PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has added new tenants to three of its malls in the Philadelphia area. Rose & Remington, a lifestyle brand centered on mother-daughter shopping experiences, will open stores at Willow Grove Park, Capital City and Cherry Hill malls later this year. These stores will mark the retailer’s foray into greater Philadelphia. Fashion-forward jewelry concept Lovisa will also launch at Capital City Mall this fall. Lovisa opened its first store at PREIT’s Woodland Mall last year and has a third location at Springfield Town Center.
PHILADELPHIA — Josh Harris and David Blitzer, managing directors of the National Basketball Association’s Philadelphia 76ers, have formed a development corporation for construction of the team’s new arena, known as 76 Place, in Center City Philadelphia. Development costs are estimated at $1.3 billion, with plans to complete construction before the 2031-2032 NBA season. The property will be part of Fashion District Philadelphia, a 900,000-square-foot mall redevelopment that opened in September 2019. The team will partner closely with Macerich, which owns Fashion District, on the project. The transit-oriented site is located at Market Street and South 11th Street, adjacent to five SEPTA public transit lines and three blocks from city hall. The Fashion District project was once a highly regarded development with top-tier retailers, but struggled due to the COVID-19 pandemic closing the doors on many retailers just six months after opening. “The decision to repurpose part of Fashion District Philadelphia to include the new 76ers arena is a natural evolution of the site and a unique and once-in-a-lifetime opportunity for our company,” says Tom O’Hern, CEO of Macerich. Team owner Harris Blitzer Sports & Entertainment tapped local real estate magnate David Adelman, CEO of Campus Apartments, co-founder of FS Investments …
NEW YORK CITY — JLL has brokered the $50.7 million sale of a 101-unit multifamily building located at 740 West End Ave. on Manhattan’s Upper East Side. Constructed in 1915, the elevator building rises 14 stories and includes six commercial spaces and one superintendent’s apartment. Bob Knakal, Hall Oster, Jonathan Hageman, Paul Smadbeck, Teddy Galligan and Braedon Gait of JLL represented the seller, Wolk Properties, in the transaction, and procured the buyer, Aya Acquisitions.
EAST GREENBUSH, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged $24 million in construction-to-permanent financing for a mixed-use project near Albany. The development in the nearby suburb of East Greenbush will consist of 78 apartments and 18,833 square feet of commercial space. The loan carries a fixed interest rate, a 10-year term and three years of interest-only payments. The borrower was not disclosed.
HARRISON, N.Y. — Locally based brokerage firm Alpha Realty has negotiated the $21.5 million sale of Harrison Playhouse Lofts, a 36-unit apartment complex located north of New York City. The site formerly housed a movie theater, and the complex features one-, two- and three-bedroom units, as well as 5,000 square feet of retail space. Lev Mavashev and Shai Egison of Alpha Realty represented the seller, Verco Properties, in the off-market deal. The duo also procured an undisclosed, locally based private investor as the buyer.
BELLMAWR, N.J. — Ivy Realty, an investment firm with three offices along the East Coast, has acquired a portfolio of two industrial buildings totaling 171,500 square feet in the Southern New Jersey community of Bellmawr. The single-tenant buildings, which measure 78,000 and 93,500 square feet, are both located within the 2.8 million-square-foot Interstate Business Park and were fully leased at the time of sale. Stephen Marzullo, Adam Silverman and Dan McGovern of CBRE represented the undisclosed seller in the deal.
NEW YORK CITY — Financial technology firm iCapital has signed a 59,228-square-foot office lease expansion at One Grand Central Place in Manhattan. The company’s total footprint at the building now spans 141,224 square feet across six floors. Lauren Crowley Corrinet, Al Golod and Christopher Hogan of CBRE represented iCapital in the lease negotiations. Erik Harris, Neil Rubin, Scott Klau and William Cohen of Newmark, along with internal agent Jordan Berger, represented the landlord, Empire State Realty Trust.
NEW YORK CITY — Newmark has arranged $175 million in debt and equity financing for Park 53, a 129,000-square-foot boutique office building in Midtown Manhattan. The financing consists of a $120 million acquisition loan and $55 million in equity from Acres Capital. The 20-story building was originally constructed in 1991 as the New York City headquarters of Santander Bank. The borrower, a joint venture between ZG Capital Partners and Rialto Capital Management, plans to upgrade the lobby and elevators, activate outdoor gathering spaces and add two amenity centers. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, Eden Abraham and Michael Dorfman led the transaction for Newmark.
BOSTON — Dallas-based Lincoln Property Co. has received approval from The Boston Planning & Development Agency for the development of a 650,000-square-foot life sciences project in the city’s Seaport District. The facility, which will be known as Seaport Circle, will sit on 1.9 acres and will feature traditional lab and office space, as well as 5,000 square feet of retail space and a 15,000-square-foot training center. The development team expects that the project will create approximately 2,500 permanent jobs, 1,159 construction jobs and train approximately 2,000 students per year for careers in the life sciences industry. Construction is scheduled to begin in early 2023.
FARMINGVILLE, N.Y. — BRP Cos. has begun construction of The Arboretum at Farmingville, a 292-unit multifamily project that will be located on Long Island. The development, which will span 62 acres and is set to be complete in spring 2025, will offer apartments, lofts, townhouses and single-family homes. Lastly, the property will include 7,500 square feet of space for amenities such as a pool, clubhouse, fitness center, yoga rooms, walking trails and picnic areas. BRP Cos. is developing the project in partnership with funds managed by BlackRock Alternative Investors. Rob Hinckley, Geoff Goldstein, Jeffrey Julien and Nicco Lupo of JLL arranged $91 million in floating-rate construction financing through Santander Bank for the project and advised on the equity portion of the capital stack.