HAVERHILL, MASS. — CBRE has brokered the sale of Ellis Factory Lofts, a 59-unit apartment complex in Haverhill, a northern suburb of Boston. Built in 2019, Ellis Factory Lofts is a redevelopment of the former Ted’s Leather Goods factory and mill. The six-story building now exclusively offers two-bedroom units, according to Apartments.com. Amenities include a resident clubroom, fitness room, bike storage area, dog wash, private courtyard and a controlled access parcel room, as well as commercial space. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, New Hampshire-based Chinburg Properties, in the transaction. The team also procured the buyer, Massachusetts-based development and investment firm SMC Management.
NEW YORK CITY — The Federative Republic of Brazil has renewed and expanded its office space at 220 E. 42nd Street, a 37-story building in Midtown Manhattan, by 65,331 square feet. The consulate general has renewed and extended its existing 30,030-square-foot lease. In addition, the Brazilian Mission to the United States will occupy 23,066 square feet, and the Brazilian Financial Office will occupy 12,235 square feet. Harry Blair, Tara Stacom, Barry Zeller and Pierce Hance of Cushman and Wakefield represented the landlord, SL Green, in the lease negotiations. Peter Trivelas and Justin Royce, also with Cushman & Wakefield, represented the tenant.
LANCASTER, PA. — South County Brewing will open a 22,000-square-foot venue in Lancaster, about 80 miles west of Philadelphia. The space at 26 W. King St. in the downtown area formerly housed the Pressroom restaurant. The new brewery will have 17,644 square feet dedicated to a restaurant, bar, dining room, private event space and kitchen, as well as 4,356 square feet for outdoor bar and courtyard space. The opening is slated for early 2025. TRUE Commercial Real Estate represented the brewery in the lease negotiations. Corinn Kerchner of PPM Real Estate represented the landlord, Zamagias Properties.
Leggat McCall, DLJ Properties Complete 370,000 SF Life Sciences Project in Somerville, Massachusetts
SOMERVILLE, MASS. — A partnership between Leggat McCall Properties and DLJ Real Estate Capital Partners has completed 808 Windsor, a 370,000-square-foot life sciences project located roughly four miles outside of Boston in Somerville. The site is situated adjacent to the newly developed Union Square MBTA Green Line Station within the 1.8 million-square-foot Boynton Yards mixed-use development. The 11-story facility includes 7,000 square feet of retail space and 242 below-grade parking spaces. Shawmut Design & Construction was the general contractor for the project, construction of which topped out in March 2023.
HANOVER, N.H. — Dartmouth College is underway on construction of a 285-bed student housing project at its campus in Hanover, located in the central part of the Granite State. The project is being developed solely by the school and will be located at 25 W. Wheelock St. The five-story structure will feature two-, three- and four-bedroom apartments with full kitchens, living rooms and storage spaces. Other project partners include architecture firm Cube 3 and design-build firm PROCON. Construction began in October and is expected to be complete in advance of the fall 2026 semester.
FORT LEE, N.J. — JLL has arranged an undisclosed amount of joint venture equity for Modera Fort Lee, a 253-unit multifamily project in Northern New Jersey. The building, construction of which will begin before the end of the year, will rise 19 stories and offer studio, one-, two- and three-bedroom units with an average size of 972 square feet. Amenities will include a pool, fitness center, work pods, a rooftop terrace and various social gathering spaces. Jose Cruz and Ryan Robertson of JLL worked on behalf of the developer, Mill Creek Residential, to secure the equity investment with Kayne Anderson Real Estate.
COMMACK, N.Y. — New York-based B2K Development has completed Sutton Landing, a 65-unit active adult community in the Long Island hamlet of Commack. Sutton Landing is a resort-style property in the community’s downtown area that is reserved for renters age 55 and over. The property exclusively offers two-bedroom units and amenities such as a pool, fitness center and a game room. The first move-ins are now underway, and rents start at $4,500 per month.
YORKTOWN, N.Y. — Sportime Pickleball will open a 30,000-square-foot facility in Yorktown, about 50 miles north of New York City. Set to open next fall, the facility will be located within Yorktown Green Shopping Center and will comprise 12 dedicated indoor courts, two party rooms, a lounge and a fully stocked pro shop. Curtis Nassau of RIPCO Real Estate represented the landlord, Oster Properties, in the lease negotiations. Brian Ripka, also with RIPCO, along with internal agent Daren Hornig, represented the tenant.
The investment market for seniors housing is in a favorable position heading into the new year thanks to a confluence of factors, says Scott Corbin, director at Boston-based AEW Capital Management. The firm has roughly $3 billion in assets under management within this niche property type. “We’ve seen a full rebound in recovery. We’re not necessarily back to pre-pandemic [profit] margins, but we are getting close. We are seeing outsized NOI growth and outsized rent growth when you compare it to other asset classes. We have the demographic tailwinds. In addition, you have muted supply [growth],” explained Corbin, a panelist at the InterFace Seniors Housing Northeast conference, which took place Dec. 4-5 in Philadelphia. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Joining Corbin on stage at Live! Casino & Hotel Philadelphia were moderator Kory Buzin, director, Blueprint Healthcare Real Estate Advisors; and panelists Curtis King, executive vice president, HJ Sims; Dennis Murphy, chief investment officer, Priority Life Care; Rick Swartz, senior managing director, JLL; and Shani Walter, managing director, Omega Healthcare Investors. The daylong conference, …
BAYONNE, N.J. — Cushman & Wakefield has arranged a $126.3 million loan for the refinancing of a 332,640-square-foot industrial building in the Northern New Jersey community of Bayonne. The speculative structure is Bayonne Logistics Center – Building 100 and features a clear height of 40 feet and 66 dock doors, as well as five acres of parking space that can support 195 trailers and 225 cars, or 45 trailers and 800 cars. Construction of the building began in May 2022 and was completed earlier this year. John Alascio, T.J. Sullivan, Chuck Kohaut and Mitch Rothstein of Cushman & Wakefield arranged the floating-rate loan through Ares Management on behalf of the borrower, a partnership between Lincoln Equities and PCCP LLC.