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Northeast

FreezPak-Logistics-Philadelphia
DevelopmentIndustrialNortheastPennsylvania

BG Capital to Develop $85M Cold Storage Project in Philadelphia

by Taylor Williams

PHILADELPHIA — Locally based development and investment firm BG Capital will build an $85 million cold storage project on a seven-acre site in Philadelphia’s Port Richmond neighborhood. New Jersey-based cold storage operator FreezPak Logistics has committed to leasing the 170,117-square-foot facility on a triple-net basis, with the expectation of adding about 60 new permanent jobs to the local economy. Building features will include a clear height of 75 feet, an automated inventory storage and retrieval system, 20 loading docks, 30 trailer parking stalls and 60 parking spaces. Construction is scheduled to begin in the third quarter.

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Leasing ActivityLife SciencesNortheastPennsylvania

SmartLabs to Open Life Sciences Facility at Drexel University in Philadelphia

by Taylor Williams

PHILADELPHIA — SmartLabs, a Boston-based life sciences operator, will open a new facility within Drexel University’s campus in Philadelphia. The square footage was not disclosed, but the space will span two stories within a 508,000-square-foot facility that is being developed by a partnership between Gattuso Development Partners and New York-based Vigilant Holdings. The facility, which is scheduled to open in 2025 and will include research and development, office and manufacturing space, will be SmartLabs’ seventh in the country.

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Leasing ActivityNew YorkNortheastOffice

Burlington Signs 34,591 SF Office Lease Expansion at 1400 Broadway in Manhattan

by Taylor Williams

NEW YORK CITY — Burlington Stores Inc. has signed a 34,591-square-foot office lease expansion at 1400 Broadway in Manhattan’s Garment District. The New Jersey-based apparel and accessories retailer now occupies 102,898 square feet across three floors at the 37-story building, which was originally constructed in 1930. Scott Klau, Neil Rubin and Erik Harris of Newmark represented the landlord, Empire State Realty Trust, in the lease negotiations. Alan Desino of Colliers represented Burlington.

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DelawareDevelopmentHospitalityNortheast

Driftwood Capital Completes $31M Hotel in Wilmington, Delaware

by Taylor Williams

WILMINGTON, DEL. — Hospitality investment and development firm Driftwood Capital has completed a $31 million hotel in Wilmington that will be operated as a Staybridge Suites, which is part of the InterContinental Hotels Group family of brands. The 11-story, 134-room hotel offers a lounge, fitness center, business center, meeting and event spaces and a convenience mart. Whiting-Turner Contractor Co. handled construction of the project, which was designed by Dever Architects. First International Bank & Trust provided construction financing. Driftwood will manage the property.

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DevelopmentLeasing ActivityLife SciencesNortheastPennsylvania

SmartLabs to Open Life Sciences Facility at Drexel University in Philadelphia

by Taylor Williams

PHILADELPHIA — SmartLabs, a Boston-based life sciences operator, will open a new facility within Drexel University’s campus in Philadelphia. The square footage was not disclosed, but the space will span two stories within a 508,000-square-foot facility that is being developed by a partnership between Gattuso Development Partners and New York-based Vigilant Holdings. The facility, which is scheduled to open in 2025 and will include research and development, office and manufacturing space, will be SmartLabs’ seventh in the country.

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Leasing ActivityNew YorkNortheastOffice

Burlington Signs 34,591 SF Office Lease Expansion at 1400 Broadway in Manhattan

by Taylor Williams

NEW YORK CITY — Burlington Stores Inc. has signed a 34,591-square-foot office lease expansion at 1400 Broadway in Manhattan’s Garment District. The New Jersey-based apparel and accessories retailer now occupies 102,898 square feet across three floors at the 37-story building, which was originally constructed in 1930. Scott Klau, Neil Rubin and Erik Harris of Newmark represented the landlord, Empire State Realty Trust, in the lease negotiations. Alan Desino of Colliers represented Burlington.

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The-Broderick-Philadelphia
AcquisitionsMultifamilyNortheastPennsylvania

JLL Brokers Sale of Two Philadelphia Apartment Complexes Totaling 213 Units

by Taylor Williams

PHIILADELPHIA — JLL has brokered the sale of two apartment complexes totaling 213 units in Philadelphia. The Broderick is a 69-unit property in the Society Hill area that houses one- and two-bedroom units with an average size of 854 square feet and 5,240 square feet of ground-floor retail space. The Republic is a 144-unit complex in the Rittenhouse neighborhood with studio, one- and two-bedroom residences averaging 695 square feet. The Republic also houses 5,267 square feet of retail space. Mark Thomson, Carl Fiebig, Francis Coyne and Tyler Margraf of JLL represented the seller, a partnership between Barings Real Estate and MRP Realty, in the two separate transactions. Sentinel Real Estate Corp. acquired the assets for undisclosed prices.

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The-Street-Boston
DevelopmentMassachusettsNortheastRetail

WS Development Unveils Plans for Redevelopment of Boston Retail Property

by Taylor Williams

BOSTON — Locally based firm WS Development has unveiled plans for the redevelopment of The Street, a retail property in Boston’s Chestnut Hill neighborhood. The centerpiece of the project will involve the repositioning of the three-story, 90,000-square-foot building at 27 Boylston St. to house new retailers and restaurants, as well as office space and outdoor communal areas. The project team will also upgrade the existing landscaping, architecture and public spaces. WS Development is designing the project in partnership with global architecture firm Sasaki. Completion is slated for 2023.

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ConnecticutLoansNortheastRetail

Cronheim Mortgage Arranges $23.5M Permanent Loan for Connecticut Shopping Center

by Taylor Williams

NORTH HAVEN, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $23.5 million permanent loan for North Haven Pavilion, a 148,277-square-foot shopping center located north of New Haven. Tenants at North Haven Pavilion include Michaels, Wendy’s and Hartford Healthcare. Dev Morris, David Poncia, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing on behalf of the borrower, a subsidiary of National Realty & Development Corp., which originally developed the center in 2004. The loan carried a 10-year term and a 30-year amortization schedule.

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AcquisitionsIndustrialNew JerseyNortheast

Timberline Real Estate Buys 66,000 SF Light Industrial Building in Paterson, New Jersey

by Taylor Williams

PATERSON, N.J. — New York-based investment firm Timberline Real Estate Ventures has purchased a 66,000-square-foot light industrial building in the Northern New Jersey community of Paterson. At the time of sale, the property, which includes nearly a full acre of outdoor storage space, was fully leased to building materials provider Kamco Supply. Michael Klein, Alex Staikos and Michael Lachs of JLL arranged an undisclosed amount of nonrecourse, fixed-rate acquisition financing for the deal through Blue Foundry Bank. The seller was not disclosed.

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