JERSEY CITY, N.J. — A partnership between two developers, Park Stone Management and Fields Grade, has begun leasing Le Léo, a 99-unit apartment building in Jersey City’s Journal Square district. Designed by Marchetto Higgins Stieve, the property offers one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a fitness center, resident lounge, coworking space and a rooftop terrace. Le Léo also houses ground-floor retail space. Rents start in the $2,500s for a one-bedroom apartment.
BEVERLY, MASS. — Marcus & Millichap has brokered the $3.8 million sale of a seven-unit apartment building in Beverly, a northeastern suburb of Boston. The unit mix comprises four one-bedroom apartments, one two-bedroom residence and two three-bedroom units, as well as two commercial spaces. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.
DOUGLAS, MASS. — CRG, the development arm of Chicago-based construction engineering firm Clayco, has broken ground on The Cubes at Gilboa, a 1.1 million-square-foot industrial project in Douglas, about 20 miles south of Worcester. The facility will be situated on 85 acres and will feature a clear height of 40 feet, 171 dock doors, four drive-in doors, an ESFR sprinkler system and parking for 651 cars and 220 trailers. Lamar Johnson Collaborative is the project architect, and Clayco is the builder. Newmark is the leasing agent. Completion is slated for fall 2023.
Greystar Begins Work on 412,500 SF Warehouse, Distribution Center in East Bridgewater, Massachusetts
EAST BRIDGEWATER, MASS. — Greystar has begun construction on a 412,500-square-foot warehouse and distribution center at 798 N. Bedford St. in East Bridgewater, located south of Boston. The project, which is scheduled for a late 2023 delivery, will be the South Carolina-based developer’s first in the greater Boston area. Greystar has tapped JLL to lease the development.
UNION, N.J. — CBRE has negotiated the sale of Canter Green, a 153-unit apartment complex located in the Northern New Jersey community of Union. The property was built on six acres in 2021 and offers one-, two- and three-bedroom units. Amenities include a pool, lounges, fitness center, sport simulator, game room and a dog run. Jeff Dunne, Stuart MacKenzie, Zach McHale and Travis Langer of CBRE represented the seller, RMS Cos., in the transaction. The team also procured the buyer, Atlanta-based Invesco Real Estate.
NEWINGTON, N.H. — Boston-based brokerage firm Atlantic Capital Partners has arranged the sale of a 127,058-square-foot retail building formerly occupied by Sears in Newington, located in the southeastern part of the Granite State. The building is situated within Fox Run Mall. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.
NEW YORK CITY — Applause, a Massachusetts-based provider of digital testing and quality control services, has signed a 17,500-square-foot office lease at 355 Lexington Avenue in Manhattan. Chris Foerch of Savills represented the tenant, which plans to take occupancy of the entire seventh floor later this month, in the lease negotiations. Robert Steinman internally represented the landlord, Rudin, which originally developed the 270,000-square-foot building in 1959.
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Walker & Dunlop: Small Balance Lending Presents New Financing Option for Turbulent Market
Following a similar move in June and July, the Fed implemented its third consecutive interest rate hike of 75 basis points in mid-September. This is the biggest three-month interest rate swing since 1994. What does this all mean for investors in the small balance lending (SBL) segment of the multifamily sector? The combination of rising interest rates, inflation and market uncertainty tempts borrowers to sit on the sidelines until conditions improve. Turbulent markets also limit financing options, as many lenders and capital sources tend to become cautious and pull back. But the need for capital transcends market cycles and seasoned multifamily investors know that rate hikes are nothing new. We’ve been here before with interest rates of nearly 7 percent in the 2000s and a record high of nearly 20 percent in the 1980s. The business of real estate investing never stops. New acquisition opportunities arise as distressed owners are forced to sell, cap rates settle to more conservative levels and the market shifts in the buyer’s favor. All things considered, now is the time to seek new investment opportunities. In fact, Warren Buffett once offered the timeless advice that it is wise for investors to be “fearful when others …
QUAKERTOWN, PA. — New Jersey-based investment firm First National Realty Partners (FNRP) has acquired Richland Marketplace, a 162,000-square-foot shopping center in Quakertown, about 50 miles north of Philadelphia. Built in 2009, the center houses tenants such as Aldi, Best Buy, PetSmart, Planet Fitness, Staples, Ulta, Visionworks, Sally Beauty and Skechers. Colin Behr, Jim Galbally, Chris Munley and James Graf of JLL represented the seller, KPR, in the transaction.
RICHMOND, MAINE — Marcus & Millichap has brokered the sale of Mid-Maine Storage, a 157-unit self-storage facility located on the southern outskirts of Augusta. The property comprises 154 non-climate-controlled units and three garage units for a total of 17,410 net rentable square feet. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Jim Koury of Marcus & Millichap assisted in closing the deal as the broker of record.