Northeast

Greater-Lewistown-Plaza-Burnham-Pennsylvania

Axiom Realty Acquires 177,752 SF Shopping Center in Burnham, Pennsylvania

by Taylor Williams January 4, 2023

BURNHAM, PA. — Axiom Realty Services, a metro Philadelphia-based investment firm, has acquired Greater Lewistown Plaza, a 177,752-square-foot shopping center in Burnham, located in the central part of the Keystone State. Regional grocer Weis Markets anchors the center, which was 94 percent leased at the time of sale. Other tenants include J.C. Penney, Dunham’s Sports, Geisinger Health and Citizens Bank. Bennett Williams of Bennett Williams Commercial represented the seller, Northpath Investments, in the transaction. The buyer and sales price were not disclosed.

January 4, 2023

Development Healthcare New Jersey Northeast

Monmouth Medical Center to Open 138,000 SF Cancer Care Facility in Tinton Falls, New Jersey

by Taylor Williams January 4, 2023

TINTON FALLS, N.J. — Monmouth Medical Center, an affiliate of RWJBarnabas Health, will open a 138,000-square-foot cancer care facility in the Northern New Jersey community of Tinton Falls. The project, which is expected to add about 300 new jobs to the local economy, represents the first phase of redevelopment of the former site of the Myer Center, a Cold War-era industrial facility that was demolished several years ago. Construction of the new facility, which will also offer imaging, radiation and ambulatory surgery services, is set to begin in the first quarter. Plans for Phase II are still being finalized.

January 4, 2023

Hospitality Loans New York Northeast

Taconic Capital Advisors Provides $95M Loan for Refinancing of Manhattan Hotel

by Taylor Williams January 3, 2023

NEW YORK CITY — Taconic Capital Advisors has provided a $95 million loan for the refinancing of Martinique New York on Broadway, a 531-room hotel in Midtown Manhattan. The hotel, which is part of Curio Collection by Hilton family of brands, originally opened in 1897 and is a member of the Historic Hotels of America club. Martinique New York on Broadway houses 10 meeting and event spaces that can accommodate more than 400 guests, as well as a fitness center and multiple food-and-beverage establishments. The borrower, Oklahoma City-based Burnett Equities, which acquired the hotel in 2021, plans to use a portion of the proceeds to fund capital improvements.

January 3, 2023

Logistics-Center-at-I-95-Jackson-New-Jersey

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 1 MSF Industrial Facility in Jackson Township, New Jersey

by Taylor Williams January 3, 2023

JACKSON TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of an approximately 1 million-square-foot industrial facility located at 515 Monmouth Road in Jackson Township, about 30 miles east of Trenton. The newly constructed complex comprises one cross-dock and one rear-load building that total 617,452 and 383,092 square feet, respectively. Building features include clear heights of 40 feet, 185-foot truck court depths, 713 car parking spaces and 181 trailer parking stalls. Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema of Cushman & Wakefield represented the seller, a partnership between Active Acquisitions and Stonecutter Capital, in the transaction. The team also procured Brookfield Properties as the buyer.

January 3, 2023

Acquisitions New Jersey Northeast Office

JLL Negotiates $88M Sale of Office Building in Parsippany, New Jersey

by Taylor Williams January 3, 2023

PARSIPPANY, N.J. — JLL has negotiated the $88 million sale of 300 Kimball, a 430,000-square-foot office building located in the Northern New Jersey community of Parsippany. Built in 2001 and renovated in 2013, the property sits on a 9.3-acre site within a larger development known as The Center at Morris County and was 87 percent leased at the time of sale. Amenities include a fitness center, tenant lounge, conference center, putting green and golf simulator, walking trails and a cafeteria. Kevin O’Hearn, Jose Cruz, Jeremy Neuer and Peter Kim of JLL represented the seller, Sovereign Partners LLC, in the transaction. The buyer was regional investment firm Signature Acquisitions, which also owns the adjacent building, 100 Kimball.

January 3, 2023

Acquisitions Northeast Pennsylvania Retail

FNRP Acquires 289,000 SF Loyal Plaza Shopping Center in Williamsport, Pennsylvania

by Taylor Williams January 3, 2023

WILLIAMSPORT, PA. — New Jersey-based First National Realty Partners (FNRP) has acquired Loyal Plaza, a 289,000-square-foot shopping center in Williamsport, located in the northern-central part of the Keystone State. Anchored by a 67,000-square-foot Giant Food Store, the center was approximately 85 percent leased at the time of sale. Other tenants include Hobby Lobby, Planet Fitness, Rite Aid, Advance Auto Parts and BB&T. Colin Behr and Chris Munley of JLL represented the undisclosed seller in the transaction.

January 3, 2023

Industrial Leasing Activity New Jersey Northeast

I-FE Apparel Signs 36,165 SF Industrial Lease Renewal in South Hackensack, New Jersey

by Taylor Williams January 3, 2023

SOUTH HACKENSACK, N.J. — I-FE Apparel, the company behind clothing brands such as PJ Mark and Bleecker & Mercer, has signed a 36,165-square-foot industrial lease renewal in South Hackensack, located outside of Manhattan in Northern New Jersey. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations on an internal basis. The representative of the tenant was not disclosed.

January 3, 2023

Connecticut Development Multifamily Northeast Student Housing

Landmark Properties, Manulife to Develop 890-Bed Student Housing Project Near University of Connecticut

by Taylor Williams December 23, 2022

STORRS, CONN. — A joint venture between Georgia-based Landmark Properties and Manulife Investment Management will develop The Standard at Four Corners, an 890-bed student housing project that will be located near the University of Connecticut in Storrs. The project will offer studio, one-, two- and three-bedroom units and amenities such as a pool, study lounges, a fitness center, computer lab and gaming lounge. The community will also feature 14,500 square feet of ground floor retail space. Completion is slated for August 2025.

December 23, 2022

Loans Multifamily New York Northeast

Bank of America Provides $53M Permanent Loan for Brooklyn Apartment Building

by Taylor Williams December 23, 2022

NEW YORK CITY — Bank of America has provided a $53 million permanent loan for Kent House, a 96-unit apartment building in Brooklyn’s North Williamsburg area. The building, which houses one- and two-bedroom units, includes 140 parking spots and 31,000 square feet of retail space. Leah Paskus of Landstone Capital Group arranged the loan, which retires the property’s original construction debt, on behalf of the borrower, locally based developer CW Realty, which holds the leasehold interest in the property.

December 23, 2022

Leasing Activity New York Northeast Office

Choyce Peterson Negotiates 39,649 SF Office Lease in Purchase, New York

by Taylor Williams December 23, 2022

PURCHASE, N.Y. — Connecticut-based brokerage firm Choyce Peterson has negotiated a 39,649-square-foot office lease in Purchase, about 30 miles north of Manhattan. John Hannigan and Charlene O’Connell of Choyce Peterson represented the tenant, Triton International, a provider of intermodal container leasing services, in the lease negotiations. The name and representative of the landlord were not disclosed.

December 23, 2022

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