CAMBRIDGE, MASS. — MassHousing has provided an $8.5 million construction loan for Rindge Commons, a 24-unit affordable housing project in Cambridge. Designed by ICON Architecture and built by Dellbrook JKS, the six-story building will house 10 one-bedroom units and 14 two-bedroom units that will be reserved for renters earning up to 30 and 60 percent of the area median income. In addition, Rindge Commons will feature a 40,000-square-foot space with education facilities and administrative offices, as well as preschool classroom spaces with priority enrollment for children of residents. The borrower and developer is nonprofit Just A Start.
BOHEMIA, N.Y. — Christmas Tree Shops, a year-round provider of seasonal housewares and décor, has signed a 38,000-square-foot, long-term lease at Sayville Plaza, located in the Long Island community of Bohemia. Ken Breslin of Breslin Realty represented the tenant in the lease negotiations. Robert Delavale, also with Breslin, represented the undisclosed landlord.
NEW YORK CITY — JLL has negotiated a 568,543-square-foot industrial lease at 2505 Bruckner Blvd. in The Bronx. The newly built facility spans approximately 1 million square feet across two floors, and the undisclosed tenant will occupy the entirety of the lower level. Building features include 28- to 32-foot clear heights and a total of 106 loading docks, four drive-in doors and roughly 53,000 square feet of office space. Rob Kossar and Leslie Lanne led a JLL team that represented the landlord, Innovo Property Group, which developed the facility in partnership with Square Mile Capital, in the lease negotiations.
KING OF PRUSSIA, PA. — Locally based investment firm Equus Capital Partners has sold a 150,466-square-foot office campus in King of Prussia, located north of Philadelphia. Built in 1978, the two-building complex was 95 percent leased at the time of sale. Brett Grifo and Keith Braccia of Cushman & Wakefield represented Equus, which acquired the property in 2018 and invested roughly $5 million in capital improvements, in the transaction. The buyer and sales price were not disclosed.
NORTH ARLINGTON, N.J. — A joint venture between locally based developer Hampshire Cos. and global investment management firm Invesco will develop a 111,660-square-foot industrial project in North Arlington, located just outside Newark. The facility will feature a clear height of 40 feet, 22 dock-high doors, five trailer parking spaces and roughly 4,500 square feet of office space. Michael Klein, John Rose, Jon Mikula and Ryan Carroll of JLL arranged construction financing through BMO Financial Group on behalf of the joint venture. A tentative completion date was not disclosed.
BENNINGTON, VT. — CBRE has arranged a $10 million sale-leaseback of a 20,219-square-foot car dealership in Bennington, located near the Vermont-Massachusetts border. Legacy Automotive Capital acquired the site, which was constructed in 2018, and will continue to lease it to Lundgren Subaru of Bennington. Karly Iacono of CBRE represented the seller and procured the buyer in the transaction.
NORTH BRUNSWICK, N.J. — Crumbl Cookies has opened a 1,794-square-foot store at The Shoppes at North Brunswick, located near Rutgers University in New Jersey. Kevin Pelio and James Azarian represented the landlord, Azarian Realty Co., in the lease negotiations on an internal basis. Jerry Johnson of Bennett Williams Commercial represented the tenant.
Fiber networks built with multifamily properties in mind offer network resilience while maximizing ROI for owners and operators. Well-constructed fiber networks are at the heart of meeting and exceeding residents’ growing Internet needs, especially when work-from-home culture and the constant need for online connection have made Internet slowdowns and downtime unacceptable for end users. Fiber can also strengthen connectivity across multifamily properties, shoring up the Wi-Fi services residents have come to know and on which they’ve come to depend. How does a national fiber network integrate with multifamily properties? By focusing just on the needs of the multi-dwelling unit (MDU). “Instead of building out 200-mile routes of duct and fiber, we build out ‘miracle miles’ in densely populated MDU areas. From that point, we’re able to easily grow or expand out from that area,” says Michael O’Linc, president of fiber services & campus communications at Pavlov Media. O’Linc stresses the importance of a more planned, methodical approach for MDUs. A network that serves multifamily buildings must be a network focused on backups and fail safes. The “miracle mile” method creates a main line with laterals — creating a ring shape as it expands. This approach to fiber makes networks easier to …
NEW YORK CITY — Locally based developer RXR has topped out Maven, a 27-story multifamily project in the Mott Haven neighborhood of The Bronx. Designed by CetraRuddy and built by LRC Construction, Maven will feature 200 units, 60 of which will be rent-stabilized, as well as 81 enclosed parking spots and 721 square feet of retail space. Amenities will include rooftop grilling and dining areas, a lounge, game room and landscaped courtyards. The project, which is RXR’s first in The Bronx, is slated for completion next year.
NEW CITY, N.Y. — New Jersey-based development and investment firm KABR Group has acquired New City Shopping Center, a 125,110-square-foot property located north of New York City in Rockland County, for $30 million. KABR Group acquired the grocery-anchored center, which was 96 percent leased at the time of sale, in partnership with Long Island-based retail operator BTF. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Andrew Scandalios and Austin Pierce of JLL represented the undisclosed seller in the transaction.