Northeast

100-Technology-Way-Smithfield-Rhode-Island

Davis Cos. Acquires 122,000 SF Life Sciences Facility in Smithfield, Rhode Island

by Taylor Williams February 17, 2023

SMITHFIELD, R.I. — Boston-based investment firm The Davis Cos. has acquired a 122,000-square-foot life sciences facility at 100 Technology Way in Smithfield, a northwestern suburb of Providence. The acquisition includes a vacant 15.5-acre parcel that can support an additional 175,000 square feet of new development. The seller was Rubius Therapeutics, which most recently used the facility for the development of gene and cell therapy treatments. Davis has hired Newmark to market the facility for lease.

February 17, 2023

Development Multifamily Northeast Pennsylvania

Odin Properties, RAM Development Break Ground on 31-Unit Multifamily Project in Philadelphia

by Taylor Williams February 17, 2023

PHILADELPHIA — A partnership between two locally based firms, Odin Properties and RAM Development, has broken ground on Front Street Lofts, a 31-unit multifamily project in Philadelphia’s Norris Square neighborhood. The six-story building will house studio, one- and two-bedroom units as well as ground-floor commercial space. Completion is slated for fall 2024.

February 17, 2023

Healthcare Leasing Activity New Jersey Northeast

Brave Wings Therapy Signs 12,954 SF Medical Office Lease in Fairfield, New Jersey

by Taylor Williams February 17, 2023

FAIRFIELD, N.J. — Brave Wings Therapy has signed a 12,954-square-foot medical office lease in the Northern New Jersey community of Fairfield. The pediatric speech therapy services provider has committed to Airport Executive Center, a four-story, 88,000-square-foot building that is owned by Bergman Real Estate Group. Andrew Kirshenbaum of NAI James E. Hanson represented Brave Wings Therapy in the lease negotiations.

February 17, 2023

Acquisitions Company News Life Sciences New Jersey Northeast Top Stories

Joint Venture Acquires 2 MSF Merck Life Sciences Campus in New Jersey

by Jeff Shaw February 17, 2023

KENILWORTH, N.J. — Biopharmaceutical giant Merck (NYSE: MRK) has agreed to sell its 108-acre office and research campus in Kenilworth to a joint venture between private investment firms Onyx Equities and Machine Investment Group. The price was not disclosed. The life sciences campus, formerly Merck’s headquarters, features 1.4 million square feet of laboratory space, 500,000 square feet of Class A office space, 30 acres of developable land, a 25-megawatt cogeneration plant, three cafeterias, a fitness center, auditoriums, conference centers, outdoor amenity areas and more than 3,200 surface and structured parking spaces. The property sits off Garden State Parkway and is located near to Route 78, the Route 22 retail corridor, the New Jersey Turnpike, Newark Liberty International Airport and the Port Newark Elizabeth Marine Terminal. Kenilworth is located just across the Arthur Kill waterway that separates New Jersey from Staten Island. The buyers plan to market and lease out the site’s laboratories and support facilities to biotechnology, pharmaceutical, and technology companies. Merck will vacate the property in phases over the next several years while expansion progresses on the firm’s new headquarters in nearby Rahway. “New Jersey receives two forms of good news today as one of the pillars of our business community …

February 17, 2023

Connecticut Development Loans Multifamily Northeast Northmarq

Northmarq Arranges $37.5M in Financing for Multifamily Project in Newington, Connecticut

by Taylor Williams February 16, 2023

NEWINGTON, CONN. — Northmarq has arranged $37.5 million in financing for The Pike, a 151-unit multifamily project in Newington, located in Hartford County. The financing, which represents about 85 percent of the total project cost, consists of a $25 million construction loan from an undisclosed bank and $12.5 million in private equity from an undisclosed partner. The Pike will offer 65 one-bedroom and 86 two-bedroom units, with 10 percent of the residences to be designated as workforce or affordable housing. Amenities will include a fitness center, community room and an outdoor recreation area. The borrower and developer is Florida-based Smith & Henzy. Construction is expected to last about 24 months.

February 16, 2023

Acquisitions Connecticut Development Industrial Northeast Self-Storage

Marcus & Millichap Brokers Sale of 64,418 SF Self-Storage Development Site in New Haven

by Taylor Williams February 16, 2023

NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of a 64,418-square-foot self-storage development site in New Haven. The site is fully approved for the development of a four-story facility that will feature 45,525 net rentable square feet of climate-controlled space across 456 units. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

February 16, 2023

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates Sale of 64,163 SF Aramingo Plaza Shopping Center in Philadelphia

by Taylor Williams February 16, 2023

PHILADELPHIA — JLL has negotiated the sale of Aramingo Plaza, a 64,163-square-foot shopping center in Philadelphia. Apparel and accessories retailer Forman Mills anchors the center, which was originally built in 1920 and was fully leased at the time of sale. Other tenants include Citizens Bank, AT&T, Checkers and Vision Works. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, New Jersey-based Heidenberg Properties, in the transaction. Locally based investment firm Abrams Realty & Development acquired the asset for an undisclosed price.

February 16, 2023

Acquisitions Industrial Maine Northeast

MAG Capital Partners Acquires 60,000 SF Cold Storage Facility in Coastal Maine

by Taylor Williams February 16, 2023

MAINE — Dallas-based investment firm MAG Capital Partners has acquired a 60,000-square-foot cold storage facility that is located in an undisclosed community in southern coastal Maine. MAG Capital Partners acquired the property, which primarily functions as a seafood processing facility, via a sale-leaseback in an off-market deal. Additional terms of the transaction were not disclosed.

February 16, 2023

Leasing Activity Massachusetts Northeast Office

Workbar to Open 21,460 SF Coworking Space in Framingham, Massachusetts

by Taylor Williams February 16, 2023

FRAMINGHAM, MASS. — Coworking concept Workbar will open a 21,460-square-foot space at 111 Speen St. in Framingham, a western suburb of Boston. According to LoopNet Inc., the property was built in 1985, rises five stories and totals 119,095 square feet. The property is also in the midst of a $5 million renovation. Philip DeSimone, Andrew Sherman, Todd Alexander and Ross Miner of Kelleher & Sadowsky represented the landlord, a partnership between Paradigm Partners and North Colony Asset Management, in the lease negotiations. Workbar expects to debut the space this spring.

February 16, 2023

Acquisitions Life Sciences Massachusetts Northeast Top Stories

Oxford Properties Group Acquires Biomanufacturing Facility in Metro Boston for $125M

by Jeff Shaw February 16, 2023

MARLBOROUGH, MASS. — Oxford Properties Group has acquired 92 Crowley Drive, a 120,000-square-foot biomanufacturing facility in Marlborough, approximately 20 miles west of Boston. The property is currently under construction. Resilience, a life sciences company that develops and produces medicine, sold the asset for $125 million. As part of the transaction, Oxford will lease 92 Crowley Drive back to Resilience for up to 30 years. PGIM provided $58 million in fixed-rate acquisition financing for the deal. Upon final completion in late 2023, 92 Crowley will be Resilience’s flagship facility in the U.S., featuring state-of-the-art analytical and manufacturing technology. The facility is designed with multi-modality manufacturing capabilities, dedicated manufacturing suites and complementary office and warehouse space. Resilience has become a leading biomanufacturing company with manufacturing facilities across North America. The transaction at 92 Crowley represents the third sale-leaseback between Oxford and Resilience in a growing strategic partnership. Following the acquisition, Oxford’s biomanufacturing portfolio totals 1.4 million square feet of completed buildings, with a development pipeline of an additional 1 million square feet. While the portfolio is spread across six markets, the largest concentration — 775,000 square feet — is in metro Boston. “We continue to develop a robust expertise on the real …

February 16, 2023

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