Northeast

Towne-Gate-Commons-Souderton-Pennsylvania

Select Properties Begins Work on $40M Mixed-Use Project in Souderton, Pennsylvania

by Taylor Williams September 27, 2021

SOUDERTON, PA. — Locally based developer Select Properties Inc. has begun construction on Towne Gate Commons, a $40 million mixed-use project in Souderton, about 40 miles north of Philadelphia. Located at the site of the former Souderton Area High School, Towne Gate Commons will include 66 new three-bedroom townhomes with private balconies and two-car garages. The new residences will add to the 74 townhomes that were completed and leased in 2019 under the first phase of the project. Towne Gate Commons will also offer dining options, retail space, a public park with an amphitheater and a public plaza.

September 27, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Callahan Construction Managers Breaks Ground on 87-Unit Seniors Housing Project Near Boston

by Taylor Williams September 27, 2021

MARBLEHEAD, MASS. — Callahan Construction Managers has broken ground on The Mariner, a seniors housing project in Marblehead, located in the southern coastal part of the state, that will house 61 assisted living units and 26 memory care units. The Northbridge Cos., in partnership with Heather Cairns, Michael Lafayette and Philip Helmes, a local development team, is developing the building. EGA is serving as the project architect. The Mariner will feature a full-service restaurant, private dining, lounge, café, living rooms, beauty salon, health and wellness room, library and a movie theater. Completion is slated for February 2023.

September 27, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $6.2M Sale of Townhome Community in Summit, New Jersey

by Taylor Williams September 27, 2021

SUMMIT, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the $6.2 million sale of a 10-unit townhome property in the Northern New Jersey community of Summit. The property was built in 2019 and consists entirely of two-bedroom units with stainless steel appliances, granite countertops and laundry rooms. Joseph Keenan and Joni Sweetwood of Kislak brokered the deal. Both parties involved in the transaction requested anonymity.

September 27, 2021

Acquisitions Massachusetts Multifamily Northeast

TruAmerica Acquires Two Apartment Communities Totaling 269 Units in Metro Boston

by Taylor Williams September 24, 2021

ANDOVER AND STOUGHTON, MASS. — Los Angeles-based investment firm TruAmerica Multifamily has acquired Marquee at Andover and Lux at Stoughton, two apartment communities totaling 269 units in metro Boston. The properties, which were purchased in two separate transactions, respectively total 115 and 154 units. The sellers were not disclosed. TruAmerica plans to implement a value-add program focused on unit interiors and amenity spaces. Chris Phaneuf of JLL represented the seller in the Andover deal, and Simon Butler of CBRE represented the seller in the Stoughton deal. Following these transactions, TruAmerica now owns approximately 500 apartments in the Boston area.

September 24, 2021

Acquisitions Industrial New York Northeast

EverWest Real Estate Buys Queens Warehouse from Wharton Industrial for $57.2M

by Taylor Williams September 24, 2021

NEW YORK CITY — Denver-based investment firm EverWest Real Estate Investors has purchased a 70,500-square-foot warehouse in Queens from Wharton Industrial for $57.2 million. The rear-load facility features a clear height of 30 feet and is situated on a 2.9-acre site in the Maspeth neighborhood. Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Diaz of Walker & Dunlop represented Wharton Industrial in the deal. Stephen Feinberg represented EverWest on an internal basis. The property was fully leased to multiple local food distributors at the time of sale.

September 24, 2021

Loans Multifamily New Jersey Northeast

Greystone Arranges $45.3M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams September 24, 2021

MIDDLESEX, N.J. — Greystone has arranged a $45.3 million loan for the refinancing of The View at Middlesex, a newly built, 200-unit apartment complex in Northern New Jersey. The property consists of 160 one-bedroom units, 40 two-bedroom units and 7,700 square feet of retail space. Amenities include a fitness center, lounge areas, a game room, pool and a roof deck. Benefit Street Partners Realty Trust provided the loan, which retires the construction financing originated by Procida Funding in 2018, to Forte Real Estate Development. Leasing began over the summer. Drew Fletcher, Matthew Hirsch, Bryan Grover and John Williams of Greystone handled the transaction.

September 24, 2021

Acquisitions Industrial Massachusetts Northeast

SVN | Parsons Commercial Group Negotiates Sale of 60,000 SF Industrial Building Near Boston

by Taylor Williams September 24, 2021

ANDOVER, MASS. — SVN | Parsons Commercial Group has arranged the sale of a 60,000-square-foot industrial building in the northern Boston suburb of Andover. The sales price was $10.3 million. The property sits on 4.7 acres and will be available for lease next fall for the first time in more than 20 years. Alex Berger and Matt Quinlan of SVN represented the seller, Stickamayka Group LLC, in the transaction. The duo also procured the buyer, a joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate.

September 24, 2021

Industrial Leasing Activity New Jersey Northeast

OGS Recycling Signs 34,801 SF Industrial Lease in Eatontown, New Jersey

by Taylor Williams September 24, 2021

EATONTOWN, N.J. — OGS Recycling has signed a 34,801-square-foot industrial lease in Eatontown, located near the Jersey Shore. The building at 246 Industrial Way offers proximity to the Garden State Parkway, as well as a clear height of 30 feet and eight loading docks. Matt Leonelli of Sheldon Gross Realty represented the undisclosed landlord in the lease negotiations. David Zimmel of Zimmel Associates represented the tenant.

September 24, 2021

Affordable Housing Development Multifamily New York Northeast

Grubb Properties to Develop 50-Story Affordable Housing Building in Manhattan’s Financial District

by Taylor Williams September 23, 2021

NEW YORK CITY — Charlotte, N.C.-based Grubb Properties will develop 8 Carlisle, a 50-story apartment building that will be located in Manhattan’s Financial District. Grubb Properties acquired the site from New York-based Pink Stone Capital Group, which purchased it in 2011 and helped assemble the air rights and construction permits as Grubb’s development service partner. In addition to 22,000 square feet of retail space, the property will feature 400 units that will be operated under Grubb’s Link brand, which provides housing geared to renters earning between 60 and 140 percent of area median income (AMI). A construction timeline has not yet been finalized.

September 23, 2021

Development Industrial New Jersey Northeast Self-Storage

Tulfra Real Estate Acquires Land in Jersey City for 2,422-Unit Self-Storage Project

by Taylor Williams September 23, 2021

JERSEY CITY, N.J. — Locally based developer Tulfra Real Estate has acquired land in Jersey City for the construction of a 2,422-unit self-storage project. The facility will be located at 300 Thomas McGovern Drive and will have a gross square footage of approximately 261,000 square feet, including an adjoining parking structure that will also be constructed as part of the project. Thomas Walsh of Walker & Dunlop brokered the land deal. A groundbreaking date will be announced in the coming days. According to Tulfra, there are approximately 159,000 housing units and 22,500 new apartments under development within a three-mile radius of the site.

September 23, 2021

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