CHERRY HILL, N.J. — Locally based investment firm Velocity Ventures Partners has purchased Rockhill Industrial Center, a 97,000-square-foot industrial flex property in the Philadelphia suburb of Cherry Hill. The eight-building facility, whose suites range in size from 2,000 to 20,000 square feet, was fully leased at the time of sale. Chris Henderson of JLL represented Velocity Ventures in the transaction. The seller and sales price were not disclosed.
MALDEN, MASS. — Marcus & Millichap has arranged the sale of a 31,135-square-foot industrial building in the northern Boston suburb of Malden. The property was originally built in the 1940s as a metal finishing facility. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the Florida-based seller and procured the buyer, Combined Properties Inc., in the transaction.
PISCATAWAY, N.J. — NAI DiLeo-Bram has brokered the sale of Clover Leaf Industrial Park, a four-building, 30,000-square-foot development that is located on a 26-acre site in the Northern New Jersey community of Piscataway. Chris Galiano of NAI DiLeo-Bram represented the seller, a private family that owned the asset for 30 years, in the $10.5 million deal. The buyer, Contracting Leasing Corp., a provider of trailer leasing services, will also operate its business out of the facility.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of the Interstate Industrial Portfolio, a collection of 15 buildings totaling approximately 2.5 million square feet located in various markets throughout the Northeast. Those markets include Harrisburg, Pennsylvania, and Columbus, Ohio, as well as the Upstate New York cities of Syracuse, Rochester and Albany. Cushman & Wakefield’s David Bernhaut, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the seller, Heritage Capital Group, in the transaction. Gideon Gil, Alex Lapidus and Meredith Donovan, also with Cushman & Wakefield, arranged $114.2 million in acquisition financing on behalf of the undisclosed buyer. An affiliate of LoanCore Capital provided the loan. The portfolio was 97 percent leased at the time of sale.
PORT JEFFERSON STATION, N.Y. — South Carolina-based multifamily development and management firm Greystar has acquired The Vistas of Port Jefferson, a 244-unit, 55-plus apartment community on Long Island, for $118 million. Built in 2019, the property’s unit mix comprises 36 one-bedroom units, 144 two-bedroom units, and 64 two-bedroom townhouses. In addition, 15 percent of the residences are reserved for renters earning between 30 and 80 percent of the area median income. Amenities include a pool, clubhouse, fitness center and walking/biking trails. Benjamin Co. sold the property to Greystar for a per-unit price of roughly $483,600. Michael Tuccillo of Marcus & Millichap and Jack Bick of S. Charaton Realty brokered the deal.
NEW YORK CITY — The Davis Cos., a Boston-based development and investment firm, will build a 17-story self-storage facility at 155-165 W. 29th St. in Manhattan’s Chelsea District. The property will span approximately 180,000 square feet and feature more than 6,300 units of various sizes. Davis, which is developing the project in partnership with Highland Development Ventures LLC, has completed demolitions of the existing structures on the site and expects to open the facility in spring 2023. Mancini Duffy is the project architect, and Cauldwell-Wingate Construction is the general contractor. Santander Bank and United Overseas Bank provided construction financing.
PHILADELPHIA — CBRE has negotiated the $33.5 million sale of a 454,456-square-foot industrial property located along the Interstate 95 corridor in Philadelphia. The property was originally built in 1960 on a 26.4-acre site and recently underwent a $3.7 million capital improvement program. Building features include clear heights of 18 to 24 feet, parking for 189 cars and 46 trailers and 16,800 square feet of office space. Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill, Lauren Dawicki, Stephen Marzullo and Adam Silverman of CBRE represented the seller, Ivy Realty, in the transaction. CBRE’s Steven Doherty and Nick Harris arranged acquisition financing on behalf of the buyer, a partnership between two New York-based firms, Ajax Advisors and Brickman Associates. The property was fully leased at the time of sale.
PHILADELPHIA — Iovance Biotherapeutics Inc. (NASDAQ: IOVA) has opened a 136,000-square-foot life sciences facility at the Philadelphia Navy Yard, where the biomanufacturing firm will produce T cell-based immunotherapies for cancer patients. Gattuso Development Partners developed the facility, which is located within an opportunity zone, and CRB provided design and construction services.
IRVINE, CALIF. — Talonvest Capital Inc., a California-based boutique financial advisory firm, has arranged a $118.2 million bridge loan for the refinancing of a portfolio of four self-storage facilities located in and around New York City. The properties, which total 320,819 net rentable square feet across 5,148 units, are located in Brooklyn, Long Island City (Queens), Yonkers and White Plains. The portfolio also included 12,380 square feet of commercial space. An undisclosed global investment management firm provided the nonrecourse, floating-rate loan to the borrower, self-storage owner-operator Clutter Inc. Jim Davies, Kim Bishop, Eric Snyder, David DiRienzo and Tom Sherlock of Talonvest handled the debt placement.
MIDDLE ISLAND, N.Y. — Marcus & Millichap has brokered the sale of Middle Island Self Storage, a 726-unit facility managed by Public Storage on Long Island. Built on five-plus acres in 2019, the 74,601-square-foot property sold for $25 million, or $34,435 per unit. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The facility was 91 percent occupied at the time of sale.