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Northeast

Bishops-Corner-West-Hartford
AcquisitionsConnecticutNortheastRetail

FNRP Buys 259,104 SF Shopping Center in West Hartford, Connecticut

by Taylor Williams

WEST HARTFORD, CONN. — New Jersey-based investment firm First National Realty Partners (FNRP) has purchased Bishops Corner, a 259,104-square-foot retail center located in West Hartford, roughly five miles outside of the state capital. Tenants at the center, which is anchored by a 59,000-square-foot Target, include Marshalls, HomeGoods, The Paper Store, Mattress Firm, Orangetheory Fitness, AT&T, Bank of America, TD Bank, Noodles & Co., GNC, Subway and Massage Envy. Paul Penman of Newmark represented the undisclosed seller in the transaction.

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208-216-King-St.-Port-Chester-New-York
DevelopmentMultifamilyNew YorkNortheast

Regency Commercial Receives Approval for 185-Unit Multifamily Project in Port Chester, New York

by Taylor Williams

PORT CHESTER, N.Y. — Locally based developer Regency Commercial has received site plan approval from the Village of Port Chester, located about 30 miles north of Manhattan, for a 185-unit multifamily project. The site spans 221,000 square feet at 208-216 King St. The 12-story building will house studio, one-, two- and three-bedroom units, and amenities will include a rooftop pool, resident lounge, coworking spaces, fitness center and a dog park. About 10 percent of the apartments will be earmarked as affordable housing. Regency is now seeking a partner to either take over or co-develop the property.

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AcquisitionsNew JerseyNortheastOffice

Treetop Acquires Northern New Jersey Office Building, Land Sites for $27M

by Taylor Williams

BRIDGEWATER, N.J. — New Jersey-based investment and development firm Treetop has acquired a 112,000-square-foot office building and two adjacent land sites in the Northern New Jersey community of Bridgewater for $27 million. The sites span a combined 27 acres. Elli Klapper, Charles Berger, Jeremy Wernick, Mark Silverman and Donald Sperling of CBRE represented the seller, Bridgemark Hospitality, in the transaction. Treetop plans to implement a value-add program at the existing building.

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AcquisitionsMixed-UseNew YorkNortheastTop Stories

JLL Brokers $825M Sale of Upper East Side Mixed-Use Portfolio in New York City

by Jeff Shaw

NEW YORK CITY — JLL has arranged the $825 million sale of three Upper East Side multifamily properties totaling 858 units. The properties include 29,275 square feet of commercial space and are part of a larger, five-property portfolio. Solow Building Co. sold the assets to GO Partners, a partnership between Black Spruce Management and Orbach Affordable Housing. Local developer RXR, along with Macquarie Capital Principal Finance and the Qatar Investment Authority, contributed a $261 million preferred equity investment to the deal. Sheldon H. Solow, a New York City real estate developer and investor, originally developed the portfolio. The properties included in the sale are the 234-unit One Sutton Place, located at 420 E. 61st St.; the 209-unit Two Sutton Place, located at 1113 York Ave., which includes 2,000 square feet of commercial space; and One East River Place, located at 525 E. 72nd St. and includes 27,275 square feet of commercial space. The average unit size at the properties is 989 square feet. Additionally, the portfolio offers some of the few black glass facade residential buildings within Manhattan. The 408-unit property 685 1st Ave. was the first asset to close within the larger portfolio, with JLL representing the seller. An …

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Citizen-Bayonne
DevelopmentMultifamilyNew JerseyNortheast

Accurate Begins Leasing 252-Unit Citizen Bayonne Apartments in Northern New Jersey

by Taylor Williams

BAYONNE, N.J. — Accurate has begun leasing Citizen Bayonne, a 252-unit waterfront apartment community in Northern New Jersey. Designed by Devereaux & Associates, the property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and full-size washers and dryers. Amenities include a fitness center, resident lounge, coworking space and a landscaped courtyard with fire pits, grills and a gaming area. Rents start at $2,230 per month for a studio apartment.

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LoansMultifamilyNew JerseyNortheast

JLL Provides $47.5M Agency Loan for Refinancing of Multifamily Property in Ocean County, New Jersey

by Taylor Williams

OCEAN COUNTY, N.J. — JLL has provided a $47.5 million Fannie Mae loan for the refinancing of an undisclosed multifamily property in Ocean County, located in the southern coastal part of the Garden State. Thomas Didio, Thomas Didio Jr., Gerard Quinn and Michael Mataras of JLL originated the loan, which carried a fixed interest rate and a 10-year term, on behalf of the undisclosed borrower. JLL will also act as the servicer of the interest-only loan.

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AcquisitionsIndustrialMassachusettsNortheast

Burgess Properties Negotiates $24.4M Sale of Industrial Property in Malden, Massachusetts

by Taylor Williams

MALDEN, MASS. — Locally based brokerage firm Burgess Properties has negotiated the $24.4 million sale of a 64,300-square-foot industrial property located north of Boston in Malden. The facility sits on 3.4 acres and is fully leased to Sunsetter Products, a provider of awnings. Boston-based Quaker Lane Capital purchased the asset from an undisclosed seller. Steve Nohrden of Burgess Properties brokered the deal.

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AcquisitionsNew JerseyNortheastOffice

Cushman & Wakefield Brokers $17.8M Sale of Office Building in Rochelle Park, New Jersey

by Taylor Williams

ROCHELLE PARK, N.J. — Cushman & Wakefield has brokered the $17.8 million sale of Park 17, a 105,000-square-foot office building in the Northern New Jersey community of Rochelle Park. The five-story building is home to tenants such as the Bergen County Board of Social Services and St. Joseph’s University Medical Center. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema of Cushman & Wakefield represented the seller, GHP Office Realty LLC, in the transaction. The buyer was not disclosed.

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LoansNew JerseyNortheastRetail

Cronheim Mortgage Arranges $11.5M Permanent Loan for Northern New Jersey Shopping Center

by Taylor Williams

BELLEVILLE, N.J. — New Jersey-based intermediary Cronheim Mortgage has arranged an $11.5 million permanent loan for a 70,450-square-foot shopping center in the Northern New Jersey community of Belleville. Grocer ShopRite anchors the center. Allison Villamagna and Andrew Stewart placed the 12-year loan through Farm Bureau Life Insurance Co. on behalf of the undisclosed borrower.

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Crossroads-Commerce-Center-North-Brunswick-New-Jersey
BohlerDevelopmentIndustrialNew JerseyNortheast

Peak Construction Underway on 191,481 SF Industrial Project in North Brunswick, New Jersey

by Taylor Williams

NORTH BRUNSWICK, N.J. — General contractor Peak Construction is underway on Crossroads Commerce Center, a 191,481-square-foot industrial project located in North Brunswick, about 40 miles south of New York City. Building features will include a clear height of 40 feet, 130-foot truck court depths, 29 dock positions, two drive-in doors, 161 car parking spaces and 31 trailer parking spaces. Principal Asset Management is the developer of the project. Other project partners include construction manager D. Loeffler Consulting, Environetics Group Architects and Bohler Engineering. Completion is slated for May 2023.

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