BRIDGEWATER, N.J. — Patio/outdoor furniture and accessories retailer Fortunoff Backyard Store will open a 9,400-square-foot retail establishment at Somerset Shopping Center in the Northern New Jersey community of Bridgewater. The tenant will backfill a space at the 219,000-square-foot center that was formerly occupied by Pier 1 Imports, which declared bankruptcy and began liquidating its stores in May 2020. Vanessa Fernandez-Kelty of Levin Management Corp. represented the landlord in the lease negotiations. Jake Frantzman of RIPCO Real Estate represented Fortunoff Backyard Store.
BELLEVILLE, N.J. — Baltimore-based developer Klein Enterprises has opened SilverLake Apartments, a 232-unit multifamily community located about 15 miles outside of Manhattan. Units feature studio, one- and two-bedroom floor plans, and amenities include a fitness center, dog park and pet spa, game room, entertainment lounge with a kitchen, rooftop terrace, business center and package lockers. The property opened to an initial occupancy rate of 87 percent.
NEW YORK CITY — Locally based lender Lightstone Capital has provided a $52 million loan for the refinancing of a portfolio of two Manhattan office buildings totaling approximately 152,000 square feet. The buildings are located at 28 W. 36th St. and 32-36 W. 39th St. in the Midtown South neighborhood and respectively total 66,000 and 86,000 square feet. Both properties include ground-floor retail space, and the second building is being converted from an office rental to condo usage, with sales set to begin in the third quarter. The borrower was R&B Realty Group.
BELMONT, MASS. — International developer Skanska has topped out Belmont Middle School, a 170,000-square-foot civic project on the western outskirts of Boston. In addition to dedicated classroom, recreation and administrative space, the middle school building will share the major facilities of the high school, including the kitchen and café, auditorium, pool and field house. Construction of the middle school marks Phase II of a larger project following the delivery of the 451,000-square-foot high school building. With that project, which was completed last September, Skanska renovated and expanded the building to include new academic and science wings, media and dining areas, administrative health suites and updates to the existing gymnasium and pool. Completion of the middle school building is scheduled for September 2023.
NEWARK, N.J. — SJP Project Solutions, a division of New York City-based development and investment firm SJP Properties, is nearing completion of the renovation of the 100,000-square-foot office of law firm McCarter & English in Newark. The firm occupies five floors within the 15-story Gateway Center building, which is owned by Onyx Equities. Other project partners include Francis Cauffman Architects and engineering firm Robert Derector Associates. Full completion of the project is slated for the fourth quarter.
EAST WINDSOR, N.J. — Marcus & Millichap Capital Corp. (MMCC) has placed a $13.5 million construction loan for a 121,500-square-foot industrial project in East Windsor, a suburb of Trenton, that is fully preleased to an undisclosed logistics firm. The loan was structured with a 3.75 percent interest rate and a 70 percent loan-to-cost ratio. The borrower was not disclosed. Construction is slated for a third-quarter completion. Gerald Kray of MMCC arranged the financing through an undisclosed lender.
When it comes to commercial real estate development, thoughtfully curated teams are critical to success. “It’s important that the extended team works well with each other, so they can deliver results for clients,” explains Mark Fletcher, director of Strategic Partnering at Bohler, a land development design and consulting firm. Developers don’t want to work with a variety of disjointed processes and personalities. They want to work with one team, a multi-discipline team that effectively manages time and resources, focusing on streamlined processes and speed to market. This sort of team unity promotes both cohesiveness and consistency in outcomes. Building a great design and consulting team means having the property developer’s end goals in mind from the very start of the process: dependability, speed to market and turnkey solutions. The importance of fostering cohesion extends to finding an architect to optimize the building and a contractor to strategize materials and phasing. It may be necessary to engage an attorney who can work well with the team to address land use and zoning. Finally, the right site design and consulting firm can streamline communications, maintain timelines and entitlements and keep the project moving forward. Here’s how Bohler’s approach to assembling a team …
LOGAN TOWNSHIP, N.J. — Freight company LaserShip Logistics has signed a 327,000-square-foot industrial lease at Building F at Logan North, a 3.2 million-square-foot speculative development in Southern New Jersey. John Dingle & Dean Torosian of JLL represented the tenant in the negotiations for the full-building lease. Torosian also worked with Nate Demetsky and Matt Kemery of JLL to represent the landlord, a partnership between Advance Realty Investors and Greek Development.
MONTVALE, N.J. — Thrive Senior Living is nearing completion of Thrive at Montvale, a 203-unit seniors housing community in the DePiero’s Farm neighborhood near the New York-New Jersey border. Located just off the Garden State Parkway, the three-story community will offer independent living and assisted living services, plus a small-house model senior living environment focused on memory care. The welcome center is currently open, and residents are scheduled to begin moving in this spring.
BRANCHBURG, N.J. — New Jersey-based multifamily developer Walters is underway on construction on Cornerstone at Branchburg, an affordable housing community that will be located about 50 miles west of Manhattan. Rental rates vary based on income, with priority given to renters earning 60 percent or less of the area median income. The property comprises two three-story buildings on an 11.7-acre site. Units come in one- and two-bedroom floor plans with an average size of about 800 square feet. Full completion is slated for next spring.