Northeast

United Group of Cos. to Develop 222-Unit Multifamily Project Near Albany, New York

by Taylor Williams March 8, 2023

GUILDERLAND, N.Y. — United Group of Cos. will develop The Apex at Crossgates, a 222-unit multifamily project located northwest of Albany in Guilderland. The community will feature one-, two- and three-bedroom apartments, as well as townhouse-style residences. Units will be furnished with stainless steel appliances, quartz countertops, designer fixtures, walk-in closets and private patios/balconies. Amenities will include a fitness center with a yoga studio, game room with pool card tables, dog park, outdoor kitchens and multi-sport courts. Trinity Building + Construction Management Corp. is the general contractor for the project. M&T Bank provided financing for construction, which is expected to last about 24 months.

March 8, 2023

Development Life Sciences Massachusetts Northeast

Davis Cos. Tops Out 161,616 SF Life Sciences Facility in Cambridge, Massachusetts

by Taylor Williams March 8, 2023

CAMBRIDGE, MASS. — Locally based investment and development firm The Davis Cos. has topped out a 161,616-square-foot life sciences facility at 101 Smith Place in Cambridge. The facility is one of four buildings within The Quad, a life sciences campus that is home to tenants such as Ginko Bioworks, Civetta Therapeutics, Invaio Sciences, Hyperion and Samsung Electronics. Davis Cos. is developing 101 Smith Place in partnership with Invesco Real Estate. Full completion is slated for the fourth quarter. CBRE will market the facility for lease.

March 8, 2023

Development Loans New Jersey Northeast

Progress Capital Arranges $14.9M Construction Loan for Northern New Jersey Multifamily Redevelopment

by Taylor Williams March 8, 2023

ROSELLE PARK, N.J. — Locally based financial intermediary Progress Capital has arranged a $14.9 million construction loan for Hunter Lofts, a 57-unit multifamily redevelopment project in the Northern New Jersey community of Roselle Park. The site formerly housed the operations of H&H Building Supply. Six of the units will be reserved as affordable housing, and the new development will include 4,000 square feet of retail space. Kathy Anderson and Caillin Boles of Progress Capital arranged the loan through Columbia Bank on behalf of the developer, The Kontos Group.

March 8, 2023

Acquisitions New Jersey Northeast Office Retail

Cushman & Wakefield Negotiates $5.2M Sale of Office, Retail Building in Livingston, New Jersey

by Taylor Williams March 8, 2023

LIVINGSTON, N.J. — Cushman & Wakefield has negotiated the $5.2 million sale of a 27,252-square-foot office and retail building in the Northern New Jersey community of Livingston. The two-story building sits on 2.3 acres and was fully leased at the time of sale. Andy Schwartz, Brian Whitmer, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, ACFM Corp., in the transaction. The buyer was HREA LLC.

March 8, 2023

Acquisitions Industrial Lee & Associates New Jersey Northeast

Lee & Associates Brokers Sale of 20,000 SF Warehouse in Clifton, New Jersey

by Taylor Williams March 8, 2023

CLIFTON, N.J. — Lee & Associates has brokered the sale of a 20,000-square-foot warehouse in the Northern New Jersey community of Clifton. The building at 25 Styertowne Road is a single-tenant property that was fully leased to food manufacturer Pereg Gourmet at the time of sale. Josh Krantz of Lee & Associates represented the seller, New Jersey-based Kessler-Schwartz Associates, and procured the undisclosed buyer in the off-market deal.

March 8, 2023

Company News Development Leasing Activity Northeast Pennsylvania Retail Top Stories

Dick’s Sporting Goods to Open ’75 to 100′ New House of Sport Stores Over Next Five Years

by John Nelson March 8, 2023

PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) plans to open as many as “75 to 100” new House of Sport stores over the next five years, according to Lauren Hobart, CEO of the Pittsburgh-based retailer. House of Sport is a retail concept that provides interaction and experiences including putting greens, rock walls, batting cages and turf baseball fields, along with sports-related apparel and equipment for sale. There are currently three House of Sport stores in Rochester, N.Y.; Knoxville, Tenn.; and Minnetonka, Minn. “House of Sport will be a significant part of our future growth story,” says Hobart. “Over the next two years, we plan to open around 20 additional locations, including downtown Boston and our two hometowns of Pittsburgh and Binghamton, N.Y.” Hobart’s comments came during an earnings call following the release of Dick’s Sporting Goods’ fiscal fourth-quarter 2022 earnings report. According to CNBC, Dick’s outperformed expectations with a 5.3 percent increase in same-store sales during its fiscal 2022, which ended Jan. 28. Analysts predicted the retailer’s same-store sales would rise only 2.1 percent. Dick’s recently announced its decision to exit its Field & Stream brand, which focused on outdoor sports such as fishing and hunting. As a result, the …

March 8, 2023

Acquisitions Massachusetts Northeast Office

Synergy Investments Acquires 273,304 SF Office Complex in Worcester, Massachusetts

by Taylor Williams March 7, 2023

WORCESTER, MASS. — Boston-based Synergy Investments has acquired Chestnut Place, a two-building, roughly 273,000-square-foot office complex located in the Central Massachusetts city of Worcester. The sales price was $10.5 million. Chestnut Place One is a 234,786-square-foot building that was constructed in 1990 and is anchored by Fallon Health. Chestnut Place Two is a 38,844-square-foot building that was originally constructed in the 1800s and renovated in the 1980s. Chestnut Place, which includes 248 parking spaces, was approximately 80 percent leased at the time of sale. The seller was not disclosed.

March 7, 2023

74-76-Batterson-Park-Road-Farmington-Connecticut

Acquisitions Connecticut Development Multifamily Northeast

CBRE Arranges $7.8M Sale of Multifamily Development Site in Farmington, Connecticut

by Taylor Williams March 7, 2023

FARMINGTON, CONN. — CBRE has arranged the $7.8 million sale of a development site in Farmington, a suburb of Hartford, that is approved for the construction of 204 multifamily units. The 10-acre site is adjacent to Pond View Corporate Center. Jeff Dunne, Simon Butler, Biria St. John, Eric Apfel, Stuart MacKenzie, John McLaughlin and Brian Bowler of CBRE represented the seller, New York-based Sovereign Partners, in the transaction. The buyer and developer was Connecticut-based Skala Partners. Information on floor plans and construction timelines was not disclosed, but the new community will feature amenities such as a pool, fitness center, business center, dog park, clubhouse and a package locker system.

March 7, 2023

Acquisitions Industrial New Jersey Northeast

Fennelly Associates Negotiates $7.7M Sale of Former Industrial Property in Plainsboro, N.J.

by Taylor Williams March 7, 2023

PLAINSBORO, N.J. — Locally based brokerage firm Fennelly Associates has negotiated the $7.7 million sale of an industrial property in Plainsboro, about 50 miles southwest of Manhattan. The facility, which sits on a 31-acre site and totals 50,150 square feet, was originally built in 1957 as a nuclear research facility and subsequently used for pharmaceutical research and development. Jerry Fennelly and Matt Fennelly of Fennelly Associates represented the seller, Turkey Island Corp., in the transaction and procured the buyer, Princeton Life Science Park.

March 7, 2023

Development Multifamily New Jersey Northeast

KRE Group, Russo Development Complete 78-Unit Multifamily Project in Northern New Jersey

by Taylor Williams March 7, 2023

ROCKAWAY TOWNSHIP, N.J. — A partnership between two locally based developers, KRE Group and Russo Development, has completed the latest phase of Rock Pointe, a multifamily project in the Northern New Jersey community of Rockaway. This phase adds 78 one- and two-bedroom units to the local supply, with rents starting at $2,250 per month. Rock Pointe now offers a total of 345 residences and amenities such as a pool, fitness center, children’s play area, outdoor grilling and dining stations, package lockers and a dog park.

March 7, 2023

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