Northeast

112-West-Park-Drive-Mount-Laurel-New-Jersey

Prologis to Develop 184,500 SF Logistics Center in Mount Laurel, New Jersey

by Taylor Williams March 7, 2022

MOUNT LAUREL, N.J. — San Francisco-based industrial giant Prologis will develop a 184,500-square-foot logistics center in Mount Laurel, located outside of Philadelphia in Bergen County. Elli Klapper, Jeremy Wernick, Mark Silverman, Charles Berger, Kevin Dudley and Brian Fiumara of CBRE represented Prologis in its acquisition of the 16.8-acre site, which currently houses a 114,676-square-foot office building. Veritas Real Estate sold the land for an undisclosed price. A construction timeline was not disclosed.

March 7, 2022

Loans Multifamily New York Northeast Seniors Housing

Knighthead Funding Provides $34.5M Construction Loan for Seniors Housing Project in Selden, New York

by Taylor Williams March 7, 2022

SELDEN, N.Y. — Knighthead Funding LLC has provided a $34.5 million loan for the construction of an active adult community in Selden, a hamlet on Long Island. Situated on 13.8 acres, the complex will feature 124 two-bedroom, two-bath units, including 36 affordable homes, in 15 two-story residential buildings. The borrower is The Northwind Group. The property is fully permitted, planned and approved, but a community name has not been released.

March 7, 2022

Acquisitions New Hampshire Northeast Retail

Horvath & Tremblay Negotiates $16.9M Sale of Retail Property in Merrimack, New Hampshire

by Taylor Williams March 7, 2022

MERRIMACK, N.H. — Boston-based brokerage firm Horvath & Tremblay has negotiated the $16.9 million sale of an 80,795-square-foot retail property in Merrimack, located near the Massachusetts-New Hampshire border. The three-building property was built on 14 acres in 2018. Altitudes, a trampoline and adventure park, anchors the center, and other tenants include Planet Fitness, Dollar General, Triangle Credit Union and Beer & Wine Nation. Bob Horvath and Todd Tremblay represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 7, 2022

Development Loans Mixed-Use New York Top Stories

Rabina Receives $540M in Construction Financing for Fifth Avenue Skyscraper in Manhattan

by Julia Sanders March 4, 2022

NEW YORK CITY — Rabina has received $540 million in construction financing for 520 Fifth Avenue, an approximately 1,000-foot-tall high-rise development in Manhattan. With site work already underway, the 450,000-square-foot mixed-use tower will be the second tallest building on Fifth Avenue after the Empire State Building. The construction timeline was not disclosed. The project will include residential components, boutique commercial office space, recreational facilities and ground-floor retail. The first three levels will consist of restaurants and then floors four through 28 will be office space. Floors 31 through 68 will feature residential units, according to New York Yimby. The news outlet also said the residential amenities will include a pool, spa, fitness center and sports court. Located on Fifth Avenue and 43rd Street in Manhattan’s Midtown neighborhood, the property is situated near notable buildings including the New York Public Library, Grand Central Station, Rockefeller Center and the Chrysler Building. Christopher Peck, Geoff Goldstein, Evan Pariser, Marko Kazanjian, Alex Staikos and Madison Warwick of JLL Capital Markets represented Rabina in arranging the financing. Bank OZK will provide a $410 million senior mortgage loan while Carlyle’s global credit business will provide $130 million in mezzanine financing. The loan terms were not disclosed. …

March 4, 2022

Development Industrial New Jersey Northeast

Lincoln Equities to Develop 332,640 SF Spec Industrial Project in Bayonne, New Jersey

by Taylor Williams March 4, 2022

BAYONNE, N.J. — Locally based developer Lincoln Equities Group will soon break 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.

March 4, 2022

Acquisitions Connecticut Multifamily Northeast

CBRE Arranges $89M Acquisition Loan for Multifamily Property in Stamford, Connecticut

by Taylor Williams March 4, 2022

STAMFORD, CONN. — CBRE has arranged an $89 million acquisition loan for a 344-unit multifamily property located at 75 Tresser Blvd. in Stamford. The property was built in 2014 and features studio, one-, two- and three-bedroom units with stone countertops and individual washers and dryers, as well as private patios and balconies in select residences. Amenities include a pool, outdoor grilling areas, a media center, conference room, lounge, fitness center and a demonstration kitchen. Jason Gaccione, Shawn Rosenthal, Jake Salkovitz and Lauren Weinstein of CBRE arranged the loan through Apollo Global Management on behalf of the borrower, a partnership between Monday Properties and Washington Capital.

March 4, 2022

Acquisitions Connecticut Northeast Office

BDP Holdings Acquires 310,000 SF Office Building in Stamford, Connecticut

by Taylor Williams March 4, 2022

STAMFORD, CONN. — New Jersey-based investment firm BDP Holdings has acquired a 310,000-square-foot office building in Stamford, located in the southern coastal part of the state. The property was built on 22.7 acres in 1995 and was fully leased to Pitney Bowes Inc., a provider of shipping and mailing supplies and services for e-commerce firms, at the time of sale. Amenities include a cafeteria, fitness center and outdoor gathering areas. The seller and sales price were not disclosed.

March 4, 2022

Acquisitions Industrial New Jersey Northeast

Oxford Properties, EverWest Buy 78,000 SF Warehouse in East Brunswick, New Jersey

by Taylor Williams March 4, 2022

EAST BRUNSWICK, N.J. — A joint venture between global asset manager Oxford Properties Group and Denver-based EverWest Real Estate Investors has purchased a 78,000-square-foot warehouse in East Brunswick, about 40 miles south of Manhattan. The sales price was $18 million. The property was vacant at the time of sale, and the new ownership plans to redevelop the eight-acre site to house a modern logistics facility. The seller was not disclosed.

March 4, 2022

Delaware Industrial Leasing Activity Northeast Office

LaMotte to Open 79,000 SF Office, Manufacturing Facility in Newark, Delaware

by Taylor Williams March 4, 2022

NEWARK, DEL. — LaMotte Co., a Maryland-based provider of water-quality testing supplies, will open a 79,000-square-foot office and manufacturing facility at Pencader Corporate Center in Newark, Del. The company will immediately hire 50 people to staff the new facility and plans to employ more than 100 workers at the site within three years. In addition, LaMotte will invest $3.3 million in the interior build-out of its new space.

March 4, 2022

Development Life Sciences New York Northeast

Janus Property Co. Completes $700M Life Sciences Project in Harlem

by Taylor Williams March 3, 2022

NEW YORK CITY — Locally based developer Janus Property Co., in partnership with J.P. Morgan Asset Management, has completed the Taystee Lab Building, a $700 million life sciences project in Harlem. The 11-story, 350,000-square-foot building anchors the Manhattanville Factory District, Janus Property’s 1 million-square-foot life sciences campus that stretches from West 125th to West 128th streets. The property, which is a redevelopment of the former Taystee bread bakery, features traditional office, lab, manufacturing and retail space, as well as 20,000 square feet of outdoor amenity space. Construction began in May 2019.

March 3, 2022

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