Northeast

JLL Arranges $290M Construction Loan for Life Sciences Project in Philadelphia’s University City Neighborhood

by Jeff Shaw December 20, 2022

PHILADELPHIA — JLL Capital Markets has arranged a $290 million construction loan for project partners Gattuso Development Partners and Vigilant Holdings of New York to build a new research facility and life sciences development in the heart of Philadelphia’s University City submarket. The development will be the largest life sciences research and lab facility in the city, according to JLL. Located at 3201 Cuthbert St., the 11-story development features 519,647 square feet of wet lab and dry space, 11,908 square feet of street-level retail space and 137 underground parking stalls. SmartLabs and Drexel University have preleased 45 percent of the lab space. This will be SmartLab’s first location in a market outside of San Francisco or Boston. Infrastructure will include lab-friendly column spacing, expanded floor-to-floor heights, an HVAC system designed specifically for lab research, best-practice chemical storage space and ph neutralization capability, and six enclosed loading docks. Robert A.M. Stern Architects designed the property to meet LEED Gold certification. University City spans 2.4 square miles and is home to one of the largest concentrations of health systems, teaching institutions, life sciences, biotech and pharmaceutical companies in the world. “We believe the project validates Philadelphia’s emergence as a global hub for …

December 20, 2022

Acquisitions Industrial New York Northeast Self-Storage

Marcus & Millichap Brokers Sale of 371-Unit Self-Storage Portfolio in Upstate New York

by Taylor Williams December 19, 2022

BATAVIA AND DARIEN, N.Y. — Marcus & Millichap has brokered the sale of a portfolio of two self-storage facilities totaling 371 units in the upstate New York communities of Batavia and Darien. West Batavia Rentals and Broadway Rentals are located roughly 12 miles from one another and span 51,670 square feet of combined net rentable space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.

December 19, 2022

Acquisitions Multifamily Northeast Pennsylvania

Prestige Group Arranges $8.2M Sale of Philadelphia Multifamily Portfolio

by Taylor Williams December 19, 2022

PHILADELPHIA — Locally based brokerage firm The Prestige Group has arranged the $8.2 million sale of a portfolio of two multifamily buildings totaling 50 units in Philadelphia’s Mount Airy neighborhood. Both buildings rise four stories and predominantly house one- and two-bedroom units. Bob Cohen of Prestige Group represented the seller in the off-market transaction, and Jon Mirsky and Sajan Shah of Prestige Group represented the buyer. Both parties requested anonymity. The portfolio was 95 percent occupied at the time of sale.

December 19, 2022

Acquisitions Hospitality New York Northeast

Excel Group Acquires 150-Room Hampton Inn & Suites Yonkers Hotel

by Taylor Williams December 19, 2022

YONKERS, N.Y. — Virginia-based investment firm Excel Group has acquired the Hampton Inn & Suites Yonkers, a 150-room hotel located about 17 miles north of New York City. The property offers both traditional guestrooms and suites, and amenities include an indoor pool, fitness center, business center and meeting and event space. The seller and sales price were not disclosed.

December 19, 2022

Development Multifamily New Jersey Northeast

Adoni Property Group Begins Leasing 44-Unit Multifamily Project in Hillsborough, New Jersey

by Taylor Williams December 19, 2022

HILLSBOROUGH, N.J. — New Jersey-based developer Adoni Property Group has begun leasing The Franklin at Hillsborough, a 44-unit multifamily project in Northern New Jersey. The property offers one- and two-bedroom units ranging in size from 1,000 to 1,300 square feet that are furnished with stainless steel appliances and quartz countertops. Rents start at $2,350 per month for a one-bedroom unit.

December 19, 2022

Healthcare Leasing Activity New York Northeast

Northwell Health Signs 12,000 SF Medical Office Lease in Midtown Manhattan

by Taylor Williams December 19, 2022

NEW YORK CITY — Northwell Health has signed a 12,000-square-foot lease at Plaza 57 Medical, a 16-story building in Midtown Manhattan. The tenant plans to take occupancy of the entire 10th floor in the third quarter of next year. Paul Wexler, Josef Yadgarov and Elliot Dennis of Wexler Healthcare Properties represented Northwell Health and the landlord, The Moinian Group, in the lease negotiations.

December 19, 2022

Development Northeast Office Pennsylvania Top Stories

Parkway Corp. Plans 438,000 SF Office Building in Downtown Philadelphia

by Taylor Williams December 19, 2022

PHILADELPHIA — Parkway Corp. has announced plans for a 438,000-square-foot office building at 2000 Arch St. in Philadelphia’s Center City district. The locally based developer has also received a commitment from insurance giant Chubb to serve as the anchor tenant of the 18-story building. With an anchor tenant in place, construction is now scheduled to begin in the first quarter of 2023, with completion slated for the second quarter of 2026. Chubb expects to place approximately 3,000 employees at the new building within three to five years of opening, with about 1,200 of those positions representing newly created jobs. The new office will be the largest in the country for the New Jersey-based insurance giant, which currently employs about 2,000 people throughout Pennsylvania. In addition, Chubb insures approximately $500 billion in property in Pennsylvania, including $70 billion in Philadelphia, that large users in the healthcare, manufacturing, financial services and media industries occupy. Chubb also has historical ties to Philadelphia, having established its oldest subsidiary, The Insurance Co. of North America, at Independence Hall in 1792. Chubb’s current offices in Philadelphia are located at 436 and 510 Walnut St., just steps away from Independence Hall. “Our new building will have a …

December 19, 2022

The-Village-at-Laurel-Creek-Lindenwold-New-Jersey

Loans Multifamily New Jersey Northeast

Eastern Union Arranges $78.6M Loan for Refinancing of Northern New Jersey Multifamily Portfolio

by Taylor Williams December 16, 2022

NEW YORK CITY — Eastern Union has arranged a $78.6 million loan for the refinancing of a portfolio of 12 multifamily properties totaling 1,017 units that are predominantly located throughout Northern New Jersey. The portfolio also includes one property in The Bronx. Alex Jaffa of Eastern Union arranged the loan, which carries a fixed interest rate of 4.25 percent and a 10-year term, through Kearny Bank. The undisclosed borrower was a New Jersey-based investment firm that operates the properties through a variety of affiliated limited liability companies.

December 16, 2022

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Brokers $34.6M Sale of New Haven Multifamily Portfolio

by Taylor Williams December 16, 2022

NEW HAVEN, CONN. — Northeast Private Client Group has brokered the $34.6 million sale of a portfolio of two multifamily properties totaling 145 units in New Haven. Broadway Living is a five-building, 101-unit complex, and The Elm is a newly constructed, 44-unit building. All units at both properties are rented at market rates. Brad Balletto, Jeff Wright and Rich Edwards of Northeast Private Client Group brokered the deal. The buyer and seller were not disclosed.

December 16, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $15M Sale of Northern New Jersey Multifamily Portfolio

by Taylor Williams December 16, 2022

ELIZABETH AND HILLSIDE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $15 million sale of a portfolio of five multifamily properties totaling 120 units in Northern New Jersey. Specifically, four of the properties comprising 110 units are in Elizabeth, and one 10-unit property is located in Hillside. Jeff Squires of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction. Walker & Dunlop originated acquisition financing for the deal.

December 16, 2022

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