EAST STROUDSBURG, PA. — Marcus & Millichap has brokered the $12.6 million sale of a 40,000-square-foot healthcare building in East Stroudsburg, located about 100 miles north of Philadelphia. The building at 125 Smithfield Lane is an outpatient facility for St. Luke’s Health System and is located within the 120-acre Smithfield Gateway mixed-use development. The tenant has invested more than $3 million in the build-out of the space since taking occupancy, and the lease includes 13.5 years of remaining term with two five-year renewal options. Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEWARK, N.J. — Eastern Union has arranged an $11 million loan for the refinancing of The BLVD, a 71,000-square-foot mixed-use building in Newark. The BLVD is an adaptive reuse of a former office building and is currently under construction. The borrower, Mid-Atlantic Investment Alliance, is converting the property into a 40-unit multifamily building with ground-floor commercial space, with eight units to be designated as affordable housing. Residential amenities will include a rooftop deck, party and game room and a fitness center. Chaim Greenfield, Joseph Sasson and Alex Jaffa of Eastdil Secured arranged the 24-month loan through an undisclosed lender.
MILLBURN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4 million sale of a 15-unit apartment complex in the Northern New Jersey community of Millburn. The three-story building at 357 Millburn Ave. was originally constructed in 1927 and houses 11 one-bedroom units and four two-bedroom units that were fully occupied at the time of sale, as well as four retail spaces. Jeff Squires of Kislak represented the seller, P&D Partners LP, in the transaction and procured the buyer, an entity doing business as Walton Millburn LLC.
ELMWOOD PARK, N.J. — MLB Network has signed a 207,000-square-foot, full-building lease in the Northern New Jersey community of Elmwood Park. The baseball broadcasting company will relocate its entire operation from nearby Secaucus, where it has operated for the past 16 years, to the newly constructed building at 25 Market Street, with plans to take occupancy before the 2028 season. Scott Gottlieb, Brendan Herlihy, Greg Barkan and Elliot Bok of CBRE represented MLB Network in the lease negotiations. Rob Kossar, David Knee, Ignatius Armenia, Chris Hile and Ryan Milanaik of JLL represented the owner, Crow Holdings Development.
PITTSBURGH — Hawkeye Hotels, an Iowa-based hospitality investment and management firm, will renovate the 135-roomHotel Indigo Pittsburgh East Liberty, which is part of the IHG Hotels & Resorts family of brands. The hotel opened in 2015 via adaptive reuse of multiple 1940s-era buildings, including the former Governor Hotel, and Hawkeye purchased the property in 2022. The renovation will encompass guestrooms and common spaces, and the design, led by Dallas-based Pickard Design Studio, will pay homage to the area’s automotive history, as well as honor the area’s first Native American inhabitants. A construction timeline has not yet been finalized.
WAKEFIELD, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of Lofts at 27 Water Street, a 46-unit apartment complex located north of Boston in Wakefield. The complex spans two buildings and includes 13,000 square feet of commercial space. Robert Bhat of MMCC arranged the five-year, nonrecourse loan, which carried an interest rate of 5.86 percent and a 65 percent loan-to-value ratio, through an undisclosed agency lender. The borrower is Pasciuto Properties.
WEST HAVEN, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $8.2 million sale of Crestview, a 63-unit apartment complex in West Haven, located in southern coastal Connecticut. According to Zillow.com, the property exclusively offers one-bedroom units, and residents also have access to a pool. Brad Balletto and Jeff Wright of NEPCG represented the Massachusetts-based seller and procured the Connecticut-based buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Pickle1, a locally based pickleball operator, will open a 5,060-square-foot facility in Manhattan’s Financial District. The lease term is 10 years, and the three-court space will be located within the 964,175-square-foot building at 100 Pearl St. Allen Gurevich of GFP Real Estate and Andrew Taub of Newmark represented the owner, Commerz Real Americas, in the lease negotiations. Steven Evans and Emre Bozkurt of Platinum Properties represented Pickle1. The opening is set for this summer.
NEW YORK CITY — An investment group led by asset manager BlackRock has announced a deal to acquire two ports on either end of the Panama Canal for a total of $23 billion, including $5 billion of debt. Hong Kong-based CK Hutchison Holding, a global conglomerate of ports, infrastructure and telecommunications, is the seller. The investment consortium, which is doing business as BlackRock-TiL Consortium and also includes BlackRock subsidiary Global Infrastructure Partners and Terminal Investment Limited, will purchase all of CK Hutchison Holding’s shares in Hutchison Port Holdings and Hutchison Port Group Holdings. The ports involved in the transaction include those of Balboa and Cristobal. Hutchison Ports was recently awarded a 25-year, no-bid extension to operate the ports, according to AP News. However, an audit of the extension was already underway at the time of the deal. Upon completion of the acquisition, which must be approved by Panama’s government, BlackRock will have consortium control of 43 ports across 23 countries. This news follows expressions of concern from U.S. government officials that Chinese influence could affect dealings in the canal. The United States controlled the Panama Canal, as well as surrounding land called the “canal zone,” between 1903 and 1999. The canal took …
JERSEY CITY, N.J. — The New Jersey Economic Development Authority (NJEDA) has approved a $64 million tax credit for Bayfront Promenade, a 210-unit mixed-income multifamily project in Jersey City. The development will be located on the city’s west side and will include 74 affordable housing units and 10,600 square feet of commercial space. Amenities will include a rooftop terrace, fitness center with a yoga room, coworking lounge, community room with a kitchen area and a children’s playroom. Residents at Bayfront Promenade will also have access to onsite parking, as well as a daycare center and credit union that will both be operated by Greater Bergen Community Action Inc., which was also a co-applicant for the subsidy. The developer is an entity doing business as Bayfront Partners 32 Urban Renewal. The NJEDA delivered the tax credit through its Aspire program, which supports mixed-use, transit-oriented developments that have financing gaps. The capital stack also includes Low-Income Housing Tax Credits issued by the New Jersey Housing Mortgage & Finance Agency. A construction timeline was not disclosed.