Developers have seen permitting and entitlement timelines lengthen exponentially over the past few years. What is causing increased timelines and how do developers overcome challenges and avoid unnecessary delays? If expanded timelines are inevitable in some cases, how can developers ensure that slowdowns do not spread to other aspects of development? Many municipalities have been overwhelmed by an explosion in projects and applications in the development queue, and the issues are compounded by employee turnover within these organizations. Municipal slowdowns in upgrading utility capacities have further stalled the process of development. Additionally, the process for obtaining permits and entitlements has grown increasingly complex in certain regions, regardless of property type. REBusiness Online spoke with experts at Bohler, a land development design and consulting firm, to learn the best practices for keeping delays and budgets under control in the face of growing timeline uncertainties. To avoid problems before they begin, these experts recommend early due diligence and local expertise, as well as an approach that incorporates the community, local agencies and the authority having jurisdiction at crucial points. Bohler’s team also emphasizes the importance of working through waiting periods and working on different elements of a project concurrently, so that if …
Northeast
NEW YORK CITY — Cushman & Wakefield has arranged a $367.8 million in financing for a portfolio of 23 industrial properties totaling approximately 3 million square feet in the Mid-Atlantic region. Specifically, the properties are located in Pennsylvania, Maryland and New Jersey and were fully leased to 41 tenants at the time of sale. Tenant footprints range in size from 7,238 to 478,715 square feet. John Alascio, Alex Hernandez, Alex Lapidus, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through J.P. Morgan on behalf of the borrower, Ares Management.
LEXINGTON, MASS. — A joint venture between Dallas-based developer Trammell Crow Co. and Invesco Real Estate will develop a 310,000-square-foot life sciences project in the northwestern Boston suburb of Lexington. The six-story facility will be known as 440 Bedford and will feature a covered parking garage, bicycle storage area, cafeteria, fitness center and various outdoor spaces, including proximity to the Minuteman bicycle trail. Completion is slated for the middle of 2024.
JERSEY CITY, N.J. — JLL has brokered the $31.9 million sale of Solaris Lofts, a 72-unit apartment complex located within the Bergen-Lafayette neighborhood of Jersey City. Built in 2019, the property features one-, two- and three-bedroom units and amenities such as a fitness center, dog park, resident lounge, coworking areas and an onsite grocery store and deli. Michael Oliver, Jose Cruz, Steve Simonelli, Kevin O’Hearn and Josh Stein of JLL represented the seller, PERE Holdings, in the transaction. The buyer was New York City-based Beachwold Residential.
STORRS, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $12.5 million sale of Orchard Acres, a 96-unit multifamily property in Storrs, home of the University of Connecticut. Built in 1963, the property is situated adjacent to the north end of campus and exclusively offers one-bedroom units. Tom Boyle of Chozick Realty represented the seller, a Massachusetts-based entity doing business as Orchard Acres Apartments LLC, in the deal. Steve Pappas with Chozick Realty represented the buyer.
NEW YORK CITY — German discount grocer Lidl will open a 35,000-square-foot grocery store at Queens Place Mall, located in the borough’s Elmhurst neighborhood. The grocer will backfill a space previously occupied by Designer Shoe Warehouse, whose lease expires in August. Diana Boutross, Ian Lerner and Alan Schmerzler of Cushman & Wakefield represented the landlord, Madison International Realty, in the lease negotiations. Kenneth Schuckman of Schuckman Realty represented Lidl, which plans to open its store within the 440,000-square-foot mall in the first quarter of 2024.
NEW YORK CITY — A joint venture between two New York City-based firms, DRA Advisors and KPR Centers, has sold 16 grocery-anchored shopping centers totaling roughly 1.5 million square feet that are located throughout the Northeast and Mid-Atlantic region. The sale occurred in conjunction with the joint venture’s acquisition of 33 grocery-anchored shopping centers throughout the region from Cedar Realty Trust for $879 million. The centers were sold to Baltimore-based Klein Enterprises, Kimco Realty Trust and an affiliate of KPR Centers for undisclosed amounts. Chris Angelone of JLL represented the seller in this transaction. The joint venture intends to hold and manage the remaining centers acquired from Cedar Realty Trust, which currently have a collective occupancy rate of 93 percent.
PHILADELPHIA — Locally based brokerage firm Rittenhouse Realty Advisors has arranged the $87 million sale of Hamilton Court, a 295-bed student housing community located near the University of Pennsylvania in Philadelphia. Amenities include a pool, fitness center, outdoor grilling and dining areas and onsite laundry facilities. Hamilton Court also houses 21,400 square feet of retail space. Rittenhouse represented the seller, Post Brothers, which acquired the 103-unit property in 2015 and implemented a $21 million capital improvement program.
PASSAIC, N.J. — Atlanta-based IDI Logistics has signed a 111,111-square-foot, full-building industrial lease with an undisclosed home improvement retailer at 26 Jefferson St. in the Northern New Jersey community of Passaic. The facility sits on 7.5 acres and features a clear height of 40 feet, 27 docks, two drive-in doors and parking for 61 cars and eight trailers. David Knee and Chris Hile of JLL represented IDI Logistics in the lease negotiations.
WALTHAM, MASS. — General contractor Vantage Builders has delivered a 100,000-square-foot cannabis cultivation facility in the western Boston suburb of Waltham for wholesale provider Greencare Collective. The facility features vegetation rooms; six 9,500-square-foot grow rooms; cultivation process rooms for drying, trimming, curing and packaging; vault storage; and a commercial kitchen for the creation of cannabis edibles. The second floor has office space, and a 2,000-square-foot dispensary located in the front of the building is scheduled to open this summer. The project team included BKA Architects, BLW Engineers (MEP), McClure Engineering (civil) and Trinity Engineering (structural).