PARAMUS, N.J. — JLL has brokered the $25 million sale of a multifamily development site in the Northern New Jersey community of Paramus. The site is located along Forest Avenue within Bergen Town Center. The buyer, a joint venture between Russo Development and KRE Group, plans to develop 426 units on the site in two phases. Plans also call for Class A amenities and about 5,000 square feet of retail space. Jose Cruz, Ryan Robertson, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Urban Edge Properties, in the transaction.
HAMILTON, N.J. — Newmark has arranged a 150,000-square-foot industrial lease in the Central New Jersey community of Hamilton. According to LoopNet Inc., the newly constructed building at 40 Enterprise Ave. features a clear height of 40 feet, two drive-in bays, 46 exterior dock doors and 141 car parking spaces. Kyle Eaton, Robert Loderstedt, Michael Schipper and Haylee McCabe of Newmark represented the tenant, CEVA Logistics, in the lease negotiations. The name and representative of the landlord were not disclosed.
LEWES, DEL. — JLAM, an investment and development firm with offices in Delaware and Charlotte, is underway on construction of Lightkeeper’s Village, a 102-unit build-to-rent residential project in the coastal Delaware city of Lewes. The community will feature one-, two- and three-bedroom units and amenities such as a clubhouse, pool, fitness center and common green spaces. The design/build team includes Schell Brothers, regional architecture firm Union, Christiana Excavating and engineering firm Davis, Bowen & Friedel. Leasing is expected to begin before the end of the year.
NEW YORK CITY — MIC Capital Partners has signed an 18,214-square-foot office lease expansion in Midtown Manhattan. The division of Mubadala, a global investment firm and sovereign wealth fund of the government of Abu Dhabi, is renewing and doubling its footprint to 36,428 square feet at the Seagram Building at 375 Park Ave. Justin Aronson of CBRE represented the tenant in the lease negotiations. A.J. Camhi and Paul Milunec represented the landlord, RFR, on an internal basis.
LINDEN, N.J. — Cushman & Wakefield has arranged $300 million in permanent financing for Buildings 300, 400 and 700 within Linden Logistics Center in Northern New Jersey. Linden Logistics Center is a newly completed development that was 94 percent leased at the time of the loan closing to tenants such as Samsung Electronics America, Vanguard Logistics, Fabuwood Cabinetry and OCM Globe. Buildings at the property feature a mix of front-load and cross-dock configurations as well as clear heights of 40 feet. John Alascio, Alex Hernandez, Chuck Kohaut, T.J. Sullivan and Mitch Rothstein of Cushman & Wakefield arranged the fixed-rate debt on behalf of the borrower, a partnership between Advance Realty Investors and Greek Real Estate Partners. The direct lender was not disclosed.
BURLINGTON, MASS. — Newmark has brokered the sale of Burlington BioCenter, a 109,085-square-foot life sciences building located on the northwestern outskirts of Boston. Originally completed in 2019 with its interior laboratory build-outs finalized in 2022, the building features high-performance laboratory infrastructure and HVAC systems, a backup power source and dedicated loading areas, as well as a two-story lobby. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark brokered the deal. The buyer and seller were not disclosed.
MANAHAWKIN, N.J. — New Jersey-based developer Walters has completed the lease-up of Cornerstone at Grassy Hollow II, a 34-unit affordable housing complex located in the coastal city of Manahawkin. Leasing began last fall. The four-building property, which is now fully occupied, offers one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Physical amenities include a fitness center, children’s play area, basketball court and a clubhouse with a computer workstation. Residents also have access to afterschool programs, special interest clubs and a food pantry program, as well as career readiness, eviction prevention and other social services.
SEAFORD, DEL. — SVN | Miller Commercial Real Estate has negotiated the $4.2 million sale of a 61,900-square-foot industrial building located in Seaford, a city in central Delaware. The new owner is leasing the space at 6063 Whitehurst Drive to its affiliated company, fencing manufacturer Patriot Aluminum. The McClellan Team at SVN | Miller represented the seller in the transaction, and the firm’s Flo Brotzman represented the buyer, an entity doing business as MKJ Properties LLC.
NEW YORK CITY — Starr Insurance has signed a 49,264-square-foot office lease at 1177 Avenue of the Americas in Midtown Manhattan. Starr will occupy the entire seventh and eighth floors of the 47-story, 1 million-square-foot building. John Picco and Alex Lachmund of Cushman & Wakefield represented Starr in the lease negotiations. Lou D’Avanzo, Anthony LoPresti, Peter Kerans and Caroline Collins, also with Cushman & Wakefield, along with internal agent Harlan Strader, represented the landlord, Silverstein Properties.
NEW YORK CITY — Charney Cos. and Tavros have unveiled plans to build 175 Third Street, a 1 million-square-foot apartment tower in Brooklyn’s Gowanus area. The 27-story building will feature more than 1,000 units, approximately 250 of which will be designated as affordable housing. The development cost, including the land purchase, is estimated at roughly $1 billion, according to the New York Post. The project marks the fifth building on four different sites in the new Gowanus Wharf development by Charney and Tavros. Catalyzed by the major Gowanus rezoning in 2021, the new development will feature a public park along the Gowanus Canal. According to a release, the project will contribute to the rehabilitation of the canal while supporting the continued evolution of the industrial Brooklyn neighborhood. Bjarke Ingels Group (BIG) designed the new tower along with dencityworks | architecture. BIG previously completed a design for the same site in 2023 for a different owner. Charney and Tavros purchased the site in May for $160 million. “Our design for 175 Third Street in Gowanus is conceived as a three-dimensional neighborhood of building blocks stacked to frame a central park cascading down toward the canal waterfront,” says Bjarke Ingels, founder and …