BOXBOROUGH, MASS. — Engineering and construction management firm DPS Group has completed a $150 million, build-to-suit life sciences project for viral vector gene therapy firm Vibalogics in Boxborough, about 35 miles west of Boston. The project consists of about 118,000 square feet of lab, office and manufacturing space. Lincoln Property Co. developed and owns the property.
HARRISBURG, PA. — New Jersey-based investment firm First National Realty Partners has acquired Dauphin Plaza, a 216,000-square-foot, open-air shopping center in Harrisburg. Grocer Price Rite has served as the anchor tenant since 2006 and currently operates a 33,500-square-foot store. Other tenants include Big Lots, Ashley Furniture, Crunch Fitness, Dollar General, Waffle House, Subway, Weight Watchers and H&R Block. James Galbally, Chris Munley and Colin Behr of JLL represented the undisclosed seller in the transaction.
CLIFTON, N.J. — NAI James E. Hanson has negotiated the sale of a 132,135-square-foot industrial flex property in the Northern New Jersey community of Clifton. The property consists of two buildings totaling approximately 57,000 and 68,000 square feet on a 6.2-acre site. Andrew Somple of NAI Hanson represented the seller, an entity doing business as 1913 Realty Associates LLC. The buyer and sales price were not disclosed.
NORWICH, CONN. — Locally based firm Lyman Real Estate Brokerage & Development has arranged the $6.8 million sale of a 96,000-square-foot industrial facility within Norwich Business Park in the southern coastal part of the state. Ron Lyman of Lyman Real Estate Brokerage & Development represented the seller, Nutron Manufacturing, which vacated the property in 2019, in the transaction. The buyer, an entity doing business as 5 Wisconsin Owner LP, has subsequently leased the building to S&S, a purveyor of arts, crafts, athletic equipment and other recreational/educational products.
TAUNTON, MASS. — Locally based project management firm Polar Design Build Inc. will undertake an 83,109-square-foot industrial expansion project in Taunton, located south of Boston, for Callico Distributors, a provider of paper, plastic and other janitorial supplies. The project involves expanding the tenant’s existing space at 90 Prince Henry Drive, which features a clear height of 32 feet, to total roughly 200,000 square feet. The project will also include the construction of a new detention basin. Completion is slated for December.
By Joel Marcus of Marcus & Pollack LLP New York City has published three tax-year assessments since COVID-19 swept into our world. The New York City Tax Commission and New York City Law Department have had ample opportunity to reflect and refine their thinking on those assessments. The disease broke out in Wuhan, China, in late 2019 and soon spread around the world. Most of New York City noticed its impact in February and March of 2020 as businesses shut down at an accelerating rate, warranting government mandates and additional closures. So, what did New York City do for the 2020-2021 tax year? It significantly raised tax assessments. The Tax Commission and other review bodies refused to base their valuations upon the devastating catastrophic effects of COVID-19 that had ravished the city. Why do this? The answer is technical. New York City values real estate on a taxable status date, which is Jan. 5 each year. On Jan. 5, 2020, COVID-19 did not exist in assessors’ evaluation process. Nor did it exist in the review of assessments later in the year. Employment restrictions, mask mandates and lockdown requirements made it impossible to operate theaters, hotels, restaurants and many other businesses. …
BETHESDA, MD. — Walker & Dunlop has provided a $302.2 million Freddie Mac loan for the refinancing of a portfolio of 10 multifamily properties totaling 2,286 units in central Connecticut. The properties have construction dates ranging from 1926 to 2008. About 75 percent of the units have income restrictions that qualify them as affordable housing under FHA guidelines. Taylor Williams led a Walker & Dunlop team that originated the financing on behalf of the borrower, New York City-based Beachwold Residential.
WARWICK, R.I. — New Hampshire-based self-storage developer True Storage has completed a 455-unit facility in Warwick. All of the units feature climate-controlled space. CubeSmart manages the 60,000-square-foot property, which formerly served as a manufacturing facility for Interplex, a technology and engineering firm based in Singapore. True Storage purchased the property in September 2021 when Interplex relocated.
NEW YORK CITY — Hospitality owner-operator Premier Hotels has acquired Hotel @ Times Square, a 213-room property in Midtown Manhattan. The hotel, which was renovated in 2021, also houses 10,000 square feet of retail space and 8,000 square feet of office space. Cronheim Mortgage arranged $41.2 million in acquisition financing through an undisclosed direct lender on behalf of Premier Hotels for the transaction. The seller was also not disclosed.
PHILADELPHIA — JLL has arranged a $22 million acquisition loan for a portfolio of six light industrial properties totaling 251,922 square feet in the Philadelphia area. Specifically, the properties are located in Pennsauken, Moorestown and Marlton, N.J., and Boothwyn and Reading, Pa. The properties are primarily leased to electronics manufacturer Syscom Tech and industrial machinery provider Flowserve Corp. Steven Klein, Michael Klein and Ryan Carroll of JLL arranged the nonrecourse loan through Ready Capital on behalf of the borrower, Wharton Industrial, an affiliate of New York City-based Wharton Equity Partners. The loan was structured with a floating interest rate and a four-year term.
