PARSIPPANY, N.J. — Siemens Corp. has signed a 43,138-square-foot office lease in the Northern New Jersey community of Parsippany. The German conglomerate and industrial manufacturer will occupy space at Two Gatehall Plaza, a 389,298-square-foot building that was originally constructed in 1985 and recently renovated. Jeff Schotz, Kevin Murphy, Sumner Putnam and Peter Kasparian of Newmark represented the landlord, New York-based Silverman Realty Group Inc., in the lease negotiations. Jeff Babikian and Conor Dolan of CBRE represented the tenant.
SOMERVILLE, MASS. — Newmark has arranged $514 million in construction financing for Phase I of Assembly Innovation Park, a life sciences tower spanning 485,000 square feet in the Boston suburb of Somerville. BioMed Realty, a San Diego-based subsidiary of Blackstone that focuses on life sciences real estate, is developing the 12-story tower and accompanying parking garage. The tower will be situated at the intersection of Middlesex Avenue and Foley Street, with visibility along I-93. According to the property website, Phase I of Assembly Innovation Park will feature an even split between office and laboratory space. Future phases of the three-building campus will include a cafe, conference center and a food hall. David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna of Newmark’s Boston office arranged the financing on behalf of BioMed Realty. The direct lender was not disclosed. Harrison Zucco of Cushman & Wakefield provided supporting financial analysis for the deal. Phase I of Assembly Innovation Park will incorporate tech-enabled sustainable features, including a high-performance curtain wall, high-efficiency chilled water and exhaust air systems and a rooftop photovoltaic array. BioMed Realty is aiming to achieve LEED Gold and WELL certifications at the property. The San Diego-based …
SOMERSET AND WARREN, N.J. — Newmark has negotiated the approximately $100 million sale of a portfolio of light industrial properties totaling 650,000 square feet in Northern New Jersey. An institutional investor acquired 50 & 100 Randolph Road, two assets in Somerset totaling 236,000 square feet that were 91 percent leased at the time of sale. The buyer(s) of the other four properties in Warren were not disclosed. Kevin Welsh, Brian Schulz, Maria Betancourt, Steven Schultz, Dan Reider, Kyle Eaton and Chris Koeck of Newmark represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the deal.
NEW BRUNSWICK, N.J. — New Jersey-based developer AST has topped out a 229,000-square-foot healthcare project in the Central New Jersey community of New Brunswick. The 15-story ambulatory medical pavilion is situated within the Robert Wood Johnson University Hospital campus. Upon completion, which is scheduled for the second quarter of 2023, the facility’s outpatient access to care and clinical experts supporting existing RWJBarnabas Health hospital services will be expanded.
BAY SHORE, N.Y. — New York City-based Rockefeller Group is underway on construction of a 172,622-square-foot speculative distribution center in the Long Island community of Bay Shore. The property at 55 Paradise Lane will feature a clear height of 36 feet, 40 dock doors, 270 car parking spaces, 40 trailer parking stalls and 7,317 square feet of mezzanine-level office space. Manhattan-based KSS Architects designed the project, and Aurora Contractors is handling construction. Completion is slated for the first quarter of next year.
PITTSBURGH — Chicago-based investment firm Syndicated Equities has sold Plaza at the Pointe, a 149,973-square-foot shopping center in Pittsburgh. At the time of sale, the property was leased to tenants such as Bed Bath & Beyond, La-Z-Boy, Party City, Old Navy, Dress Barn and Bob’s Discount Furniture. The buyer was not disclosed. Syndicated Equities originally acquired the property in partnership with Chicago-based owner-operator M & J Wilkow in 2016 for $24.5 million.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5 million sale of a 38-unit apartment building in Brooklyn’s Bedford-Stuyvesant neighborhood. The 35,000-square-foot building at 575 Herkimer St. was originally constructed in 1965. Ben Khakshoor of Rosewood Realty represented the buyer, Gilman Management, in the transaction. Aaron Jungreis, also with Rosewood, represented the seller, a private family.
By Brent Glodowski, director, capital markets group, Avison Young Conditions are looking up for retail real estate investment in New York City. In one sense, “up” is the only way to go for a sector that has been bumping along the bottom of a trough. But with inflation tempering investors’ recent fascination with multifamily and industrial properties, retail also offers opportunities to acquire price-corrected assets when those other property types hover near cyclical peaks. Retail’s Head Start New York’s retail real estate market was already suffering from changing consumer tendencies when COVID-19 arrived and thrust many retailers and their landlords into a full-blown crisis. Even when government-ordered shutdowns eased, remote work policies drained office buildings of the customer bases that had supported swaths of restaurants, shops and entertainment businesses. Home-bound workers became a redistributed daytime population, shifting demand for meal delivery and other retail to new areas. Hundreds of small businesses went under, leaving vacant storefronts in their wake. Some retailers altered business plans to serve shifting customer bases that had developed new, pandemic-influenced consumption practices. Landlords with vacancies to fill turned to traditional strategies, such as relocating tenants from out-of-the-way spaces to fill their most visible storefronts. Property owners …
BOSTON — JLL has arranged a $585 million construction loan for Allston LabWorks, a 580,905-square-foot life sciences, retail and multifamily project in the Allston neighborhood of Boston. The borrower and developer is a joint venture between Boston-based King Street Properties, Brookfield and Mugar Enterprises. Allston LabWorks will feature 534,000 square feet of lab space, 20,000 square feet of retail space and 35 multifamily units, about 25 percent of which will be reserved as affordable housing. The development will also house a 5,000-square-foot outdoor event area and a 668-space parking garage. The site, which spans 4.3 acres at 305 Western Ave., is situated adjacent to Harvard University’s 350-acre Allston campus, which is home to the newly opened John A. Paulson School of Engineering & Applied Sciences. The area is also near the campuses of Boston University and Boston College, with multiple MBTA Green Line stops nearby. Greg LaBine and Amy Lousararian of JLL arranged the four-year, floating-rate loan through an undisclosed institutional debt fund. Construction of the project is underway, but a timeline for completion was not disclosed. “The fact that we were able to move quickly on this loan in today’s market conditions speaks to the level of interest and …
PARSIPPANY, N.J. — JLL has negotiated the $82.5 million sale of The Mark Parsippany, a 212-unit apartment complex in Northern new Jersey. The property offers one- and two-bedroom units with an average size of 911 square feet that are furnished with stainless steel appliances, quartz countertops, kitchen islands and individual washers and dryers. According to Apartments.com, amenities include a pool, fitness center, clubhouse, resident lounge, conference room and a pet washing station. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver and Joseph Lembo of JLL represented the seller, an affiliate of Harbor Group International, in the transaction. The buyer was an affiliate of The DSF Group, an investment firm with offices in Boston and Washington, D.C.