Northeast

IDLogistics Signs 526,662 SF Industrial Lease in Lehigh Valley

by Taylor Williams November 17, 2022

BETHLEHEM, PA. — IDLogistics, a third-party provider based in France, has signed a 526,662-square-foot, full-building industrial lease at Lehigh Valley Trade Center in Bethlehem. The cross-dock facility features a clear height of 40 feet, 119 dock doors, 250 car parking spaces and 154 trailer parking spaces. Mark Chubb, Michael Zerbe and Summer Coulter of Colliers represented the landlord, a partnership between New York-based Clarion Partners and Dallas-based Trammell Crow Co., in the lease negotiations. Todd Steffen, also with Colliers, represented the tenant. The partnership also recently broke ground on a third phase at Lehigh Valley Trade Center that will deliver two buildings totaling roughly 588,000 square feet.

November 17, 2022

Civic Development Massachusetts Northeast

MassDevelopment Provides $36M Bond for Boston School Renovation, Expansion Project

by Taylor Williams November 17, 2022

BOSTON — MassDevelopment has provided a $36 million tax-exempt bond to fund a project at The Park School in the Brookline area. The project will entail a renovation of an existing building to create space for an art and science wing, the construction of an outdoor turf athletic field and a ropes course and the addition of a new elevator in the main building. Additionally, the school will use bond proceeds to make roof repairs, replace skylights in various facilities and install a new sprinkler system. Construction is underway and expected to be complete in January 2024. Eastern Bank purchased the bond, which will also be used to refinance previously issued debt. Founded in 1888, The Park School is a nonprofit institution with an enrollment of 560 students in grades pre-K through 8.

November 17, 2022

Development Loans Maine Multifamily Northeast

Jones Street Receives $36M Construction Loan for Multifamily Project in Brunswick, Maine

by Taylor Williams November 17, 2022

BRUNSWICK, MAINE — Private equity real estate firm Jones Street Investment Partners has received a $36 million construction loan for a 181-unit multifamily project in Brunswick, located in the southern coastal part of Maine. The site is located in a Qualified Opportunity Zone within Brunswick Landing, which is a commercial and industrial redevelopment of a former naval base. Bangor Savings Bank provided the loan. Completion is slated for late 2024.

November 17, 2022

Acquisitions New Hampshire Northeast Retail

Atlantic Capital Partners Arranges Sale of 166,332 SF Former Sears Building at New Hampshire Mall

by Taylor Williams November 17, 2022

NASHUA, N.H. — Atlantic Capital Partners, a division of Boston-based brokerage firm Atlantic Retail, has arranged the sale of an 166,332-square-foot former Sears building at Pheasant Lane Mall in Nashua, located in the southern part of New Hampshire. The building sits on 12.2 acres. Justin Smith, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

November 17, 2022

Affordable Housing Development Multifamily New Jersey Northeast

TCB Completes 111-Unit Supportive Housing Redevelopment in Jersey City

by Taylor Williams November 17, 2022

JERSEY CITY — The Community Builders (TCB), an affordable housing owner-operator with five offices across the country, has completed Bergenview Apartments, a project IN Jersey City that converted a historic YMCA building into a 111-unit apartment complex for formerly homeless individuals. All units are studios, and residents have access to a gym, game room, demonstration kitchen and a learning center. Kramer+Marks Architects designed the redevelopment, and Pike Construction Co. LLC served as the general contractor. The New Jersey Housing & Mortgage Finance Agency provided Low-Income Housing Tax Credit equity for the project.

November 17, 2022

Development Loans Maine Multifamily Northeast

Jones Street Receives $70M Construction Financing for Multifamily Project in Kittery, Maine

by Taylor Williams November 16, 2022

KITTERY, MAINE — Private equity real estate firm Jones Street Investment Partners has received a $70 million construction loan for the development of Seacoast Residences, a 282-unit multifamily project in Kittery, located in the southern coastal part of Maine. The five-building community will offer amenities such as a pool, fitness center, dog park and nature trails. KeyBank provided the loan, and Colliers arranged a $7.9 million preferred equity investment with an undisclosed partner. Construction is slated for an early 2024 completion.

November 16, 2022

Development New York Northeast Office

Shearman & Sterling Completes Renovation of 340,000 SF Office Space in Manhattan

by Taylor Williams November 16, 2022

NEW YORK CITY — Global law firm Shearman & Sterling has completed the renovation of its 340,000-square-foot office headquarters space at 599 Lexington Avenue in Midtown Manhattan. The redesigned workspace houses apportioned offices, improved boardroom acoustics, new artwork and various health and wellness features. Perkins & Will served as the architect of the project, which was conceived in advance of the pandemic and took approximately two years to complete. L&K Partners served as the construction manager, and MEP provided engineering services.

November 16, 2022

Development Multifamily Northeast Pennsylvania

LCOR Tops Out 267-Unit Apartment Building in Philadelphia

by Taylor Williams November 16, 2022

PHILADELPHIA — Developer LCOR has topped out The Ryland, a 267-unit apartment building in Philadelphia’s Society Hill neighborhood. The property will offer a mix of studio, one- and two-bedroom units, as well as two- and three-bedroom penthouses. The amenity package will comprise an outdoor pool, fitness center, multiple lounges, a rooftop deck, a children’s play area and concierge services. Hunter Roberts Construction Group is the general contractor for the project, which is scheduled for a fourth-quarter 2023 completion.

November 16, 2022

Development New Jersey Northeast Retail

Home Depot to Open 136,000 SF Store in Trexlertown, Pennsylvania

by Taylor Williams November 16, 2022

TREXLERTOWN, PA. — Home Depot (NYSE: HD) will open a 136,000-square-foot store at Macungie Crossing, a 182,000-square-foot shopping center that is under construction in the Lehigh Valley community of Trexlertown. New York City-based RD Management is developing the project, construction of which is underway and expected to be complete next summer. The Atlanta-based home improvement retailer now operates about 70 stores in Pennsylvania.

November 16, 2022

Acquisitions Industrial Massachusetts Northeast

RAM Cos. Acquires 92,000 SF Warehouse in North Billerica, Massachusetts

by Taylor Williams November 16, 2022

NORTH BILLERICA, MASS. — RAM Cos. has acquired a 92,000-square-foot warehouse in North Billerica, located north of Boston, via a $14.5 million sale-leaseback with Boston-based information management services firm Iron Mountain. Built in 1985, the property features clear heights ranging from 28 to 45 feet and 10 loading docks. Michael Restivo and Lenny Pierce of JLL represented Iron Mountain in the deal. Mark Campbell internally represented RAM Cos., which plans to implement a value-add program.

November 16, 2022

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