Northeast

Takeda Signs 600,000 SF Life Sciences Lease in Cambridge’s Kendall Square Area

by Taylor Williams June 23, 2022

CAMBRIDGE, MASS. — Japanese pharmaceutical giant Takeda has signed a 600,000-square-foot life sciences lease in Cambridge’s Kendall Square neighborhood. Takeda will occupy the entirety of the 16-story building at 585 Third St., which is being developed by San Diego-based REIT BioMed Realty and is slated for a 2026 completion. CBT Architects designed the facility, which will include 15,000 square feet of flexible space and a 300-seat theater, both of which will be open to the public. CBRE represented BioMed Realty in the lease negotiations. Cushman & Wakefield represented Takeda.

June 23, 2022

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates Sale of 174,063 SF Shopping Center in Chambersburg, Pennsylvania

by Taylor Williams June 23, 2022

CHAMBERSBURG, PA. — JLL has negotiated the sale of Franklin Center, a 174,063-square-foot shopping center in Chambersburg, located in the southern central part of the state. Built in 1990 and renovated in 2015, Franklin Center was 91.5 percent leased at the time of sale. Dick’s Sporting Goods, T.J.Maxx, Ulta Beauty, Petco and Ollie’s Bargain Outlet are the anchor tenants. Christopher Munley, Jim Galbally, Colin Behr and James Graf of JLL represented the seller, Florida-based investment firm Coastal Equities, in the transaction. Milbrook Properties Ltd. acquired the asset for an undisclosed price.

June 23, 2022

Connecticut Leasing Activity Northeast Retail

Target to Open 126,000 SF Store at Danbury Fair Mall in Connecticut

by Taylor Williams June 23, 2022

DANBURY, CONN. — Target (NYSE: TGT) will open a 126,000-square-foot store at Danbury Fair, a regional mall located in southern Connecticut’s Fairfield County. The Minneapolis-based retailer will backfill a two-level space that was previously occupied by Sears for its first location in the city. J.C. Penney, Macy’s, Dick’s Sporting Goods and Primark are the other anchors at Danbury Fair, which is owned by Southern California-based REIT Macerich. An opening date was not disclosed. Target also recently backfilled a former J.C. Penney store at Macerich’s Kings Plaza in Brooklyn.

June 23, 2022

Loans New York Northeast Northmarq Retail

Northmarq Arranges Four Loans Totaling $12.8M for Refinancing of White Plains Retail Properties

by Taylor Williams June 23, 2022

WHITE PLAINS, N.Y. — Northmarq has arranged four loans totaling $12.8 million for the refinancing of four retail properties totaling 66,691 square feet in White Plains, a northern suburb of New York City. Tenants at the properties include The Men’s Warehouse, New Balance, Sherwin-Williams, Cycle Gear, Mattress Firm, AutoZone and Gothic Cabinet Craft. Robert Ranieri of Northmarq arranged the financing through PCSB Bank on behalf of the undisclosed borrower. Each loan carried a fixed interest rate, seven-year term and a 30-year amortization schedule.

June 23, 2022

Development Multifamily New Jersey Northeast

Garden Communities Completes Lease-Up of 198-Unit Apartment Community in Basking Ridge, New Jersey

by Taylor Williams June 22, 2022

BASKING RIDGE, N.J. — Locally based developer Garden Communities has completed the lease-up of the initial phase of The Enclave at Dewy Meadows, a 198-unit apartment community in the Northern New Jersey community of Basking Ridge. Construction of the second phase is underway and expected to be complete by the end of the year. The Enclave at Dewy Meadows features one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a leasing office, business center, fitness center, clubrooms with kitchen areas and a children’s playroom. Information on starting rents was not disclosed.

June 22, 2022

Development Northeast Office Pennsylvania

DLP Capital Opens 254,782 SF Grand Plaza Office Building in Allentown, Pennsylvania

by Taylor Williams June 22, 2022

ALLENTOWN, PA. — Florida-based investment and development firm DLP Capital has opened Grand Plaza, a 254,782-square-foot office building located in the Lehigh Valley city of Allentown. DLP Capital acquired the building, which is located in the downtown area, via auction in 2021 and implemented a capital improvement program. Grand Plaza now features open, full-floor and multi-tenant floor plans, with office spaces ranging in size from 5,000 to 33,600 square feet. Additionally, Grand Plaza offer energy-efficient workspaces, winter gardens and a landscaped roof.

June 22, 2022

Acquisitions Industrial Northeast Pennsylvania

Larken Associates Acquires 137,404 SF Industrial Complex Near Harrisburg

by Taylor Williams June 22, 2022

LEWISBERRY, PA. — New Jersey-based investment firm Larken Associates has acquired Fairview Industrial Park, a 137,404-square-foot complex in Lewisberry, a southern suburb of Harrisburg. The three-building complex was close to fully leased at the time of sale to tenants such as LeafGuard, Best Dressed Associates, Precision Pulley, Eastern Surfaces and Paul Davis Restoration. Buildings range in size from 16,800 to 61,714 square feet and feature clear heights of 18 feet. Gerry Blinebury and Brendan McGeary of Cushman & Wakefield represented the undisclosed seller in the transaction. Larken Associates was represented by its in-house brokerage division, Raider Realty.

June 22, 2022

Loans New York Northeast Office Retail

Thorofare Capital Provides $16.8M Acquisition Loan for Office, Retail Building in Queens

by Taylor Williams June 22, 2022

NEW YORK CITY — Los Angeles-based Thorofare Capital has provided a $16.8 million acquisition loan for a 42,500-square-foot office and retail building located at 69-30 Austin St. in Queens. Ross Cumming of Ackman-Ziff Real Estate Capital Advisors placed the financing with Thorofare Capital. The borrower, a partnership between LTNG, Crown Acquisitions and Forest Hills Real Estate Group, plans to use a portion of the proceeds to fund capital improvements.

June 22, 2022

Acquisitions Industrial New Jersey Northeast

NAI Hanson Brokers Sale of 54,000 SF Industrial Building in Mahwah, New Jersey

by Taylor Williams June 22, 2022

MAHWAH, N.J. — NAI James E. Hanson has brokered the sale of a 54,000-square-foot industrial building in Mahwah, located on the New York-New Jersey border. The building sits on six acres and features a clear height of 16 feet. Russ Verducci and Eric Demmers of NAI Hanson represented the seller, Hendon Realty Associates LLC, in the transaction. The name and representative of the buyer were not disclosed.

June 22, 2022

Arsenal-Trade-Center-Sayreville-New-Jersey

Development Industrial New Jersey Northeast

Joint Venture to Develop 1 MSF Industrial Project in Sayreville, New Jersey

by Taylor Williams June 21, 2022

SAYREVILLE, N.J. — A joint venture between Trammell Crow Co. (TCC) and CBRE Investment Management will develop Arsenal Trade Center, a roughly 1 million-square-foot industrial project in the Central New Jersey community of Sayreville. The site spans 74 acres and is located four miles from the New Jersey Turnpike. Arsenal Trade Center will consist of three rear-load buildings spanning 284,341, 341,833 and 451,602 square feet. Each building will feature clear heights of 40 feet and ample car and trailer parking. KSS Architects is designing the project, and RC Anderson is the general contractor. Construction is slated to begin later this summer and to be complete in late 2023.

June 21, 2022

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