NEW BEDFORD, MASS. — New Hampshire-based developer True Storage has completed a 627-unit self-storage facility in New Bedford, located south of Boston, that will be operated under the Extra Space Storage brand. The facility totals 55,600 net rentable square feet. True Storage acquired the site, which previously housed a recycling distribution center for Parallel Products, in 2020 and converted it to self-storage use.
METHUEN, MASS. — Newmark has brokered the $29.5 million sale of a 94,325-square-foot medical office building anchored by Dana-Farber Cancer Institute in the northern Boston suburb of Methuen. Robert Griffin, Frank Nelson, Michael Greeley and Allie Percoco of Newmark represented the seller, Marcus Partners, and procured the buyer, a joint venture between Celera Properties and AEW Capital Management. Newmark also arranged acquisition financing for the deal.
GLASTONBURY, CONN. — CBRE has negotiated the sale of The Tannery, a 250-unit apartment community in Glastonbury, a southern suburb of Hartford. Built in 2017, The Tannery offers a pool, sundeck with grilling areas, fitness center with a yoga studio, dog park, gaming area and a resident lounge. Units feature stainless steel appliances, granite countertops and wood-style vinyl plank flooring. Jeffrey Dunne, Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a partnership between Lexington Partners LLC and a fund advised by UBS Realty Investors LLC, in the transaction. The team also procured the buyer, Jones Street Investment Partners.
BEDFORD, N.H. — New York City-based Dwight Capital has provided a $27 million loan for the refinancing of Bedford Hills Apartments, a 144-unit community located near Manchester in the southern part of the Granite State. Built in 2016, the property comprises four residential buildings and a clubhouse/leasing office on a 13-acre site. Other amenities include a pool and a courtyard with a grilling area. Josh Sasouness of Dwight Capital originated the loan. The borrower was not disclosed.
JERSEY CITY, N.J. — Developer KRE Group has begun leasing 351 Marin, a 38-story, 507-unit apartment community in downtown Jersey City. KRE Group developed the property, which was designed by Hollwich Kushner and HLW Architects, in partnership with Northwestern Mutual. Units come in studio, one- and two-bedroom formats, and amenities include a pool, 24-hour fitness center with yoga and spin studios, outdoor grilling stations, entertainment kitchen, movie and screening room, game room and a children’s play area. Rents start at $2,650 per month for a studio apartment. Move-ins are scheduled to begin in December.
MARLBOROUGH, MASS. — Dallas-based Lincoln Property Co. has received approval from the City of Marlborough, located west of Boston, for the development of a 120,600-square-foot industrial project that will be situated on a 12.3-acre site. Building features will include a clear height of 32 feet and 10 loading docks. Construction is scheduled to begin in the first quarter of next year, and the development team expects the space to be available for occupancy by the end of 2022.
POTTSVILLE, PA. — Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. The center was 90 percent leased at the time of sale to tenants such as Giant Food, Planet Fitness, Ollie’s, Staples and Dollar General. The buyer and sales price were not disclosed. Jonathan Abda and Andrew Ebrani of Namdar represented the firm on an internal basis in the transaction. Cale Powers of Trinity RE Investment Services brokered the deal.
BOSTON — A partnership between True North Management Group and Boston-based Celera Properties has purchased a two-building office complex in the northern Boston suburb of Andover with plans to convert the property into a life sciences facility. The complex spans 233,726 square feet. Greg LaBine and Martha Nay of JLL arranged a $35.3 million floating-rate loan through OceanFirst Bank on behalf of the partnership. Proceeds will be used to acquire and reposition the complex.
SYOSSET, N.Y. — Simi Capital Group, an investment firm with offices in New York City and Miami, and Cerberus Capital Management have acquired an industrial building located in the Long Island community of Syosset for $15 million. The building sits on a six-acre site. The seller was not disclosed. The new ownership plans to utilize the property as an outdoor storage facility.
DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …
