WORCESTER, MASS. — Shawmut Design & Construction has topped out a $325 million academic building that will be part of the UMass Chan Medical School in Worcester. The nine-story, 350,000-square-foot building will primarily be used to house and conduct biomedical research. Construction originally began in November 2020 and is slated to be complete in 2024.
CONSHOHOCKEN, PA. — LCOR, a developer with three offices in the Mid-Atlantic region, has begun leasing The Birch, a 304-unit apartment community located in the northern Philadelphia suburb of Conshohocken. The property offers studio, one- and two-bedroom units and 17,000 square feet of amenity space that houses a pool, fitness center, lounges and a golf simulator. Rents start at $1,755 per month for a studio apartment. The first move-ins will begin on Sept. 1.
ALLENTOWN, PA. — Bellwether Enterprise Real Estate Capital has arranged a $20 million loan for the renovation and construction of Cityplace North & South, a 204-unit apartment complex in the Lehigh Valley city of Allentown. The North Building is a conversion of a hotel into apartments that opened in early 2020, and the South Building is ground-up construction. An undisclosed life insurance company provided the loan. The borrower was also not disclosed.
CHERRY HILL, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has welcomed several new tenants to Cherry Mill Mall in metro Philadelphia. Apparel brands Psycho Bunny and Levi’s have signed leases for 2,390 and 3,000 square feet with plans to open in mid-2023 and late 2022, respectively. Seafood restaurant Eddie V’s has also committed to 8,685 square feet and is targeting a spring 2023 opening. Laura Pomerantz of Cushman & Wakefield represented Levi’s in the lease negotiations. Steve Gartner and Drew Schaul of CBRE represented Psycho Bunny, and David Orkin, also with CBRE, represented Eddie V’s.
HOLMDEL, N.J. — LT Apparel, a manufacturer of children’s clothing, has opened a 13,086-square-foot office within Campus, a 72,000-square-foot flexible workspace located within the Bell Works mixed-use development in the Central New Jersey community of Holmdel. Jeff Garibaldi, Tara Keating and Lindsey Florio of The Garibaldi Group represented the landlord, Inspired by Somerset Development, in the lease negotiations. Global cloud communications firm Vonage has also committed to an undisclosed amount of space at Campus, which houses breakout rooms and conference facilities.
TRUMBULL, CONN. — New York City-based brokerage firm Rosewood Realty Group has negotiated the $101 million sale of The Royce at Trumbull, a 339-unit multifamily property located in southern Connecticut’s Fairfield County. AvalonBay Communities originally developed the property, which houses one-, two- and three-bedroom units, in 1997. Jonathan Brody of Rosewood Realty Group represented the seller, a partnership between Sym Investments and Skywood Properties, which acquired the asset in spring 2021 for $82 million. Brody also procured the buyer, Massachusetts-based Colony Hills Capital. The Royce at Trumbull was 99 percent occupied at the time of sale.
MIDDLETOWN, DEL. — Alcohol distributor Breakthru Beverage Group has opened a 282,500-square-foot distribution facility in Middletown, located in Delaware’s New Castle County. The facility features a clear height of 36 feet and a 29,350-square-foot, temperature-controlled room for cold storage, as well as 29,790 square feet of offices, training and break rooms. Lastly, the facility houses an experience center where clients can taste new products. MRP Industrial developed the project, with Ware Malcomb and Penntex Construction respectively serving as the architect and general contractor.
LAWRENCE, MASS. — Reed Community Partners has completed Pac10 Lofts, an affordable housing project that will be located in the northern Boston suburb of Lawrence. Of the 180 units, 18 are reserved for households earning 30 percent or less of the area median income (AMI); 112 earmarked for renters earning 60 percent or less of AMI; and 40 are workforce housing units for households earning up to 80 percent of AMI. The remaining 10 residences will be rented at market rates. MassHousing recently provided $40.8 million in permanent financing for the community, which the development team expects to be fully leased by the end of the year. Rogue Architecture PLLC designed the community, and LaRosa Construction Co. served as the general contractor.
CHERRY HILL, N.J. — Bellwether Enterprise Real Estate Capital has arranged a $40 million loan for the permanent financing of a 192-unit apartment and townhome community located outside of Philadelphia in Cherry Hill. The newly built property offers one-, two- and three-bedroom units, and amenities such as a pool, rooftop terrace, fitness center, dog park and a clubhouse with a billiards room, lounge and bar area. An undisclosed life insurance company provided the loan. The borrower was Montgomery Group.
MIDDLETOWN, N.Y. — Marcus & Millichap has brokered the sale of two hotels totaling 261 rooms in Middletown, located about 75 miles north of New York City in the Hudson Valley region. The Hampton Inn and Courtyard by Marriott sold for a combined price of $34 million. Andrew Kern and Jerry Swon of Marcus & Millichap represented the seller, a limited liability company, in the transaction and procured the locally based buyer. Both parties requested anonymity.
