BLUE BELL, PA. — Pennsylvania-based investment firm Endurance Real Estate Group has sold a three-building, 130,942-square-foot office complex in Blue Bell, a northern suburb of Philadelphia. The property, which was built in 1988 and renovated in 2015, sold for $12.7 million. Mike Margolis, David Dolan, Ryan Guittare, Angelo Brutico and Jim Dugan of Newmark represented Endurance Real Estate in the transaction and procured the undisclosed buyer.
WEST CALDWELL, N.J. — CBRE has brokered the $47 million sale of Essex Mall, a 189,773-square-foot shopping center in West Caldwell, located in the northern part of the Garden State. Anchored by grocer Stop & Shop and Marshalls, the property was 97 percent leased at the time of sale. Jeffrey Dunne, David Gavin, Jeremy Neuer, Steve Bardsley and Travis Langer of CBRE represented the owner, a joint venture between Stop & Shop and Goodrich Management, in the transaction. The team also procured the buyer, Milbrook Properties, which acquired the center via a 1031 exchange.
SHELTON, CONN. — New Jersey-based investment firm Devli Real Estate has acquired a 209,773-square-foot industrial property in Shelton, located in the southern coastal part of the state. The property sits on 14.7 acres at 510 River Road and is leased to Talalay Global, a manufacturer of mattresses and other bedding products. The seller and sales price were not disclosed.
HACKENSACK, N.J. — Sterling Organization has purchased Riverfront Plaza, a 129,000-square-foot retail center in the Northern New Jersey community of Hackensack. Grocer ShopRite anchors the property, which was 96 percent leased at the time of sale. Other tenants include Sherwin-Williams and Leslie’s Pool Supplies. Jose Cruz, Kevin O’Hearn, Steve Simonelli, Michael Oliver and Grace Braverman of JLL represented the seller, a partnership between Regency Centers and LaSalle Investment Management, in the deal.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $19.6 million auction sale of a portfolio of 13 multifamily properties totaling 41 units in Brooklyn. The properties were part of Chaskiel Strulovitch’s 31-building portfolio and are located in various residential districts of the borough. Aaron Jungreis, Greg Corbin and Chaya Milworn of Rosewood brokered the sale.
BOSTON — New York City-based real estate giant Tishman Speyer has sold Pier 4 Retail, a 16,134-square-foot retail condo in Boston’s Seaport District for $12 million. Built in 2019, the property was fully leased to two restaurant concepts at the time of sale. Chris Angelone, Nat Heald, Kellie Coveney and Zach Nitsche of JLL represented Tishman Speyer in the transaction. The buyer was not disclosed.
BOSTON — GI Partners has acquired 451 D Street, a state-of-the-art life sciences, data center and creative office building in Boston’s Seaport District. The price was not disclosed, but the seller, Related Fund Management, bought the asset for $276 million in 2018, according to reports by the Boston Business Journal. The nine-story, 479,000-square-foot building recently underwent two phases of lab conversion that total over half of the building’s rentable area. The property offers 536 parking spaces; a conference center; amenity center with a lounge, kitchen and games; an onsite cafe; bicycle storage; and a 3,000-square-foot fitness center. Current tenants include AT&T, J.P.Morgan, Silicon Therapeutics, Elektrofi, BT, Inozyme Pharma, Cellink, Stevanato Group Pharmaceutical Systems, Joyn Bio, Sensei Biotherapeutics, DermBoint and Dewpoint Therapeutics. Related will maintain a minority interest in the property and Related Beal will continue to serve as property manager. Eastdil Secured represented the seller in the transaction and placed debt financing for the new ownership group. “The Seaport has become a bona fide life sciences innovation hub and 451 D exemplifies our focus on serving the needs of small and medium-sized lab tenants through Class A reusable buildouts,” says John Sheputis, managing director at GI Partners and head of acquisitions for …
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Build-to-Rent (BTR) Property Type Offers Positive Demand Outlook
By Jeff Erxleben, president, debt & equity at Northmarq Liquidity and an incredibly positive outlook for single-family build-to-rent (BTR) properties is helping to offset some of the turbulence developers are experiencing from rising interest rates. Developers have been ramping up the pace of single-family BTR construction over the past five years with forecasts that call for a record high 60,000 new units to be completed in 2022. That volume shows a steady increase over the 53,000 units completed in 2021 and 49,000 in 2020, according to Northmarq’s recently released Single-Family Build-to-Rent Properties Special Report. Although financing across all property types has been impacted by upward movement in both short- and long-term borrowing rates, the BTR sector is in a good position to shake off those challenges and maintain its growth momentum. Higher construction and financing costs are being offset by rising rents with year-over-year rent increases, that in many areas of the country, are quite substantial. Developers also are finding good access to both debt and equity. The number of lenders that are active in the space is expanding as developers move into new markets and continue to prove out business models and performance with successful lease-up and dispositions. For …
NEW JERSEY — PGIM Real Estate, in conjunction with global asset management firm AXA IM Alts, has provided a $350 million acquisition loan for a portfolio of 29 industrial properties totaling roughly 4.9 million square feet in Southern New Jersey. The specific names and locations of the properties were not disclosed, but the assets are located in Burlington and Gloucester counties. The borrower was an undisclosed institutional investor.
KEYPORT, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $29 million sale of a 132-unit multifamily property located at 251 Atlantic St. in the Northern New Jersey community of Keyport. The property consists of six buildings that house 22 studios, 78 one-bedroom units, 30 two-bedroom residences and two three-bedroom apartments. Amenities include a fitness center and onsite laundry facilities. Robert Holland and Barry Waisbrod of Kislak represented the seller, an entity doing business as Keyport Village Apartments DE LLC, in the transaction. Joni Sweetwood, also with Kislak, procured the undisclosed buyer.