GLASTONBURY, CONN. — Cushman & Wakefield has brokered the sale of Buckingham Heights, a 46-unit memory care facility in Glastonbury, a suburb of Hartford. The single-story building was built in 2001 and renovated in 2021. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller, Longview Senior Housing, in the transaction. Seniors housing owner-operator Hamister Group purchased the property for an undisclosed price.
NORWELL, MASS. — JLL has negotiated the sale of a 59,519-square-foot, single-tenant retail property in Norwell, located about 20 miles south of Boston, that is leased to grocer Stop & Shop. Nat Heald led the JLL team that represented the undisclosed seller in the transaction. Baillard Real Estate Fund purchased the property for an undisclosed price.
PHILADELPHIA — Capital One Finance Corp. has signed a 22,382-square-foot office lease at 1735 Market Street, a 54-story building in downtown Philadelphia. The lease term is nine years. Scott Gabrielsen of CBRE represented the tenant, which will relocate to the 37th floor from a suburban office next spring, in the lease negotiations. Internal agents Jeremy Moss and Keith Cody, along with Anthony LiVecchi, Tom Weitzel and Mitch Marcus of JLL, represented the landlord, a partnership between Silverstein Properties and Arden Group.
Combinations of offices with laboratories, research and development spaces and/or manufacturing areas make life sciences facilities highly customizable. These multipurpose, technical spaces are in high demand from companies seeking first-class facilities for research-based advancements. Low vacancies, high rents and the chance to convert unused office or retail spaces on a faster timeline have prompted some creative approaches to retrofit existing space to fulfill the needs of science and technology tenants. In other instances, facilities must be built from the ground up to conform to best practices. But what factors matter most to the life sciences field? And how can developers increase their speed to market? Read on for tips and checklists for developers hoping to speed up the process of building or retrofitting these facilities. Industry Drivers: Speed to Market and Flexibility Office conversions into life sciences facilities offer a variety of options. Life sciences facilities often do not need to accommodate large trucks (eliminating circulation and loading dock concerns), they use office components and (most importantly) office conversions offer faster speed to market than other types of conversions. “Speed to market is most important for these developers/tenants. There is a shortage of space, so a well-designed, spec building will …
NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) and chef Jean-Georges Vongerichten have opened the Tin Building by Jean-Georges, a 53,000-square-foot food hall at Pier 17 at the Seaport in Lower Manhattan. The new culinary destination is an adaptive reuse of the Tin Building, a historic waterfront property that once served as the site of the Fulton Fish Market. The new food hall features six new full-service restaurant concepts and six fast-casual counters, as well as three specialty retailers and bars serving wine, craft cocktails and craft beers. The eateries and shops surround a central marketplace that sells locally sourced seafood, meat, cheese and produce. “It has been a great privilege to have this opportunity to bring back the Tin Building and reinvent such an iconic New York staple in a new and authentic way — honoring and inspired by the Seaport’s rich history and continuing the legacy of providing a one-of-a-kind experience that pays tribute to the global influences found in New York City,” says Vongerichten. The eateries include a French brasserie, seafood restaurant (Fulton Fish Co.), Asian speakeasy, breakfast counter, several vegetarian options, a bakery and a coffee shop. Vongerichten curated all 20 installments at the …
PASSAIC, N.J. — Lee & Associates has negotiated the $52 million sale of a 330,000-square-foot industrial property that is situated on a 10.7-acre site at 153 Linden St. in the Northern New Jersey community of Passaic. Rick Marchisio, Brian Lynch and Drew Maffey of Lee & Associates represented the seller, Waitex, and procured the buyer, Thor Equities, in the transaction. David Sitt, Peter Rotchford, Matthew Pizzolato and Ryan Carroll of JLL arranged a three-year, floating-rate loan through Tremont Realty Capital on behalf of Thor Equities.
MALTA, N.Y. — Florida-based LeCesse Development Corp. has broken ground on GrandeVille at Malta, a 189-unit multifamily project that will be located north of Albany in Upstate New York. The project represents Phase II of a larger development, the initial phase of which comprised 292 units. Phase II residences will be spread across three buildings and will come in one-, two- and three-bedroom formats. Units will be furnished with stainless steel appliances, quartz countertops, custom cabinetry, walk-in closets and individual washers and dryers. Communal amenities will include an indoor pool, clubhouse, fitness center, game room, business lounge and a spa. Completion is scheduled for next fall. Other project partners include James Fahy Design Associates, general contractor Platinum-LeChase, Lansing Engineering and Five Star Bank.
FAIR LAWN, N.J. — General contractor Peak Construction Corp. is underway on construction of Fair Lawn Logistics Center, a 155,010-square-foot speculative industrial project in Northern New Jersey. The facility will be situated on a 9.2-acre site and will feature a clear height of 36 feet, 16 dock doors and 5,000 square feet of office space. M+H Architects is designing the project, and Dynamic Engineering is serving as the civil engineer. Completion is slated for May 2023. The developer was not disclosed.
NANTUCKET, MASS. — JLL has arranged an $11 million loan for the refinancing of Anchor Inn & Greydon House, two historic hospitality properties totaling 32 rooms on the island of Nantucket. Anchor Inn totals 12 rooms and was originally built in 1806. Greydon House comprises 20 rooms and was constructed in 1850. Jonathan Schneider led the JLL team that arranged the fixed-rate loan through HarborOne Bank on behalf of the borrower, Faros Properties.
CLIFTON, N.J. — NAI James E. Hanson has brokered the sale of a 63,000-square-foot medical office building in the Northern New Jersey community of Clifton. Darren Lizzack and Randy Horning of NAI Hanson represented the undisclosed buyer in the transaction. The seller was an entity doing business as Bliss Valley Associates LLC. The buyer plans to build an outpatient surgery center on the top floor of the four-story building and lease the remaining space.