Northeast

Garden Communities Begins Leasing 377-Unit Apartment Complex in Hackensack, New Jersey

by Taylor Williams April 22, 2022

HACKENSACK, N.J. — Locally based developer Garden Communities has begun leasing The Jefferson, a 377-unit apartment complex in the Northern New Jersey community of Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two-bedroom units ranging in size from 735 to 1,598 square feet. Residences are furnished with quartz countertops, custom cabinetry, individual washers and dryers and keyless entry mechanisms. Amenities include a pool, fitness center, private bowling alleys, a billiards and entertainment room, golf simulator, business center, children’s playroom, outdoor grilling and dining areas, meditation gardens and a dog park. Rents start at $2,240 per month for a one-bedroom unit.

April 22, 2022

Acquisitions Connecticut Northeast Retail

FNRP Acquires 163,500 SF Sand Hill Plaza Shopping Center in Newtown, Connecticut

by Taylor Williams April 22, 2022

NEWTOWN, CONN. — New Jersey-based investment firm First National Realty Partners (FNRP) has acquired Sand Hill Plaza, a 163,500-square-foot shopping center located in the southern Connecticut community of Newtown. A 61,450-square-foot Stop & Shop grocery store anchors the center, which originally opened in 1990 and also houses tenants such as T.J. Maxx, Mattress Firm, Verizon, Great Clips and Quest Diagnostics. Justin Smith and Chris Peterson of Atlantic Capital Partners represented the undisclosed seller in the transaction.

April 22, 2022

Civic Development Massachusetts Northeast

Skanska Completes 118,000 SF Expansion of Brookline High School in Boston

by Taylor Williams April 22, 2022

BOSTON — International developer Skanska has completed a 118,000-square-foot expansion project in Boston for Brookline High School. The new building sits partially atop the MBTA’s Brookline Hills station and features lab space, classrooms for general use, dedicated event space, dining and food service areas, a library and collaboration spaces. Skanska also demolished a large portion of the existing campus to build a new, 70,000-square-foot wing with biology and chemistry labs/classrooms, collaboration and maker spaces, a culinary arts kitchen and a student restaurant/café.

April 22, 2022

Acquisitions New York Northeast Retail

Breslin Realty Acquires 50,000 SF Shopping Center in Massapequa, New York

by Taylor Williams April 22, 2022

MASSAPEQUA, N.Y. — Breslin Realty, a Long Island-based investment firm, has acquired Massapequa Plaza, a 50,000-square-foot shopping center in Nassau County. Tenants at the center include Costello’s Ace Hardware, Rite Aid, Northwell Health GoHealth Urgent Care, Great American Jewelry, Pequa Spirits Wine & Liquor, Gino’s Tuscany Restaurant, Sal’s Meat Market, Three Amigos Fresh Mexican Grill and Fit Body Boot Camp. The seller and sales price were not disclosed.

April 22, 2022

Leasing Activity Northeast Office Pennsylvania

Glenmede Trust Co. Signs 7,989 SF Office Lease in Downtown Pittsburgh

by Taylor Williams April 22, 2022

PITTSBURGH — Private wealth management firm Glenmede Trust Co. has signed a 7,989-square-foot office lease at the historic Union Trust Building in downtown Pittsburgh. The move-in is scheduled for May. The Union Trust Building originally opened in 1917 and spans 460,000 square feet. The landlord, The Davis Cos., recently completed a $100 million redevelopment of the property, which also houses 40,000 square feet of restaurant space in addition to a fitness center, conference facility and an auditorium.

April 22, 2022

Acquisitions New York Northeast Office

SL Green Agrees to Purchase 450 Park Avenue in Midtown Manhattan for $445M

by Taylor Williams April 21, 2022

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to purchase 450 Park Avenue, a 33-story office building in Midtown Manhattan, for $445 million. The seller, Oxford Properties, is also a tenant in the 337,000-square-foot building, which was originally designed by Emery Roth & Sons. Other office users include Banco Bradesco and BDT Capital Partners, and the retail space will soon house a showroom for luxury automaker Aston Martin. Darcy Stacom, William Shanahan and Doug Middleton of CBRE brokered the deal, which is expected to close in the second quarter.

April 21, 2022

Industrial Loans New York Northeast

Chase Bank Provides $60.8M Loan for Refinancing of New York City Industrial Portfolio

by Taylor Williams April 21, 2022

NEW YORK CITY — Chase Bank has provided a $60.8 million loan for the refinancing of a portfolio of seven light industrial properties totaling 199,457 square feet in New York City. Three of the properties are located in Brooklyn; two are in Queens, and two are in The Bronx. The Class B properties offer clear heights ranging from 16 to 28 feet, 20 loading positions, some office finish and ample parking. The portfolio was fully leased to eight tenants at the time of the loan closing. Greg Nalbandian, Jim Cadranell, Michael Lachs and Alex Staikos of JLL arranged the 10-year, nonrecourse loan, which carried a fixed interest rate, on behalf of the borrower, metro Philadelphia-based Seagis Property Group.

April 21, 2022

Development Multifamily New York Northeast

HAP Investments Nears Completion of 112-Unit Multifamily Project in Manhattan

by Taylor Williams April 21, 2022

NEW YORK CITY — New York City-based developer HAP Investments is nearing completion of a 112-unit multifamily project located at 225 W. 28th St. in Manhattan’s Chelsea neighborhood. The 20-story building’s one- and two-bedroom units and three penthouses feature custom white oak cabinetry and marble countertops, and amenities include a pool, fitness center with a sauna and steam room, children’s play area and a rooftop deck with grilling areas. HAP Investments has received a temporary certificate of occupancy (TCO), allowing the first move-ins to commence, and expects to receive a permanent certificate this fall. More than 60 percent of the units were preleased at the time of the TCO issuance.

April 21, 2022

Life Sciences Loans Massachusetts Northeast Office

EagleBridge Capital Arranges $38M in Financing for Office, Lab Complex in Wilmington, Massachusetts

by Taylor Williams April 21, 2022

WILMINGTON, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged $38 million in debt and joint venture equity financing for a 210,945-square-foot office and lab complex in the northern Boston suburb of Wilmington. Located at 181 and 187 Ballardvale St., the two buildings sit on a combined 15.4 acres and each span approximately 105,000 square feet. Ted Sidel and Brian Walsh arranged the financing, specific terms of which were not disclosed, on behalf of an unnamed borrower.

April 21, 2022

Leasing Activity New Jersey Northeast Office

CentralReach to Open 25,000 SF Office at Bell Works in Holmdel, New Jersey

by Taylor Williams April 21, 2022

HOLMDEL, N.J. — CentralReach, a provider of electronic medical record software, will open a 25,000-square-foot office at Bell Works, an office and retail campus owned by Somerset Development in the Northern New Jersey community of Holmdel. The company will relocate from its current office in Matawan late this summer. CentralReach employs about 400 people who work remotely on a full-time basis and views the new office as a “collaboration-focused space” that represents “the office of the future.” CentralReach is designing the space in collaboration with G3 Architects and NPZ Style & Décor.

April 21, 2022

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