PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.1 million loan for the refinancing of Compass Self Storage, a 1,167-unit facility located on the north side of Philadelphia. Douglas Brooks of MMCC originated the financing, which was structured with a five-year term, fixed interest rate and a 25-year amortization schedule. The borrower and direct lender were not disclosed.
ROCKY HILL, CONN. — Virginia-based nonprofit United Way has signed a 41,815-square-foot office lease at 55 Capital Blvd. in Rocky Hill, a southern suburb of Hartford. The building is located within the 506,500-square-foot Corporate Ridge development, which offers a fitness center, game room, outdoor gathering areas and a full-service cafeteria. Bob Kelly and Jon Putnam of Cushman & Wakefield represented the landlord, KS Partners LLC, in the lease negotiations. The representative of the tenant was not disclosed.
CONSHOHOCKEN, PA. — The Buccini/Pollin Group, a development and investment firm with offices in Maryland and Delaware, has acquired One Tower Bridge, a 271,678-square-foot office building in the northern Philadelphia suburb of Conshohocken. Designed by Skidmore, Owings & Merrill and completed in 1989, the 15-story, riverfront building offers a fitness center, outdoor terrace and a multi-purpose room. One Tower Bridge was 92 percent leased at the time of sale, with Morgan Stanley serving as the anchor tenant. Buccini/Pollin plans to invest $9 million in capital improvements to the building. The seller and sales price were not disclosed.
TETERBORO, N.J. — JLL has arranged a $39 million acquisition loan for a 221,448-square-foot warehouse and distribution center in the Northern New Jersey community of Teterboro. Building features include a clear height of 22 feet, 15 dock-high doors, 11 drive-in doors, 95 parking spaces and 15 trailer parking spaces. Michael Klein, John Rose, Jon Mikula and Ryan Carroll of JLL arranged the fixed-rate loan through insurance giant Nationwide on behalf of the borrower, a joint venture between local developer The Hampshire Cos. and Atlanta-based Invesco Real Estate. The property was fully leased to Fashion Logistics at the time of sale.
PHILADELPHIA — Regional brokerage firm Scope Commercial Real Estate has negotiated the $9.3 million sale of The Yellowjacket, a 24-unit multifamily property in Philadelphia’s Fishtown neighborhood. The complex houses one- and two-bedroom units and amenities such as a fitness center and a rooftop deck, as well as 5,000 square feet of ground-floor retail space. Phil Sharrow and Fahd Malik of Scope Commercial represented the seller, a local developer that is nearing completion of the project, in the all-cash transaction. The duo also procured the buyer, a family office that purchased the asset via a 1031 exchange.
LOWELL, MASS. — Northeast Private Client Group (NEPCG) has brokered the $4 million sale of Middlesex Street Apartments, a 24-unit multifamily complex located in the northern Boston suburb of Lowell. The 35,475-square-foot building is located in the downtown area and includes four commercial spaces. Brad Carlson of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of approximately 7.3 percent.
NEW YORK CITY — Securitas Security Services USA has signed a 19,500-square-foot office lease at 498 Seventh Avenue in Midtown Manhattan. The company will relocate from 1412 Broadway to the 14th floor of the 25-story, 960,000-square-foot building in the fourth quarter. Andrew Conrad and Matt Coudert internally represented the landlord, George Comfort & Sons, which owns the building in partnership with Loeb Partners Realty and JR AMC, in the lease negotiations. David Opper and Eddie Sisca of CBRE represented the tenant.
NEW YORK CITY — New York-based investment and development firm Triangle Equities has completed the $136 million recapitalization of Terminal Logistics Center, a 184,747-square-foot industrial facility located in the Jamaica area of Queens. The recapitalization includes a $75 million loan from H.I.G. Realty Credit Partners and $61 million in new equity from Goldman Sachs Asset Management and Triangle Equities itself. Geoff Goldstein, Max Herzog, Andrew Scandalios, Rob Hinckley, Tyler Peck and Nicco Lupo of JLL represented the joint venture between Goldman Sachs and Triangle Equities in the transaction. Terminal Logistics Center offers immediate proximity to JFK International Airport and features 36-foot clear heights and multiple levels of truck courts with parking for up to 53 trailers. Construction began in 2020, and the facility is expected to be available for occupancy by the end of the second quarter.
NEW YORK CITY — BOLD Charter School will open an 81,590-square-foot facility in the Crotona East Park neighborhood of The Bronx. BOLD Charter has entered into a leasehold condominium arrangement with the landowner, an entity doing business as 1472 Boston Partners LLC, which will construct the eight-story building. This structure allows the nonprofit educational organization to take advantage of its tax-exempt status by committing to leasing the land for a minimum of 30 years; the leasehold term in this case is 39 years. The school will be able to support roughly 800 students in grades K through 8 and will feature 27 classrooms, a gym and a rooftop play area. Lindsay Ornstein, Stephen Powers and Casey Noel of OPEN Impact Real Estate, along with Thomas Hines of Transwestern, represented BOLD Charter School in the leasehold condominium negotiations. Nick Zweig of Locations CRE represented the landowner. The school is expected to open in time for the 2025-2026 academic year.
PLAINFIELD, N.J. — Locally based developer Paramount Assets has opened Netherwood Flats, a 70-unit apartment complex in the Northern New Jersey community of Plainfield. The four-story building features 4,000 square feet of retail space and an 84-space parking deck. Units come in one- and two-bedroom formats and range in size from 624 to 1,427 square feet. Amenities include a fitness center, resident lounge and an elevated courtyard. Netherwood Flats opened with 50 percent of its units preleased. Rents start at $1,865 per month for a one-bedroom apartment.