JERSEY CITY, N.J. — JLL has arranged a $25.5 million loan for the refinancing of Nest Micro Apartments, a multifamily complex in Jersey City. Built in 2021, Nest Micro consists of 122 studio apartments and 1,350 square feet of ground-floor retail space. Matthew Pizzolato, Max Custer, Michael Oliver and Salvatore Buzzerio of JLL arranged the loan through Argentic Investment Management on behalf of the borrower, an entity doing business as 190 Academy Urban Renewal LLC.
By Taylor Williams As the pandemic recedes from the minds and wallets of American consumers, the food and beverage (F&B) industry finds itself embroiled in a host of new financial problems, driven this time by pure economics rather than public health. Inflation and supply chain disruption are working both in tandem and within independent channels to bring new hardships to the sector, mainly in the form of elevated costs and delayed timelines for operating and expanding restaurants of all types. At the same time, F&B owners and operators finds themselves awash with pent-up demand to dine out, drink, socialize and enjoy entertainment attractions and activities. Meanwhile, across the Northeast, quality F&B spaces that went dark during the first 18 months of the pandemic have largely been reabsorbed. That confluence of circumstances encapsulates major incentives and opportunities for landlords to raise rents. Add in the fact that these property owners have in many cases been operating on deferred, reduced or restructured rent payment schedules for much or all of the last two years, and the move to push F&B rents is even more justifiable. For owners of traditional retail product — from power centers to neighborhood strip malls to single-tenant, net-leased …
The build-to-rent (BTR) property type has gained significant traction in the commercial real estate market due to increasing interest from tenants, investors and developers. Developers moving into the BTR market before 2020 originally focused on this sector as an “in between” product for future home buyers who weren’t ready to commit to a single location but wanted additional space and amenities. The pandemic fueled tenants’ desires for more privacy and space without the long-term commitment of homeownership, which ignited growth in the sector. As costs for single-family homes continue to rise, the BTR niche also increasingly attracts would-be homeowners who are priced out of the homebuying market — and the growing demand for BTR properties draws the attention of more and more investors and developers. But not all stakeholders are immediately on board with development of BTR properties. The concept is rather new in some markets and local communities have questions about the zoning and operation of these hybrid communities, which are an intriguing mix of single-family concept and multifamily operations. Developers often need to educate municipalities about the BTR concept — and they need to plan BTR properties that work for the local community. This is where Bohler — a land …
DREXEL HILL, PA. — JLL has arranged a $43 million loan for Drexeline Town Center, an office and retail redevelopment project located on the western outskirts of Philadelphia. The 18.5-acre site currently houses five retail and office buildings that were originally constructed between the early 1950s and 2000s. The borrower, a partnership between Baltimore-based MCB Real Estate and New Jersey-based Hampshire Cos., plans to redevelop the center into a mixed-use destination. Initial plans call for a 172-unit apartment complex, a 120,000-square-foot self-storage facility, a 72,000-square-foot ShopRite grocery store, a PNC bank branch, a Wawa convenience store and fuel station and 20,440 square feet of pad and inline retail space. Jon Mikula, Michael Klein and Michael Lachs of JLL placed the loan through Investors Bank, a division of Citizens Bank.
PISCATAWAY, N.J. — JD.com, a global e-commerce firm based in Beijing, has signed a 216,892-square-foot industrial lease in the Northern New Jersey community of Piscataway. Indianapolis-based REIT Duke Realty (NYSE: DRE) is developing the facility, which will feature a clear height of 40 feet and 38 trailer parking spaces, with a target completion date of this fall. Noah Balanoff and Jacquelyn Severino of Colliers, along with internal agents Ben Rosen and Gregg Bazzani, represented Duke Realty in the lease negotiations. Chuck Fern, Jason Barton and Thomas Tucci of Cushman & Wakefield, along with Andy Ho of Kander Pacific Inc., represented the tenant.
NEW YORK CITY — Seattle-based lender Columbia Pacific Advisors has provided a $36 million loan for the refinancing of an industrial property located along the Hudson River in The Bronx. The property is a 480,000-square-foot outdoor storage yard that is situated on a 14-acre site. The borrower is locally based developer Dynamic Star. Will Nelson led the transaction for Columbia Pacific Advisors.
BRIDGEVILLE, PA. — Marcus & Millichap has brokered the $30 million sale-leaseback of a 346,009-square-foot industrial facility in Bridgeville, a southern suburb of Pittsburgh. Built on 31 acres in 1980, the four-building property features clear heights of 11 to 28.5 feet, 26 dock-high doors and five grade-level doors. Adam Abushagur of Marcus & Millichap represented the seller, a sister company of the tenant, IT firm Black Box Corp., in the transaction. Abushagur also procured the buyer, Spirit Realty Capital.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $22.5 million sale of a 96-unit multifamily building located in the Morris Heights area of The Bronx. Constructed in 2004, the building rises 13 stories and spans 93,430 square feet. The unit mix comprises one studio, 22 one-bedroom apartments and 73 two-bedroom residences. Daniel Mahfar, Victor Sozio and Shimon Shkury of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
WARRINGTON, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Shops at Valley Square, an approximately 293,000-square-foot shopping center in Warrington, a northern suburb of Philadelphia. Built in 2007, the center consists of 89,447 square feet of office space and 203,701 square feet of retail space that houses tenants such as Ulta Beauty, Designer Shoe Warehouse, Bath & Body Works, Sleep Number and Eastern Mountain Sports. Food and beverage users include P.F. Chang’s, Panera Bread and Gran Rodeo Mexican Grill. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, Lamar Cos., in the transaction. The Shops at Valley Square was 70 percent leased at the time of sale.
SECAUCUS, N.J. — A partnership between New Jersey-based Woodmont Properties, Canoe Book Development and affordable/workforce housing owner-operator PIRHL has completed The Waterton, a multifamily project in the Northern New Jersey community of Secaucus. Of the property’s 116 units, 23 are reserved for households earning between 20 and 60 percent of the area median income. Residences are available in studio, one-, and two-bedroom floor plans. Amenities include a fitness center, entertainment lounge, children’s playroom, coffee bar and outdoor grilling and dining areas. Rents start at $2,600 per month for a studio apartment.
