BOYLSTON, MASS. — Rand-Whitney, a packaging company owned by New England Patriots owner Robert Kraft, will open a 384,000-square-foot industrial facility in Boylston, located in Worcester County in the central part of the state. Design-build firm PROCON broke ground on the project earlier this month. When fully operational in April 2023, the new packaging facility will have the potential to manufacture 300 million boxes annually and will add between 50 and 100 new jobs to the local economy.
BALA CYNWYD, PA. — Federal Realty Investment Trust (NYSE: FRT) will redevelop Bala Cynwyd Shopping Center, a 174,000-square-foot retail and dining destination located in the northwestern Philadelphia suburb of Bala Cynwyd. The $8 million project will include upgrading façade aesthetics, creating common and tenant-designated outdoor dining and gathering areas and improving pedestrian and vehicular circulation. Additionally, up to 80 outdoor seats and eight curbside pickup spaces will be added. Completion is slated for summer 2023. Current tenants at the 23-acre center include ACME Markets, Michaels, Five Guys and Honeygrow. All tenants will remain open during construction.
PITTSBURGH — CIT, a division of First Citizens Bank, has provided a $37.2 million acquisition loan for a 510,000-square-foot distribution center in Pittsburgh that is fully leased to Amazon and e-commerce consulting firm Nogin. The property serves as one of Amazon’s two sortation facilities in the Pittsburgh area. The borrower is Aminim Group, an investment firm with offices in Houston and Jerusalem. Specific loan terms were not disclosed.
HACKENSACK, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $36 million sale of The VUE Hackensack, a 78-unit apartment complex in Northern New Jersey. The property was built in phases between 2015 and 2017 and consists of six one-bedroom units and 72 two-bedroom units with an average size of 1,205 square feet. Amenities include a fitness center, resident lounge and virtual doorman service. Andrew Scheinerman of Kislak represented the seller, an entity doing business as 295 Polifly Realty LLC, in the off-market transaction. Scott Davidovic, also with Kislak, procured the buyer, Sutton Equity LLC.
CONSHOHOCKEN, PA. — Lutron Electronics has signed a 27,000-square-foot office lease at Seven Tower Bridge in the northern Philadelphia suburb of Conshohocken. The Pennsylvania-based energy products manufacturer will occupy space at Seven Tower Bridge, a 260,000-square-foot building situated along the Schuylkill River that is owned by a partnership between American Real Estate Partners and Oliver Tyrone Pulver Corp. (OTP). Tyler Vandegrift of JLL represented Lutron Electronics in the lease negotiations. Esther Pulver of OTP, in conjunction with Ken Kearns of Cadence Real Estate Advisors, represented the landlord.
NEW YORK CITY — JPMorgan has unveiled plans to build 270 Park Avenue, a 60-story skyscraper rising 1,388 feet in Midtown Manhattan, for the financial firm’s new global headquarters. Construction is scheduled for completion by the end of 2025. 270 Park Avenue replaces a previous building, which was designed in the late 1950s for about 3,500 employees. The new project will feature 2.5 million square feet of flexible and collaborative space. The asset will offer 2.5 times more outdoor space on the ground level of Park and Madison avenues, with wider sidewalks and a large public plaza. The office tower will also include a food hall, health and wellness center, communal spaces, HVAC filtration systems and a conference center. The property will be fully powered by renewable energy sourced from a New York State hydroelectric plant and will operate on net zero carbon emissions. The asset will include technology to help it run efficiently, including intelligent building systems that use sensors, AI and machine learning systems to adapt to energy needs; advanced water storage and reuse systems to reduce water usage by more than 40 percent; and automatic solar shades connected to HVAC systems for greater energy efficiency. JPMorgan is …
NEW YORK CITY — Merchants Capital has provided $104 million in financing for Harlem River Houses I and II, a 690-unit affordable housing community located between West 151st and West 153rd streets in Manhattan. The buildings were constructed in the mid-1930s and were added to the National Register of Historic Places in 1979. The financing structure consists of a straight-to-permanent New York City Housing Development Corp. (NYCHDC) loan crafted by the NYCHDC, Freddie Mac and Merchants Capital. The borrower, a joint venture between the Settlement Housing Fund and West Harlem Group Assistance, will use a portion of the proceeds to fund capital improvements and preserve affordability. Upon completion of the renovation, the property will offer 693 apartments across eight residential buildings that will house more than 1,400 residents Renovations will include upgrades to apartments, common areas and elevators, as well as security and heating systems. Upgrades in units will include new kitchens, bathrooms, floors and appliances, along with updates to windows and building exteriors. Sidewalks, gardens and sculptures within the property grounds will be restored, and new playgrounds, benches and activity spaces will be installed. Additionally, all electrical, mechanical and plumbing systems will be renovated or replaced.
BROOMALL, PA. — Federal Realty Investment Trust (NYSE: FRT) is underway on the second phase of the redevelopment of Lawrence Park Shopping Center, a 374,000-square-foot retail and dining destination located in the northwestern Philadelphia suburb of Broomall. The project carries a total price tag of $30 million. Grocer ACME Markets currently anchors the 29-acre center, and other tenants include HomeGoods, T.J. Maxx and Mrs. Marty’s Deli. The redevelopment began last year with the delivery of a healthcare facility for Main Line Health. Phase II includes the addition of 32,000 square feet of retail space that is preleased to users such as P.J. Whelihan’s Pub + Restaurant, Kindercare and Crumbl Cookies. In addition, Federal Realty will upgrade the center’s landscaping and outdoor seating and dining areas. All current tenants will remain open during construction.
NEW YORK CITY — JLL has brokered the sale of The Vitagraph, a 302-unit apartment community located in the Midwood neighborhood of Brooklyn. Constructed in 2019, the eight-story building features one-, two- and three-bedroom apartments with high-end finishes, in-unit washers and dryers and private terraces. Amenities include an indoor and outdoor kids’ play area, courtyard, 24-hour doorman service, business center, fitness center and a rooftop patio. Jeffrey Julien, Steven Rutman, Ethan Stanton, Rob Hinckley, Brendan Maddigan and Stephen Palmese of JLL represented the seller, New York City-based developer Northlink Capital, in the transaction. The buyer was a partnership between The Dermot Co., Principal Real Estate Investors and Dutch pension fund PGGM.
PITTSBURGH — Law firm Dickie, McCamey & Chilcote PC has signed a 79,719-square-foot office lease at Four Gateway Center, a 1.5 million-square-foot office building in downtown Pittsburgh. The firm will relocate from its longtime space at PPG Place to occupy five floors at Four Gateway Center, which features a newly built conference facility and fitness center, in spring 2025. Dan Adamski, Nick Francic and Reid Mauro of JLL represented the tenant in its site selection and lease negotiations. The representative of the landlord, Hertz Investment Group, was not disclosed.
