Northeast

Partnership Nears Completion of $350M Redevelopment of Manhattan Office Building

by Taylor Williams March 10, 2023

NEW YORK CITY — A partnership between Tribeca Investment Group, Meadow Partners and PGIM Real Estate is nearing completion of the $350 million redevelopment of 295 Fifth Avenue, a 19-story office building in Midtown Manhattan. The 710,000-square-foot building was constructed in 1920 and is known as The Textile Building for its previous function as a showroom for those products. Designed by Studio MAI, the redevelopment involves a gut renovation of the lobby, the addition of two penthouse-level floors and various upgrades to common areas and mechanical systems. The partnership also recently received $150 million in financing to fund the capital improvements.

March 10, 2023

Industrial Leasing Activity Northeast Pennsylvania

Can Corp. of America Signs 114,550 SF Industrial Lease in Reading, Pennsylvania

by Taylor Williams March 10, 2023

READING, PA. — Steel packaging manufacturer Can Corp. of America has signed a 114,550-square-foot industrial lease at Route 61 Distribution Center in Reading, about 65 miles northwest of Philadelphia. The building at 184 Tuckerton Road spans 392,030 square feet and is now fully leased. Paul Touhey, Sean Bleiler and Abraham Kromah of CBRE represented the landlord, Endurance Real Estate, in the lease negotiations. The tenant representative was not disclosed.

March 10, 2023

Acquisitions Industrial Northeast Pennsylvania

Velocity Venture Partners Acquires 94,280 SF Industrial Property in Bensalem, Pennsylvania

by Taylor Williams March 10, 2023

BENSALEM, PA. — Locally based investment firm Velocity Venture Partners has acquired a 94,280-square-foot industrial property in Bensalem, about 20 miles northeast of Philadelphia. ProCorr Display & Packaging, a manufacturer of corrugated boxes and other packaging materials, occupies the entirety of the building at 2260 State Road, which features a clear height of 20 feet and three drive-in doors. Carl Neilson and Andrew McGhee of Colliers represented the undisclosed seller in the transaction and procured Velocity as the buyer.

March 10, 2023

Development Industrial Massachusetts Northeast Retail

Kenworth Northeast to Open 34,000 SF Automotive Showroom in Middleton, Massachusetts

by Taylor Williams March 10, 2023

MIDDLETON, MASS. — Kenworth Northeast, a New York-based truck dealer, will open a 34,000-square-foot automotive showroom in Middleton, a northern suburb of Boston. The space will feature a full sprinkler system, LED lights, 11 service bays, a fabrication area, component rebuild area and a state inspection bay. Locally based firm Polar Design Build has been tapped as the general contractor for the project, which will be designed by Maugel DeStefano Architects. The opening is scheduled for spring 2024.

March 10, 2023

Leasing Activity New Jersey Northeast Office

NAI Hanson Negotiates 22,224 SF Office Lease in Mountain Lakes, New Jersey

by Taylor Williams March 10, 2023

MOUNTAIN LAKES, N.J. — NAI James E. Hanson has negotiated a 22,224-square-foot office lease in Mountain Lakes, about 40 miles west of New York City. According to LoopNet Inc., the property at 333 Route 46 was built in 1987 and includes office space within its 147,944-square-foot footprint. Andrew Somple and Justin Allessio of NAI Hanson represented the tenant, integrated marketing firm Phase 3 Media LLC, in the lease negotiations.

March 10, 2023

Development Multifamily New Jersey Northeast

Hall Structured Finance Provides $52.5M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams March 9, 2023

NORTH BERGEN, N.J. — Hall Structured Finance, a Dallas-based lender, has provided a $52.5 million construction loan for The Braddock Apartments, a 135-unit multifamily project located across the Hudson River from Midtown Manhattan in North Bergen. New York City-based Sanz Management is developing the 10-story building, which will also house 2,400 square feet of retail space. Units will come in studio, one- and two-bedroom floor plans and will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Private balconies/patios will also be available in select residences. Amenities will include a fitness center, coworking lounge and a rooftop terrace. Peter Nicoletti, Dylan Kane and Zach Redding of Colliers arranged the loan. Construction is slated for a summer 2025 completion.

March 9, 2023

131-Morristown-Road-Basking-Ridge-New-Jersey

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Arranges Sale of 216,573 SF Office Complex in Basking Ridge, New Jersey

by Taylor Williams March 9, 2023

BASKING RIDGE, N.J. — Cushman & Wakefield has arranged the sale of a 216,573-square-foot office complex located at 131 Morristown Road in the Northern New Jersey community of Basking Ridge. The property consists of two interconnected buildings on a 34-acre site and offers a cafeteria, fitness center and landscaped central courtyard. David Bernhaut, Gary Gabriel, Kyle Schmidt, Frank DiTommaso, Andy Schwartz, Jordan Sobel, Andre Balthazard and Bill Baunach of Cushman & Wakefield represented the undisclosed seller in the transaction. The team also procured the buyer, Adoni Property Group. Additionally, Cushman & Wakefield has been retained as the leasing agent.

March 9, 2023

Development Multifamily New Jersey Northeast

Prism Capital Partners Completes Two Multifamily Buildings Totaling 84 Units in Dunellen, New Jersey

by Taylor Williams March 9, 2023

DUNELLEN, N.J. — Locally based developer Prism Capital Partners has completed two multifamily buildings totaling 84 units in the Central New Jersey community of Dunellen. Designed by Spiezle Architectural Group, the buildings are the second and third structures to be delivered within The Nell, a development that will ultimately consist of 252 units across six buildings. Units come in one- and two-bedroom formats, with rents starting at $2,075 per month for the former floor plan.

March 9, 2023

Acquisitions Connecticut Life Sciences Northeast

Colliers Brokers Sale of 28,126 SF Life Sciences Building in Branford, Connecticut

by Taylor Williams March 9, 2023

BRANFORD, CONN. — Colliers has brokered the sale of a 28,126-square-foot life sciences building located at 15 Commercial St. in the southern coastal Connecticut city of Branford. The sales price was $5 million. The building was built on 4.4 acres in 1979 and was fully leased to biotechnology firm Ancera Inc. at the time of sale. John Cafasso and Ian Hunt of Colliers represented the undisclosed seller in the transaction. The buyer was also not disclosed.

March 9, 2023

Leasing Activity New York Northeast Retail

TMPL Fitness to Open 26,000 SF Health Club at 200 Madison Avenue in Midtown Manhattan

by Taylor Williams March 9, 2023

NEW YORK CITY — Luxury health club operator TMPL Fitness will open a 26,000-square-foot venue at 200 Madison Avenue, an office building in Midtown Manhattan that is currently undergoing a renovation. The lease term is 15 years, and the opening is slated for later this year. Neil Seth, Kenji Ota, Kathryn Cruz and Jennifer Konefsky of Cushman & Wakefield represented the tenant in the lease negotiations. Peter Duncan, Matt Coudert and Andrew Conrad of George Comfort & Sons, which owns the building in partnership with Jamestown and Loeb Partners Realty, represented the landlord.

March 9, 2023

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