NEW YORK CITY — Charlotte, N.C.-based Grubb Properties will develop a 317-unit mixed-income project that will be located at 25-01 Queens Plaza North in the borough’s Long Island City area. The 17-story building will comprise about 220 market-rate units and 97 units that will be reserved for renters earning less than 130 percent of the area median income (AMI), as well as 9,000 square feet of retail space. Grubb Properties will operate the building under its Link brand, which provides housing geared toward renters earning between 60 and 140 percent of AMI. A construction timeline has not yet been finalized.
WARREN, N.J. — Newmark has arranged the $19 million sale of two office buildings totaling 140,000 square feet in Warren, located about 30 miles outside New York City. At the time of sale, the properties were 81 percent leased to R&D, technology, product development, distribution, assembly and office users. Kevin Welsh, Brian Schulz, Jason Emrani, Steven Schultz and Dan Reider of Newmark represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the transaction. The team also procured the undisclosed buyer.
PHILADELPHIA — Novaya Foxfield Industrial, the Mid-Atlantic investment arm of Novaya Real Estate Ventures and Foxfield Ventures, has purchased a 360,800-square-foot industrial facility in Philadelphia for $8.5 million. Novaya Foxfield purchased the nine-building complex from metals processor and recycler Thalheimer Brothers LLC, which will retain occupancy of the space via a 20-year sale-leaseback agreement. Steve Marzullo, Adam Silverman, Bruce Westwood-Booth and Kyle Sals of CBRE brokered the deal.
PISCATAWAY, N.J. — Indianapolis-based Duke Realty has completed a 622,230-square-foot, build-to-suit industrial project for Bob’s Discount Furniture in the Northern New Jersey community of Piscataway. Building features include 40-foot clear heights, 125 dock doors, 302 automobile parking spaces and 127 trailer parking spaces. The Connecticut-based national discount retailer, which operates 150 stores across 23 states, expects to bring hundreds of new jobs to the area in the coming years as it expands its supply chain and distribution network.
STATE COLLEGE, PA. — Aspen Heights Partners, an Austin-based developer of apartment and student housing communities, has broken ground on Aspen East Penn, a 651-bed multifamily project in State College, home of Penn State University. The two-building property will be located less than a mile from campus and will house 24,299 square feet of ground-floor retail space. In addition, Aspen East Penn will feature one-, two-, three-, four- and five-bed floor plans across its 262 units, 28 of which will be reserved as workforce housing. Amenities will include a pool, courtyard and an outdoor terrace. Completion is slated for 2023.
NEW YORK CITY — JLL has arranged the $88.5 million sale of a 76,000-square-foot residential development site located within a Qualified Opportunity Zone in the Long Island City area of Queens. The site is zoned to allow a total buildable area of 444,000 square feet. Bob Knakal, Stephen Palmese, Brendan Maddigan and Jonathan Hageman of JLL represented the seller, an undisclosed private investor, in the transaction. Christopher Peck, Andrew Scandalios, Rob Hinckley, Jeff Julien and Nicco Lupo of JLL arranged an equity partnership with Bridge Investment Group on behalf of the buyer, a joint venture between The Domain Cos., L+M Development Partners and The Vorea Group.
OLD BRIDGE, N.J. — A partnership between developers BNE Real Estate Group, LPZ and Sterling Properties has begun leasing 99 Bridge, a 150-unit apartment complex in Old Bridge, about 35 miles south of New York City. The property features one- and two-bedroom units with quartz countertops, stainless steel appliances, espresso cabinetry and individual washers and dryers. Amenities include a pool, fitness center, coworking lounge, outdoor grilling areas, game room, dog park, package lockers and a children’s play area. Monthly rents start at $2,280 for a one-bedroom unit.
NEW BRITAIN, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $4.1 million sale of City Place Apartments, a 53-unit multifamily property with retail and restaurant space in New Britain, a southern suburb of Hartford. The sales price equates to $74,107 per unit and a cap rate of 7.35 percent. The buyer and seller were not disclosed. NEPCG represented both parties in the transaction.
NEW YORK CITY — Cottonwood Group, a Los Angeles-based private equity real estate firm, has provided a $105 million bridge loan for the refinancing of The Six, a newly constructed office building located at 106 W. 56th St. in Manhattan. The 79,214-square-foot building offers a tenant lounge, conference facility and views of Central Park. The borrower was locally based developer Savanna. The transaction is the seventh investment to date through the Cottonwood Real Estate Founders Fund that launched in May. Leo Leyva, Chris Caslin, Robyn Pellegrino, Jennifer Chung and Samantha Epstein of Cole Schotz P.C. represented Savanna in the deal.
NEW YORK CITY — CBRE has negotiated the $63 million sale of a future multifamily development site in the Long Island City area of Queens. The buyer, North Carolina-based Grubb Properties, plans to build a 17-story, 317-unit residential tower with 9,000 square feet of retail space at the 54,000-square-foot site. Demolition permits for the existing two-story building on the site were filed in May. Dan Kaplan and Elli Klapper of CBRE represented the seller, a private real estate family consisting of three limited liability companies, in the transaction. Handel Architects is the architect of record for the project.