NORTH ARLINGTON, N.J. — A joint venture between locally based developer Hampshire Cos. and global investment management firm Invesco will develop a 111,660-square-foot industrial project in North Arlington, located just outside Newark. The facility will feature a clear height of 40 feet, 22 dock-high doors, five trailer parking spaces and roughly 4,500 square feet of office space. Michael Klein, John Rose, Jon Mikula and Ryan Carroll of JLL arranged construction financing through BMO Financial Group on behalf of the joint venture. A tentative completion date was not disclosed.
BENNINGTON, VT. — CBRE has arranged a $10 million sale-leaseback of a 20,219-square-foot car dealership in Bennington, located near the Vermont-Massachusetts border. Legacy Automotive Capital acquired the site, which was constructed in 2018, and will continue to lease it to Lundgren Subaru of Bennington. Karly Iacono of CBRE represented the seller and procured the buyer in the transaction.
NORTH BRUNSWICK, N.J. — Crumbl Cookies has opened a 1,794-square-foot store at The Shoppes at North Brunswick, located near Rutgers University in New Jersey. Kevin Pelio and James Azarian represented the landlord, Azarian Realty Co., in the lease negotiations on an internal basis. Jerry Johnson of Bennett Williams Commercial represented the tenant.
Fiber networks built with multifamily properties in mind offer network resilience while maximizing ROI for owners and operators. Well-constructed fiber networks are at the heart of meeting and exceeding residents’ growing Internet needs, especially when work-from-home culture and the constant need for online connection have made Internet slowdowns and downtime unacceptable for end users. Fiber can also strengthen connectivity across multifamily properties, shoring up the Wi-Fi services residents have come to know and on which they’ve come to depend. How does a national fiber network integrate with multifamily properties? By focusing just on the needs of the multi-dwelling unit (MDU). “Instead of building out 200-mile routes of duct and fiber, we build out ‘miracle miles’ in densely populated MDU areas. From that point, we’re able to easily grow or expand out from that area,” says Michael O’Linc, president of fiber services & campus communications at Pavlov Media. O’Linc stresses the importance of a more planned, methodical approach for MDUs. A network that serves multifamily buildings must be a network focused on backups and fail safes. The “miracle mile” method creates a main line with laterals — creating a ring shape as it expands. This approach to fiber makes networks easier to …
NEW YORK CITY — Locally based developer RXR has topped out Maven, a 27-story multifamily project in the Mott Haven neighborhood of The Bronx. Designed by CetraRuddy and built by LRC Construction, Maven will feature 200 units, 60 of which will be rent-stabilized, as well as 81 enclosed parking spots and 721 square feet of retail space. Amenities will include rooftop grilling and dining areas, a lounge, game room and landscaped courtyards. The project, which is RXR’s first in The Bronx, is slated for completion next year.
NEW CITY, N.Y. — New Jersey-based development and investment firm KABR Group has acquired New City Shopping Center, a 125,110-square-foot property located north of New York City in Rockland County, for $30 million. KABR Group acquired the grocery-anchored center, which was 96 percent leased at the time of sale, in partnership with Long Island-based retail operator BTF. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Andrew Scandalios and Austin Pierce of JLL represented the undisclosed seller in the transaction.
NEW YORK CITY — Barings has provided an $11.5 million permanent loan for Euclid Glenmore Apartments, a 135-unit affordable housing project in Brooklyn. Upon completion, a date for which was not disclosed, the eight-story building will house units for renters earning 60 percent or less of the area median income. More than half the units will be set aside for formerly homeless families or individuals, and the community will include a dedicated medical support area with childcare services. The borrower is a partnership between Lantern Organization and Mega Contracting Group.
VINELAND, N.J. — Cronheim Mortgage has arranged a $4.1 million permanent loan for Vineland Apartments, a 104-unit multifamily property in Southern New Jersey. The garden-style property comprises seven two-story buildings that house one- and two-bedroom units ranging in size from 680 to 868 square feet. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim Mortgage arranged the financing on behalf of the borrower, New Jersey-based investment firm Marshall Weinerman Real Estate. The direct lender was not disclosed.
SOUTH PLAINFIELD, N.J. — Tropical Supermarket will open a 15,800-square-foot grocery store at Clinton Corners, a 30,331-square-foot neighborhood retail center located in the Northern New Jersey community of South Plainfield. The tenant will backfill a space previously occupied by grocer Bravo, maintaining the property’s 100 percent occupancy rate. Vanessa Fernandez-Kelty of Levin Management Corp. represented the undisclosed landlord in the lease negotiations.
JERSEY CITY, N.J. — A partnership between The Birch Group and 2020 Vision has purchased 101 Hudson Street, a 42-story office building in Jersey City. Also known as The Merrill Lynch Building, the waterfront property spans 1.3 million square feet within the city’s Exchange Place district. The seller and sales price were not disclosed. Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of CBRE advised on the new ownership’s assumption of $250 million in existing CMBS debt and secured a $78 million preferred equity investment from New York City-based SKW Funding.