ENFIELD, CONN. — Colliers has negotiated the $15.2 million sale of a 235,000-square-foot distribution center in Enfield, a northern suburb of Hartford. The property sits on a 19-acre site near I-91 and was fully leased at the time of sale. Nicholas Morizio of Colliers represented the seller, an entity doing business as Enfield Distribution Center LLC, and the buyer, Massachusetts-based AIS Development, in the transaction.
Can you dig it? Possibly, but site civil engineers can help determine if construction can rock on without running into rocky situations. Thorough site civil due diligence is the foundation for developing a project with minimal delays. Keeping land development projects moving forward — especially during construction — requires highly informed due diligence processes and expertise when it comes to approvals and plans. Site civil engineering design with constructability in mind can support general contractors while streamlining the overall bidding and construction process. But what are best practices when it comes to ensuring a successful project? REBusinessOnline spoke to two experts who specialize in high-quality construction documents: Benjamin Plumb, P.E. project manager, and Keith Simpson, director of engineering, work for Bohler, a land development consulting and technical design company. You Never Know What You’ll Find Before You Dig — However, These Tips Can Help Uncertainty is part of any development project, but Simpson outlines two scenarios that make up the majority of the challenges he sees: 1. Existing underground utilities that are not reflected in plans. 2. Soils that differ from what was expected from the geotechnical report. In some cases, slowdowns are unavoidable and will cause delays, but due diligence can …
NEWARK, N.J. — A public-private partnership between RISE: A Real Estate Co. and the New Jersey Institute of Technology has completed Maple Hall, a 548-bed student housing project located on the university’s Newark campus. The eight-story development includes a game room, an outdoor terrace, full kitchens, private and group study rooms, a creative studio, an outdoor kitchen and onsite parking. The community also features 2,145 square feet of retail space. RISE will provide ongoing property management at Maple Hall, which opened before the start of the 2022-2023 academic year. The development team for the project included Niles Bolton Associates, Netta Architects, Terminal Construction, T&M Associates, Langan Engineering and RBC Capital Markets.
LEWISBERRY, PA. — Lee & Associates has brokered the sale of a 189,000-square-foot industrial facility in Lewisberry, a southern suburb of Harrisburg. The distribution center at 525 Industrial Drive was built on a speculative basis and features a clear height of 32 feet, 45 loading docks and an ESFR sprinkler system. Bob Yoshimura, Joe Hill, Eric Mattson and Connor Sanbower of Lee & Associates represented the seller, a partnership between Boston-based firms High Street Logistics Properties and TA Realty, in the transaction.
BOSTON — South Carolina-based developer Greystar has completed a 126-unit multifamily project at 212 Stuart St. in Boston’s Back Bay neighborhood. Designed by Sasaki and Höweler + Yoon, the 19-story building houses 1,200 square feet of retail space. Units come in studio, one-, two- and three-bedroom formats and range in size from 500 to 2,100 square feet. Amenities include a fitness center with a yoga studio, outdoor dining and entertainment space, library and a rooftop terrace. Rents start at roughly $4,000 per month for a studio apartment.
LYNBROOK, N.Y. — Cushman & Wakefield has arranged a $27.2 million acquisition loan for Cornerstone Yorkshire, an 80-unit multifamily property located in the Long Island community of Lynbrook. The newly built complex houses a fitness center, clubroom and outdoor grilling and dining areas. John Alascio, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged the loan on behalf of the borrower, The Birch Group.
NEW YORK CITY — Katz & Associates has negotiated two retail leases in Queens. Japanese grocery store Teso Life signed a 6,000-square-foot lease in the Bayside neighborhood, and Filipino fast casual restaurant Jollibee committed to 3,614 square feet at 91-23 Queens Blvd. Daniel DePasquale of Katz & Associates represented the landlords, Paulipark Associates LLC and Midwood, respectively, in both deals. Both concepts will open in 2023.
By Taylor Williams “Negative leverage.” At face value, the term has an undeniably ominous connotation. The first half is an umbrella word for all things adverse and pessimistic, while the second evokes a sense of financial helplessness and dependency, of being permanently hamstrung by creditors. Yet in the context of industrial investment in major markets throughout the Northeast, the term is more synonymous with flexibility and acceptance, as it represents a framework through which deals continue to get done despite the very dicey conditions of the U.S. capital markets. Since the Federal Reserve began aggressively raising the federal funds rates this spring to combat severe inflation, all commercial property types have been hit with softening buyer demand and, consequently, price declines. At the time of this writing, the nation’s central bank had a target range of 3 to 3.25 percent for short-term interest rates, nearly 300 basis points above its stated goal at the beginning of the year. Increases of that magnitude in the cost of debt adversely impact demand across all asset classes, as there are only so many buyers that can pay entirely in cash. Investors that can pay all cash expect — and usually receive — discounted …
BOSTON — King Street Properties has broken ground on Allston LabWorks, a $915 million mixed-use project located near Boston University. The 4.3-acre site at 305 Western Ave. will house a 580,905-square-foot complex with life sciences, multifamily and retail uses. Specifically, Allston LabWorks will comprise 534,000 square feet of life sciences space, 20,000 square feet of retail space and 35 multifamily units, a quarter of which will be reserved as affordable housing. Lastly, the development will feature a 12,000-square-foot public plaza and event space. King Street Properties is developing the project in a joint venture with Brookfield and Mugar Enterprises, with DiMella Shaffer and Consigli Construction Co. respectively serving as the architect and general contractor. The facilities are expected to be available for occupancy by late 2024.
WRENTHAM, MASS. — A partnership between Dallas-based Lincoln Property Co. and San Francisco-based private equity firm Stockbridge has begun construction on a 176,800-square-foot speculative industrial project in Wrentham, about 40 miles southwest of Boston. The site spans 34.5 acres and is located one mile from I-495. Building features will include a clear height of 32 feet, 35 dock doors, 130-foot truck court depths, 113 car parking spaces and 33 trailer parking stalls. ARCO National Construction Co. is the general contractor for the project, completion of which is slated for late 2023.