PASSAIC, N.J. — Lee & Associates has negotiated the $52 million sale of a 330,000-square-foot industrial property that is situated on a 10.7-acre site at 153 Linden St. in the Northern New Jersey community of Passaic. Rick Marchisio, Brian Lynch and Drew Maffey of Lee & Associates represented the seller, Waitex, and procured the buyer, Thor Equities, in the transaction. David Sitt, Peter Rotchford, Matthew Pizzolato and Ryan Carroll of JLL arranged a three-year, floating-rate loan through Tremont Realty Capital on behalf of Thor Equities.
MALTA, N.Y. — Florida-based LeCesse Development Corp. has broken ground on GrandeVille at Malta, a 189-unit multifamily project that will be located north of Albany in Upstate New York. The project represents Phase II of a larger development, the initial phase of which comprised 292 units. Phase II residences will be spread across three buildings and will come in one-, two- and three-bedroom formats. Units will be furnished with stainless steel appliances, quartz countertops, custom cabinetry, walk-in closets and individual washers and dryers. Communal amenities will include an indoor pool, clubhouse, fitness center, game room, business lounge and a spa. Completion is scheduled for next fall. Other project partners include James Fahy Design Associates, general contractor Platinum-LeChase, Lansing Engineering and Five Star Bank.
FAIR LAWN, N.J. — General contractor Peak Construction Corp. is underway on construction of Fair Lawn Logistics Center, a 155,010-square-foot speculative industrial project in Northern New Jersey. The facility will be situated on a 9.2-acre site and will feature a clear height of 36 feet, 16 dock doors and 5,000 square feet of office space. M+H Architects is designing the project, and Dynamic Engineering is serving as the civil engineer. Completion is slated for May 2023. The developer was not disclosed.
NANTUCKET, MASS. — JLL has arranged an $11 million loan for the refinancing of Anchor Inn & Greydon House, two historic hospitality properties totaling 32 rooms on the island of Nantucket. Anchor Inn totals 12 rooms and was originally built in 1806. Greydon House comprises 20 rooms and was constructed in 1850. Jonathan Schneider led the JLL team that arranged the fixed-rate loan through HarborOne Bank on behalf of the borrower, Faros Properties.
CLIFTON, N.J. — NAI James E. Hanson has brokered the sale of a 63,000-square-foot medical office building in the Northern New Jersey community of Clifton. Darren Lizzack and Randy Horning of NAI Hanson represented the undisclosed buyer in the transaction. The seller was an entity doing business as Bliss Valley Associates LLC. The buyer plans to build an outpatient surgery center on the top floor of the four-story building and lease the remaining space.
SOUTH PLAINFIELD, N.J. — Lee & Associates has brokered the $36.5 million sale of a 200,000-square-foot industrial property located at 18-20 Harmrich Road in South Plainfield, about 40 miles south of Manhattan. The two-building property sits on 18 acres and features clear heights of 28 feet, multiple loading docks and additional outdoor storage space. Rick Marchisio, Crista Governara and Drew Maffey of Lee & Associates represented the undisclosed seller and the buyer, Boston-based investment firm Marcus Partners, in the off-market transaction.
EAST GREENBUSH, N.Y. — Commercial finance and advisory firm Axiom Capital Corp. has arranged an $11.6 million permanent loan for the refinancing of a 194,889-square-foot shopping center located in the Upstate New York community of East Greenbush. The property comprises five buildings on a 33.3-acre site and is currently leased to 19 tenants. Axiom Capital arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower. The name of the direct lender and property were also not disclosed.
NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $8 million sale of a 17,900-square-foot vacant industrial building in Brooklyn’s Red Hook neighborhood. Dan Marks, Daniel Lebor and Jackson O’Neill of TerraCRG represented the seller, an entity doing business as Buttermilk Warehouse LLC, in the transaction. The name of the locally based buyer was not disclosed.
NEW YORK CITY — CBRE has secured a 30,688-square-foot office sublease at One SoHo Square, a 768,000-square-foot building located at 233 Spring St. in Manhattan’s Hudson Square district. Harly Stevens, Jared Freede and Josh Pernice of CBRE represented the subtenant, e-commerce marketing platform Yotpo, which is relocating from 400 Lafayette Street, in the negotiations. The original tenant was Flatiron Health. Stellar Management owns One SoHo Square.
PHILADELPHIA — UBS Financial Services has signed a 22,625-square-foot office lease at 1735 Market Street, a 54-story building in downtown Philadelphia. UBS will relocate within the building to a space on the 44th floor in August 2023. Jack Meyers of Cushman & Wakefield represented the tenant in the lease negotiations. Internal agents Jeremy Moss and Keith Cody, along with Anthony LiVecchi, Tom Weitzel and Mitch Marcus of JLL, represented the landlord, a partnership between Silverstein Properties and Arden Group.