Northeast

Thermo Fisher Opens 300,000 SF Life Sciences Facility in Plainville, Massachusetts

by Taylor Williams September 1, 2022

PLAINVILLE, MASS. — Thermo Fisher Scientific, which researches and manufactures gene therapy treatments, has opened a 300,000-square-foot life sciences facility in Plainville, located near the Massachusetts-Rhode Island border. Thermo Fisher will use the facility, which will contain lab, manufacturing and distribution space, for the production and testing of viral vectors, which are key components of gene therapy treatments. The project is expected to bring about 300 new jobs to the local economy. With the opening of the Plainville site, Thermo Fisher now operates 15 facilities and employs more than 3,500 people throughout Massachusetts.

September 1, 2022

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $10.4M in Construction Financing for Metro Boston Mixed-Income Project

by Taylor Williams September 1, 2022

CHELSEA, MASS. — MassHousing has provided $10.4 million in construction financing for a project that will convert a former light industrial site in the northeastern Boston suburb of Chelsea into a 62-unit mixed-income complex. Units will come in one-, two- and three-bedroom formats and will be reserved for renters earning up to 30, 60 and 90 percent of the area median income (AMI). In addition, six units will be available for purchase by households that are first-time homebuyers earning up to 80 or 100 percent of AMI. The borrower is nonprofit organization The Neighborhood Developers. NEI General Contracting is constructing the project, and Utile Architecture & Planning is designing it. A tentative completion date was not disclosed. WinnCos. will manage the property.

September 1, 2022

Development Industrial Northeast Pennsylvania

Trammell Crow Breaks Ground on 588,000 SF Industrial Project in Lehigh Valley

by Taylor Williams August 31, 2022

BETHLEHEM, PA. — Dallas-based Trammell Crow Co. has broken ground on Lehigh Valley Trade Center III, a 588,000-square-foot industrial project in the Eastern Pennsylvania city of Bethlehem. The project comprises two single-story buildings that are expected to be complete in late 2023. Trammell Crow Co. is also nearing completion of Lehigh Valley Trade Center II, a 527,000-square-foot, cross-dock facility that features a clear height of 40 feet, 119 dock doors, 250 car parking spaces and 154 trailer parking spaces. Trammell Crow is developing both properties in partnership with New York-based Clarion Partners. Peak Construction is serving as the general contractor for the project, and KSS Architects is designing the facility.

August 31, 2022

Acquisitions Development Life Sciences Massachusetts Northeast Office

Jumbo Capital, Apollo Global Buy Metro Boston Office Building for $21M, Plan Life Sciences Conversion

by Taylor Williams August 31, 2022

CANTON, MASS. — A joint venture between Jumbo Capital and Apollo Global Management has purchased a 79,000-square-foot office building in the southern Boston suburb of Canton for $21 million with plans to convert the property into a life sciences facility. The development team plans to redevelop the existing building and add a 46,460-square-foot manufacturing space. Jeff Black, Bryan Koop and Sean Burke of Colliers arranged $57.7 million in acquisition and construction financing through Cambridge Savings Bank on behalf of the joint venture. Frank Petz, Matt Sherry, Brooke Howard and Rob Schlesinger, also with Colliers, brokered the sale of the property.

August 31, 2022

Acquisitions Connecticut Northeast Office

CBRE Brokers $16.5M Sale of Office Building in Westport, Connecticut

by Taylor Williams August 31, 2022

WESTPORT, CONN. — CBRE has brokered the $16.5 million sale of a 42,432-square-foot office building located at 33 Riverside Ave. in the southern coastal Connecticut city of Westport. The waterfront building rises five stories and was 91 percent leased at the time of sale. Jeffrey Dunne, Steve Bardsley, Jeremy Neuer, David Gavin and Travis Langer of CBRE represented the seller, an entity doing business as Abbey Road Riverside LLC, in the transaction. The team also procured the buyer, The Feil Organization.

August 31, 2022

Leasing Activity New Jersey Northeast Retail

Federal Realty Welcomes New Tenants to Ellisburg Shopping Center in Cherry Hill, New Jersey

by Taylor Williams August 31, 2022

CHERRY HILL, N.J. — Federal Realty Investment Trust has signed leases with three new tenants at Ellisburg Shopping Center, a 260,000-square-foot retail destination located outside of Philadelphia in Cherry Hill. Wren Kitchen will open a 14,346-square-foot store and showroom this winter. Childcare franchise Adventure Kids Playcare will debut its 8,564-square-foot facility this fall, and fast casual eatery BurgerFi will open a 3,000-square-foot restaurant in early September. Other tenants at Ellisburg Shopping Center include Whole Foods Market, Buy Buy Baby and Restoration Hardware Outlet.

August 31, 2022

Leasing Activity New Jersey Northeast Retail

Jeffery Realty Negotiates Two Retail Leases for GNC in Southern New Jersey

by Taylor Williams August 31, 2022

DEPTFORD AND TOMS RIVER, N.J. — New Jersey-based brokerage firm Jeffery Realty has negotiated two retail leases totaling 3,400 square feet in the Southern New Jersey communities of Deptford and Toms River. Shane Wierks and Alan Walker of Jeffery Realty represented the tenant, health supplements provider GNC, in both sets of lease negotiations. Joe Allegro, Giorgio Vasilis and Justin Goodman of Sitar represented the landlord in the Deptford deal. Shane Hart and Joe Dougherty of Metro Commercial represented the landlord in the Toms River deal.

August 31, 2022

New Jersey Northeast Retail Top Stories

Bed Bath & Beyond to Close 150 Stores, Cut Staff, Restructure Debt

by Kristin Harlow August 31, 2022

UNION, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) announced this morning that it will close approximately 150 of its lower-producing stores across the country. The Union-based home goods retailer also revealed that it is cutting its workforce by about 20 percent across its corporate and supply chain staff. Additionally, the company has secured more than $500 million in new financing, including the expansion of an existing credit line and a new $375 million loan. Bed Bath & Beyond says that these moves are in effort to meet demand of customers, drive growth and profitability, and improve its balance sheet and cash flows. “We are embracing a straightforward, back-to-basics philosophy that focuses on better serving our customers, driving growth and delivering business returns,” says Sue Gove, director and interim CEO. Bed Bath & Beyond has retained national firm Russell Reynolds in its search for a permanent CEO. The retailer is also readjusting its inventory, bringing back popular national brands. The company will discontinue three of its nine private brands, including Haven, Wild Sage and Studio 3B. In its second fiscal quarter that ended Saturday, Aug. 27, Bed Bath & Beyond reported comparable sales decline of approximately 26 percent compared …

August 31, 2022

Development Leasing Activity Multifamily New York Northeast Retail

William Macklowe, Senlac Ridge to Develop 180-Unit Multifamily Project in Brooklyn

by Taylor Williams August 30, 2022

NEW YORK CITY — A partnership between two privately owned firms, William Macklowe Co. and Senlac Ridge Partners, will develop a 180-unit multifamily project in Brooklyn’s Park Slope neighborhood. The complex will include 45 affordable housing units and a parking garage, as well as 67,000 square feet of commercial space that is now partially leased to CVS and German discount grocer Lidl. Construction is slated for a late 2024 completion. RIPCO Real Estate represented the developer in the retail lease negotiations.

August 30, 2022

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $21.4M Sale of Metro Philadelphia Office Complex

by Taylor Williams August 30, 2022

CHERRY HILL, N.J. — Marcus & Millichap has brokered the $21.4 million sale of Cherry Hill Office Center, a five-building campus located outside of Philadelphia in Southern New Jersey. The buildings were constructed between 1968 and 1975 and total 183,731 square feet. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Cherry Hill Office Center was 90 percent leased at the time of sale.

August 30, 2022

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