DAYTON, N.J. — Chicago-based investment firm CenterPoint Properties has purchased a 198,000-square-foot warehouse in the Northern New Jersey community of Dayton. The property sits on a 14-acre site and features a clear height of 31 feet and a separate two-acre parking lot. Bunny Escava and Isaac Setton of Kassin Sabbagh Realty brokered the transaction. The seller and sales price were not disclosed.
LEXINGTON, MASS. — Greatland Realty Partners has topped off Revolution Labs, a 180,000-square-foot life sciences project located in the northwestern Boston suburb of Lexington. Greatland is developing the project in partnership with Singerman Real Estate. SGA is the project architect, and Callahan Construction Managers is the general contractor. The development team began construction in late April 2021 and expects the building to be available for occupancy in the fourth quarter. The project also includes the development of a 442-space parking garage.
WOBURN, MASS. — CBRE has negotiated the $18 million sale of a 66,225-square-foot industrial building in the northern Boston suburb of Woburn. The building is located at 225 Wildwood Ave. and features clear heights of 17.5 to 23 feet. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall, and Dan Hines of CBRE represented the seller, GFI Partners, in the transaction. The buyer was San Francisco-based Berkeley Partners.
LUMBERTON, N.J. — New Jersey-based developer Walters has opened Cornerstone at Lumberton, a 70-unit affordable housing community located outside of Philadelphia in Southern New Jersey. Units come in one-, two- and three-bedroom floor plans and are reserved for renters earning 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, a basketball court, children’s play area and outdoor grilling and picnic stations.
NEW YORK CITY AND DALLAS — CBRE Investment Management has agreed to acquire a portfolio of logistics real estate assets in the United States and Europe from Hillwood Investment Properties, an industrial developer and owner based in Dallas. Under terms of the $4.9 billion acquisition agreement, affiliates of New York City-based CBRE Investment Management will purchase the 57-property, 28.4 million-square-foot portfolio from Hillwood. The transaction is subject to customary closing conditions, and CBRE Investment Management expects to close on the assets in stages. The portfolio includes 33 properties in the United States totaling 19.2 million square feet and 24 assets in Germany, Poland and the United Kingdom totaling 9.2 million square feet. “This milestone transaction reflects our ability to leverage the strong financial capacity of our parent company to secure compelling opportunities that help to drive strategic real assets solutions for our clients,” says Chuck Leitner, CEO of CBRE Investment Management. “Backed by a $35 billion AUM global logistics platform and a skilled team with deep domain expertise, we are positioned to be one of the world’s leading investors and operators of logistics assets.” The portfolio is one of several multi-market portfolio transactions in the industrial sector in the past …
BOSTON AND CAMBRIDGE, MASS. — Berkadia has provided a $64.1 million Freddie Mac loan for the refinancing of the Brookline Cambridge Portfolio, a collection of five multifamily properties in the Boston area. Two of the properties, Auburn Harris Courtyard and St. Paul Gardens, are located in the Brookline area. The other three — Wendell Terrace, Brattle Arms and John Harvard Apartments — are located across the Charles River in Cambridge. Robert Lipson of Berkadia originated the financing on behalf of the locally based borrower, Chestnut Hill Realty.
PROVIDENCE, R.I. — Boston-based developer CV Properties has completed the $55 million Aloft Providence Downtown Hotel. The hotel consists of 175 rooms and meeting spaces, a fitness center, grab-and-go food market, a lobby bar with patio seating and a rooftop bar with views of the downtown skyline. Elkus Manfredi Architects designed the project, and Shawmut Design & Construction served as the construction manager. Construction began in January 2020.
BRAINTREE, MASS. — Sterling Organization, a Florida-based private equity real estate firm, has purchased Tedeschi Plaza, a 174,344-square-foot retail center in the southern Boston suburb of Braintree, for $44.3 million. A 66,124-square-foot Stop & Shop grocery store anchors the property, and other tenants include CVS, Crunch Fitness, Sherwin Williams, Dunkin’ and Citizens Bank. JLL represented the seller, Denver-based Black Creek Group, in the transaction.
HARRISBURG, PA. — JLL has negotiated the $24.4 million sale of a 254,449-square-foot distribution center in the West Shore area of Harrisburg. The multi-tenant facility was fully leased at the time of sale. Building features include clear heights of 24 feet, 27 dock-high doors, early suppression fast response (ESFR) sprinkler systems and ample car parking. John Plower, Ryan Cottone and Zach Maguire of JLL represented the seller, a fund managed by Penwood Real Estate Investment Management, in the deal. The buyer was New York-based investment firm Brickman.
BOSTON — Cornerstone Realty Capital has arranged a $9 million loan for the refinancing of a 23-unit apartment building in Boston’s historic Washington Street Corridor. The newly constructed building houses studio, one-, two-, three- and four-bedroom units with quartz countertops, stainless steel appliances and tile backsplashes. Cornerstone arranged the loan, which carried a fixed interest rate and a 30-year amortization schedule, on behalf of the buyer, Boston Real Estate Collaborative.