HOBOKEN, N.J. — Los Angeles-based investment firm JRK Property Holdings has acquired 77 Park Avenue, a 301-unit apartment complex in Hoboken. Built in 2000, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, hardwood flooring, walk-in closets and private balconies. Amenities include a fitness center, sundeck, outdoor grilling stations and onsite laundry facilities. The seller was Equity Residential, and the property traded as part of a $400 million portfolio deal that was brokered by CBRE.
NEWARK, DEL. — NAI Emory Hill has brokered the sale of a 27,000-square-foot office building in Newark, located near the Delaware-Pennsylvania border. The building at 254 Chapman Road sits on a 1.9-acre site within the University Office Plaza development and was 93 percent leased at the time of sale. Jim O’Hara Jr. of NAI Emory Hill represented the seller, BRB Realty, in the transaction. EXP Realty represented the buyer, Life Reign International LLC.
NEW YORK CITY — Cushman & Wakefield and Greystone Capital Advisors have co-arranged an $800 million loan for the refinancing of 550 Madison Avenue, a 41-story, roughly 685,000-square-foot office building in Midtown Manhattan. The borrower is The Olayan Group, a family-owned international investment firm. A consortium of lenders led by Rothesay, a pension insurance company based in the United Kingdom, and ING Capital provided the debt. Several other lending institutions and insurance companies, including Crédit Agricole CIB, BBVA, BNP Paribas, Société Générale and Chubb, also participated in the financing. John Alascio, Gideon Gil, Alexander Hernandez, Alex Lapidus, Zach Kraft, Meredith Donovan and Cecelia Galligan led the transaction for Cushman & Wakefield. The team collaborated with Greystone’s Drew Fletcher, Bryan Grover and Jesse Kopecky to place the debt on behalf of ownership. According to Wikipedia, the building was originally constructed in 1984 as the headquarters of AT&T Corp. and would later house the headquarters of Sony. Olayan Group acquired 550 Madison Avenue in 2016 and subsequently implemented a $300 million capital improvement program. Designed by Norwegian architecture firm Snøhetta, the renovation repositioned the former single-tenant headquarters building into a multi-tenant workplace destination. Building features include a triple-height lobby, a half-acre public …
STAMFORD, CONN. — Newmark has arranged a $51.8 million acquisition loan for Metro Center, a 282,589-square-foot office building in the southern coastal Connecticut city of Stamford. Metro Center was originally built in 1987 and has undergone more than $12 million in recent capital improvements. Tenants include law firm Robinson + Cole and Roth Capital. Christopher Kramer, Chris Lozinak and Jordan Roeschlaub of Newmark arranged the loan through Knighthead Funding on behalf of the new owner, local investment firm HB Nitkin Group. Newmark also represented the undisclosed seller in the disposition of the building and has been retained as the leasing agent.
NORWALK, CONN. — CBRE has brokered the sale of a four-building, 945,000-square-foot office park in the southern coastal Connecticut city of Norwalk. The buildings are part of a larger, six-building development known as Merritt 7, which houses the headquarters of companies such as Xerox, Terex, Emcor, Hearst Connecticut Media Group, Common Fund, Datto/Kaseya, MBI and LBB Specialties. Jeff Dunne, Steven Bardsley and Travis Langer of CBRE represented the seller, an entity doing business as Merritt 7 Venture LLC, in the transaction. The duo also procured the buyer, New York-based Argent Ventures.
HEMPSTEAD, N.Y. — Marcus & Millichap has negotiated the sale of Jackson Terrace Apartments, a 420-unit affordable housing complex located in the Long Island community of Hempstead. The six-story building was originally constructed in 1972. Michael Tuccillo of Marcus & Millichap represented the buyer, an affiliate of Hudson Valley Property Group, in the transaction. The seller was self-represented. The new ownership plans to invest about $23 million to upgrade unit interiors, building exteriors and mechanical/utility systems as a means of preserving long-term affordability.
PARSIPPANY, N.J. — A partnership between two New Jersey-based firms, The STRO Cos. and Kushner Real Estate (KRE) will develop a 65,000-square-foot industrial project in Parsippany, about 30 miles west of New York City. The building at 3 Century Drive will offer 36-foot clear heights, 10 dock doors, one drive-in door and divisibility to 32,000 square feet. Vertical construction is underway, and completion is slated for the fall. Resource Realty is the leasing agent.
PHILADELPHIA — Banco Inbursa has provided a $150 million senior construction loan for a multifamily project that will be located within Wharton Piers, a mixed-use waterfront development in South Philadelphia. The project will consist of a 36-story residential building and a single-story commercial building for a total of 620 market-rate apartments and 30,800 square feet of retail space. The borrower/developer is New York City-based Brevet Capital. Construction is expected to begin in early 2027, with leasing to commence in the fourth quarter of 2028. Full completion is slated for the first quarter of 2029.
MORRISTOWN, N.J. — CBRE has arranged a $40 million construction loan for an 89-unit multifamily project that will be located in the Northern New Jersey community of Morristown. Known as Morristown Station, the development will comprise 76 market-rate apartments and 13 affordable housing units, mostly in two-bedroom floor plans, as well as 5,111 square feet of retail space. Matthew Pizzolato and Josh Stein of CBRE arranged the loan through Truist Bank on behalf of the owner, an entity doing business as Lackawanna Place Morristown Urban Renewal LLC.
BEDFORD, MASS. — Newmark has negotiated a 47,500-square-foot industrial lease in Bedford, located northwest of Boston. The tenant is sustainable energy company Fourth Power, and the space is located within a newly built, 147,000-square-foot advanced manufacturing facility. Torin Taylor, Rich Ruggiero, Matt Adams, Tyler McGrail and Rory Walsh of Newmark represented the landlord, a partnership between Camber Development and Wheelock Street Capital, in the lease negotiations. Rob Glor and Michael Goodwin of Rise73 represented the tenant.