Northeast

CBRE Arranges $89M Acquisition Loan for Multifamily Property in Stamford, Connecticut

by Taylor Williams March 4, 2022

STAMFORD, CONN. — CBRE has arranged an $89 million acquisition loan for a 344-unit multifamily property located at 75 Tresser Blvd. in Stamford. The property was built in 2014 and features studio, one-, two- and three-bedroom units with stone countertops and individual washers and dryers, as well as private patios and balconies in select residences. Amenities include a pool, outdoor grilling areas, a media center, conference room, lounge, fitness center and a demonstration kitchen. Jason Gaccione, Shawn Rosenthal, Jake Salkovitz and Lauren Weinstein of CBRE arranged the loan through Apollo Global Management on behalf of the borrower, a partnership between Monday Properties and Washington Capital.

March 4, 2022

Acquisitions Connecticut Northeast Office

BDP Holdings Acquires 310,000 SF Office Building in Stamford, Connecticut

by Taylor Williams March 4, 2022

STAMFORD, CONN. — New Jersey-based investment firm BDP Holdings has acquired a 310,000-square-foot office building in Stamford, located in the southern coastal part of the state. The property was built on 22.7 acres in 1995 and was fully leased to Pitney Bowes Inc., a provider of shipping and mailing supplies and services for e-commerce firms, at the time of sale. Amenities include a cafeteria, fitness center and outdoor gathering areas. The seller and sales price were not disclosed.

March 4, 2022

Acquisitions Industrial New Jersey Northeast

Oxford Properties, EverWest Buy 78,000 SF Warehouse in East Brunswick, New Jersey

by Taylor Williams March 4, 2022

EAST BRUNSWICK, N.J. — A joint venture between global asset manager Oxford Properties Group and Denver-based EverWest Real Estate Investors has purchased a 78,000-square-foot warehouse in East Brunswick, about 40 miles south of Manhattan. The sales price was $18 million. The property was vacant at the time of sale, and the new ownership plans to redevelop the eight-acre site to house a modern logistics facility. The seller was not disclosed.

March 4, 2022

Delaware Industrial Leasing Activity Northeast Office

LaMotte to Open 79,000 SF Office, Manufacturing Facility in Newark, Delaware

by Taylor Williams March 4, 2022

NEWARK, DEL. — LaMotte Co., a Maryland-based provider of water-quality testing supplies, will open a 79,000-square-foot office and manufacturing facility at Pencader Corporate Center in Newark, Del. The company will immediately hire 50 people to staff the new facility and plans to employ more than 100 workers at the site within three years. In addition, LaMotte will invest $3.3 million in the interior build-out of its new space.

March 4, 2022

Development Life Sciences New York Northeast

Janus Property Co. Completes $700M Life Sciences Project in Harlem

by Taylor Williams March 3, 2022

NEW YORK CITY — Locally based developer Janus Property Co., in partnership with J.P. Morgan Asset Management, has completed the Taystee Lab Building, a $700 million life sciences project in Harlem. The 11-story, 350,000-square-foot building anchors the Manhattanville Factory District, Janus Property’s 1 million-square-foot life sciences campus that stretches from West 125th to West 128th streets. The property, which is a redevelopment of the former Taystee bread bakery, features traditional office, lab, manufacturing and retail space, as well as 20,000 square feet of outdoor amenity space. Construction began in May 2019.

March 3, 2022

Development Mixed-Use Northeast Pennsylvania

Tishman Speyer to Undertake 178-Acre Mixed-Use Redevelopment in Pittsburgh

by Taylor Williams March 3, 2022

PITTSBURGH — New York City-based developer Tishman Speyer will undertake a project to redevelop a 178-acre former steel mill site in Pittsburgh into a mixed-use destination that will be branded Hazelwood Green. Tishman Speyer will redevelop the site in partnership with a joint venture between the Richard King Mellon Foundation, The Heinz Endowments and the Claude Worthington Benedum Foundation. Preliminary plans call for millions of square feet of residential and commercial development to be delivered over the next decade. These uses will include market-rate and affordable apartments, retail and restaurant space, parks and open green space and office and life sciences facilities. Regarding the latter component, Tishman Speyer is partnering with Carnegie Mellon University to develop a robotics innovation center that is expected to open in 2024.

March 3, 2022

Valley-National-Bank-Morristown-New-Jersey

Development New Jersey Northeast Office

SJP, Scotto Underway on 120,000 SF Headquarters Project for Valley National Bank in Morristown, New Jersey

by Taylor Williams March 3, 2022

MORRISTOWN, N.J. — A partnership between New York City-based SJP Properties and locally based developer Scotto Properties is underway on a new headquarters project for Valley National Bank in the Northern New Jersey community of Morristown. The development team has commenced demolition work of the existing structures on the site, and vertical construction will begin later this spring. Upon completion, which is slated for May 2023, Valley National Bank will relocate from Wayne, N.J. The company ultimately plans to employ about 660 people at its new campus, which will also house 14,500 square feet of retail space. Gensler designed the project.

March 3, 2022

Acquisitions Industrial New Jersey Northeast

Oxford Properties, EverWest Buy 113,079 SF Warehouse in Edison, New Jersey

by Taylor Williams March 3, 2022

EDISON, N.J. — A joint venture between global asset manager Oxford Properties Group and Denver-based EverWest Real Estate Investors has purchased a 113,079-square-foot warehouse in Edison, about 35 miles south of Manhattan. The sales price was $21 million. Building features include clear heights of 20 to 24 feet, 11 dock-high doors and 100-foot truck court depths. The joint venture acquired the property via a sale-leaseback with the seller/tenant, food products supplier ISC Gums.

March 3, 2022

Acquisitions Massachusetts Northeast Retail

Linear Retail Acquires Two Buildings Totaling 17,000 SF in Wellesley, Massachusetts

by Taylor Williams March 3, 2022

WELLESLEY, MASS. — Linear Retail Properties LLC has acquired two buildings totaling 17,000 square feet in Wellesley, located west of Boston in Norfolk County, for a combined price of $12.2 million. The two-story building at 25-35 Central St. houses 8,500 square feet of retail space that is leased to Footstock, Laurel Grove, Marika’s Salon, Skinscapes and Winston Flowers, as well as 2,500 square feet of residential space. The building at 53-61 Central St. spans 6,000 square feet of retail space that is leased to Cocobeet, Eileen Fisher, Lacrosse Unlimited, O’Neil Jewelers and Wellesley Toy Shop. Marilyn Santiago of SVN | Parsons Commercial Group represented the undisclosed sellers in the transactions.

March 3, 2022

Acquisitions Company News Northeast Retail Southeast Top Stories

Cedar Realty Trust to Sell Retail Portfolio, Company in Various Transactions Totaling $1.2B

by Katie Sloan March 3, 2022

MASSAPEQUA, N.Y. — Cedar Realty Trust (NYSE: CDR) has agreed to sell the company and its portfolio of assets through several transactions totaling $1.2 billion. The Massapequa-based firm’s portfolio includes 53 properties with approximately 7.6 million square feet of gross leasable space. Properties are predominantly located across high-density markets in New York, New Jersey, Connecticut, Pennsylvania, Massachusetts, Washington, D.C., Virginia, Maryland and Delaware. A fund managed by DRA Advisors and KPR Centers will acquire a portfolio of 33 grocery-anchored shopping centers from the company for $840 million. Cedar also agreed to sell its Revelry redevelopment project in Philadelphia for $34 million and its Northeast Heights redevelopment project in Washington, D.C., for $46.5 million to undisclosed buyers. In the event the sales are not completed prior to closing of the grocery-anchored shopping center portfolio acquisition, the DRA-KPR joint venture has agreed to acquire both projects at an aggregate price of $80.5 million. The company and its remaining assets are set to be acquired by Virginia Beach, Va.-based Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) in an all-cash merger valued at $291.3 million. Upon completion of the transaction, Cedar will be wholly owned by Wheeler and the company’s common stock …

March 3, 2022

Newer Posts

Older Posts