YONKERS, N.Y. — CBRE has negotiated the $37 million sale of 3 Executive Boulevard and 3 Odell Plaza, two office buildings totaling 130,607 square feet in Yonkers, located north of New York City. Both assets are leased on a long-term basis to a single tenant, Montefiore Health System. Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie of CBRE represented the seller, an entity managed by Robert Martin Co., in the transaction. The team also procured the buyer, a joint venture between Benedict Realty Group and Harbor Group International.
NEW YORK CITY — Meridian Capital has arranged a $107.7 million senior loan for the refinancing of 55 Broadway, a 32-story office building in Manhattan’s Financial District. The 356,059-square-foot building was 89 percent leased at the time of the loan closing to tenants such as The Kingdom of Morocco, Bank of Communications, Syscom and Assurant Inc. As part of the recapitalization, the borrower, Harbor Group International, also received a future funding component of up to $8.4 million for leasing costs. In addition, an undisclosed capital source invested new equity in the property to retire Paramount Group Inc.’s preferred equity and to fund costs associated with significant recent leasing activity at the building. Ronnie Levine and Ben Jacobs of Meridian Capital Group arranged the financing through an undisclosed life insurance company.
NORWOOD, MASS. — Moderna Inc. will expand its Moderna Technology Center biomanufacturing campus in Norwood, a southern suburb of Boston, by about 350,000 square feet. The biotechnology and pharmaceutical giant plans to renovate and expand its existing production and lab space and has acquired a 240,000-square-foot building on the same campus, ultimately yielding a 50 percent expansion and a total footprint of 650,000 square feet. The expansion will support Moderna’s efforts to ramp up production of its COVID-19 vaccine in late 2021 and early 2022. Moderna originally opened this facility in 2018.
YORK, PA. — WMG Partners, a subsidiary of Miami-based MCSS Self-Storage Development & Investment, has purchased a 126,000-square-foot department store at 2899 Whiteford Road in York. The company plans to convert the shuttered property, which sits on a 7.5-acre site and was previously occupied by Bon-Ton, into a 900-unit self-storage facility that will be managed by Life Storage. Construction is scheduled to begin in August.
BROCKTON, MASS. — The Stubblebine Co. has brokered the $5.1 million sale of a 60,000-square-foot industrial building in Brockton, a southern suburb of Boston. The property offers clear heights of 24 to 28 feet and a fully built-out retail showroom. David Skinner, David Stubblebine and James Stubblebine of The Stubblebine Co. represented the seller, FW Webb Co., in the transaction. Mark Donahue of M. Donahue Associates represented the buyer, WB Mason.
TEANECK, N.J. — Phibro Animal Health Corp. has signed a 49,577-square-foot office lease renewal at Glenpointe, a mixed-use development in the Northern New Jersey community of Teaneck that serves as the company’s global headquarters. Susan Mason and Tom Reilly of JLL represented the tenant in the lease negotiations. David Simson, Jeff Schotz, Peter Rossi, Dan Reider and Peter Kasparian of Newmark represented the landlord, Alfred Sanzari Enterprises. In addition to office uses, the Glenpointe campus houses three hotels totaling roughly 700 rooms, a 26,000-square-foot fitness center and multiple food and beverage options.
CHICAGO AND HOLMDEL, N.J. — Equity Commonwealth (NYSE: EQC) and Monmouth Real Estate Investment Corp. (NYSE: MNR) have agreed to merge, signaling their intent to build a leading industrial real estate business and participate in the long-term growth of the sector. Based on the structure of the deal, Equity Commonwealth would acquire Monmouth in an all-stock transaction valued at approximately $3.4 billion, including the assumption of debt. The combined company is expected to have a pro forma equity market capitalization of approximately $5.5 billion. Under the terms of the agreement, Monmouth shareholders will receive 0.67 shares of Equity Commonwealth stock for every share of Monmouth stock they own. Equity Commonwealth and Monmouth shareholders are expected to own approximately 65 percent and 35 percent, respectively, of the pro forma company following the close of the transaction. Monmouth’s portfolio comprises 120 industrial properties totaling 24.5 million square feet. The Holmdel-based company is also under contract to purchase six properties totaling 1.8 million square feet, with the deals expected to close later this year or early next. Equity Commonwealth is a Chicago-based office REIT with a portfolio of four properties totaling 1.5 million square feet. “The transaction provides Equity Commonwealth with a high-quality, …
NEW YORK CITY — Madison Realty Capital, a New York City-based private equity firm, has provided a $395 million loan for a portfolio of three nearly completed residential properties totaling 1,161 units and a development site that is zoned for 4,200 units in New Jersey. The three buildings in various stages of construction are located in Bayonne, Raritan and Linden and will all offer studio, one- and two-bedroom units. The development parcel is located at the site of the former Bears Stadium, a 6,200-seat ballpark in downtown Newark. The borrower, Accurate Builders & Developers, plans to develop the site in nine phases as part of a master-planned community. The project will include 200 affordable housing units, 3,000 parking space and 100,000 square feet of commercial and green space. Shaya Ackerman of Meridian Capital Group arranged the acquisition financing for the transaction.
PALMYRA TOWNSHIP, N.J. — A partnership between St. Louis-based development firm Sansone Group and a private equity real estate fund backed by Crow Holdings Capital is underway on construction of Tac-Pal Logistics Center. The 702,450-square-foot industrial facility is located in Palmyra Township. The development team expects to complete the single-building property, which will feature modern design and build-to-suit opportunities, during the first quarter of 2022. Cushman & Wakefield and Avison Young have been tapped to lease the project.
PHILADELPHIA — GoldOller Real Estate Investments, a locally based multifamily owner-operator, will develop a $20 million, 157,000-square-foot self-storage facility in Philadelphia. The site of the new five-story, climate-controlled facility is located at 3145 Greys Ferry Road, adjacent to the Schuylkill Expressway in the University City area. The facility will be GoldOller’s second following the development of an 80,000-square-foot property in Philadelphia’s Fishtown neighborhood. CubeSmart operates that facility. GoldOller plans to break ground on the project in the coming weeks. A tentative completion date was not disclosed.