Northeast

CBRE Negotiates $173.4M Sale of Apartment Community in New Brunswick, New Jersey

by Taylor Williams March 11, 2022

NEW BRUNSWICK, N.J. — CBRE has negotiated the $173.4 million sale of Plaza Square, a 415-unit apartment community located in the Northern New Jersey community of New Brunswick. The transit-served property was built in 2004 and offers amenities such as a pool, fitness center, resident clubhouse, business center and a dog run. Jeffrey Dunne, Jeremy Neuer, Richard Gatto, Fahri Ozturk, Stuart MacKenzie and Eric Apfel of CBRE represented the seller, Manulife Investment Management, in the transaction. The team also procured the buyer, Renaissance Management.

March 11, 2022

Development New York Northeast Office

Rockpoint Completes Renovation of 1700 Broadway Office Building in Midtown Manhattan

by Taylor Williams March 11, 2022

NEW YORK CITY — Boston-based private equity firm Rockpoint has completed the renovation of 1700 Broadway, a 627,747-square-foot office building in Midtown Manhattan. Designed by Fogarty Finger and BR Design Associates, the renovation included a lobby upgrade, the installation of new dispatch elevators and the delivery of new tenant amenities. In addition, Rockpoint has recently executed several new leases at 1700 Broadway, including corporate advisory firm M3 Partners LP (13,000 square feet) and Alton Aviation Consultancy (4,900 square feet). Newmark represented Rockpoint in those deals.

March 11, 2022

Development Massachusetts Multifamily Northeast

Procopio Cos. Tops Off 146-Unit Multifamily Project Near Boston

by Taylor Williams March 11, 2022

LYNN, MASS. — Locally based developer The Procopio Cos. has topped off Mosaic, a 146-unit multifamily project in the northeastern Boston suburb of Lynn. Mosaic will offer studio and one-bedroom units and amenities such as a pool, outdoor grilling areas, a rooftop lounge and remote work areas. In addition, the transit-served property will house three retail spaces. Massachusetts-based DMS Design and CUBE3 are the project architects, and Dellbrook | JKS is the general contractor. Greystar is providing management and leasing services. Full completion is slated for the summer. Rents start at $1,900 per month for a studio apartment.

March 11, 2022

Acquisitions New York Northeast Retail

Palomar Group Arranges Sale of 53,642 SF Shopping Center in Olean, New York

by Taylor Williams March 11, 2022

OLEAN, N.Y. — The Palomar Group, an investment sales brokerage firm based in Georgia, has arranged the sale of Shops at Walmart Plaza, a 53,642-square-foot shopping center in Olean, about 70 miles south of Buffalo. Shadow-anchored by Walmart, the center was 94 percent leased at the time of sale to tenants such as Old Navy, Pet Supplies Plus, GameStop, GNC, Supercuts, Spectrum and The Shoe Depot. Palomar Group represented the seller, Dallas-based Tabani Group, which sold the property to a private investor based in the Boston area for $12 million.

March 11, 2022

Loans Multifamily New York Northeast

Emerald Creek Capital Provides $11.5M Acquisition Loan for Manhattan Residential Building

by Taylor Williams March 11, 2022

NEW YORK CITY — New York City-based bridge lender Emerald Creek Capital has provided an $11.5 million acquisition loan for a 27-unit residential building on Manhattan’s Upper West Side. The seven-story building houses studio to five-bedroom units and includes two ground-floor retail spaces. Jeff Seidler and Dean Wang of Emerald Creek Capital originated the financing. The borrower was not disclosed.

March 11, 2022

Development Multifamily New York Northeast

Greystar Breaks Ground on 500-Unit Multifamily Project in White Plains, New York

by Taylor Williams March 10, 2022

WHITE PLAINS, N.Y. — South Carolina-based developer Greystar has broken ground on 25 North Lex, a 500-unit multifamily project located in the downtown area of White Plains, a northern suburb of New York City. Designed by Handel Architects LLP, the transit-served, high-rise property will house one-, two- and three-bedroom units, as well as 19,000 square feet of ground-floor retail space. Amenities will include a fitness center with yoga/spin studios, study rooms, a children’s play area, sports/media lounge, pet run and spa and a rooftop lounge. Completion is slated for the first half of 2024.

March 10, 2022

Acquisitions Northeast Retail Rhode Island

Capital Group Properties Buys 160,000 SF Shopping Center in Warwick, Rhode Island

by Taylor Williams March 10, 2022

WARWICK, R.I. — Massachusetts-based investment firm Capital Group Properties has purchased Warwick Center, a 160,000-square-foot retail center in Rhode Island. The property sits on 15 acres at the intersection of Interstates 95 and 295 and houses tenants such as Barnes & Noble, Designer Shoe Warehouse, Edge Fitness, Ulta Beauty, Carrabba’s Italian Restaurant and Walpole Outdoors. Capital Group Properties purchased the asset from institutional investment firm Nuveen Real Estate for $12.3 million and plans to upgrade the landscaping, parking areas, signage, lighting and building façade. Nat Heald, Bill Moylan, Chris Angelone and Zach Nitsche of JLL represented the undisclosed seller in the transaction.

March 10, 2022

Acquisitions Affordable Housing Multifamily New Jersey Northeast

OneWall Communities Sells Two Workforce Housing Buildings in Newark for $30M

by Taylor Williams March 10, 2022

NEWARK, N.J. — OneWall Communities, a Connecticut-based owner-operator, has sold two workforce housing buildings totaling 191 units in Newark for $30 million. The properties primarily house one- and two-bedroom units. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented OneWall Communities in the transaction. The team also procured the undisclosed buyer, which plans to implement a value-add program.

March 10, 2022

Acquisitions Industrial Massachusetts Northeast Office

JLL Negotiates $21.7M Sale-Leaseback of Industrial Flex Building in Medway, Massachusetts

by Taylor Williams March 10, 2022

MEDWAY, MASS. — JLL has negotiated the $21.7 million sale-leaseback of a 120,000-square-foot industrial flex building located in Medway, about 35 miles southwest of Boston. Built on nine acres in 1983, the property consists of 85,000 square feet of warehouse space and 35,000 square feet of newly renovated office space. Coler Yoakam, Michael Restivo, Martha Nay, Lenny Pierce and Sean Lync of JLL represented the seller and occupant, global IT firm Spencer Technologies, in the transaction. Amy Lousararian led a JLL team that arranged $14.5 million in acquisition financing through HarborOne Bank on behalf of the buyer, Dallas-based Lincoln Property Co.

March 10, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $5.4M Sale of Brooklyn Multifamily Portfolio

by Taylor Williams March 10, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5.4 million sale of a portfolio of three multifamily properties totaling 18 units, as well as six retail spaces, in Brooklyn’s Sunset Park neighborhood. The buildings were all constructed in 1931 and house two-bedroom units that are rent-stabilized. Greg Corbin and Chaya Milworn of Rosewood Realty Group represented the buyer and seller, both of which requested anonymity, in the transaction.

March 10, 2022

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