WHITE PLAINS, N.Y. — Nashville-based developer Southern Land Co. has broken ground on Juliette, a 177-unit multifamily project in White Plains, a northern suburb of New York City. The site at 250 Mamaroneck Ave. previously housed a YMCA. The complex will offer one-, two- and three-bedroom units with an average size of 1,200 square feet. Amenities will include a pool, spa, garden terrace, grilling stations, a pet spa, resident lounge and a conference room. Completion is scheduled for 2024.
PITTSBURGH — Sealy & Co., an investment firm with offices in Dallas and Shreveport, La., has acquired The Imperial Light Industrial Portfolio, which comprises two buildings totaling 148,172 square feet in Pittsburgh. The buildings are located within the Chapman Westport master-planned development near Pittsburgh International Airport and can support office, distribution and lab uses. John Plower of JLL represented the undisclosed seller in the transaction. Jason Gandy and Davis Gibbs internally represented Sealy & Co.
MARLBOROUGH, MASS. — A partnership between Dallas-based Lincoln Property Co. (LPC) and New York-based alternative investment firm Angelo Gordon has broken ground on a 120,600-square-foot industrial project in the western Boston suburb of Marlborough. The speculative facility will feature a clear height of 32 feet and 10 loading docks. ARCO National Construction is the general contractor for the project, and LPC will also handle leasing. Completion is slated for the second quarter of 2023.
KING OF PRUSSIA, PA. — Livingston Street Capital, a private equity firm with offices in Radnor, Pa., and New York City, has acquired Canvas Valley Forge, a 231-unit active adult community located north of Philadelphia in King of Prussia. The property offers 147 one-bedroom units and 84 two-bedroom units. Indoor amenities include a fitness center, salon and spa, craft room, game room, library/media room, resident lounge, package room and concierge services. Outdoors, residents have access to a pool with a sundeck and hot tub, courtyard with grills and seating areas, a dog park with a washing station and a bocce ball court. The seller and sales price were not disclosed.
AUBURN AND GREENFIELD, MASS. — CBRE has brokered the $26.2 million sale of the Lundgren Honda dealerships located in the Central Massachusetts cities of Auburn and Greenfield. The Auburn property was built in 2012 and spans 55,870 square feet. The Greenfield property was constructed in 2005 and totals 12,807 square feet. The family-owned and -operated dealership and its affiliate real estate company, Lundgren Equity Partners, sold the sites to Pennsylvania-based Legacy Automotive Capital. Karly Iacono of CBRE represented both parties in the transactions.
PORTLAND, MAINE — Metro Boston-based mortgage banking firm Fantini & Gorga has arranged a $23 million permanent loan for Danforth Heights, a 166-unit mixed-income community located in between Portland’s historic and waterfront districts. According to Apartments.com, the property was built in 1973 and features one-, two-, three- and four-bedroom units. Tim O’Donnell and Derek Coulombe of Fantini & Gorga placed the debt through Eastern Mortgage Capital on behalf of the undisclosed borrower.
PHILADELPHIA — BioLabs, an incubator for life sciences companies, has signed a 30,151-square-foot lease expansion at The Curtis, a facility in Philadelphia’s Center City District that is a redevelopment of a historic publishing house. The tenant’s footprint is now 53,529 square feet, and the move-in is scheduled for early 2023. Other tenants at The Curtis, which also houses traditional office space, include Aro Biotherapeutics, IMVAX Inc. and Vivodyne. Keystone Development + Investment owns the property.
EAST RUTHERFORD, N.J. — Triple Five Group, the owner of the 3 million-square-foot American Dream shopping, dining and entertainment destination in Northern New Jersey, will soon open a 10,000-square-foot food hall. The food hall will feature seven concepts, including Van Leeuwen Ice Cream, Best Pizza and Vanessa’s Dumpling House, as well as wine bar Vinoteca and confectionary Lady M. The space will include seating and game areas and will be located near the live music and performance stage. A grand opening with a cornhole tournament, kids’ game and live music will take place on Wednesday, July, 13.
NEWPORT, R.I. — Pebblebrook Hotel Trust (NYSE: PEB) has acquired Gurney’s Newport Resort & Marina, a 10-acre waterside resort located on Narragansett Bay in Rhode Island, for $174 million. The 257-room hotel is located on Goat Island in Newport and features unobstructed views of Newport Harbor and the Newport Bridge. The hotel grounds include a historic lighthouse; 3,000-square-foot spa; coffee shop; 3,200-square-foot waterside pavilion; resort-style swimming pool with cabanas; indoor pool; fitness center; seasonal ice-skating rink; 80,000 square feet of flexible indoor and outdoor event space; and several waterside restaurants, including Showfish Newport and The Pineapple Club. The property also features a 22-slip full-service marina, which was not included in the sale, but will be available for PEB to purchase in 2027. The new ownership is evaluating a number of capital expenditures at the resort, which could include full renovations to guest rooms; upgrades to the lobby; updated landscaping; refurbishment of the property’s restaurants and bars; the addition of a new market; relocating and updating the spa; and updates to the hotel’s grand ballroom, south lawn and outdoor pavilion spaces. “Gurney’s Newport is the only resort-style property in Newport, drawing strong demand from New York, Boston and Providence,” says …
MANSFIELD, N.J. — Developer 2020 Acquisitions is underway on construction of a 610,000-square-foot distribution center in the Central New Jersey city of Mansfield. The site spans 47 acres and is located at 5206 Route 130. The facility will feature 123 loading docks, four drive-in ramps, a clear height of 40 feet, an ESFR sprinkler system and parking for 95 trailers and 173 cars. Delivery is slated for this summer. JLL has been tapped to lease the project.
