Northeast

New England Development to Break Ground on 1.2 MSF Allston Yards Mixed-Use Project in Boston

by Kristin Harlow November 10, 2021

BOSTON — New England Development, in partnership with Stop & Shop, Bozzuto and Southside Investment Partners, will soon break ground on Allston Yards, a 1.2 million-square-foot mixed-use project in the Allston neighborhood of Boston. The site currently houses an older but still-operating Stop & Shop store and parking lots, which will be redeveloped. Built in multiple phases, Allston Yards will feature a 165-unit apartment building; a new Stop & Shop grocery store; 117,000 square feet of retail and restaurant space; 350,000 square feet of office and lab space; and a one-acre community green space. Construction of Building A, which comprises the apartment building and grocery store, is scheduled to commence this month. Construction of the office and life sciences building is slated to begin in the third quarter of 2022. Building A will contribute $1.2 million to the Allston-Brighton Homeowner Fund, a charity created in partnership with the Boston Home Center that aims to increase affordable homeownership opportunities in Allston-Brighton. JLL arranged financing for Building A through Bank of America and TD Bank. The project will extend and expand upon the area’s street grid, providing new connections to the Boston Landing Massachusetts Bay Transportation Authority (MBTA) station and improving both …

November 10, 2021

Development New Jersey Northeast Retail

Accurate Builders Breaks Ground on 140,000 SF Retail Redevelopment in Northern New Jersey

by Taylor Williams November 9, 2021

MORRIS TOWNSHIP, N.J. — Accurate Builders & Developers has broken ground on Morris Marketplace, a 140,000-square-foot retail redevelopment project located on the 64-acre former Colgate-Palmolive corporate campus in Northern New Jersey. Accurate Builders is co-developing the project with New Jersey-based DeVimy Equities Inc. Morris Marketplace will feature children’s play areas, pocket parks, splash pads and seating areas, as well as outdoor dining and recreational spaces. Committed tenants include German discount grocer Lidl, Starbucks, AT&T, Orangetheory Fitness and Restore Wellness & Cryotherapy. Construction is expected to be complete in the fourth quarter of 2022, at which point the space will be turned over to the retail providers to build out.

November 9, 2021

Affordable Housing Development Multifamily New Jersey Northeast

Partnership Begins Construction on $26M Affordable Housing Project in Paterson, New Jersey

by Taylor Williams November 9, 2021

PATERSON, N.J. — A partnership between multifamily developer WinnCos and Argus Ellison Group has begun construction on a $26 million affordable housing project in the Northern New Jersey community of Paterson. The 74-unit complex will be located on the site of a historic mill that was originally built in the 1870s. About 70 percent (52) of the units will be reserved for renters earning 50 percent or less of the area median income (AMI), while the remainder will be designated for households earning 80 percent or less of AMI. Construction is scheduled for a late-2022 completion.

November 9, 2021

Loans Multifamily Northeast Pennsylvania

Black Bear Capital Arranges $19.7M Construction Loan for Lehigh Valley Multifamily Project

by Taylor Williams November 9, 2021

FORKS TOWNSHIP, PA. — New York City-based Black Bear Capital Partners (BBCP), a subsidiary of Black Bear Asset Management (BBAM), has arranged a $19.7 million construction loan for Sullivan Parke, a 102-unit multifamily project in the Lehigh Valley community of Forks Township. The borrower is a partnership between Ashley Development Corp. and BBAM. The four-building property will offer amenities such as a fitness center, outdoor grilling areas and storage spaces. Bryan Manz, Emil DePasquale, Brandon Harris and George Pektor of BBCP arranged the loan through Churchill Real Estate.

November 9, 2021

Acquisitions Industrial Massachusetts Northeast

CBRE Negotiates $17.6M Sale of Light Industrial Building in Mansfield, Massachusetts

by Taylor Williams November 9, 2021

MANSFIELD, MASS. — CBRE has negotiated the $17.6 million sale of an 81,596-square-foot light industrial building in Mansfield, located south of Boston. Built in 1986 and renovated in 2017, the property is located within the 50-acre Cabot Business Park and was fully leased to seven tenants at the time of sale. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, QS Forbes Boulevard LLC, in the transaction. Andrew Stone of CBRE arranged acquisition financing on behalf of the buyer, Connecticut-based investment firm Brickman.

November 9, 2021

8-Essex-Center-Drive-Peabody-Massachusetts

Acquisitions Massachusetts Northeast Office

JLL Negotiates $6.4M Sale of Metro Boston Office Building

by Taylor Williams November 9, 2021

PEABODY, MASS. — JLL has negotiated the $6.4 million sale of 8 Essex Center Drive, a 67,544-square-foot office building located in the northeastern Boston suburb of Peabody. The three-story building sits on 8.2 acres and was 83 percent leased at the time of sale. Kerry Hawkins and Scott Carpenter of JLL represented the seller, PGA Realty, in the transaction. The duo also procured the buyer, an entity doing business as Essex Drive Realty LLC.

November 9, 2021

Acquisitions Northeast Office Pennsylvania

Accesso Acquires 455,183 SF Westlakes Office Campus in Metro Philadelphia

by Taylor Williams November 8, 2021

BERWYN, PA. — Florida-based investment firm Accesso has acquired Westlakes, a four-building, 455,183-square-foot office campus located in the northwestern Philadelphia suburb of Berwyn. Situated on 40.4 acres, Westlakes was 92 percent leased at the time of sale with a weighted average remaining lease term of 4.7 years. Tenants include PNC Bank, Brinker Capital, Montgomery McCracken, Chartwell Investment Partners and Amring Pharmaceuticals. Amenities include multiple dining options, two fitness centers and walking trails. The seller was locally based investment and development firm Keystone Property Group. The sales price was not disclosed.

November 8, 2021

Development Multifamily New Jersey Northeast

Halpern Real Estate Breaks Ground on 337-Unit Multifamily Project in Jersey City

by Taylor Williams November 8, 2021

JERSEY CITY, N.J. — New York City-based Halpern Real Estate Ventures has broken ground on 49 Fisk Street, a 337-unit multifamily project that will be located near the Hackensack River in Jersey City. Designed by Minno & Wasko Architects and Planners, the community will feature studio, one- and two-bedroom units and roughly 50,000 square feet of indoor and outdoor amenity space. Specifically, amenities will include a rooftop terrace, a speakeasy-style bar, landscaped courtyard, fitness center and coworking space. Completion is slated for the fourth quarter of 2023. The Corcoran Group will handle leasing of the property.

November 8, 2021

Connecticut Loans Multifamily Northeast

JLL Arranges $53.5M Acquisition Loan for Apartment Complex in Stamford, Connecticut

by Taylor Williams November 8, 2021

STAMFORD, CONN. — JLL has arranged a $53.5 million acquisition loan for Glenview House, a 146-unit apartment complex in Stamford. The property offers one-, two- and three-bedroom units that average 1,280 square feet and are furnished with stainless steel appliances and full-size washers and dryers. Amenities include a pool, courtyard, outdoor grilling area, fitness center, clubroom with a bar and a business center. Elliott Throne, Mona Carlton, Alex Staikos, Amit Kakar and Kenny Cutler of JLL arranged the three-year, floating-rate loan through MetLife Investment Management on behalf of the borrower, Beachwold Residential.

November 8, 2021

Acquisitions Multifamily Northeast Pennsylvania

CBRE Brokers $28M Sale of Philadelphia Multifamily Portfolio

by Taylor Williams November 8, 2021

PHILADELPHIA — CBRE has brokered the $28 million sale of a portfolio of six multifamily properties totaling 78 units in Philadelphia’s Fairmount and Brewerytown neighborhoods. The portfolio consists of: The Fairmount Flats at 745-751 North 20th Street; 726 North 19th Street; 711 North 16th Street; 714 North 19th Street; The Fairmount Greenery at 817 North 20th Street; and The Porter at 2940 West Thompson Street. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Philadelphia-based Stamm Development Group, and procured the buyer, Treeco Cos., in the transaction.

November 8, 2021

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