NEW YORK CITY — Newmark has arranged a 30,000-square-foot office lease at 1185 Avenue of the Americas in Midtown Manhattan. The tenant, SURMOUNT, a commercial real estate services company focused on net-leased assets, will relocate from 275 Madison Avenue to the entire 30th floor of the building. David Falk, Jason Greenstein and Justin Pollner of Newmark represented the tenant in the lease negotiations. Newmark’s Brian Waterman, Scott Klau, Brent Ozarowski, Kevin Sullivan and David Waterman, alongside internal agents Howard Tenenbaum and Gary Rosen, represented the landlord, SL Green.
TEANECK, N.J. — Locally based firm Malas Development will build a 248-unit apartment complex in the Northern New Jersey community of Teaneck. The project represents Phase II of The Marq, the first phase of which comprised 256 units that are now 80 percent occupied. Designed by CPA Architecture, the second phase will offer studio, one-, two- and three-bedroom apartments and amenities such as a sauna and massage rooms, coworking areas, a sport simulator, landscaped courtyard with a pool and a rooftop terrace. Completion is slated for the fourth quarter of 2026.
NEWARK, N.J. — CBRE has negotiated the $37.5 million sale of Springfield Avenue Marketplace, a 110,551-square-foot shopping center in Newark. A 71,000-square-foot Shoprite grocery store anchors the property, which was completed in 2016 and was 97 percent leased at the time of sale. Additional tenants include McDonald’s, Taco Bell, Popeyes and T-Mobile. Jeffrey Dunne, David Gavin, Chris Munley, Colin Behr and Travis Langer of CBRE represented the seller, Goldman Sachs Alternatives, in the transaction. The team also procured the buyer, Medipower, a publicly traded Israeli investment firm. Jim Cadranell, Jon Mikula and Christian Badalamenti of JLL arranged $24.4 million in fixed-rate acquisition financing for the deal through Protective Life Corp.
BOSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged $18.7 million in financing across three loans for a trio of multifamily properties in Boston. The properties include the 31-unit Heywood Apartments in Worcester, the 36-unit Eames Apartments in Framingham, a western suburb of Boston, and the 29-unit Summer Street Apartments in Waltham, also located west of the state capital. All three loans carried 6.5 percent interest rates. Robert Damigella of MMCC arranged the loans. The direct lenders and borrowers were not disclosed.
GROTON, MASS. — Gilbane Building Co. has completed the Florence Roche Elementary School in Groton, located northwest of Boston. The 110,000-square-foot academic facility serves 645 students in grades kindergarten through fourth and features a dedicated project area that offers opportunities for breakout spaces and a zone for non-classroom-based activities. In addition, the school features a media center, STEM lab with an outdoor patio, spaces for music and art and a theater area, as well as advanced security and energy-efficient utility systems.
NEW YORK CITY — Southern Land Co. has signed a 13,000-square-foot office lease at 99 Park Avenue in Midtown Manhattan. The Nashville-based developer plans to relocate its New York City office from 75 Rockefeller Center to the fourth floor of the 600,000-square-foot building, which is in the midst of a $30 million capital improvement program. Ben Bass and Seth Godnick of JLL represented Southern Land in the lease negotiations. Paul Glickman, Diana Biasotti, Harrison Potter and Kristen Morgan, also with JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
NEW ROCHELLE, N.Y. — Regional developer Allstate Ventures has begun leasing The Alary, a 28-story apartment building located north of New York City in New Rochelle. Designed by Fogarty Finger Architects, The Alary represents the final phase of a three-building development known as Westchester Place and offers 315 units in studio, one- and two-bedroom floor plans. Indoor amenities include a fitness center, coworking spaces with private pods and conference rooms, a game room with a wet bar, sports simulator, children’s playroom and a sky lounge with a full-service bar. Outside, residents have access to a rooftop area with a pool, outdoor cinema, barbecue kitchens, fire pits and a dog park. Rents start at $2,150 per month for a studio apartment, and the first move-ins are scheduled to begin in July.
NEW HAVEN, CONN. — A partnership between two affordable housing development and management companies, Community Preservation Partners (CPP) and Beacon Communities, has acquired the 104-unit Brewery Square Apartments in New Haven. The new ownership plans to invest about $43 million in the rehabilitation of the two-building complex, which was originally constructed in 1896 as a brewery and converted to housing in the 1980s. The partnership will upgrade units’ appliances, bathrooms, countertops, windows and floors, as well as enhance the landscaping and security systems. Renovations will serve to extend the affordability status of the property, which houses 41 one-bedroom units, 55 two-bedroom residences and six three-bedroom units. The renovation will transition 84 of the 104 units into the Low-Income Housing Tax Credit program, with affordability levels ranging from 30 to 80 percent of the area median income.
DALLAS, PA. — Local investment firm Sordoni Properties has purchased the former Offset Paperback factory in the northeastern Pennsylvania city of Dallas with plans to redevelop the historic industrial building. The sales price was $5.5 million. The 16-acre facility originally opened in 1948. Sordoni’s redevelopment will feature a supermarket, convenience store and restaurant, with fitness and medical uses also in consideration. Jeff Algatt of Colliers represented Sordoni in the transaction.
NEW YORK CITY — Tom Ford Fashion has signed a 10-year, 11,118-square-foot office lease in Midtown Manhattan. The provider of accessories and cosmetics products is taking space on the sixth floor of 500 Park Avenue, an 11-story, 201,000-square-foot building that is now fully leased. David Goldstein, Jarod Stern and Sam Mann of Savills represented the tenant in the lease negotiations. Frank Doyle, Cynthia Wasserberger and Michael Pallas of JLL represented the landlord, SL Green, which acquired the building last winter.