NEW YORK CITY — ShopRite will open a 62,000-square-foot grocery store at Evergreen Plaza in the Great Kills neighborhood of Staten Island. The grocer, which is part of the Wakefern Food Corp. family of brands, is backfilling a space previously occupied by SuperFresh at the 100,000-square-foot center. Joseph Lowry of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. The tenant was self-represented. The opening is slated for the fall.
NEW YORK CITY — Geller & Co. has signed a 45,290-square-foot office lease at 99 Park Avenue in Midtown Manhattan. The financial services and advisory firm will relocate from 909 Third Avenue to the entire 10th floor and a portion of the ninth floor at the 26-story building. Bryan Boisi of Cushman & Wakefield and Stuart Romanoff of Romanoff Realty Services represented the tenant in the lease negotiations. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter from JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has begun leasing a 318-unit affordable housing redevelopment project in Queens. The property, which is known as Baisley Pond Park Residences, is a conversion of the 350-room JFK Hilton Hotel in the borough’s Jamaica neighborhood, which was originally built in 1987 and is located about half a mile from JFK International Airport. The new complex houses studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team replaced all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects designed the project, which had a total price tag of about $167 million.
NORTH BRUNSWICK, N.J. — Regional investment firm Taconic Partners has acquired a 360,000-square-foot industrial property in North Brunswick, located roughly midway between Trenton and Newark, for $74.3 million. The site at 1735 Jersey Ave. spans 17 acres, and the building offers a clear height of 24 feet and 24 loading positions. Tenants at the property, which was fully leased at the time of the loan closing, include pallet manufacturer and distributor Kamps Inc. and furniture rental company Luxe Living Design. Jordan Avanzato, Marc Duval, Nicholas Stefans and Jason Lundy of JLL brokered the deal. The seller was not disclosed. Evan Pariser and Aaron Niedermayer, also with JLL, arranged $46.6 million acquisition financing through J.P. Morgan for the deal on behalf of Taconic Partners.
NORWOOD, WOBURN AND BILLERICA, MASS. — JLL has brokered the recapitalization of a portfolio of four industrial flex properties totaling 217,217 square feet in the greater Boston area. The facilities are located in Norwood, Woburn and Billerica and were all fully leased at the time of sale to a combined seven tenants. A fund managed by Berkeley Real Estate Partners previously owned the portfolio and sold the assets to a new joint venture in which Berkeley is the managing member and Invesco Real Estate as an investment partner. Michael Restivo, Andrew Gray and David Coffman of JLL structured the recapitalization on behalf of Berkeley. Brett Paulsrud, Andrew Gray, Hugh Doherty and Ali Howard, also with JLL, arranged acquisition financing for the deal on behalf of Invesco.
CRANBURY, N.J. — Yahee Technologies Corp., a provider of home furniture, pet supplies and outdoor and garden products, has signed a 154,000-square-foot industrial lease within Prologis Cranbury Business Park in Central New Jersey. The building at 3 Security Drive, which according to LoopNet Inc. totals 201,093 square feet, features a clear height of 32 feet and 21 dock doors. Christopher Galiano of NAI DiLeo-Bram represented the tenant in the lease negotiations. KBC Advisors represented Prologis.
SADDLE RIVER, N.J. — General contractor March Construction has broken ground on a 32,000-square-foot academic project in the Northern New Jersey community of Saddle River. A tentative completion date was not disclosed. Designed by DIGroup Architecture, the Dr. Kristen Walsh Hall of Science & Entrepreneurship is part of Saddle River Day School and will feature 15 classrooms, four small-group instruction rooms, four science labs and flexible spaces. The facility will also house collaboration areas and a new admissions center.
ITHACA, N.Y. — A partnership between Atlanta-based developer PeakMade Real Estate, Chicago-based investment firm Blue Vista Capital Management and real estate-focused family office W5 Group has broken ground on a 518-bed student housing project near Cornell University in western New York. Theory Ithaca will be located along Six Mile Creek in the downtown area and will offer studio, one-, two- and three-bedroom floor plans across 371 units. Amenities will include rooftop terraces, study lounges and a fitness center. Kennedy Wilson is financing construction of the project, which is expected to be complete in advance of the 2027 academic year.
NEW YORK CITY — Property Resources Corp. has completed The Hartby, a 205-unit multifamily adaptive reuse project in Brooklyn. The Hartby is a redevelopment of the former St. John’s College building, which was originally constructed in the borough’s Bedford-Stuyvesant neighborhood in 1870. Units come in studio, one- and two-bedroom floor plans, and 30 percent (62) of the residences are rent-stabilized and have been leased via a lottery system. Amenities include a fitness center, private party room, business center, library, indoor/outdoor lounge, a rooftop deck with barbecue stations, pet spa and an interior courtyard. Property Resources Corp. developed The Hartby in partnership with Avenue Realty Capital. Woods Bagot served as the project architect, with interiors by Alchemy Studio. Market-rate rents start at $3,150 per month for a studio apartment.
EXTON, PA. — JLL has arranged the $34.3 million sale of Exton Square, a 990,000-square-foot super-regional shopping center located on the western outskirts of Philadelphia. The center was originally built on 75 acres in 1973 and renovated in 2000. Whole Foods Market shadow-anchors the property, which is home to tenants such as Boscov’s, Macy’s, Main Line Health and Round1 Entertainment. Jim Galbally, David Monahan, Patrick Higgins and Fran Coyne of JLL represented the seller, PREIT, in the transaction. The buyer was Abrams Realty & Development.