ROSELAND, N.J. — Invesco Real Estate Income Trust has acquired a majority interest in Everly Roseland, a 360-unit apartment community in Northern New Jersey. The percentage was not disclosed. The garden-style property was built in 1980 and was 95 percent leased at the time of sale. Invesco plans to implement a capital improvement program to unit interiors, building exteriors and common areas.
NEW YORK CITY — Global private equity firm Clayton, Dubilier & Rice has signed an office lease renewal and expansion at The Seagram Building, a 38-story tower located at 375 Park Ave. in Manhattan. The company now occupies 70,000 square feet across four floors. Andrew Sachs and Ben Shapiro of Newmark represented the tenant, which has been headquartered at the building for nearly three decades, in the lease negotiations. A.J. Camhi and Paul Milunec internally represented the landlord, locally based investment firm RFR.
Sansone Group, Crow Holdings Near Completion of 702,450 SF Industrial Project in Palmyra, New Jersey
PALMYRA, N.J. — A partnership between St. Louis-based Sansone Group and a fund advised by Crow Holdings Capital is nearing completion of Tac Pal Logistics Center, a 702,450-square-foot industrial project located in the Southern New Jersey community of Palmyra. The facility will feature a clear height of 40 feet, 107 loading docks, 240 trailer stalls and 499 car parking spaces. Tac Pal Logistics Center also offers proximity to Route 130, Interstate 95 and the New Jersey Turnpike. Cushman & Wakefield and Avison Young have been tapped as co-leasing agents for the development, which is slated for a September 2022 delivery.
YORK, PA. — JLL has brokered the sale of West Manchester Town Center, a 488,037-square-foot retail power center that is situated on a 94-acre site in York, located in the southern central part of the state. Built as an enclosed mall in 1981 and renovated into an open-air center in 2014, West Manchester Town Center houses tenants such as Kohl’s, At Home, HomeGoods, Hobby Lobby and Burlington. Chris Munley, Jim Galbally and Colin Behr of JLL represented the seller, Dallas-based ATR Corinth Partners, in the transaction. A joint venture led by Paramount Realty acquired the center for an undisclosed price.
HACKETTSTOWN, N.J. — Cronheim Mortgage has arranged a $16 million permanent loan for Mansfield Commons, a 272,046-square-foot retail center in the Northern New Jersey community of Hackettstown. Built in 1999, Mansfield Commons houses a 123,519-square-foot Walmart an 88,830-square-foot Kohl’s and a 21,674-square-foot Marshalls, as well as Harbor Freight Tools, Jersey Mike’s Subs and Dunkin’. Occupancy was 97 percent at the time of the loan closing. Dev Morris, David Poncia, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the 10-year loan on behalf of the borrower, a subsidiary of National Realty & Development Corp.
NEWARK, N.J. — Wholesale discount merchandiser Costco has opened a 183,000-square-foot warehouse and distribution center roughly two miles from the Port of Newark. The facility sits on 12.6 acres and features a clear height of 40 feet, 36 exterior docks, 83 trailer parking spaces and 168 car parking spaces. RC Anderson served as the general contractor for the project, which was developed on a speculative basis by Illinois-based CenterPoint Properties.
MELVILLE, N.Y. — Southern California-based investment firm Cohen Asset Management has purchased an 84,140-square-foot logistics facility located in the Long Island community of Melville. The property, which sits on 6.9 acres, was fully leased to Estee Lauder and two other tenants at the time of sale. Building features include a clear height of 22 feet and parking for 250 vehicles. The seller and sales price were not disclosed.
Capitalizing on a changing marketplace and employing technology to streamline processes are essential strategies in helping small balance clients meet their goals. Ana Ramos, managing director and regional production head at Walker & Dunlop, emphasizes the importance of speed, creativity and using technology to assist in mortgage lending processes. She also emphasizes the centrality of teamwork, company ethos and technology to put a big emphasis on small balance loans. Walker & Dunlop defines “small loan” as up to $15 million for multifamily properties with five or more units. These clients are usually composed of smaller individual investors who need attention and education when it comes to mortgage lending. “It’s really hard for a large producer to think small, but it’s really easy for small producer to think big,” Ramos says. “It’s difficult for producers who are accustomed to institutional lending, with its higher fees and complex vesting structures to consider the credit parameters that are necessary in small balance loans. Small loans is a niche type of mortgage lending, and it only works if you have a company within a company, like Walker & Dunlop with its dedicated small loan team that works together through application, underwriting and closing.” Tech’s …
NORWALK, CONN. — Cushman & Wakefield has arranged the $293.5 million sale of The Norwalk Collection, a 662-unit multifamily portfolio located in the southern coastal Connecticut city of Norwalk. The Norwalk Collection comprises three buildings totaling 334 two-bedroom units and 328 one-bedroom units. Amenities include a pool, sundeck, fitness center, roof deck and tenant lounges. The properties also house approximately 68,000 square feet of retail space and 789 parking spots. Adam Spies, Adam Doneger, Brian Whitmer and Ryan Dowd of Cushman & Wakefield represented the sellers, Invictus Real Estate Partners and 166 2nd Financial Services, in the transaction. The team also procured the buyer, Beachwold Residential. Mona Carlton, Elliott Throne, Scott Aiese and Kenny Cutler off JLL provided a total of $33.1 million in Freddie Mac acquisition financing on behalf of Beachwold Residential.
BAYONNE, N.J. — Locally based developer Lincoln Equities Group has broken ground on Lincoln Logistics Bayonne, a 332,640-square-foot speculative industrial project in Northern New Jersey. The facility will be situated on a 24-acre tract within a 153-acre waterfront site at which an 886,256-square-foot UPS shipping hub is currently under construction. Lincoln Logistics Bayonne will feature five acres of parking space that can support 195 trailers and 225 cars, or 45 trailers and 800 cars. Cushman & Wakefield is marketing the project for lease. Construction is expected to be complete by the end of the year.