Northeast

Utz-Quality-Foods-Sterling-Massachusetts

Stan Johnson Co. Brokers Sale of 60,000 SF Industrial Building in Sterling, Massachusetts

by Taylor Williams November 18, 2021

STERLING, MASS. — Oklahoma-based Stan Johnson Co. has brokered the sale of a 60,000-square-foot industrial building in Sterling, located north of Worcester in the central part of the state. The property, which was built on 4.8 acres in 2006, was fully leased to Utz Quality Foods at the time of sale. Erik Lundberg of Stan Johnson Co. brokered the deal on behalf of the seller, a Massachusetts-based private investor. A Massachusetts-based institutional investor purchased the asset for $4.2 million.

November 18, 2021

Acquisitions California Company News New York Northeast Top Stories Washington Western

Sycamore Partners Management Acquires 30,000-Acre Wine Producer for $1.2B

by Katie Sloan November 18, 2021

NEW YORK CITY — Private equity firm Sycamore Partners Management has acquired Ste. Michelle Wine Estates for $1.2 billion. The transaction is the largest private equity purchase of a wine business in the U.S., according to Bank of the West, which led financing for the acquisition. Altria Group Inc. was the seller, according to reports by Bloomberg. Ste. Michelle Wine Estates is the third-largest premium winery in the U.S. with over 30,000 acres of vineyards spread across three states. Some of the company’s popular brands include Chateau Ste. Michelle, 14 Hands, Patz & Hall, Northstar, Erath and Stags Leap. Chateau Ste. Michelle is one of the largest brands in the Pacific Northwest, located roughly 18 miles northeast of Seattle in Woodinville, Wash. The winery — which produces 60 percent of Washington’s annual wine sales — also owns 3,900 acres of vineyards in the Columbia Valley of Eastern Washington, including Canoe Ridge Estate and Cold Creek. New York City-based Sycamore Partners specializes in consumer, distribution and retail-related investments. The firm has approximately $10 billion in aggregate committed capital. Bank of the West, headquartered in San Francisco, is one of the largest commercial lenders to the wine industry in the U.S. —Katie Sloan

November 18, 2021

Loans New Jersey Northeast Office

JLL Arranges $113.5M Acquisition Loan for Downtown Newark Office Portfolio

by Taylor Williams November 17, 2021

NEWARK, N.J. — JLL has arranged a $113.5 million acquisition loan for a portfolio of two downtown Newark office buildings totaling roughly 816,000 square feet. The portfolio also includes a 901-space parking garage. Originally built in the 1920s, the buildings are leased on a long-term basis to The State of New Jersey, which houses more than 3,500 employees across 35 departments at the site. Michael Klein, Jon Mikula and Matthew Pizzolato of JLL, along with Brad Domenico of Progress Capital, arranged the three-year, floating-rate loan through ACORE Capital. The borrower, a partnership between SHIFT Capital, The Hanini Group and CoInvestment Partners, will use a portion of the proceeds to fund capital improvements.

November 17, 2021

Extra-Space-Storage-New-Bedford-Massachusetts

Development Industrial Massachusetts Northeast Self-Storage

True Storage Completes 627-Unit Self-Storage Facility in New Bedford, Massachusetts

by Taylor Williams November 17, 2021

NEW BEDFORD, MASS. — New Hampshire-based developer True Storage has completed a 627-unit self-storage facility in New Bedford, located south of Boston, that will be operated under the Extra Space Storage brand. The facility totals 55,600 net rentable square feet. True Storage acquired the site, which previously housed a recycling distribution center for Parallel Products, in 2020 and converted it to self-storage use.

November 17, 2021

Acquisitions Healthcare Massachusetts Northeast

Newmark Brokers $29.5M Sale of Medical Office Building in Methuen, Massachusetts

by Taylor Williams November 17, 2021

METHUEN, MASS. — Newmark has brokered the $29.5 million sale of a 94,325-square-foot medical office building anchored by Dana-Farber Cancer Institute in the northern Boston suburb of Methuen. Robert Griffin, Frank Nelson, Michael Greeley and Allie Percoco of Newmark represented the seller, Marcus Partners, and procured the buyer, a joint venture between Celera Properties and AEW Capital Management. Newmark also arranged acquisition financing for the deal.

November 17, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates Sale of 250-Unit Tannery Apartments in Glastonbury, Connecticut

by Taylor Williams November 17, 2021

GLASTONBURY, CONN. — CBRE has negotiated the sale of The Tannery, a 250-unit apartment community in Glastonbury, a southern suburb of Hartford. Built in 2017, The Tannery offers a pool, sundeck with grilling areas, fitness center with a yoga studio, dog park, gaming area and a resident lounge. Units feature stainless steel appliances, granite countertops and wood-style vinyl plank flooring. Jeffrey Dunne, Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a partnership between Lexington Partners LLC and a fund advised by UBS Realty Investors LLC, in the transaction. The team also procured the buyer, Jones Street Investment Partners.

November 17, 2021

Loans Multifamily New Hampshire Northeast

Dwight Capital Provides $27M Loan for Refinancing of New Hampshire Apartments

by Taylor Williams November 17, 2021

BEDFORD, N.H. — New York City-based Dwight Capital has provided a $27 million loan for the refinancing of Bedford Hills Apartments, a 144-unit community located near Manchester in the southern part of the Granite State. Built in 2016, the property comprises four residential buildings and a clubhouse/leasing office on a 13-acre site. Other amenities include a pool and a courtyard with a grilling area. Josh Sasouness of Dwight Capital originated the loan. The borrower was not disclosed.

November 17, 2021

Development Multifamily New Jersey Northeast

KRE Group Begins Leasing 507-Unit Apartment Community in Jersey City

by Taylor Williams November 16, 2021

JERSEY CITY, N.J. — Developer KRE Group has begun leasing 351 Marin, a 38-story, 507-unit apartment community in downtown Jersey City. KRE Group developed the property, which was designed by Hollwich Kushner and HLW Architects, in partnership with Northwestern Mutual. Units come in studio, one- and two-bedroom formats, and amenities include a pool, 24-hour fitness center with yoga and spin studios, outdoor grilling stations, entertainment kitchen, movie and screening room, game room and a children’s play area. Rents start at $2,650 per month for a studio apartment. Move-ins are scheduled to begin in December.

November 16, 2021

1000-Nickerson-Road-Marlborough-Massachusetts

Development Industrial Massachusetts Northeast

Lincoln Property Co. to Develop 120,600 SF Industrial Project in Marlborough, Massachusetts

by Taylor Williams November 16, 2021

MARLBOROUGH, MASS. — Dallas-based Lincoln Property Co. has received approval from the City of Marlborough, located west of Boston, for the development of a 120,600-square-foot industrial project that will be situated on a 12.3-acre site. Building features will include a clear height of 32 feet and 10 loading docks. Construction is scheduled to begin in the first quarter of next year, and the development team expects the space to be available for occupancy by the end of 2022.

November 16, 2021

Acquisitions Northeast Pennsylvania Retail

Namdar Realty Group Sells 283,553 SF Shopping Center in Pottsville, Pennsylvania

by Taylor Williams November 16, 2021

POTTSVILLE, PA. — Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. The center was 90 percent leased at the time of sale to tenants such as Giant Food, Planet Fitness, Ollie’s, Staples and Dollar General. The buyer and sales price were not disclosed. Jonathan Abda and Andrew Ebrani of Namdar represented the firm on an internal basis in the transaction. Cale Powers of Trinity RE Investment Services brokered the deal.

November 16, 2021

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