NEW YORK CITY — Locally based firm Ariel Property Advisors has arranged the sale of the West 135th Street LIHTC Portfolio, a collection of eight affordable housing buildings totaling 111 units in West Harlem. The portfolio also includes three retail spaces. The unit mix consists of nine studio apartments, 30 one-bedroom units, 55 two-bedroom units, 17 three-bedroom residences and one superintendent’s unit. Victor Sozio of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
By Taylor Williams The business of trading retail properties is booming across the greater Boston area, and the combination of cheap capital, a desire to recoup lost business and potential changes in tax law are prompting buyers and sellers alike to transact at a frenetic pace. As is often the case in times of robust investment sales activity, low interest rates are the straw that stirs the drink. At its latest meeting in June, the Federal Reserve opted to hold the federal funds rate — the short-term rate by which lending between financial institutions is priced — at a target range of 0 to 0.25 percent. The Fed cut rates by 100 basis points to this target range in March 2020 in response to the COVID-19 outbreak and has kept them there ever since. A fiscal policy defined by record-low rates is persisting even in the face of inflation, which hit its highest mark in 13 years when the U.S. Consumer Price Index rose by 5.4 percent in June 2021 relative to June 2020. Economists have cited sustained injections of federal stimulus and relief money and elevated government spending in response to the pandemic as the key drivers of this …
MINNEAPOLIS AND BOSTON — JLL Capital Markets has arranged a $157.3 million joint venture equity partnership for the development of three bulk distribution and life sciences projects in Minnesota and North Carolina. Colin Ryan, John Huguenard, David Berglund, Pete Pittroff and Patrick Nally of JLL arranged the equity investment with Rockpoint Group LLC, a Boston-based real estate private equity firm, on behalf of the Minneapolis-based developer, Oppidan Investment Co. Blake Hastings, Jay Moore and Tim Brent of Oppidan are leading the project development. “We are excited to embark on a programmatic relationship with Rockpoint and continue to grow the industrial and logistics vertical at Oppidan,” says Blake Hastings, president of Oppidan. “Our cultures are very well aligned, and we look forward to a long, deep relationship.” The portfolio will include nine buildings on three construction sites that total about 1.6 million square feet. Five buildings are expected to begin construction this year, and completion of all nine are anticipated by 2023. The Minnesota facilities are planned for industrial use while the North Carolina facilities will be for life sciences firms. Two of the nine buildings will be within Chaska Creek Industrial Park, which is 26.5 miles from Minneapolis in Chaska. …
WINDSOR, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $63 million sale of The Preserve at Great Pond, a 230-unit apartment community in Windsor, a northern suburb of Hartford. The property was built on 12 acres in 2020 and offers studio, one- and two-bedroom units. Amenities include a pool, dog park and a fitness center. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, an entity doing business as Eastpointe Great Pond Owner LLC, in the transaction. The trio also procured the buyer, Preserve Ventures LLC.
MADISON, N.J. — A joint venture between New Jersey-based Bergman Real Estate Group and Eightfold Capital has acquired 7 Giralda Farms, a 236,800-square-foot office building in Madison, about 25 miles west of New York City. The seller was Mack-Cali Realty Corp. Built in 2000, the property is part of the Giralda Farms Corporate Campus, which consists of seven buildings totaling 1.1 million square feet on a 310-acre site. Tenants at the campus include Prudential, Leo Pharma Inc., Merck, Pfizer and Atlantic Health Systems. Michael Klein, Greg Nalbandian and Gerald Quinn of JLL arranged acquisition financing through Shem Creek Capital on behalf of the new ownership, which plans to implement a capital improvement program.
PARK RIDGE, N.J. — Claremont Development has opened The James, a 240-unit apartment complex in the Northern New Jersey community of Park Ridge that includes 17,600 square feet of retail space. Units come in studio, one- and two-bedroom floor plans and feature stainless steel appliances, quartz countertops, espresso cabinetry and tile backsplashes. Indoor amenities include a coffee bar, game room, catering kitchen, coworking spaces with private offices, fitness center and a yoga studio. Outside, residents have access to multiple gathering areas, including an outdoor pool, grilling and dining areas, fire pits, TV and lounge areas and a turf lawn. Rents start at $1,965 per month for a studio unit.
NEW YORK CITY — Avison Young has brokered the $7.9 million sale of a 18,320-square-foot industrial property in the Greenpoint area of Brooklyn. The property features a clear height of 18 feet, 1,500 square feet of office space and multiple loading docks. James Nelson, Brent Glodowski, Frederick Richter, Chris Johnson and Alexandra Marolda represented the seller, Marc Jason Realty Co. Inc. in the transaction. The buyer was an entity doing business as 688 Court Street LLC.
COMMACK, N.Y. — German discount grocer Lidl will open a 30,000-square-foot store at Mayfair Shopping Center, a 222,000-square-foot regional power center in Commack, located on Long Island. Lidl will backfill a space previously occupied by Stein Mart, which filed for Chapter 11 bankruptcy last fall. Mayfair Shopping Center’s tenant roster includes Capital One Bank, Jos. A. Bank, Outback Steakhouse, Rite Aid, Sherwin Williams, The Tutoring Center, Tropical Smoothie and Verizon Wireless, among others. Levin Management Corp. represented the landlord in the lease negotiations.
OLYPHANT, PA. — A partnership between developer Endurance Real Estate Group and Boston-based Cabot Properties is underway on construction of Olyphant Logistics Center, a 1 million-square-foot speculative industrial facility that will be located in Lackawanna County. The partnership acquired the 112-acre site from Langen Development Economics LLC. Building features will include a clear height of 40 feet, 477 car parking spaces, 237 trailer parking stalls and an ESFR sprinkler system. Completion is slated for fall 2022. JLL has been appointed as the leasing agent.
MALVERN, PA. — Bridge Office, a subsidiary of Bridge Investment Group, has acquired Lindenwood Corporate Center, a 280,034-square-foot office campus in Malvern, a northwestern suburb of Philadelphia. The property was built in 1985 and houses tenants such as PQ Corp., Siemens Corp. and Cisco Systems. The new ownership plans to invest about $8 million in capital improvements.