ELIZABETH, N.J. — Elberon Development Group has completed a 140,000-square-foot cold storage facility in the Northern New Jersey city of Elizabeth that is a build-to-suit for New Jersey-based FreezPak Logistics. The facility features clear heights of 66 to 80 feet, 18 loading docks and 30,000 pallet positions. Trailer parking is available both on site and across the street. California-based Ware Malcomb designed the project, with Industrial Building Group serving as the general contractor.
NEW YORK CITY — Cadre, a technology-driven real estate investment platform, has signed a 17,000-square-foot office lease at 315 Park Avenue South in Midtown Manhattan. Columbia Property Trust owns the 20-story, 331,000-square-foot building, which is now 97 percent leased. Steven Rotter and Justin Haber of JLL represented Cadre in the lease negotiations. Newmark represented building ownership.
NEW YORK CITY AND CHICAGO — Private real estate funds managed by Brookfield Asset Management (NYSE: BAM) have agreed to acquire Chicago-based hospitality REIT Watermark Lodging Trust for $3.8 billion. Watermark’s portfolio was constructed over the past decade and currently consists of 25 luxury hotels and resorts totaling 8,100 rooms across 14 states. The properties are primarily located in Sun Belt markets. Under the terms of the deal, Brookfield will acquire all outstanding shares of Watermark’s common stock for approximately $6.73 per share. The purchase price represents a premium of more than 7.5 percent from the most recently published net asset values per share as of Dec. 31, 2021. The deal is expected to close in the fourth quarter. “Hotels and resorts of this scale and quality are difficult to replicate,” says Lowell Baron, managing partner and chief investment officer in Brookfield’s real estate group. “This portfolio is well positioned given its concentration in the Sun Belt, as well as in coastal destinations and gateway cities with high barriers to entry.” Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Watermark. Hodges Ward Elliott is providing estate advisory services to Watermark, and Clifford Chance US LLP and …
YONKERS, N.Y. — A joint venture between Nuveen Real Estate, Taconic Partners and North American Properties has acquired Ridge Hill, a 1.2 million-square-foot office and retail development in Yonkers, located north of New York City, for $220 million. Built in 2011, Ridge Hill is currently 71.7 percent leased. Tenants include Whole Foods Market, Lowe’s Home Improvement, Dick’s Sporting Goods, T.J. Maxx, H&M, LA Fitness, L.L. Bean, Showcase Cinemas, Legoland Discovery Center, Guitar Center, The Container Store and Westmed Medical Group. Dave Monahan, Cameron Pittman, Chris Angelone, Jose Cruz and Andrew Scandalios of JLL represented the seller, QIC US Management Inc., in the transaction. Kellogg Gaines, Aaron Niedermayer, Evan Pariser, Claudia Steeb and Joy Dracos, also with JLL, arranged $181.3 million in acquisition financing on behalf of the joint venture, which plans to enhance Ridge Hill’s public spaces, street design and parking areas. The new ownership also plans to target locally inspired food and beverage concepts, as well as national luxury apparel and boutique fitness users.
CAMBRIDGE, MASS. — CBRE has negotiated the $103 million sale of Flats on First, a newly built, 136-unit apartment complex in Cambridge. Designed by Perkins Eastman and constructed by Tocci Building Cos., Flats on First comprises two buildings that house a mix of one-, two- and three-bedroom units, as well as 15,800 square feet of retail space and a 142-space underground parking garage. Amenities include a clubroom, fitness center, rooftop deck, open-air amphitheater and a landscaped courtyard. Sixteen apartments are reserved as affordable housing for residents earning 80 percent or less of the area median income. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of locally based developer UrbanSpaces, in the transaction. The team also procured the buyer, an affiliate of Barings LLC, an international investment management firm owned by insurance giant MassMutual.
HACKENSACK, N.J. — JLL has arranged a $78 million loan for the refinancing of The Current on River, a 254-unit apartment community in the Northern New Jersey community of Hackensack. Built in 2020, Current on River offers one- and two-bedroom units with an average size of 846 square feet. Residences feature granite/quartz countertops, stainless steel appliances, walk-in closets, in-unit washers and dryers and private patios/balconies. Amenities include a fitness center, pool with a sundeck, barbecue and picnic areas, a courtyard, coffee bar, clubroom, work lounge, pet spa and a conference room. Thomas Didio, Thomas Didio Jr. and Gerard Quinn of JLL arranged the 10-year, fixed-rate loan through New York Life on behalf of the borrower, an affiliate of locally based development and management firm Hekemian & Co.
BOSTON — InterSystems Corp., a Boston-based provider of data management services and healthcare information systems, has signed a 420,000-square-foot office lease in the state capital’s downtown area. The company will relocate from its current address at 1 Memorial Drive in Cambridge to One Congress, a 1 million-square-foot tower by The HYM Investment Group that is nearing completion, where it will occupy the top 14 floors. InterSystems Corp. will join financial services firm State Street Corp. and global law firm K&L Gates as the building’s anchor tenants. John Barry, Peter McQuaid and Jeff Landers of CBRE represented the landlord, a joint venture between Carr Properties and National Real Estate Advisors LLC, in the lease negotiations. Dave Fitzgerald and Tim Howe, also with CBRE, represented the tenant.
MILLSBORO, DEL. — Ohio-based owner-operator Chase Properties has acquired Peninsula Crossing, a 334,000-square-foot retail power center located in the southern Delaware city of Millsboro. Lowe’s Home Improvement and PetSmart anchor the open-air center, which will soon be adding German discount grocer Aldi to its tenant roster. According to mallsinamerica.com, other tenants at Peninsula Crossing include Supercuts, Mattress Firm, AT&T, GNC and Burger King. The seller and sales price were not disclosed.
BRIDGEWATER, N.J. — Houston-based investment firm Lovett Industrial, in partnership with an undisclosed capital source, has acquired Middlebrook Crossroads, a 580,277-square-foot industrial park in the Northern New Jersey community of Bridgewater. The development comprises 18 buildings with an average size of 32,000 square feet on a 38.6-acre site. At the time of sale, Middlebrook Crossroads was close to fully leased to 28 tenants including UPS, Lexus and SCP Distributors. Gary Gabriel, Kyle Schmitt, David Bernhaut and Ryan Larkin of Cushman & Wakefield brokered the deal. The seller was not disclosed.
NEW YORK CITY — HSBC Bank has signed a 265,000-square-foot office lease for its new U.S. headquarters at The Spiral, a 65-story tower located at 66 Hudson Blvd. in Manhattan. The lease term is 20 years. Tishman Speyer is developing The Spiral, which is nearing completion. Peter Riguardi, Matt Astrachan, Ken Siegel, Mitch Konsker and Will McGarry of JLL represented HSBC Bank in the lease negotiations. Tishman Speyer was represented internally. HSBC Bank plans to relocate from its current space in Midtown in January 2024. Following this transaction, the 2.8 million-square-foot building is now roughly 70 percent leased, with pharmaceutical giant Pfizer and law firm Debevoise & Plimpton set to anchor The Spiral with 14- and 13-floor commitments, respectively.