WESTBROOK, CONN. — Private owners Meri Wick and Marcus Little have completed the redevelopment of The Captain Stannard, a historic inn located in the southern coastal Connecticut city of Westbrook. The Captain Stannard is a 10-room establishment that was originally constructed in 1872. According to the Connecticut Post, the project involved reconfiguring the main dining area, upgrading the main common area and applying fresh paint and furnishings to select areas, as well as putting new bedding in all guestrooms.
SEATTLE — Amazon (NASDAQ: AMZN) plans to invest “at least $20 billion” in future cloud computing and artificial intelligence (AI) innovation campuses in Pennsylvania. The Seattle-based e-commerce giant has identified Salem Township in Luzerne County and Falls Township in Bucks County as the first communities that will host these campuses, with other Pennsylvania communities also under consideration. “I’m proud to announce that we have secured the largest private sector investment in the history of Pennsylvania,” said Pennsylvania Gov. Josh Shapiro. “Pennsylvania is competing again.” Upon completion, the campuses will house data centers with computer servers, data storage drives, networking equipment and other technology infrastructure used for cloud computing capabilities and generative AI. Specific details about the sites and construction timelines were not released. Last week, Amazon made a similar announcement for a $10 billion data center innovation campus in Richmond County, N.C., which followed an $11 billion investment in Georgia that Amazon announced in January. Amazon stated that the Pennsylvania investment will create at least 1,250 new jobs, as well as thousands of jobs in the Amazon Web Services (AWS) data center supply chain. The new jobs will range from data center engineers and network specialists, to engineering operations managers, security …
NEW YORK CITY — Pillar Property Management has topped out The Earl Monroe New Renaissance Basketball School, a $35 million academic project in the Mott Haven area of The Bronx. The five-story, 69,000-square-foot building is located at 647 Elton Ave. and will eventually house an 8,000-square foot gymnasium, 27 regular and specialty classrooms, a library/media production studio and a dedicated broadcast studio. New Renaissance Basketball Association will operate the school, which expects to have an enrollment of about 400 students, via a long-term lease with Pillar. The project team includes ESKW/Architects, IMC Architecture, JV Construction & Consulting and Brisa Builders. Construction began last fall, and completion is slated for early- to mid-2026.
NEW YORK CITY — New York City-based investment firm Time Equities Inc. has purchased a 38-unit apartment building in the Ditmas Park area of Brooklyn for $13.1 million. Built by Lightstone Management in 2018, the building at 323 E. 19th St. offers one- and two-bedroom units and was fully occupied at the time of sale. According to StreetEasy, amenities include a fitness center, package rooms, a rooftop deck and onsite laundry facilities. The seller was not disclosed. M&T Bank financed the acquisition.
WORCESTER, MASS. — Marcus & Millichap has brokered the $7.2 million sale of a portfolio of three office buildings totaling 83,769 square feet (gross) in the Central Massachusetts city of Worcester. The interconnected buildings, which were 82 percent leased at the time of sale, sit on 2.2 acres and house onsite restaurant VIA, as well as 155 parking spaces. Harrison Klein of Marcus & Millichap represented the seller and procured the buyer in the transaction.
BOUND BROOK, N.J. — Coldwell Banker New Homes and Coldwell Banker Realty have completed the lease-up of Allure at Vosseller, a 40-unit apartment building located in the Northern New Jersey community of Bound Brook. The building features one- and two-bedroom units and amenities such as a resident lounge, fitness studio, package room and a landscaped outdoor pavilion. Locally based investment and management firm Ferruggia Associates owns Allure at Vosseller.
EDISON, N.J. — Newmark has negotiated a 35,000-square-foot industrial lease in the Central New Jersey community of Edison. According to LoopNet Inc., the building at 115 Newfield Ave. was built in 1988 and totals 45,500 square feet. Kyle Eaton, Robert Loderstedt, Michael Schipper and Haylee McCabe of Newmark represented the tenant, Glenmore Plastics, in the lease negotiations. The name and representative of the landlord were not disclosed.
NEW YORK CITY — Fisher Brothers and Blackstone Real Estate have received $850 million in CMBS debt for the refinancing of 1345 Avenue of the Americas, a 50-story office tower in Midtown Manhattan. Morgan Stanley, J.P. Morgan Chase and Citibank provided the debt to the locally based co-investors. The refinancing was executed as part of a larger recapitalization of the 2 million-square-foot building, which also saw funds backed by Blackstone acquire a 46 percent interest in the property at a valuation of $1.4 billion. Fisher Brothers also increased its majority ownership of the asset as part of the transaction. The building was 92 percent leased at the time of the loan closing, with nearly 1.1 million square feet of leases signed since 2023. Tenants include the Intercontinental Exchange, Equitable Financial, Fortress Investment Group and law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP. Fisher Brothers completed a $120 million capital improvement project at 1345 Avenue of the Americas in 2021. Designed by Skidmore, Owings & Merrill, the project upgraded the building’s exterior, redesigned the lobby with touchless elevators and added a new amenity floor with flexible meeting space, a tenant lounge, wellness center and an indoor terrarium. “The completion of …
PLAINFIELD, N.J. — Regional owner-operator WinnCos. will undertake an affordable seniors housing renovation project in the Northern New Jersey community of Plainfield. Designed by New Jersey-based Inglese Architecture & Engineering, the project will modernize the 225-unit Richmond Towers and the 128-unit Joanne Hollis Gardens complexes and preserve the properties’ status as affordable for residents earning 30 percent or less of the area median income. Richmond Towers was built more than 50 years ago and features two 12-story towers housing 135 studio apartments and 90 one-bedroom apartments. Built in 1954 as West End Gardens, Joanne Hollis Gardens was rededicated in 2015 to posthumously honor the longtime resident who served as Plainfield housing commissioner and city councilwoman. The two-story, garden-style complex offers 16 one-bedroom, 66 two-bedroom, 32 three-bedroom and 14 four-bedroom apartments. WinnCos. is developing the project in partnership with the Housing Authority of Plainfield.
BURLINGTON, N.J. — Newmark has secured a 154,000-square-foot industrial lease in Burlington, located outside of Philadelphia in Southern New Jersey. According to LoopNet Inc., the newly constructed building at 1804 River Road features a cross-dock configuration, a clear height of 36 feet, two drive-in bays, 50 exterior dock doors and 229 car parking spaces. Kyle Eaton, Robert Loderstedt, Michael Schipper and Haylee McCabe of Newmark represented the tenant, automotive parts supplier GMB North America, in the lease negotiations. The name and representative of the landlord were not disclosed.