HACKENSACK, N.J. — Restaurant supply store Hackensack Packaging Solutions has inked an 11,015-square-foot industrial lease in its namesake town in Northern New Jersey. According to LoopNet Inc., the building at 24 E. Wesley St., which is now fully leased, was completed in 1967 and features a clear height of 14 feet. Chris DeLorenzo and Carolina Gutierrez internally represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. The tenant was self-represented.
WHITE PLAINS, N.Y. — Boston-based general contractor Suffolk has broken ground on a 500,000-square-foot healthcare expansion project in White Plains, located north of New York City. According to New York YIMBY, the project carries a total construction cost of about $750 million. The expansion of White Plains Hospital will feature a 10-story building that will increase the facility’s licensed bed capacity from 292 to 436 and add 10 more operating rooms across a dedicated floor. These additions will serve to effectively double the size and capabilities of the hospital’s emergency care department. Completion is scheduled for 2028.
PHILADELPHIA — JLL has negotiated the $74.4 million bankruptcy sale of the University of the Arts Portfolio, a collection of nine academic properties totaling roughly 760,000 square feet in downtown Philadelphia. Named after the academic institution that closed last year, the portfolio comprises a mix of educational facilities, theaters, dormitories and office buildings. These include Terra Hall, a 17-story educational facility, and Hamilton Hall, the oldest building on Broad Street that was constructed in 1824. Jim Galbally, Fran Coyne, Samantha Kupersmith, Brett Segal, Carl Fiebig and Tyler Margraf of JLL worked on behalf of the bankruptcy trustee, Alfred T. Giuliano Trustee, to arrange the buyers for the transaction.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $9 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site totals 21,600 buildable square feet across two lots at 554-550 Union St., which currently house three structures with commercial and residential space. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
SOMERSET, N.J. — Scentbird has signed a 116,530-square-foot industrial lease in the Northern New Jersey community of Somerset. The provider of customized fragrance subscriptions is taking space at Cottontail Logistics Center, a two-building, 236,000-square-foot development. Nicholas Klacik of CBRE represented Scentbird in the lease negotiations. Kevin Dudley, Chad Hillyer and Kate Granahan, also with CBRE, represented the landlord, CBRE Investment Management, which bought the property earlier this summer.
WHITEHALL TOWNSHIP, PA. — Kervan USA, a Turkish candy company, will open a 90,000-square-foot packaging and manufacturing facility in the Lehigh Valley. The company, which maintains its U.S. headquarters in Whitehall Township and also has packaging and distribution locations in New Jersey, will invest $20 million to consolidate those operations into a single facility. Kervan USA expects the new facility, construction of which is underway and expected to be complete next year, to create about 40 new jobs within the community.
BOSTON — PGIM Real Estate has provided $132 million in financing for The Viridian, a 342-unit multifamily property in Boston’s Fenway neighborhood. The Viridian offers studio, one-, two- and three-bedroom units, as well as penthouses, that are furnished with floor-to-ceiling windows, designer kitchens, spa-inspired baths, walk-in closets and Juliet balconies. Amenities include two rooftop decks with outdoor lounges, a fitness center and coworking and social lounges. Amy Lousararian, Madeline Joyce and Michael Schwarze of JLL arranged the floating-rate financing on behalf of the owner, The Abbey Group.
NEW BRUNSWICK, N.J. — New York City-based developer SJP Properties has broken ground on a 370,000-square-foot office and life sciences project in the Central New Jersey community of New Brunswick. The 10-story building will be known as the Nokia Bell Labs Headquarters facility and represents Phase II of a larger development known as the HELIX NJ Innovation District (previously known as HELIX Health + Life Science Exchange). SJP is developing the HELIX project in partnership with the New Brunswick Development Corp. PNC Bank provided construction financing for the project, completion of which is slated for late 2027.
SAG HARBOR, N.Y. — JLL has arranged a $54 million loan for the refinancing of Baron’s Cove, a 67-room boutique hotel located in Sag Harbor on Long Island. Built in the late 1950s and renovated in 2015, the property features lofted suites and amenities such as a saltwater pool, lounge, complimentary bicycles and kayaks, a wellness center, tennis court and onsite food-and-beverage options. Kevin Davis, Mark Fisher, Jillian Mariutti and Connor Medzigian of JLL arranged the three-year, floating-rate loan through funds managed by private equity firm Blue Owl Capital. The borrower, a partnership between Blue Flag Capital and Bain Capital Real Estate, will use a portion of proceeds to fund capital improvements.
JERSEY CITY, N.J. — A partnership between two local developers, Alpine Residential and Fields Grade, has completed the lease-up of Phase II of The Hazel, an 87-unit apartment building in the Bergen-Lafayette area of Jersey City. The building rises six stories, offers studio, one- and two-bedroom units and features amenities such as a rooftop terrace with pool, outdoor grilling areas, multiple courtyards, a dog run, sky lounge, coworking space, library, fitness center and a demonstration kitchen. Fogarty Finger Architecture designed the property, which now has an occupancy rate of 95 percent.