Northeast

JLL Negotiates Sale of 163-Unit Apartment Community in Montclair, New Jersey

by Taylor Williams December 10, 2021

MONTCLAIR, N.J. — JLL has negotiated the sale of Montclair Residences at Bay Street Station, a 163-unit apartment community in Northern New Jersey. Built in 2008, the transit-oriented property features studio, one- and two-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, lounge and outdoor grilling areas. Jose Cruz, Steve Simonelli, J.B. Bruno, Michael Oliver and Kevin O’Hearn of JLL represented the seller, New York-based Clarion Partners, in the transaction. Natixis, an international investment bank based in Paris, provided a $54 million, floating-rate acquisition loan to the buyer, a joint venture between Mill Creek Residential and Cigna Investment Management. Matthew Pizzolato, Andy Scott, Tom Didio Jr. and Gerard Quinn of JLL placed the debt.

December 10, 2021

Loans Multifamily New Jersey Northeast

Progress Capital Arranges $17.6M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams December 10, 2021

PLAINFIELD, N.J. — Progress Capital has arranged a $17.6 million construction loan for a 104-unit multifamily project in the Northern New Jersey community of Plainfield. In addition to one commercial space, the property will offer 10 studio apartments, 61 one-bedroom units and 33 two-bedroom residences. Amenities will include a clubhouse, fitness center and outdoor grilling and recreational areas. Brad Domenico and Eddie Miro of Progress Capital arranged the three-year, interest-only loan through Trevian Capital on behalf of the borrower, West of Hudson Properties.

December 10, 2021

Acquisitions New York Northeast Office

SL Green Agrees to Sell Interest in Midtown Manhattan Office Building for $117M

by Taylor Williams December 9, 2021

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell its ownership interest in the office condos and parking garage at 110 East 42nd Street in Midtown Manhattan for $117 million. SL Green is selling its stake, the size of which was not disclosed, to Meadow Partners in a deal that is expected to close before the end of the year. The office condos, which comprise a portion of the ground floor and the sixth through 18th floors, were originally built in 1923. The property is located across from Grand Central Station and One Vanderbilt, SL Green’s 1.7 million-square-foot office skyscraper. The locally based investment and development firm previously sold the office condos in 2007 and regained control of that component of the site in 2011. SL Green acquired the garage in 2013.

December 9, 2021

Acquisitions Industrial Northeast Pennsylvania

Wharton Industrial Acquires 750,000 SF Industrial Portfolio in Philadelphia Area

by Taylor Williams December 9, 2021

PHILADELPHIA — Wharton Industrial, an investment arm of New York-based Wharton Equity Partners, has acquired a portfolio of seven industrial properties totaling roughly 450,000 square feet in the Philadelphia area. Four of the properties are located in the Pennsylvania markets of Croydon, Boothwyn and Reading. The other three are located in the Southern New Jersey communities of Marlton, Moorestown and Pennsauken. The seller and sales price were not disclosed.

December 9, 2021

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Arranges Sale of 112,869 SF Highland Plaza Shopping Center in Metro Boston

by Taylor Williams December 9, 2021

EASTON, MASS. — Atlantic Capital Partners has arranged the sale of Highland Plaza, a 112,869-square-foot shopping center in Easton, located about 30 miles south of Boston. Regional grocer Big Y anchors the property, which was 96 percent leased at the time of sale, with a 56,519-square-foot store. Other tenants include T.J. Maxx and Liberty Mutual. Justin Smith, Chris Peterson, Sam Koonce, Molly Lynch and Ben Starr of Atlantic Capital Partners represented the seller, Cincinnati-based shopping center REIT Phillips Edison & Co. (NASDAQ: PECO), in the deal. The team also procured the undisclosed buyer.

December 9, 2021

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

Berkadia Provides $22.6M HUD-Insured Loan for Refinancing of Section 8 Housing Property in Brooklyn

by Taylor Williams December 9, 2021

NEW YORK CITY — Berkadia has provided a $22.6 million HUD loan for the permanent refinancing of Scheuer House of Manhattan Beach, a 149-unit Section 8 seniors housing property in Brooklyn. The property consists of one eight-story building and two five-story buildings that were respectively constructed in 1964 and 1932. Laura Smith of Berkadia originated the loan through HUD’s 223(f) program. The borrower, New York-based nonprofit JASA, will use a portion of the proceeds to fund capital improvements and preserve affordability.

December 9, 2021

Company News Massachusetts Northeast Retail

Wayfair to Open Three Brick-and-Mortar Stores in Metro Boston in 2022

by Taylor Williams December 9, 2021

BOSTON — Wayfair (NYSE: W), a Boston-based e-commerce firm specializing in furniture, will open three brick-and-mortar stores in the Boston area in 2022. The first two stores will be located within open-air centers in Lynnfield and Dedham that are owned by WS Development and will carry the company’s AllModern brands. The third store will be located within Simon Property Group’s Burlington Mall and will carry the Joss & Main brand. Wayfair plans to open more stores to support other brands over the next two years.

December 9, 2021

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Three Key Trends to Watch in the Philadelphia Multifamily Market in 2022

by Taylor Williams December 9, 2021

By Gary Holloway Jr, president, GMH Communities The COVID-19 pandemic served as an accelerator for transforming the Philadelphia multifamily market. Overnight, property owners and managers had to quickly adapt and find new ways to serve their residents while prioritizing their safety and following all of the guidelines from the Centers for Disease Control and Prevention (CDC). As we head into 2022, the pandemic will continue to influence what prospective tenants expect from their apartment communities. Here are three opportunities that multifamily owners should consider as the industry continues to grow and evolve in Philadelphia. WFH is Here to Stay Working from home is not a new trend. However, the pandemic thrust countless residents into remote work situations without warning. This sudden shift in work routines has prompted multifamily developers to rethink which amenities they need to provide now that remote and hybrid work is the norm. At GMH Communities, we are actively growing our amenity offerings to enhance the work-from-home experience. At The Yards at Malvern, one of our newest properties that is located in the suburb of Malvern, residents have access to a robust business center with multiple small and large conference rooms with a Zoom conference room, …

December 9, 2021

Acquisitions Industrial Massachusetts Northeast

GLP Capital Partners Buys Suburban Boston Industrial Portfolio for $173M

by Taylor Williams December 8, 2021

BOSTON — GLP Capital Partners has purchased the Northeast Logistics Portfolio, a collection of four warehouse and distribution buildings in the Boston area totaling approximately 1 million square feet, for $173 million. The properties include 192 Mansfield Ave. in Norton; 100 Adams Road in Clinton; and 132 Campanelli Drive and 1010 W. Chestnut St. in Brockton. The portfolio was fully leased to 11 tenants at the time of sale. Robert Griffin, Edward Maher, Matthew Pullen, Tony Coskren, Ed Jarosz, Brian Pinch, Samantha Hallowell and Nick Revers of Newmark represented the seller, Marcus Partners, in the transaction. The team also procured GLP Capital Partners as the buyer.

December 8, 2021

Montgomery-Mall-North-Wales-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

JLL Negotiates $55M Sale of Montgomery Mall in Metro Philadelphia

by Taylor Williams December 8, 2021

NORTH WALES, PA. — JLL has negotiated the $55 million sale of Montgomery Mall, a 1.1 million-square-foot regional shopping and dining destination in North Wales, a northern suburb of Philadelphia. Wegman’s, Macy’s, J.C. Penney and Dick’s Sporting Goods are the anchor tenants at the 105-acre property, which opened in 1973, was renovated in 2014 and was 73 percent leased at the time of sale. Other tenants include H&M, Forever 21, American Eagle, Bath & Body Works and Outback Steakhouse. David Monahan, Jim Galbally, Chris Munley, Cameron Pittman, Colin Behr and Akhil Patel of JLL represented the seller, an undisclosed CMBS trust, in the transaction. New York-based Kohan Retail Investment Group purchased Montgomery Mall for an undisclosed price.

December 8, 2021

Newer Posts

Older Posts