Northeast

1130-Commerce-Blvd.-Conshohocken-Pennsylvania

Green Chef Signs 170,160 SF Industrial Lease Renewal, Expansion Near Philadelphia

by Taylor Williams March 24, 2021

CONSHOHOCKEN, PA. — Green Chef, a meal kit provider that was acquired by HelloFresh in 2018, has signed a 170,160-square-foot industrial lease renewal and expansion in Conshohocken, a northern suburb of Philadelphia. The company’s expanded space is located at 1130 Commerce Blvd., a 386,026-square-foot, cross-dock distribution center that is owned by Indianapolis-based Duke Realty. Dennis Someck and Justin Myers of Lee & Associates represented Green Chef in the lease negotiations. Scott Henderson represented Duke Realty on an internal basis.

March 24, 2021

Industrial Leasing Activity Massachusetts Northeast

Stubblebine Negotiates 84,029 SF Industrial Lease in Clinton, Massachusetts

by Taylor Williams March 24, 2021

CLINTON, MASS. — The Stubblebine Co., a locally based brokerage firm, has negotiated an 84,029-square-foot industrial lease at 100 Adams Road in Clinton, located north of Worcester. The property spans 355,000 square feet on a 20-acre tract and features a clear height of 32 feet. David Stubblebine, James Stubblebine, Alan Ringuette and David Skinner of The Stubblebine Co. represented the landlord, a partnership between private equity firm Marcus Partners and investment firm Northbridge Partners, in the lease negotiations. James Lipscomb and Joe Fabiano of CBRE represented the tenant, Tighe Warehousing & Distribution Inc.

March 24, 2021

Acquisitions Northeast Pennsylvania Retail

Cleeman Realty Group Brokers $4.7M Sale of Shopping Center in Tunkhannock, Pennsylvania

by Taylor Williams March 24, 2021

TUNKHANNOCK, PA. — New York City-based Cleeman Realty Group has brokered the $4.7 million sale of Village Center, a 68,000-square-foot shopping center in Tunkhannock, located northwest of Scranton. Anchored by grocer Weis, the property sits on 6.9 acres and was 93 percent leased at the time of sale. Cleeman Realty Group represented the buyer and seller, both of which requested anonymity, in the off-market transaction.

March 24, 2021

Acquisitions Massachusetts Multifamily Northeast

Berkadia Arranges $95M Sale of Multifamily Portfolio in Lawrence, Massachusetts

by Taylor Williams March 23, 2021

LAWRENCE, MASS. — Berkadia has arranged the $95 million sale of the Merrimack Valley Portfolio, a duo of multifamily buildings totaling 372 units in Lawrence, located north of Boston. The portfolio consists of Mill 240, a 217-unit complex that was renovated in 2019; and Washington Mills, a 155-unit property that was renovated in 2007. Both properties include amenities such as dog parks, fitness centers, yoga studios, business centers and outdoor theaters complete with fire pits and bocce ball courts. Jennifer Athas and Matt Olson of Berkadia represented the seller, an entity comprised of two locally based limited partnerships, in the transaction. The buyer was Boston-based Berkeley Investments Inc.

March 23, 2021

Affordable Housing Development Multifamily New Jersey Northeast

KeyBank Provides $68.2M in Financing for New Jersey Mixed-Income Housing Project

by Taylor Williams March 23, 2021

WALL TOWNSHIP, N.J. — KeyBank has provided $68.2 million in financing for Glen Oaks Apartments, a 120-unit mixed-income housing project that will be situated on an 11.5-acre site in Wall Township, located near the Jersey Shore. Twenty-four of the units will be reserved for renters earning up to 47.5 percent of the area median income for the ensuing 30-year period, while the remainder will be rented at market rates. Amenities will include a community room, fitness center, laundry room, clubhouse and an outdoor pool. KeyBank Community Development Lending and Investment (CDLI) secured a $30 million construction loan on behalf of the developer, The Richman Group Development Corp. of Greenwich, Connecticut. KeyBank’s Commercial Mortgage Group arranged a $38.2 million fixed-rate Freddie Mac loan comprising a tax-exempt and taxable forward permanent loan. The New Jersey Housing and Mortgage Finance Agency will issue the tax-exempt proceeds. Eric Steinberg and Tabare Borbon of KeyBank originated the financing. Completion of the project is slated for May 2022.

March 23, 2021

Development Industrial Northeast Pennsylvania

J.G. Petrucci, Cabot to Develop 148,960 SF Spec Industrial Project in Souderton, Pennsylvania

by Taylor Williams March 23, 2021

SOUDERTON, PA. — A partnership between J.G. Petrucci Co. and Boston-based Cabot Properties will develop a 148,960-square-foot speculative industrial project in Souderton, located north of Philadelphia in Montgomery County. The property will feature a clear height of 32 feet, 24 loading positions and 24 trailer storage positions. Completion is slated for this fall. Jon Mikula, John Plower and Mike Lachs of JLL arranged the partnership between the two developers.

March 23, 2021

Development Multifamily New Jersey Northeast

Atlantic Realty Begins Leasing 164-Unit Apartment Community in Ewing, New Jersey

by Taylor Williams March 23, 2021

EWING, N.J. — New Jersey-based Atlantic Realty Development Corp. has begun leasing the 164-unit Phase I of Ewing Town Center, an apartment community in Ewing, located outside of Trenton. The complex is part of a larger project known as Ewing Town Center that will be a conversion of a former General Motors plant into a development that will ultimately feature 1,182 units, 90,000 square feet of retail space and 14,000 square feet of office space. The first apartment complex, known as the Witherspoon, offers two-bedroom flats and townhomes.

March 23, 2021

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $33M Sale of Apartment Building in Roslyn, New York

by Taylor Williams March 23, 2021

ROSLYN, N.Y. — Marcus & Millichap has brokered the $33 million sale of Horizon at Roslyn, a 50-unit, age-restricted apartment building in the New York City suburb of Roslyn. The sales price equates to $660,000 per unit. Michael Tuccillo, Anthony Cerrone and Nicholas Tuccillo of Marcus & Millichap represented the seller, Horizon at Roslyn LLC, in the transaction. The trio also procured the buyer, Fairfield Knolls LLC.

March 23, 2021

1000-Southgate-Pkwy.-Morristown-New-Jersey

Acquisitions New Jersey Northeast Office

Birch Group Acquires Office Portfolio in Morristown, New Jersey, for $77M

by Taylor Williams March 22, 2021

MORRISTOWN, N.J. — The Birch Group, a New York-based investment firm, has acquired a portfolio of three office buildings totaling 411,737 square feet in the Northern New Jersey city of Morristown. The sales price was $77 million. The buildings are located at 60 Columbia Drive, 100 Southgate Pkwy. and 1200 Mount Kemble Ave. and were collectively 98 percent leased at the time of sale. Cushman & Wakefield represented the seller, Lincoln Equities Group, in the transaction.

March 22, 2021

Industrial Leasing Activity NAI New Jersey Northeast

NAI Mertz Negotiates 100,170 SF Industrial Lease in Burlington, New Jersey

by Taylor Williams March 22, 2021

BURLINGTON, N.J. — NAI Mertz has negotiated a 100,170-square-foot industrial lease at 320 Dulty’s Lane in Burlington, located northeast of Philadelphia. The property is situated on 13 acres, spans 280,290 square feet and features 36-foot clear heights. Scott Mertz of NAI Mertz represented the landlord, Denver-based Black Creek Group, in the lease negotiations. The tenant is EBP Supply Solutions, a wholesale distributor of products to the cleaning and foodservice industries.

March 22, 2021

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