NORWALK, CONN. — Locally based brokerage firm Angel Commercial has negotiated the $2.7 million sale of a 5,732-square-foot retail strip center located in the southern coastal Connecticut city of Norwalk. At the time of sale, the property was fully leased to Subway and Mattress Firm. Brett Sherman of Angel Commercial represented the seller, JA Real Property Corp., in the transaction. Bryan Atherton and Matt Renzulli of Coldwell Banker Commercial represented the buyer.
LAWRENCEVILLE, N.J. — Delaware Valley Retina Associates has signed a 5,938-square-foot healthcare lease renewal at Princess Road Office Park in Lawrenceville, a northern suburb of Trenton. Larken Associates owns the property, which comprises 47,094 square feet of office and medical office space across two buildings on a nine-acre site. Vinny DiMeglio of JLL represented the tenant in the lease negotiations.
BRIDGEPORT, CONN. — Flaherty & Collins Properties (F&C), in partnership with RCI Group and the City of Bridgeport, has unveiled plans for a $200 million waterfront apartment community at Steelepointe Harbor, a mixed-use development along Long Island Sound. Plans call for 420 units and 10,000 square feet of retail space. Amenities will include a pool, outdoor kitchens, gathering spaces, secure parking and a dedicated dog park and pet spa. A water taxi will provide residents with service to nearby beach areas. A fitness center will offer fitness classes, a spin studio, sauna and jacuzzi. Residents will also have access to a pickleball court. Bridgeport is located 50 miles northwest of New York City. Steelepointe Harbor is accessible along the I-95 corridor and a short walk to the Bridgeport Transportation Center, which features access to the train station and the Bridgeport & Port Jefferson Ferry to Long Island. The Hartford Healthcare Amphitheatre live event venue, which opened in 2021, is less than a mile away. Previous development phases of Steelepointe Harbor included a Bass Pro Shops, Chipotle and Starbucks in late 2015, followed by the addition of Bridgeport Harbor Marina. The 220-slip marina is approaching full occupancy in its third year. …
LANGHORNE, PA. — Provident Bank has provided a $32.1 million loan for an industrial redevelopment project in Langhorne, located near Philadelphia in Bucks County. The borrower, a partnership between Greek Development and Principal Real Estate Investors, first acquired the site at 900 Wheeler Way in 2006 and subsequently expanded one of the two onsite buildings by 60,000 square feet. The partnership is now demolishing the second building in order to construct a last-mile distribution center with a clear height of 40 feet, truck court depths of 150 feet and parking for 242 cars and 80 trailers. Construction is slated for a second-quarter 2023 completion.
PORTSMOUTH, N.H. — JLL has brokered the sale of a 102-room Marriott-breanded hotel in Portsmouth, located in the southern coastal part of the Granite State. The Fairfield Inn Portsmouth Seacoast underwent a renovation in 2015-2016 and offers a business center, fitness center, outdoor pool and a sundry store. Alan Suzuki, Matthew Enright, Emily Zhang and Miranda Guajardo of JLL represented the seller, a joint venture between funds managed by Contrarian Capital Management and Waramaug Hospitality, in the transaction. The buyer was not disclosed.
HARRISBURG, PA. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the sale of three multifamily properties totaling 78 units in the Harrisburg area for a combined price of $8.2 million. The properties consist of a 34-unit complex in Camp Hill that sold for $3.8 million; a 23-unit asset in Dillsburg that fetched a price of $2.2 million; and a 21-unit property in Harrisburg that traded for $2.2 million. Matt Wolf of Kislak represented the sellers and procured the buyers, all of which requested anonymity, in the three separate transactions.
CARLISLE, PA. — Colliers has negotiated a 114,142-square-foot industrial lease at 1400 Distribution Drive in Carlisle, a western suburb of Harrisburg. According to LoopNet Inc., the property was built in 2005 and totals 550,184 square feet. Mark Chubb, Michael Zerbe and Summer Coulter of Colliers represented the landlord, Prologis, in the lease negotiations. The name and representative of the tenant were not disclosed.
LEVITTOWN, N.Y. — Advance Auto Parts has signed a 7,000-square-foot retail lease at Levittown Mews Shopping Center on Long Island. Robert Delavale of Breslin Realty represented the landlord in the lease negotiations. The representative of the tenant was not disclosed. Other tenants at Levittown Mews include Walmart Neighborhood Market, Ulta Beauty, America’s Best Contacts & Eyeglasses, Lane Bryant and European Wax Center.
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Multifamily Developers Must Find Balance Between Density, Amenities
Finding a balance between density and amenities has never been simple for residential developers, but rising interest rates, density restrictions and an increased desire to solidify multifamily projects within the community mean that there is much to be gained from creative approaches to this old problem. Starting the process of planning early, using zoning to the developer’s advantage and creating an adaptable, sustainable and welcoming place for tenants can allow for a successful project with a lower overall price tag. This method can solve some of the trickier problems faced by multifamily developers, including density, parking and zoning considerations. Starting Off Right — Creating a Master Site Plan Success in multifamily is easier to achieve if the project starts with a shared team vision from the outset, says Bill Rearden, principal at Bohler, a land development design and consulting firm. Rearden explains that Bohler has its own planning, landscape architecture and survey teams and works with many industry partners for environmental and geotechnical due diligence. “We work with these teams in the very early stages to understand what the configuration of a property is and what its constraints are. We know upfront any underlying zoning a property might have, so …
NEW YORK CITY — Brookfield Real Estate Financial Partners has provided a $272.5 million construction loan for a project that will convert a 530,000-square-foot office building at 160 Water Street in Manhattan’s Financial District into a 588-unit apartment community. The redevelopment, a tentative completion date for which was not disclosed, will add six levels to the 24-story building. The new apartment building will feature units with stainless steel appliances, quartz countertops and individual washers and dryers, as well as amenities such as a lobby lounge, coffee bar, fitness center and rooftop deck. Gideon Gil, Adam Spies, Kempton Coady and Alex Lapidus of Cushman & Wakefield arranged the loan on behalf of the borrower, Vanbarton Group.