Northeast

Philadelphia’s Emergence as Life Sciences Hub Creates Mad Dash For Lab Space

by Taylor Williams March 2, 2022

By: Jamie Rash, Regional Director, Keystone Development + Investment Talk about a spark. When Spark Therapeutics announced plans at the end of last year to develop a $575 million gene therapy manufacturing plant in Philadelphia, it ignited the city’s evolution into a destination for the largest, most innovative life sciences firms in the world. Over $1 billion in venture capital (VC) investment is pouring into more than 50 Philadelphia life sciences companies that employ some 20,000 people, generating unprecedented demand for lab space. Supply is limited — even with 1 million square feet of lab space in development — and this supply shortage is driving some developers to capitalize on the demand by converting existing building stock. Moving Beyond Meds & Eds Philadelphia is a long-reputed “meds and eds” city, meaning it’s home to anchor institutions of higher learning and world-leading medical facilities that are known for innovation and opportunity. These institutions are major drivers of economic growth throughout the city. Previously, much of the activity in pharmaceuticals and biotechnology occurred in labs in suburban office parks and sprawling corporate campuses. In 2017, the city celebrated two cutting-edge, FDA-approved gene and cell therapies to treat specific types of cancer and …

March 2, 2022

Acquisitions Multifamily New York Northeast

A&E Real Estate Acquires Queens Apartment Community for $130M

by Taylor Williams March 1, 2022

NEW YORK CITY — A&E Real Estate has acquired Cunningham Heights at Queens Village, an apartment community that consists of 1,056 units across 22 buildings in the borough’s Jamaica neighborhood, for $130 million. Originally built in 1951, the property also includes 623 parking spaces across 25 onsite garages. According to Apartments.com, Cunningham Heights offers studio, one- and two-bedroom units. Jack Bick of Charatan Realty represented A&E Real Estate and the undisclosed seller in the transaction. Signature Bank provided acquisition financing. The property was 99 percent occupied at the time of sale.

March 1, 2022

Acquisitions New Jersey Northeast Office

JLL Brokers Sale of 302,000 SF West Windsor Commons Office Complex in Princeton

by Taylor Williams March 1, 2022

PRINCETON, N.J. — JLL has brokered the sale of West Windsor Commons, a two-building, 302,000-square-foot office complex in Princeton. The property was fully leased at the time of sale to tenants such as Bristol Myers Squibb and Merrill Lynch/Bank of America. Amenities include a courtyard, fitness center and a cafeteria. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli, Alexander Alfier, David Stifelman and Jason Benson of JLL represented the seller, a partnership between insurance companies John Hancock Financial and Manulife, in the transaction. The team also procured the undisclosed buyer.

March 1, 2022

Acquisitions Hospitality Northeast Pennsylvania

Hodges Ward Elliott Arranges Sale of 119-Room Hotel in Pittsburgh

by Taylor Williams March 1, 2022

PITTSBURGH — Hodges Ward Elliott (HWE), an Atlanta-based hospitality brokerage firm, has arranged the sale of the 119-room Home2 Suites Pittsburgh McCandless hotel. Built in 2013, Home2 Suites Pittsburgh McCandless offers an indoor pool, fitness center, business center and complimentary breakfast. The property was sold as part of the disposition of a portfolio of three hotels totaling 376 rooms, with the other two assets being located in Portland and Eugene, Ore. Syracuse-based Widewaters Hotels developed and sold the properties to Atlanta-based Peachtree Hotel Group for an undisclosed price.

March 1, 2022

Acquisitions Life Sciences Massachusetts Northeast

GI Partners Acquires 103,000 SF Life Sciences Building in Boston’s Seaport District

by Taylor Williams March 1, 2022

BOSTON — GI Partners, an investment firm with four offices across the country, has acquired a 103,000-square-foot life sciences building located at 51 Melcher St. in Boston’s Seaport District. The nine-story building was originally constructed in 1915 and renovated in 2013. GI Partners acquired the asset as part of a life sciences portfolio sale that included a 164,000-square-foot building in nearby Burlington, as well as a 152,000-square-foot building near Raleigh, N.C. The seller and sales price were not disclosed.

March 1, 2022

Leasing Activity Massachusetts Northeast Retail

Gymja Warrior Signs 11,345 SF Retail Lease in Peabody, Massachusetts

by Taylor Williams March 1, 2022

PEABODY, MASS. — Boutique fitness operator Gymja Warrior has signed a 11,345-square-foot retail lease at Route One Marketplace in Peabody, a northeastern suburb of Boston. Other tenants at the fully leased center include Bradford Carpet One, Namco, Crossfit 128 and Mass Bay Hockey Center. Don Mace of locally based brokerage and advisory firm KeyPoint Partners represented the undisclosed landlord in the lease negotiations.

March 1, 2022

Affordable Housing Development Loans Massachusetts Multifamily Northeast

MassDevelopment Issues $53.6M Bond Financing for Construction of Boston Affordable Housing Complex

by Taylor Williams February 28, 2022

BOSTON — MassDevelopment has issued $53.6 million in tax-exempt bond financing to Washington Pine LLC for the construction of a five-story, 202-unit complex in Boston. Located at 3368 Washington St., the building will house 140 units of supportive housing for individuals transitioning out of homelessness, and the remaining 62 units will be affordable apartments. All residential units will be managed by The Community Builders Inc., while long-term support for all formerly homeless residents will be provided by homeless services provider Pine Street Inn. The project will feature 24/7 front desk security, spaces for resident gatherings, fitness rooms, laundry rooms, a parking garage, two plazas and bike repair and storage. Construction is slated for completion by late 2023. Barings LLC was the corporate bond purchaser.

February 28, 2022

Seafrigo-Cold-Storage-Elizabeth-New-Jersey

Acquisitions Industrial New Jersey Northeast

JLL Negotiates Sale of 138,642 SF Cold Storage Facility in Elizabeth, New Jersey

by Taylor Williams February 28, 2022

ELIZABETH, N.J. — JLL has negotiated the sale of a 138,642-square-foot cold storage facility located in the Northern New Jersey community of Elizabeth. Built in 2016, the property features 60-foot clear heights, 18 temperature-controlled loading docks and 4,800 square feet of office space. In addition, the property was fully leased to Seafrigo Cold Storage at the time of sale. Michael Oliver, Marc Duval, Jordan Avanzato, Nicholas Stefans and Jose Cruz of JLL represented the undisclosed buyer in the transaction. The seller, a joint venture between The Avidan Group and Elberon Development Group, was represented in-house.

February 28, 2022

Leasing Activity New York Northeast Office

CBRE Secures 16,624 SF Office Lease at 444 Madison Avenue in Midtown Manhattan

by Taylor Williams February 28, 2022

NEW YORK CITY — CBRE has negotiated a 16,624-square-foot office lease at 444 Madison Avenue in Midtown Manhattan. The tenant will occupy the entire 14th floor of the 42-story building, which was recently renovated. Paul Amrich, Meghan Allen, James Ackerson and Max Tarter of CBRE represented the landlord, Westbrook Partners, in the lease negotiations. Amrich also represented the tenant, EOS Investors LLC.

February 28, 2022

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Advisors Arranges $2.7M Sale of Northern New Jersey Multifamily Property

by Taylor Williams February 28, 2022

WEEHAWKEN, N.J. — Locally based brokerage firm Redwood Realty Advisors has arranged the $2.7 million sale of a 21-unit multifamily property in the Northern New Jersey community of Weehawken. The property consists of 20 one-bedroom units and one four-bedroom unit. Steve Matovski of Redwood Realty Advisors brokered the deal. The buyer and seller were not disclosed.

February 28, 2022

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