WESTAMPTON, N.J. — JLL has arranged a $50 million permanent loan for a 275-unit apartment complex in Westampton, located in Southern New Jersey’s Burlington County. The name of the property was not disclosed. Michael Klein and Gerard Quinn of JLL arranged the five-year, fixed-rate loan through a life insurance company. The name of the borrower was also not disclosed.
WARWICK, R.I. — A joint venture between Dallas-based investment firm Encore Enterprises and Connecticut-based AmCap Management has acquired Cowesett Corners, a 152,595-square-foot shopping center in Warwick, located just south of Providence. Grocer Stop & Shop anchors the center, which is also home to tenants such as PetCo, Five Below, Sally Beauty, GameStop and Oak Street Health. The center’s food-and-beverage component encompasses Five Guys Burgers & Fries, Applebee’s, Moe’s Southwest Grill and New Asia House. The seller and sales price were not disclosed.
RIVERHEAD, N.Y. — Chicago-based investment firm Bradford Allen has completed the renovation of the 114-room Hilton Garden Inn Riverhead hotel on Long Island. Renovations included refreshed guestrooms with new beds, bedding, carpet, bathrooms and furniture, as well as the addition of Peloton bikes to select rooms. The lobby, lounge area and front desk all received new flooring, furniture, accents and lighting, while meeting and event spaces were revamped with new carpet, paint, lighting and audio/visual equipment. The project team also added new public restrooms and improved the lobby bar, restaurant and patio. Bradford Allen acquired the hotel in late 2023 and began renovations thereafter.
WHITE PLAINS, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of One Dekalb, a 76-unit apartment complex located north of New York City in White Plains. The property was built in 2019 and offers amenities such as a rooftop terrace, resident lounges and coworking spaces. According to Apartments.com, units come in studio, one- and two-bedroom floor plans. Victor Nolletti, Wes Klockner and Ross Friedel of IPA represented the undisclosed seller in the transaction and procured the buyer, Benchmark Real Estate Group. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
PENNSAUKEN, N.J. — Marcus & Millichap has brokered the $10 million sale of Saigon Plaza, an 44,490-square-foot retail center in Pennsauken, located just outside of Philadelphia in Southern New Jersey. The center was built on 4.4 acres in 2008 and is anchored by Sun Seng Supermarket. Mark Krantz and Derrick Dougherty of Marcus & Millichap represented the seller, which also operates the ethnic grocery store, in the transaction. The buyer was not disclosed.
NEW YORK CITY — New York University (NYU) has signed a long-term lease for more than 1 million square feet at 770 Broadway in Lower Manhattan. The 1.1 million-square-foot building is adjacent to the university’s campus and is currently home to a number of tenants that occupy about half the space, and NYU plans to assume the existing leases of these users. Grocer Wegman’s will remain a tenant within the building’s retail space. The first stage of NYU’s programming for 770 Broadway will involve the conversion of vacant floors to science and technology uses, including laboratories, classrooms and workstations, as a means of consolidating faculty and research initiatives under a single collaboration hub. Law firm Fried Frank advised NYU on the transaction, which the academic institution estimates will reduce rental expenses by more than $800 million over the first 30 years.
EAST RUTHERFORD, N.J. — Vango Development has broken ground on The Parker East, an 86-unit multifamily project located outside of New York City in East Rutherford. The Parker East will offer one- and two-bedroom units that will be furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a fitness center, lounge and clubroom, breakout work areas, a dog spa, rooftop terrace and a central courtyard. MHS Architecture designed the project, and Coli Construction is the general contractor. ConnectOneBank provided a $25 million loan for the construction of The Parker East, which is expected to be complete next summer.
NEW YORK CITY — Alchemy-ABR Investment Partners has topped out a 45-unit apartment building at 288 E. 88th St. on Manhattan’s Upper East Side. Designed by Hill West Architects, the 24-story, 350-foot building will ultimately house 45 residences and offer amenities such as a fitness center, a multipurpose sports court, children’s playroom, media/gaming room, coworking space and a rooftop terrace. Leeding Builders Group is serving as the general contractor for the project, which is expected to open to residents next year.
SWEDESBORO, N.J. — Marcus & Millichap has brokered the $2.5 million sale of a 10,193-square-foot medical office building in the Southern New Jersey community of Swedesboro. Completed in 2008, the building at 100 Lexington Road was fully leased at the time of sale, with Inspira Health serving as the anchor. Mark Krantz and Derrick Dougherty of Marcus & Millichap represented the seller and procured the buyer, both of which were locally based entities that requested anonymity, in the transaction.
NEW YORK CITY — JLL has negotiated a 20,000-square-foot office lease at 10 Grand Central, a 35-story building in Midtown Manhattan that was originally constructed in the early 1930s. The lease term is 10 years, and the tenant, business advisory firm Riveron, will relocate from 461 Fifth Avenue. Mitchell Konsker, Carlee Palmer, Thomas Swartz and Nicole Danyi of JLL represented the landlord, Marx Realty, in the lease negotiations. Peter Trivelas of Cushman & Wakefield represented Riveron.