WALTHAM, MASS. — Veeco, a New York-based manufacturer of semiconductors and electronics, has signed a 16,506-square-foot life sciences lease at 130 Turner Street, a 270,000-square-foot facility located in the western Boston suburb of Waltham. Matt Malatesta, Mike Frisoli, Tyler McGrail, Margaret Fee and Eric Jeremiah of Newmark represented the landlord, Jumbo Capital, in the lease negotiations. Malatesta also represented the tenant.
PHILADELPHIA — Walker & Dunlop has arranged a $134.6 million construction loan for Northern Liberties, 360-unit multifamily project that will be located at 200 Spring Garden St. in Philadelphia. The transit-served building will offer a pool, fitness center, coworking lounge, conference center and a party room, as well as 23,070 square feet of retail space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler of Walker & Dunlop arranged the loan through insurance company Ullico on behalf of the borrower and developer, a partnership between Kushner Real Estate Group and National Real Estate Advisors.
TAUNTON, MASS. — Cushman & Wakefield has negotiated a 260,150-square-foot industrial lease in Taunton, located about 40 miles south of Boston. The tenant, Ferguson Plumbing Supply, will occupy space at Taunton Trade Center, a 584,640-square-foot speculative development. The newly built complex features a clear height of 40 feet, 112 loading docks, 546 car parking spaces and 132 trailer parking stalls. Philip Verre, Rob Byrne, Pete Whoriskey and Paul Leone of Cushman & Wakefield represented the landlord, Martignetti Cos., in the lease negotiations. CBRE represented the tenant.
MATAMORAS, PA. — New Jersey-based investment firm Larken Associates has acquired Westfall Town Center, a 203,907-square-foot shopping center in Matamoras, located at the nexus of the New York-New Jersey-Pennsylvania border. The sales price was $28.6 million. A 73,000-square-foot ShopRite grocery store anchors the property, and other tenants include Flagship Cinemas, T.J. Maxx, Planet Fitness, Dollar Tree and Wendy’s. The seller was Chicago-based CenterPoint Properties. Derek Zerfass and Scott Horner of Colliers represented both parties in the transaction.
MEDFORD, MASS. — MassHousing has provided $13.5 million in financing for Riverside Towers, a 199-unit affordable seniors housing complex in Medford, located north of Boston. Built in 1979, Riverside Towers consists of 161 one-bedroom and 38 two-bedroom units in a 14-story building. The borrower, a partnership between metro Boston-based Schochet Cos. and Jonathan Rose Cos., will use the proceeds to fund capital improvements, enhance resident services and preserve the property’s affordability status.
NEW YORK CITY — Score Sports Bar will open a 9,000-square-foot restaurant in Midtown Manhattan. The tenant has committed to a three-story space at 416 Eighth Avenue, which is located adjacent to Madison Square Garden, for 15 years. Brad Schwarz and James Ficelman of Lee & Associates represented the landlord, Riese Organization, in the lease negotiations. Spencer Planit of Winick Realty represented Scores Sports Bar.
Against the backdrop of higher interest rates and the collapse of commercial real estate investment transactions, large brokerages have begun to reduce staff and other expenses to weather growing uncertainty over property values. But executives at Lee & Associates Commercial Real Estate Services consider it an ideal environment to continue an expansion that has added more than ten new locations over the last few years. Earlier this month, Lee & Associates announced the opening of an office in Baton Rouge, La. In November, they opened an office in Calgary, Alberta. In the same month, a satellite office in Nashville, Tenn. transitioned to a freestanding office, a designation that provides brokers in the office with the opportunity to fully benefit from the Lee & Associates capital structure — namely, to participate in funding the brokerage’s future growth and reaping the potential rewards. Those additions followed new office expansions in downtown Los Angeles, San Francisco and Omaha, Neb., earlier in the year. The Southern California-based brokerage anticipates announcing two more openings in early 2023, eventually increasing its footprint to around 90 locations from more than 70 today, says Jeffrey Rinkov, CEO of Lee & Associates. “We see some of our competitors cutting …
LANCASTER, PA. — Fernmoor Homes has purchased The Shops @ Rockvale, a 581,462-square-foot retail power center located about 80 miles west of Philadelphia in Lancaster, with plans to undertake a multifamily redevelopment. The New Jersey-based multifamily developer intends to demolish 265,198 square feet of commercial space and construct a 13-building, 416-unit apartment community at the 63-acre site. Brad Nathanson, David Crotts and Dean Zang of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, New Jersey-based Wharton Realty Group, in the transaction. The trio also procured Fernmoor Homes, which purchased the property for $30.5 million, as the buyer. At the time of sale, The Shops @ Rockvale was home to 40 retailers and restaurants, including Carter’s, Crate & Barrel Outlet, Olive Garden and Cracker Barrel. The redevelopment is valued at approximately $100 million and could take up to five years to complete.
WESTBURY, N.Y. — Northmarq has arranged an $80 million loan for the refinancing of Roosevelt Raceway Center, a 428,483-square-foot shopping center located in the Long Island community of Westbury. The center, which sits on a 48-acre site less than a mile from Roosevelt Field Mall, houses tenants such as The Home Depot, Food Bazaar Supermarket, David’s Bridal and PGA Tour Superstore. Robert Delitsky and Charles Cotsalas of Northmarq arranged the fixed-rate loan through a regional bank. The borrower was not disclosed.
WORCESTER, MASS. — MassDevelopment has provided a $19.6 million tax-exempt bond for the construction of a mixed-income housing project in the central Massachusetts city of Worcester. The site at 120 Washington St. formerly housed the headquarters of Table Talk Pies, and the project is part of a larger redevelopment that will ultimately feature 400 residential units and 20,000 square feet of commercial space. Units will come in studio, one-, two- and three-bedroom formats. The borrower and developer, an affiliate of Boston Capital Development, will use the bond proceeds to construct 59 apartments, while the other 24 residences will be financed with Low-Income Housing Tax Credits and other subsidies. Eastern Bank and Rockland Trust purchased the bond. Construction is slated for a February 2024 completion.