MARLBOROUGH, MASS. — CBRE has brokered the $59.2 million sale of The Orchard Apartments, a 156-unit multifamily community located in the western Boston suburb of Marlborough. Built in 2002, the property comprises 17 two- and three-story buildings that house lofts, one- and two-bedroom units with an average size of 1,121 square feet. Amenities include a pool, fitness center and a clubhouse. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of metro Boston-based National Development, in the transaction. The team also procured the buyer, an affiliate of global investment management firm Nuveen Real Estate.
KING OF PRUSSIA, PA. — California-based development and investment firm KBS has completed the renovation of 1000 Continental, a 205,424-square-foot office building located in the northern Philadelphia suburb of King of Prussia. The building was originally constructed in 2007. Renovations included the addition of a conference center with casual gathering spaces, as well as upgrades to the elevators, lobbies and common corridors. KBS plans to implement further improvements to 1000 Continental as part of a strategic multi-year plan. Avison Young provided construction management services for the project.
WILKES-BARRE, PA. — Colliers has negotiated the sale of 2 Public Square, a 98,555-square-foot office building in the downtown area of Wilkes-Barre, located south of Scranton. At the time of sale, the six-story building was 99 percent leased to tenants such as The Pennsylvania Department of Environmental Protection and Luzerne County Community College. Jeff Algatt of Colliers represented the locally based private seller in the transaction. The buyer and sales price were not disclosed.
NEW YORK CITY — XOMOX Jewelry has signed a 13,500-square-foot office lease at 240 W. 40th St. in Midtown Manhattan. The fine jewelry manufacturer is expanding from a 6,500-square-foot space at 151 W. 46th St. and will occupy the entire ninth floor of the building for a term of 10 years. Michael Nazarian and Matt Kashani of Norman Bobrow & Co. represented the tenant in the lease negotiations. Daniel Lolai, Joel Kubie and Eric Siegel of LSL Advisors represented the landlord, The Sioni Group.
SOMERVILLE, MASS. — South Carolina-based developer Greystar is underway on vertical construction of 74 Middlesex Avenue, a 465,000-square-foot life sciences project in Somerville, a northern suburb of Boston. The site is located within the Assembly Square mixed-use district. Designed by Elkus Manfredi Architects, the transit-oriented, 15-story building will feature ground-floor retail space, a health and wellness center, conference rooms and a 2,000-square-foot rooftop deck. Completion is scheduled for spring 2024. The project marks Greystar’s initial foray into the life sciences sector.
WESTWOOD, MASS. — CBRE has brokered the $35.2 million sale of Residences at Highland Glen, a 102-unit apartment complex in Westwood, a southwestern suburb of Boston. Constructed in 2006, the age-restricted property comprises two four-story buildings with one- and two-bedroom units, 60 of which were recently renovated. Amenities include a fitness center and a clubroom. Simon Butler, Biria St. John, John McLaughlin, Aron Will and John Sweeny of CBRE represented the locally based seller, National Development, in the transaction. The buyer was Massachusetts-based Claremont Cos.
AMHERST, MASS. — New York-based Eastern Union has arranged a $44.8 million Fannie Mae loan for the refinancing of The Boulders, a 256-unit multifamily property in Amherst, located in the central part of Massachusetts. The market-rate property was built in 1974 and offers two-bedroom units with an average size of 844 square feet. Michael Muller of Eastern Union arranged the floating-rate loan, which carries four years of interest-only payments on behalf of the undisclosed borrower. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.
NEW YORK CITY — Locally based commercial finance firm Dwight Capital has provided a $22.2 million bridge loan for the acquisition of Queens Village Apartments, a 132-unit multifamily complex. The property comprises three- and six-story apartment buildings featuring a mix of rent-controlled and rent-stabilized units, as well as onsite maintenance services and laundry facilities. Adam Sasouness of Dwight Capital originated the financing, which was arranged by Marvin Jeremias of Crossmark Capital. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
HOLTSVILLE, N.Y. — Illinois-based investment firm Venture One Real Estate, in partnership with Kovitz Investment Group, has acquired a 50,061-square-foot industrial building located at 889 Waverly Ave. in the Long Island community of Holtsville. The property was built in 1981 and features a clear height of 20 feet, five exterior docks and 3,140 square feet of office space. Tommy Rosati, Jason Maietta and Brandon Lichtenstein of Colliers represented the undisclosed seller in the transaction. The property was fully leased to a single tenant at the time of sale.
PHILADELPHIA — PIDC and Ensemble/Mosaic have revealed the “2022 Navy Yard Plan,” a roadmap for $6 billion of new investment for Philadelphia’s Navy Yard over the next 20 years. Plans call for 12,000 new jobs and 8.9 million square feet of new life sciences, commercial, residential, retail and mixed-use development. Of the total $6 billion investment, Ensemble/Mosaic’s development initiatives are slated to generate $4.8 billion. This is the third plan undertaken since PIDC, Philadelphia’s public-private economic development corporation, took ownership of the former military base on behalf of the City of Philadelphia. The original plan was formulated in 2004, followed by an updated one in 2013. “The Navy Yard has been an anchor and economic driver for Philadelphia for more than two centuries, serving in both times of war and peace. Today, the progress it has made and will continue to make as outlined in this plan will help reinforce its role as a leading business and life sciences campus and an unrivaled asset to the city,” says Philadelphia Mayor Jim Kenney. The development team plans to significantly expand the Navy Yard’s cluster of cell and gene therapy firms by building out an additional 4.3 million square feet of lab …