, and the sites that can support their formidable power, communication and water needs often require high-level considerations right from the start. How can the development process for such projects be streamlined …
NEW YORK CITY — Philadelphia-based development and investment firm Arden Group is underway on construction of a 351,000-square-foot mixed-use project at 4650 Broadway in Manhattan’s Inwood neighborhood. Designed by Handel Architects, the 20-story building will house 222 residential units that will come in studio, one- and two-bedroom formats, with 30 percent of the apartments subject to income restrictions. Residential amenities will include a fitness center, resident lounge, screening room and a children’s play area. In addition, 4650 Broadway will house 120,000 square feet of commercial space. Of that space, 80,000 square feet is earmarked for a charter school or medical office user, and at least 16,000 square feet will be marketed to grocers. Completion is slated for 2025.
EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the $6.8 million sale of a 52-unit apartment building in the Northern New Jersey community of East Orange. The historic building at 60 N. Arlington Ave. offers 30 one-bedroom units, 17 two-bedroom residences and four three-bedroom apartments. David Oropeza of Gebroe-Hammer represented the seller, a limited liability company, in the transaction. Oropeza also procured the buyer, a private investor. Both parties requested anonymity.
OCEAN TOWNSHIP, N.J. — Marcus & Millichap has brokered the $5.3 million sale of a 25,000-square-foot office building in the coastal New Jersey community of Ocean Township. Built in 1986, the two-story building was fully leased at the time of sale to law firm Ansell, Grimm, & Aaron PC, which has occupied the entirety of the property since 1996. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller in the transaction. Kevin Taub, also with Marcus & Millichap, procured the buyer. Both parties were limited liability companies.
LENOX, MASS. — The Wardman Group, a Baltimore-based boutique investment firm, has sold Seven Hills Inn, a 57-room hotel in Lenox, located in the Berkshires region of western Massachusetts. The property was built in phases between 1910 and 1950 and offers recently renovated guestrooms, a pool, outdoor lounge area and two onsite food-and-beverage establishments. Alan Suzuki, Matthew Enright, Emily Zhang and Brooks Murphy of JLL represented Wardman Group, which sold the property as part of a larger portfolio deal, in the transaction.
NEW YORK CITY — Accounting firm Baker Tilly has signed a 28,000-square-foot office lease at The Spiral, a 66-story office tower in Midtown Manhattan. The newly built, 2.8 million-square-foot building is now 72 percent leased, with financial services firm HSBC serving as the anchor tenant. Geoffrey Euston, David Glassman and Joe Cabrera of CBRE represented Baker Tilly, which plans to move in to its space on the 22nd floor later this year, in the lease negotiations. The landlord, Tishman Speyer, was represented internally.