PRINCETON, N.J. — U-Haul will open a 750-unit self-storage facility at an 8.8-acre undeveloped site at the intersection of U.S. Highway 380 and Boorman Lane in Princeton. U-Haul acquired the site in July. The four-story facility, which is scheduled to come on line by July 2024, will feature climate-controlled indoor storage space, outdoor drive-up buildings and a separate warehouse for U-Box portable storage containers. U-Haul will also offer truck and trailer rental services at the property and sell moving and packaging supplies as part of a retail operation.
BOSTON — TD Bank has provided a $22 million construction loan for a project in Boston’s Hyde Park neighborhood that will convert the former William Barton Rogers Middle School building to a 74-unit affordable housing complex. Residences will be specifically reserved for seniors in the LGBTQ community and will come in a mix of studio, one- and two-bedroom formats. The developer is a partnership between Pennrose and nonprofit LGBTQ Senior Housing Inc. The design plan includes the preservation of the century-old building’s auditorium, gym, cinema and front entrance. A tentative completion date was not disclosed.
PISCATAWAY AND EWING, N.J. — Atlanta-based developer IDI Logistics has acquired sites totaling 32 acres in Central New Jersey for a pair of industrial redevelopment projects. Both the 14-acre site in Piscataway and the 18-acre property in Ewing currently house office buildings. IDI Logistics plans to demolish the existing structures and replace them with Class A warehouse and distribution facilities. Construction timelines for both projects are still being finalized.
NEW YORK CITY — Law firm Kaufman Borgeest & Ryan (KBR) has signed a 27,117-square-foot office lease at 875 Third Avenue in Midtown Manhattan. The lease term is 15 years. The tenant will relocate from 120 Broadway to occupy a full floor at the 29-story building, which was originally constructed in 1982. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL represented the landlord, Global Holdings Management Group, in the lease negotiations. Howard Greenberg of Howard Properties and Barry Lewen of Cresa represented KBR.
NEW YORK CITY — Cushman & Wakefield has arranged a $134 million construction loan for 15 Hanover Place, a mixed-income residential project that will be located in downtown Brooklyn. The 34-story building will house 314 units, 95 of which will be reserved as affordable housing, as well as 9,000 square feet of commercial space. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the loan through Santander Bank and City National Bank on behalf of the borrower, locally based developer Lonicera Partners. A tentative completion date has not yet been established.
NEW YORK CITY — JLL has negotiated the $33.7 million sale of a portfolio of three commercial properties in Manhattan’s Lenox Hill neighborhood. The building at 1026 Third Ave. comprises a ground-level restaurant, second-floor office space, one duplex and one residential loft. The two buildings at 1020-1024 Third Ave. total 19,375 square feet and consist of 25 residential units and three commercial spaces. Clint Olsen and Stephen Godnick of JLL represented the buyer, Kahen Properties, in the transaction. JLL also represented the seller in the $24 million disposition of 1020-1024 Third Avenue. Nick Judson of Judson CRE represented the seller of 1026 Third Avenue, which fetched a price of $9.7 million.
HAMILTON, N.J. — Newmark has brokered the $26.5 million sale of a portfolio of six office buildings totaling 237,834 square feet and two land sites totaling 12.8 acres in the Central New Jersey community of Hamilton. More specifically, the holdings comprise two office buildings with excess developable acreage, two parcels within Horizon Center North and one office building plus three office/flex buildings within Horizon Center Business Park. Steven Schultz, Stephen Tolkach, Tony Georgiev and Robert Loderstedt of Newmark represented the seller, Denholtz Properties, in the transaction. The buyer was Cammeby’s International Inc. The buildings were 71 percent leased at the time of sale.
NEW YORK CITY — Marriott has opened a 130-room hotel at 111 E. 24th St. in Midtown Manhattan under that will be operated under the hospitality giant’s SpringHill Suites brand. According to Crain’s New York, McSam Hotel Group developed the property. Gene Kaufman Architect designed the 12-story hotel, which offers amenities such as a breakfast dining room, laundry, fitness center and dry cleaning service.
AGAWAM, MASS. — San Diego-based Cardinal Industrial has purchased a 128,500-square-foot industrial building in Agawam, located outside of Springfield. Nicholas Morizio of Colliers represented Cardinal Industrial in the transaction. The representative of the seller, The Grossman Cos., was not disclosed. At the time of sale, the building was fully leased to TW Metals and OMG Inc.
LINDEN AND LOGAN TOWNSHIP, N.J. — Wells Fargo has provided $227 million in construction financing for two New Jersey industrial projects. In the first deal, the San Francisco-based bank provided a $142 million loan for Phase III of Linden Logistics Center, a development in the northern part of the Garden State. Phase III will consist of two buildings totaling 849,235 square feet that are scheduled for a second-quarter 2023 completion. In the second transaction, Wells Fargo provided $85 million for the third phase of Logan North Industrial Park, a project that spans 3.2 million square feet and is located in Southern New Jersey. The two buildings comprising Phase III of Logan North Industrial Park will measure 274,200 and 475,000 square feet and are also slated for delivery in the second quarter of next year. Existing tenants at Logan North include SEKO Logistics and LaserShip Logistics. John Alascio, T.J. Sullivan and Chuck Kohaut of Cushman & Wakefield arranged the financing on behalf of the borrower and developer, a partnership between Advance Realty Investors and Greek Development.