Northeast

Gaslight-Commons-South-Orange-New-Jersey

CBRE Negotiates $84.2M Sale of Gaslight Commons Apartments in South Orange, New Jersey

by Taylor Williams January 18, 2021

SOUTH ORANGE, N.J. — CBRE has negotiated the $84.2 million sale of Gaslight Commons, a 200-unit apartment community in South Orange, about 20 miles west of New York City. The sales price equates to $421,000 per unit. Built in 2002, the property features one- and two-bedroom units that are furnished with stainless steel appliances, tile backsplashes, granite countertops and walk-in closets. Amenities include a pool, business center, fitness center and a resident clubhouse. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer of CBRE represented the undisclosed seller in the transaction and procured Pacific Urban Residential as the buyer.

January 18, 2021

11-Centennial-Drive-Peabody-Massachusetts

Acquisitions Industrial Massachusetts Northeast

Longpoint Realty Acquires 271,592 SF Industrial Property in Peabody, Massachusetts

by Taylor Williams January 18, 2021

PEABODY, MASS. —Locally based investment firm Longpoint Realty Partners has acquired a 217,592-square-foot industrial property located at 11 Centennial Drive in Peabody, a northern suburb of Boston. The property is situated within the 300-acre Centennial Park mixed-use campus and was fully leased to drug wholesaler Cardinal Health (NYSE: CAH) at the time of sale. Robert Griffin, Tony Coskren, Ed Jarosz, Matthew Pullen, Rick Schuhwerk, Samantha Hallowell, Lizzie Kusbit and Dominick Romano of Newmark represented the seller and the buyer in the transaction.

January 18, 2021

Loans Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Arranges $29.8M Construction Loan for Metro Boston Seniors Housing Project

by Taylor Williams January 18, 2021

HANOVER, MASS. — Cushman & Wakefield has arranged a $29.8 million loan for the construction of Benchmark of Hanover, a seniors housing project that will be located approximately 20 miles south of Boston. The borrower is a joint venture between Benchmark Senior Living and Iron Point Partners LLC. The property will feature 97 units of assisted living and memory care. Rick Swartz, Jay Wagner, Sam Dylag, Jack Griffin and Joseph Carbone of Cushman & Wakefield placed the debt through an undisclosed lender.

January 18, 2021

Loans Multifamily New York Northeast Retail

Ready Capital Closes $9.5M Loan for Refinancing of Multifamily, Retail Portfolio in New York City

by Taylor Williams January 18, 2021

NEW YORK CITY — Ready Capital has closed a $9.5 million loan for the refinancing of a four-property, 20,000-square-foot multifamily and retail portfolio in the Central Queens submarket of New York City. Proceeds will also be used to renovate and stabilize the portfolio. The borrower and specific loan terms were not disclosed.

January 18, 2021

Industrial Leasing Activity New Jersey Northeast

National Tree Signs 608,442 SF Industrial Lease in East Windsor, New Jersey

by Taylor Williams January 15, 2021

EAST WINDSOR, N.J. — National Tree Co., a New Jersey-based provider of decorative Christmas items, has signed a 608,442-square-foot industrial lease in East Windsor, a suburb of Trenton. The tenant will occupy the entirety of the building at 150 Milford Road, which is owned by Nevada-based Dermody Properties, for the next seven years. Andrew Warren with Atlantic Real Estate Services represented National Tree Co. in the lease negotiations. Mindy Lissner of CBRE represented the landlord.

January 15, 2021

Acquisitions Industrial Massachusetts Northeast

A.W. Perry, Novaya Real Estate Acquire 250,000 SF Industrial Facility in Metro Boston

by Taylor Williams January 15, 2021

LYNN, MASS. — A partnership between Boston-based investment firm A.W. Perry and Novaya Real Estate Ventures has acquired a 250,000-square-foot industrial facility located in the northern Boston suburb of Lynn. The sale included an adjacent 10-acre parcel, an assemblage that formerly housed a manufacturing operation for dairy producer Garelick Farms. Now called Lynnway Park, the facility houses 60,000 square feet of cold storage space and can also support light industrial and biomanufacturing uses. Cushman & Wakefield represented the seller, Dean Foods, and procured the buyer in the transaction.

January 15, 2021

Development Massachusetts Multifamily Northeast

Trammell Crow Residential to Develop 282-Unit Multifamily Project in Kingston, Massachusetts

by Taylor Williams January 15, 2021

KINGSTON, MASS. — Trammell Crow Residential, the multifamily development arm of Crow Holdings, has closed on land and construction financing for the development of Alexan Kingston, a 282-unit multifamily project that will be located about 35 miles south of Boston. The property will offer studio, one-, two- and three-bedroom floor plans ranging in size from 620 to 1,500 square feet. Units will feature granite countertops and individual washers and dryers, while select units will have private balconies or porches. Communal amenities will include a pool, fitness center, private workspaces, conference rooms, an event room, outdoor grilling areas and Amazon package lockers. Completion is slated for summer 2023. Pyramid Management Group will manage the property.

January 15, 2021

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges Sale of 138,445 SF Retail Property in Vineland, New Jersey

by Taylor Williams January 15, 2021

VINELAND, N.J. — Marcus & Millichap has arranged the sale of Maintree Shopping Center, a 138,445-square-foot retail property located in the Southern New Jersey city of Vineland. The asset sold for $13.1 million. A 60,000-square-foot Acme grocery store anchors the property along with a Dollar Tree store. Kodi Traver, Joseph French Jr., Thomas Dalzell and Mark Taylor of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.

January 15, 2021

Leasing Activity New Jersey Northeast Retail

R.J. Brunelli Negotiates 11,878 SF Retail Lease for Family Dollar in Hawthorne, New Jersey

by Taylor Williams January 15, 2021

HAWTHORNE, N.J. — R.J. Brunelli & Co. has negotiated an 11,878-square-foot retail lease at Hawthorne Center, a 107,700-square-foot shopping center located about 25 miles northwest of New York City in Northern New Jersey. The discount retailer will occupy an endcap space now home to by sister chain Dollar Tree, which will relocate to a 12,394-square-foot endcap space on the opposite end of the center. That space previously housed Flaming Grill Buffet. The Family Dollar store is expected to open in the third quarter, and the relocated Dollar Tree store is scheduled to open in the second quarter. R.J. Brunelli also recently negotiated leases for European Wax Center and Liberty Discount Furniture & Mattress at other centers in Northern New Jersey. Danielle Brunelli represented the tenants on the Family Dollar and European Wax Center leases, while Peter Miller of R.J. Brunelli represented both the landlord and tenant on the Liberty transaction.

January 15, 2021

Loans Multifamily New Jersey Northeast Seniors Housing

Cushman & Wakefield Arranges Acquisition Financing for Seniors Housing Portfolio in New Jersey

by Taylor Williams January 14, 2021

CHERRY HILL, VOORHEES AND STAFFORD TOWNSHIP, N.J. — Cushman & Wakefield has arranged an undisclosed amount of acquisition financing for a three-property seniors housing portfolio in New Jersey. The borrower was a joint venture between Chicago-based Harrison Street and LCB Senior Living. The communities, which are all operated under the Atria brand, total 263 units of assisted living and memory care. Two properties are located in the Philadelphia suburbs of Cherry Hill and Voorhees, while the third is in Stafford Township near the Jersey Shore. Cushman & Wakefield arranged the nonrecourse financing through Synovus Bank, with portions of the proceeds earmarked for capital expenditures. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Bailey Nygard of Cushman & Wakefield handled the transaction.

January 14, 2021

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