BORDENTOWN, N.J. — Penwood Real Estate has acquired a 275,631-square-foot warehouse in Bordentown, a suburb of Trenton, for $60 million. Building features include a clear height of 24 feet, 16 tailgate doors, 9,108 square feet office space and parking for 80 cars and 120 trailers. In addition, the 39-acre site at 201 Elizabeth St. features four acres of outdoor storage space and can support an additional 140,767 square feet of new construction. Steven Schultz, Steve Tolkach, Kyle Eaton and Tony Georgiev of Newmark represented the seller, O’Donnell Group, in the transaction.
BORDENTOWN, N.J. — Penwood Real Estate has acquired a 275,631-square-foot warehouse in Bordentown, a suburb of Trenton, for $60 million. Building features include a clear height of 24 feet, 16 tailgate doors, 9,108 square feet office space and parking for 80 cars and 120 trailers. In addition, the 39-acre site at 201 Elizabeth St. features four acres of outdoor storage space and can support an additional 140,767 square feet of new construction. Steven Schultz, Steve Tolkach, Kyle Eaton and Tony Georgiev of Newmark represented the seller, O’Donnell Group, in the transaction.
HOBOKEN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of a portfolio of three contiguous multifamily properties totaling 21 units in the Northern New Jersey community of Hoboken. Two of the buildings were recently renovated, and the third has value-add potential. Robert Squires and Scott Davidovic of Kislak represented the seller, Skylight Real Estate Partners, in the transaction. The duo also procured the buyer, an entity doing business as 510 Observer LLC.
HOBOKEN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of a portfolio of three contiguous multifamily properties totaling 21 units in the Northern New Jersey community of Hoboken. Two of the buildings were recently renovated, and the third has value-add potential. Robert Squires and Scott Davidovic of Kislak represented the seller, Skylight Real Estate Partners, in the transaction. The duo also procured the buyer, an entity doing business as 510 Observer LLC.
NEW YORK CITY — Standard Motor Products has signed a 75,000-square-foot office lease renewal in the Long Island City area of Queens. The automotive parts manufacturer and distributor, which was founded in 1919, will remain at its namesake building for another 10 years. William Elder, Andrew Ackerman and Walter Rooney represented the landlord, RXR Realty, in the lease negotiations on an internal basis. William Korchak and Jim McCahon of JLL represented Standard Motor Products.
NEW YORK CITY — Standard Motor Products has signed a 75,000-square-foot office lease renewal in the Long Island City area of Queens. The automotive parts manufacturer and distributor, which was founded in 1919, will remain at its namesake building for another 10 years. William Elder, Andrew Ackerman and Walter Rooney represented the landlord, RXR Realty, in the lease negotiations on an internal basis. William Korchak and Jim McCahon of JLL represented Standard Motor Products.
NEW YORK CITY — Walker & Dunlop Inc.’s New York capital markets team has arranged $388.4 million in construction financing for The Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue, next to Brooklyn landmarks such as the Fulton Mall and the Barclays Center. The mixed-use property will be split between two development sites, with the eastern site located at 565 Fulton St. and the western site at 547-557 Fulton St. The eastern site will consist of a 51-story mixed-used tower that will feature 561 studio, one- and two-bedroom apartment units utilizing the Affordable New York and Inclusionary Housing programs, as well as approximately 30,000 square feet of common space. Amenities will include a pool with cabanas, dog park, fitness center, half basketball court and multiple resident lounges. The base of the building will feature 17,200 square feet of ground-level retail space. The western site will consist of approximately 14,000 square feet of retail space next to Albee Square and is poised to attract retail brands and wholesalers looking to establish or strengthen their foothold in Brooklyn. …
NEW YORK CITY — Walker & Dunlop Inc.’s New York capital markets team has arranged $388.4 million in construction financing for the Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue, next to Brooklyn landmarks such as the Fulton Mall and the Barclays Center. The mixed-use property will be split between two development sites, with the eastern site located at 565 Fulton St. and the western site at 547-557 Fulton St. The eastern site will consist of a 51-story mixed-used tower that will feature 561 studio, one- and two-bedroom apartment units utilizing the Affordable New York and Inclusionary Housing programs, as well as approximately 30,000 square feet of common space. Amenities will include a pool with cabanas, dog park, fitness center, half basketball court and multiple resident lounges. The base of the building will feature 17,200 square feet of ground-level retail space. The western site will consist of approximately 14,000 square feet of retail space next to Albee Square and is poised to attract retail brands and wholesalers looking to establish or strengthen their foothold in Brooklyn. …
PITTSBURGH — New York City-based Golden East Investors has purchased the former Heinz manufacturing campus in Pittsburgh with plans to redevelop the property. The acquisition includes seven industrial buildings totaling approximately 985,000 square feet that are situated on a 20-acre site along the Allegheny River. Phase I of the redevelopment will center on repositioning two warehouses and cold storage facilities totaling roughly 300,000 square feet to be able to accommodate advanced manufacturing, research and development, life sciences and robotics users. Completion of that initiative is slated for the third quarter of next year. Phase II will feature a renovation of a 375,000-square-foot building into a life sciences facility with an accompanying parking garage that can support up to 500 vehicles. The third and final phase will involve converting of the sites that house the other four buildings into a mixed-use development with multifamily, retail and office and/or life sciences uses. CBRE was the listing broker on the first-time sale of the campus by Riverbend Foods via bankruptcy proceedings.
WAYNE, PA. — JLL has negotiated the sale of a 155,200-square-foot life sciences facility in Wayne, a northwestern suburb of Philadelphia. The property sits on 10 acres and offers amenities such as a fitness center, conference room and a cafeteria. Jim Galbally and Brett Segal of JLL represented the seller, Pennsylvania-based Maguire Hayden Real Estate, in the transaction. The buyer and sales price were not disclosed. At the time of sale, the facility was fully leased to Charles River Laboratories, which conducts pharmaceutical research and development.