Northeast

Birch Group, Lionstone Acquire Central New Jersey Office Complex for $70M

by Taylor Williams July 25, 2022

HOPEWELL, N.J. — A partnership between two regional investment firms, The Birch Group and Lionstone Capital, has acquired a three-building office complex in the Central New Jersey community of Hopewell for $70 million. Princeton Place at Hopewell spans 307,510 square feet and was 96 percent leased at the time of sale to tenants such as Merrill Lynch, Horizon Blue Cross Blue Shield and Janssen R&D. Amenities include multiple cafeterias, a fitness center, indoor basketball court, conference center and a central plaza with water features and outdoor dining space. Cushman & Wakefield represented the undisclosed seller in the transaction.

July 25, 2022

Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $60M Permanent Loan for Multifamily Project in Hackensack, New Jersey

by Taylor Williams July 25, 2022

HACKENSACK, N.J. — G.S. Wilcox has arranged a $60 million permanent loan for Print House, a 271-unit multifamily project that will be located in the Northern New Jersey community of Hackensack. Print House, which will be the first phase of a larger, 20-acre development along the Hackensack River, will offer studio, one- and two-bedroom units. Amenities will include a pool with a sundeck, fitness center with a yoga studio, clubroom with TVs and gaming areas, a bar area, private conference room and a dog walk. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox arranged the 10-year loan on behalf of the borrower, a partnership between Russo Development, Hampshire Management and Fourth Edition Inc., which recently launched its leasing campaign. The direct lender was not disclosed.

July 25, 2022

Acquisitions Connecticut Northeast Office

Fremont Group Sells Hartford Office Buildings, Parking Lots for $50M

by Taylor Williams July 25, 2022

HARTFORD, CONN. — The Fremont Group has sold Riverview Plaza, a 325,000-square-foot waterfront office complex located on the east side of Hartford. The two-building complex was sold in conjunction with a 50,000-square-foot office building and two adjacent parking lots, all of which are situated within Founders Plaza Business Park, for $50 million. The buyer was an entity doing business as Milton East Hartford Investments LLC. At the time of sale, the properties had a collective occupancy rate of 90 percent, with tenants including Bank of America and the State of Connecticut Judicial Branch. Patrick Mulready and John McCormick of CBRE, along with Cory Gubner and Alex Haendler of Newmark, represented The Fremont Group in the transaction.

July 25, 2022

Hospitality Loans New Jersey Northeast

Hall Structured Finance Provides $45.5 Loan for Refinancing of Hotel in Montclair, New Jersey

by Taylor Williams July 25, 2022

MONTCLAIR, N.J. — Dallas-based Hall Structured Finance has provided a $45.5 million bridge loan for the refinancing of MC Hotel, a 159-room boutique lodging property located in the Northern New Jersey community of Montclair. The hotel, which is part of the Autograph Collection by Marriott family of brands, opened in the downtown area in 2019 and features multiple meeting and event spaces, as well as a rooftop bar and lounge. Jay Miller, A.J. Felberbaum and Spencer Miller of BayBridge Real Estate Capital arranged the loan on behalf of the buyer, a partnership between The Hampshire Cos. and The Pinnacle Cos.

July 25, 2022

Development Massachusetts Multifamily Northeast

FoxRock Properties to Develop 201-Unit Center & Stone Apartments in Quincy, Massachusetts

by Taylor Williams July 25, 2022

QUINCY, MASS. — Locally based development and management firm FoxRock Properties will develop Center & Stone, a 201-unit apartment complex that will be located in the southern Boston suburb of Quincy. The complex will feature 9,500 square feet of retail space and 10,500 square feet of amenity space comprising a pool, rooftop deck, resident lounge and 165 parking spaces. Jonathan Schneider of JLL arranged construction financing for the project through Citizens Bank on behalf of FoxRock.

July 25, 2022

Montclair-Residences-at-Bay-Street-Station-New-Jersey

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Fundamentals Remain Strong in Northern New Jersey Multifamily Market

by Taylor Williams July 25, 2022

By Mike Oliver, managing director, JLL Capital Markets Fundamentals remain strong within the multifamily markets of Northern New Jersey and the greater metro New York City area, though the dynamics have continued to shift since the onset of the pandemic. During COVID-19, there was movement away from urban areas toward the suburbs, creating a “tale of two cities” market dynamic. The suburban multifamily market became red-hot while urban markets cooled. Vacancies dipped below 80 percent in some instances, with heavy concessions being offered and flat to negative gross rent growth. Today, while the suburban markets remain very strong, urban markets are also now red-hot. This is attributable to more and more people heading back to urban centers in anticipation of returning to the office or simply wanting to be back in the excitement of downtown living and its dining, shopping and entertainment options. Additionally, many renters are being priced out of and fleeing Manhattan, Brooklyn and other New York City neighborhoods. Jersey City and the Hudson Waterfront provide attractive rental options with incredible access into Manhattan. Jersey City, for example, is demonstrating healthy fundamentals, as occupancy rates are back over 95 percent with strong growth on lease trade-outs. There …

July 25, 2022

Development Multifamily New York Northeast

LMC Begins Leasing 434-Unit High-Rise Apartment Community in White Plains, New York

by Taylor Williams July 22, 2022

WHITE PLAINS, N.Y. — LMC has begun preleasing The Mitchell, a high-rise apartment community in White Plains, located north of New York City. The property comprises 434 studio, one-, two- and three-bedroom units that feature walk-in closets and stainless steel appliances. The Mitchell also includes amenities such as a fitness center, club lounge, outdoor lounge, children’s playroom, conference room and bike storage, as well as 8,145 square feet of retail space, including mezzanine-level coworking space and a rooftop deck. The first move-ins are scheduled for August. Rents start at $2,590 per month for a one-bedroom unit.

July 22, 2022

Development Massachusetts Multifamily Northeast

Wood Partners Completes 218-Unit Multifamily Project in Wayland, Massachusetts

by Taylor Williams July 22, 2022

WAYLAND, MASS. — Atlanta-based multifamily developer Wood Partners has completed Alta Oxbow, a 218-unit multifamily project in Wayland, a western suburb of Boston. Alta Oxbow offers one-, two- and three-bedroom units, with 66 apartments specifically tailored for residents age 55 and above. Select units also feature private balconies. Amenities include a pool, courtyards, fire pits and grilling stations, a hobby and craft lounge, library, fitness center, coworking spaces and a golf simulator. Rents start at $2,750 per month for a one-bedroom unit.

July 22, 2022

Industrial Loans New Jersey Northeast

JLL Arranges $25M Construction Loan for Northern New Jersey Industrial Project

by Taylor Williams July 22, 2022

SOUTH PLAINFIELD, N.J. — JLL has arranged a $25 million construction loan for Bridge Point South Plainfield, a 189,059-square-foot industrial project in Northern New Jersey. Situated on 20.7 acres, the property will feature a clear height of 36 feet, 50 dock-high doors, 176 car parking spaces and 70 trailer stalls. Completion is slated for the fourth quarter. Jon Mikula, Michael Klein and Michael Lachs of JLL arranged the three-year, floating-rate loan through Simmons Bank on behalf of the borrower, Bridge Industrial.

July 22, 2022

Company News New Jersey New York Northeast Retail

Toys ‘R’ Us, Macy’s Launch In-Store Partnership

by Taylor Williams July 22, 2022

NEW YORK CITY AND WAYNE, N.J. — Macy’s and New Jersey-based WHP Global, the parent company of Toys ‘R’ Us, have launched a partnership open in-store toy shops within the department store’s locations across the country, an agreement that was announced last year. Toys ‘R’ Us stores will range in size from 1,000 to 10,000 square feet and are set to open from late July through October 15. Each location will feature colorful fixtures, demonstration tables for customers to interact with toys and a “Geoffrey on a Bench” photo opportunity for families. The in-store shops may also grow by an additional 500 to 3,000 square feet during the holiday season.

July 22, 2022

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