JERSEY CITY, N.J. — Locally based brokerage firm B6 Real Estate Advisors has arranged the $4.5 million sale of a 25-unit apartment building in Jersey City’s West Bergen neighborhood. The property comprises 20 one-bedroom units and five two-bedroom units. Titanium Capital Partners purchased the asset for an undisclosed price. Yanni Marmarou led the B6 Real Estate team that brokered the deal.
TOTOWA, N.J. — Marshalls has opened a 50,000-square-foot store at Totowa Square, a 258,000-square-foot retail power center in Northern New Jersey. The discount retailer is backfilling a space formerly occupied by Toys ‘R’ Us. Brian Katz and Amy Staats of Katz & Associates represented the landlord in the lease negotiations. Jerry Welkis of Welco Realty represented the tenant. The center is now 97 percent leased.
Affordable HousingDevelopmentMixed-UseMultifamilyNew JerseyNortheastOfficeRetailSeniors HousingTop Stories
HBC, Streetworks Unveil Plans for 731,000 SF Mixed-Use Redevelopment Project in Westfield, New Jersey
WESTFIELD, N.J. — A partnership between Hudson Bay Co. (HBC) and StreetWorks Development, the company’s property development division, has unveiled plans for a mixed-use redevelopment project in Westfield, roughly 22 miles west of New York City. The developer plans to convert a 731,000-square-foot building previously occupied by a Lord & Taylor department store, as well as several town-owned parcels, into One Westfield Place, a transit-served development with an array of uses and pedestrian features. Preliminary plans call for 310,000 square feet of office space across two buildings; 27,000 square feet of retail and restaurant space throughout the development; 154 age-restricted apartments and townhomes; 69 market-rate apartments; an unspecified amount of affordable housing in accordance with local and state requirements; and two parking garages that can accommodate over 450 cars. The development team also plans to revitalize the downtown area with pocket parks, event spaces, water features and a mobility hub connecting the two sides of the train station that offers storage, bike stations and ride sharing areas. The joint venture will collaborate with Dan Biederman — president of Biederman Redevelopment Ventures, which runs the programs in New York City’s Bryant Park — to develop a plan to strategically program events and …
MOUNT POCONO, PA. — JLL has arranged the sale of an 85-acre industrial development site in Mount Pocono, located in the northeastern part of the state. The buyer, Newland Capital Group, will construct a 1.2 million-square-foot warehouse and distribution center at the site and has already secured an undisclosed tenant for a full-building lease. Completion of the facility, which will feature four drive-in doors and parking for 359 trailers and 426 cars, is scheduled for the first quarter of 2024. Jeff Lockard, Ryan Barros and Kevin Lammers of JLL represented Newland Capital in the land deal. The trio also worked with Casey Mungo of DAUM Commercial to arrange the sale and negotiate the lease. Steve Cooper, also with JLL, represented the land seller.
DARIEN, CONN. — CBRE has brokered the $21.1 million sale of a 70,928-square-foot office building located at 9 Old Kings Highway S. in the southern coastal Connecticut city of Darien. The transit-served property is located in the city’s downtown area and was 84 percent leased at the time of sale. Jeffrey Dunne, Steve Bardsley, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, Hall Investments, in the transaction. The buyer was not disclosed.
FAIRVIEW, N.J. — Global investment management firm Realterm has acquired a 66,504-square-foot warehouse located at 83 Broad Ave. in the Northern New Jersey community of Fairview. The property sits on 4.7 acres and features 10 dock-high doors. Torsten Thaler, Tom Tucci and Steve Shoemaker of Cushman & Wakefield brokered the deal, the seller of which was not disclosed.
NORTHAMPTON, MASS. — A partnership between Live Give Play and Spiritos Properties will develop a 70-unit active adult project at 79 King Street in Northampton, a suburb of Springfield. The property is located downtown on a walking/biking path and is steps from Smith College. Designed by BKSK Architects, the building will rise five stories and total 110,000 square feet. The community is designed to achieve Passive House certification. Completion is slated for late 2024.
NEW YORK CITY — Carlyle has signed a 40,542-square-foot office lease at 340 Madison Avenue in Midtown Manhattan. The global investment and financial services firm has leased the entire eighth floor of the 745,312-square-foot building, which was originally constructed in 1928, for 10 years. Steve Rotter and Joe Messina of JLL represented the tenant in the lease negotiations. Paul Glickman, Matthew Astrachan, Cynthia Wasserberger and Dan Turkewitz, also with JLL, represented the landlord, RXR.
The landscape of multifamily Internet access is changing rapidly, driven by evolving resident expectations. No longer merely a utility, reliable Wi-Fi and Ethernet connections are essential for attracting and retaining residents, along with cutting operation costs. Expanding connectivity needs, work-from-home (WFH) culture and growing interest in smart-home applications are all driving residents’ Internet requirements. The centrality of Internet access for multifamily residents was inevitable in the long run, according to Bryan Rader, president of Multi-Dwelling Units (MDU) at Pavlov Media. COVID lockdowns accelerated an already burgeoning trend: bulk-managed Internet designed to improve connections and simplify growing demand. Bulk-managed connectivity offers a variety of solutions for on-site managers, residents and owners, as well as cost savings in unexpected areas. This approach provides building-wide Internet connections through a single provider, rather than asking residents to sign up individually with one of several Internet providers. The bulk Internet management company may also install and manage the building’s connection infrastructure. The simplicity of bulk-managed Internet (which started as bulk-managed Wi-Fi in student housing) is becoming increasingly practical for multifamily buildings. In the last four or five years, the traditional multifamily industry is starting to follow the same model that became standard in student housing …
BOSTON — Work has started on the expansion and improvement of the Governor Michael S. Dukakis Transportation Center at South Station in Boston. Designed by Pelli Clarke & Partners, the capstone of the project will be a 1 million-square-foot building that will rise 51 stories and offer a mix of office and multifamily uses. Construction is being privately funded. Currently, the South Station train station and bus terminal are two separate buildings, making connections between them difficult and inconvenient, according to Hines, which is leading the development. The project will allow for convenient transfers between all modes of transit, with direct connections between the rail and bus terminals. The new outdoor concourse area will increase in size by 67 percent for an improved experience for passengers and people passing through the station. The new bus terminal will increase capacity by more than 50 percent. Along with creating a new public space at the train station concourse, the project will also improve the streetscape along Atlantic Avenue with new sidewalks, granite curbs, streetlights, greenery and street furniture. “This transportation center will embody what we want people to feel about our city when they first set foot here and what the ethos …