Northeast

CBRE Negotiates Sale of Multifamily Development Site in Plainfield, New Jersey

by Taylor Williams March 26, 2021

PLAINFIELD, N.J. — CBRE has negotiated the sale of a multifamily development site that will ultimately house 104 units at 803 South Ave. in Plainfield, located in the north-central part of the state. A partnership between Bennett Realty & Development and EDEN Property Co. LLC sold the site to West of Hudson Real Estate for an undisclosed price. Jeffrey Dunne, Jeremy Neuer, Gene Pride, Zach McHale, Nat Gambuzza and Trevor Fiebel of CBRE represented both parties in the deal. A construction timeline for the project was not disclosed.

March 26, 2021

Leasing Activity New York Northeast Office

Hellman & Friedman Signs 27,800 SF Office Lease at 425 Park Avenue in Manhattan

by Taylor Williams March 26, 2021

NEW YORK CITY — Global private equity firm Hellman & Friedman has signed a 27,800-square-foot office lease at 425 Park Avenue, a 47-story tower in Midtown Manhattan that is nearing completion. The firm signed a 15-year lease and will relocate from the nearby Lever House building at 390 Park Ave. during the fourth quarter. Jonathan Serko, Barry Zeller, Andrew Ross, Richard Serko, Ed Donnery and Mike Middleton of Cushman & Wakefield represented Hellman & Friedman in the lease negotiations. Andrew Wiener and David Berkey represented the landlord, L&L Holding Co., on an internal basis.

March 26, 2021

Acquisitions Hospitality New York Northeast

JLL Negotiates Sale of 336-Room Gallivant Times Square Hotel in Manhattan

by Taylor Williams March 25, 2021

NEW YORK CITY — JLL has negotiated the sale of Gallivant Times Square, a 336-room hotel located at 234 W. 48th St. in Manhattan. The 16-story building spans 209,851 square feet and offers amenities such as a fitness center, business center and meeting space. In addition, the building houses two restaurant concepts. Jeff Davis, K.C. Patel, Michele Mahl and Nikhil Chuchra of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also undisclosed.

March 25, 2021

Healthcare Loans Northeast Pennsylvania

CIT Group Provides $39M Loan for Refinancing of Philadelphia Medical Office Building

by Taylor Williams March 25, 2021

PHILADELPHIA — New York City-based CIT Group Inc. (NYSE: CIT) has provided a $39 million loan for the refinancing of a 95,000-square-foot medical office building located at 3 Crescent Drive near the Philadelphia Navy Yard. The property was fully leased to provider Jefferson Health at the time of the loan closing. The borrower, Norvin Healthcare Properties, acquired the asset in December 2019. Michael Gigliotti, Ryan Ade and Peter Rotchford of JLL arranged the loan.

March 25, 2021

Acquisitions Industrial New York Northeast

Woodmont Sells Industrial Facility on Long Island for $30.7M

by Taylor Williams March 25, 2021

BROOKHAVEN, N.Y. — Woodmont Industrial Partners has sold a 130,565-square-foot facility located at 100 Precision Drive in the Long Island town of Brookhaven. BlackRock Real Assets purchased the asset for $30.7 million on behalf of one of its institutional clients. The 12.6-acre property was originally built in 2002 and is located less than half a mile from the Long Island Expressway. Woodmont acquired the asset in 2019 and implemented a capital improvement program.

March 25, 2021

Industrial Leasing Activity New Jersey Northeast

Dependable Distribution Services Signs 71,445 SF Industrial Lease in Camden, New Jersey

by Taylor Williams March 25, 2021

CAMDEN, N.J. — Dependable Distribution Services, the largest cocoa bean storage company in North America, has signed a 71,445-square-foot industrial lease at 1120 Ferry Ave. in Camden, located near Philadelphia in Southern New Jersey. Marc Isdaner and Richard Gorodesky of Colliers International represented the tenant in the negotiations for the full-building lease. Ian Richman, also with Colliers, represented the undisclosed landlord.

March 25, 2021

Acquisitions Multifamily NAI New Jersey Northeast

NAI DiLeo-Bram Brokers Sale of 56-Unit Apartment Complex in Woodbridge, New Jersey

by Taylor Williams March 25, 2021

WOODBRIDGE, N.J. — NAI DiLeo-Bram has brokered the sale of The Village at Falcon Point, a 56-unit apartment complex located in the Northern New Jersey community of Woodbridge. The seven-building property was completed in 2020. David Simon, Robert DiLeo, Matthew DiLeo and Kyle Gerace of NAI DiLeo-Bram represented the seller, Falcon Partners LLC, in the transaction. The buyer and sales price were not disclosed.

March 25, 2021

Development Market Reports New Jersey Northeast Market Reports

Not Urban, Not Suburban: Why Surban Living is Here to Stay

by Taylor Williams March 25, 2021

By Lenny Tartamella, COO of Larken Associates Since the moment the first subdivision was built, the debate defining the residential and multifamily development process has been centered around the core question of, “Where do people want to live?” As we look to answer this question in 2021, the answer is not as clear as it seemed only several years ago. It is obvious that the living preferences of millennials — those born between 1981 and 1996 who at 70 million now represent the largest segment of the U.S. adult population — and the generation after them, Gen Z, will be a key piece of the answer. Similarly, and not to be forgotten when we are answering this question, the preferences of seniors and those nearing retirement age will also factor heavily into how our multifamily communities continue to evolve. While the differences between those two groups already make answering the core question behind multifamily development difficult, the COVID-19 pandemic and its disruption to how we live, work and play have only added further complexity to the answer. However, as we move towards a post-pandemic future of a live-work-play lifestyle, a new word is entering our lexicon that precisely defines where this …

March 25, 2021

Development Industrial New Jersey Northeast

Bridge Development Unveils Plans for 1.6 MSF Industrial Project in Phillipsburg, New Jersey

by Taylor Williams March 24, 2021

PHILLIPSBURG, N.J. — Bridge Development Partners has unveiled plans for Bridge Point 78 Phase II, an industrial project that will feature two buildings totaling roughly 1.6 million square feet in Phillipsburg, located near Allentown, Pennsylvania. Phase II will consist of a 1.4 million-square-foot building and a 262,500-square-foot building that will feature clear heights of 36 to 40 feet, cross-dock configurations and ample parking for trucks and cars. Preliminary work on the 100-acre site began in December, and vertical construction is expected to begin this summer and to be fully complete in the first quarter of 2022. Phase I of Bridge Point 78 consisted of 2.2 million square feet across four buildings that is leased to Japanese clothing manufacturer and retailer UNIQLO, lawn care manufacturer ScottsMiracle-Gro and beverage distributor Mark Anthony Brands. Bridge Development sold Phase I to PGIM Real Estate in November 2020.

March 24, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office

Bergmeyer, JC&A Complete 180,000 SF Life Sciences Redevelopment Project in Metro Boston

by Taylor Williams March 24, 2021

WALTHAM, MASS. — Design firm Bergmeyer and construction management firm J. Calnan & Associates (JC&A) have completed a 180,000-square-foot life sciences redevelopment project in the western Boston suburb of Waltham. The property, which features traditional office and lab space, will serve as the new headquarters for robotics firm Boston Dynamics. Amenities include kitchens and a fitness center, as well as mothers’ and quiet rooms.

March 24, 2021

Newer Posts

Older Posts