SHELTON, CONN. — Los Angeles-based GreenLake Asset Management has provided $34.4 million in financing for Fountain Square, a shopping center that is under development in Shelton, located in Connecticut’s Fairfield County. The undisclosed sponsor will use the proceeds to refinance the property’s existing debt, including more than 60 liens from vendors, as well as to buy out the existing ownership and resume construction. Tenants that have already committed to Fountain Square include Chick-fil-A, Panera Bread and Taco Bell.
EDGEWATER, N.J. — New Jersey-based Armstrong Logistics has signed a 70,887-square-foot industrial lease in the Northern New Jersey community of Edgewater. According to LoopNet Inc., the single-tenant property at 801 Bridgeboro Road was built in 1980 and features a clear height of 27 feet and six exterior dock doors. Scott Mertz of NAI Mertz represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
FAIRFIELD, N.J. — CBRE has negotiated a 35,235-square-foot industrial lease in the Northern New Jersey community of Fairfield. The property at 10 Evans St. offers a clear height of 36 feet. Kate Granahan, Nicholas Klacik and Sean Dodd of CBRE represented the tenant, countertop and flooring products provider Caesarstone, in the lease negotiations. Kevin Dudley and Chad Hillyer, also with CBRE, represented the landlord, Stalwart Equities.
DENVILLE, N.J. — NAI Hanson has brokered the sale of a 9,560-square-foot industrial flex building in the Northern New Jersey community of Denville. According to LoopNet Inc., the single-tenant property at 305 Palmer Road was built in 1981 and renovated in 1988. Joseph Vindigni of NAI Hanson represented the seller, Venturini Investments Group, in the deal. Charity Realty International represented the buyer, Groome Industrial Service Group.
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Underutilized Hotel Properties Present Conversion Opportunities for Multifamily, Affordable Housing
Walker & Dunlop is finding financial success while helping to provide high-demand, affordable housing in key markets by converting hotel assets into multifamily buildings. Brian Cornell, managing director at Walker & Dunlop Investment Partners (WDIP), says his firm is identifying hotels that are already built out and can accommodate market-rate multifamily use. Extended-stay hotels have the best layout for this type of conversion because their footprint already includes the floor plans and many of the amenities that multifamily residents expect. “The units are typically one-bedroom, but with some two-bedroom suites and studios,” he outlines. “This creates a variety of unit types within the existing physical build-out of the property, and these assets can operate as true multifamily without having to combine walls and do extensive capital renovations.” When it comes to location, Cornell explains, “We prefer infill locations that have strong employment drivers and a dearth of affordable housing.” Underutilized Properties, Multifamily Strategies The three investments Walker & Dunlop has done in the past two years are in the heart of commercial corridors, in areas where there are limited multifamily projects within a two-to-three-mile radius offering rents that can support an 80 percent area median income (AMI) threshold. One is …
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold a 49.9 percent interest in 245 Park Avenue, a 1.8 million-square-foot office building in Midtown Manhattan, for $2 billion. The buyer was Tokyo-based Mori Trust Co. SL Green purchased its stake in the property, which is located between 46th and 47th streets, in September 2022 with the intent to reposition the asset with a partner. The company retained Kohn Pedersen Fox Associates to redesign the building to upgrade the façade, lobby, retail storefronts, amenity spaces and various infrastructural systems.
MORRISTOWN, N.J. — A partnership between New York City-based SJP Properties and Scotto Properties has broken ground on M Station West, a 260,000-square-foot office project in the Northern New Jersey community of Morristown. Designed by Gensler and inclusive of retail space, the two-building complex will serve as the new flagship office of Sanofi, a global pharmaceutical company that is based in Paris. Sanofi plans to employ nearly 2,000 people at the campus, which is slated for a first-quarter 2025 delivery. The partnership completed the 120,0000-square-foot M Station East in July 2022.
TRENTON, N.J. — RPM Development will build a 120-unit mixed-income residential project in downtown Trenton. The site at 150-170 Broad St. spans 1.3 acres, and the development will consist of 70 market-rate units, 48 affordable housing units and two superintendent units. Units will come in one-, two- and three-bedroom formats. Amenities will include a fitness center, resident lounge and a rooftop deck, and the property will also offer 168 parking spaces and a 7,500-square-foot retail plaza. The New Jersey Economic Development Authority and the New Jersey Housing & Mortgage Finance Agency both provided tax credit equity to finance the project. A construction timeline was not disclosed.
LINDEN, N.J. — Bridge Industrial has acquired a 115,000-square-foot facility located in the Northern New Jersey community of Linden. The property was originally built on 9.2 acres in 1949 and offers a clear height of 19 feet, 19 drive-in doors and 7,500 square feet of office space. The seller and sales price were not disclosed. The Blau & Berg Co. brokered the deal. Bridge plans to implement capital improvements to the building’s interior and exterior features, and the facility is expected to be available for occupancy in the fourth quarter.
NEW YORK CITY — Marcus & Millichap has arranged the $3.6 million sale of a multifamily property located at 88 Fifth Ave. in Brooklyn’s Park Slope neighborhood. According to LoopNet Inc., the four-story building was constructed in 1920 and houses seven units. Shaun Riney, Mark Zarrella and Andrew Bronsteen of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. Additional terms of sale were not disclosed.