NEW YORK CITY — Locally based brokerage firm Alpha Realty has negotiated the sale of four multifamily properties totaling 133 units that are located in various boroughs of New York City. The properties sold for a combined price of $16.6 million. Lev Mavashev and Yehuda Leser of Alpha Realty represented the sellers and the buyer, a locally based, family-owned management firm, in the transactions. All the parties involved requested anonymity.
LAKE GROVE, N.Y. —Wegmans will open a 100,000-square-foot store in Lake Grove, the regional grocer’s first on Long Island. Wegmans has entered into an agreement to purchase 8.5 acres of the 28-acre DSW Plaza, which is owned by Prestige Properties & Development. A timeline for construction and opening has not yet been determined. Founded in 1916, Wegmans operates 106 stores in seven states, with new stores planned to open in Virginia, Delaware and Manhattan within the next two years.
ISELIN, N.J. — Invitae, a provider of genetic testing services, has signed a 28,000-square-foot office lease renewal and expansion at Woodbridge Corporate Plaza in the Northern New Jersey community of Iselin. The lease term is 10 years. The 630,000-square-foot campus features a fitness center, conference and training facilities, a cafeteria with outdoor seating and an onsite dry cleaner. Charlie Hatfield led a Colliers team that represented the tenant, which is expanding its footprint by 13,500 square feet, in the lease negotiations. The name and representative of the landlord were not disclosed.
WINDSOR, CONN. — Missouri-based NorthPoint Development will build a 750,000-square-foot speculative distribution center at 500 Groton Road in Windsor, located in southern Connecticut’s Fairfield County. The 93-acre site is situated within the I-91 corridor near the 625-acre Great Pond master-planned development. Building features will include a clear height of 40 feet, a total of 75 dock doors and parking for 150 trailers and 588 cars. Construction is set to begin in June and to be complete in April 2023. NorthPoint has tapped JLL to lease the property.
BUFFALO, N.Y. — Concord Summit Capital, a Miami-based financial intermediary, has arranged a $70 million bridge loan for the refinancing of Phase I of Heron Pointe Apartments, a 376-unit multifamily community in Buffalo. The borrower, Buffalo-based Rane Property Management, will use proceeds from the three-year, nonrecourse loan to pay off construction debt from the 232-unit first phase of the development. Construction of the 144-unit second phase is underway and is slated to be complete in the third quarter. Heron Pointe features one-, two- and three-bedroom units and amenities such as a clubhouse with a coffee room and fitness center, a pool, dog park and a playground. Kevin O’Grady, David Larson, Keegan Burger and Daniel Rojo of Concord Summit Capital arranged the loan through TPG, a San Francisco-based private equity firm previously known as Texas Pacific Group.
MORRISTOWN, N.J. — The Silverman Group has completed the renovation of Morristown Plaza, a two-building, 122,000-square-foot office complex in Northern New Jersey. The value-add program delivered upgrades to the various common areas and amenity spaces, which now include a grab-and-go café, fitness center, conferencing facility, onsite bank branch and outdoor seating areas. The Silverman Group has retained Lee & Associates to lease the property.
NEWARK, N.J. — A partnership between three New Jersey-based investment firms, The STRO Cos., KRE Group and Fidelco Realty Group, has acquired a 77,000-square-foot warehouse in Newark. The facility at 798 Frelinghuysen Ave. sits on a 4.7-acre site near the Port of Newark. According to LoopNet Inc., the property was originally built in 1929 and renovated in 1994 and features a clear height of 16 feet. The seller and sales price were not disclosed.
ALLENTOWN, PA. — iQor, a Florida-based provider of business process outsourcing (BPO) solutions, has opened a 30,000-square-foot office in the Lehigh Valley city of Allentown. The space includes a fitness center and a café and replaces iQor’s old facility in nearby Bethlehem. The company, which more specifically provides customer service, third-party collections and accounts receivable management, employs about 35,000 people across 10 countries.
JERSEY CITY, N.J. — Veris Residential has begun leasing Haus25, a 56-story apartment tower in Jersey City. Designed by Elkus Manfredi Architects with interiors by Fogarty Finger and landscape architecture by Melillo Bauer Carman, Haus25 rises 600 feet and comprises 750 units, 20 percent of which have been preleased. Residences come in studio, one-, two- and three-bedroom formats and are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and ecobee smart thermostats. Amenities include a pool, indoor and outdoor fitness areas, chef’s kitchen, grilling stations, an amphitheater, bowling alley, karaoke lounge, game room, golf simulator, children’s playroom, pet spa and a dog run. Rents start in the low $3,000s per month for a studio apartment.
ERIE, PA. — Community Preservation Partners (CPP) has acquired Methodist Towers, a 138-unit affordable seniors housing community in Erie. About 40 percent (57) of the 13-story complex’s units receive subsidies under a Section 8 HAP contract. The sales price was not disclosed, but CPP plans to spend $20 million on the acquisition and renovation. CPP received tax-exempt bonds and Low-Income Housing Tax Credits (LIHTCs) from the Pennsylvania Housing Finance Agency (PHFA), with construction and permanent loans from Citibank as well as equity raised from the sale of LIHTCs from PNC Bank, to finance the property acquisition and rehabilitation. Cornerstone Group is a partner on the project.
