FLEMINGTON, N.J. — Local developer Jack Cust will undertake a project in Flemington, about 60 miles west of New York City, that will convert the historic Courthouse Square into a 206-unit multifamily building with 20,000 square feet of retail and restaurant space. The project is part of a larger effort to redevelop and revitalize the town’s business districts and improve walkability via new zoning ordinances and promotion of shovel-ready development sites. Cust will also renovate and expand the Union Hotel, which has been in operation since 1814, with an additional 85 rooms. Redevelopment of Liberty Village, the 162,000-square-foot outlet mall, is also expected to be part of the long-term plan. Global design firm Stantec is currently compiling visual recommendations for the design of the revitalized downtown area. Their conceptual work utilizes stakeholder feedback, and the firm will offer visual recommendations in early 2021. Completion of the separate multifamily redevelopment project is slated for 2022.
WOBURN, MASS. — CBRE has brokered the sale of Washington Crossing, a 205-unit apartment community in Woburn, a northern suburb of Boston. Built in 2003, the property consists of four residential buildings, a clubhouse and multiple freestanding carports. Units average 1,063 square feet, and amenities include a heated pool, fitness center, business center and a theater room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an institutional investor advised by J.P. Morgan Asset Management, in the transaction. The team also procured the buyer, CWMA Baystate LLC.
NUTLEY, N.J. — Prism Capital Partners has sold 111 Ideation Way, a 157,000-square-foot life sciences building in the Northern New Jersey city of Nutley. The building, which was fully leased at the time of sale, is part of Prism’s 116-acre ON3 campus that is a redevelopment of the former North American headquarters site of Swiss pharmaceutical company Hoffman-La Roche. Prism Capital sold the asset to Chicago-based Harrison Street for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso Kyle Schmidt, John Alascio and Sridhar Vankayala of Cushman & Wakefield brokered the deal.
PITTSBURGH — The Urban Redevelopment Authority of Pittsburgh has tapped New Jersey-based Tryko Partners to redevelop the former Fairywood School into a 46-unit affordable housing community for seniors age 62 and older. The majority of the units (39) will be reserved for renters earning 60 percent or less of the area median income. The new community will feature one-bedroom units surrounded by walkable green space. A community building will allow residents to take advantage of financial literacy, nutrition and exercise programs, health screenings and other support services. The Pennsylvania Housing Finance Agency provided 9 percent low-income housing tax credits for the project. A construction timeline was not disclosed.
By Kurt Yeghian, CEO, and Jared Curtis, president, Existing Conditions Surveys Commercial and institutional real estate developers in the Northeast have one priority mantra for 2021: no more costly surprises. With property deals and development projects resuming in an industry badly scarred by the coronavirus pandemic, the CRE community wants certainty above all — certainty in determining the value of their assets, in acquiring struggling portfolios and in repurposing vacant spaces and structures. As-built conditions form the basic DNA of any development. Nowhere are those specifics more suspect than in the Northeast, where the only record of square footage, dimensions, walls, floors and other structural features are blueprints created decades ago by architectural interns with tape measurers or surveyors relying on low-tech equipment. Property owners encounter inaccurate blueprints more often in the Northeast than in other parts of the country, but it’s a common problem in any region with older development. Smart players in the development community are avoiding expensive surprises — and sometimes uncovering hidden value — by turning to 21st century building documentation techniques. These practices rely on the same digital reality capture technology that has fueled advancements in robotics, self-driving vehicles and drones. Our experience in this …
NEW YORK CITY — Interactive fitness company Peloton (NASDAQ: PTON) has entered into an agreement to acquire Precor, a producer of fitness equipment based in metro Seattle, for approximately $420 million. Under the terms of the deal, which is expected to close in early 2021, Peloton will also acquire two of Precor’s equipment manufacturing facilities totaling 625,000 square feet in North Carolina and Washington. Peloton’s stock price eclipsed $160 per share in early trading on Tuesday, Dec. 22, which represents a 13 percent increase from its closing price of $141.79 per share on Monday, Dec. 21, and a more than 400 percent increase from its mark of $30.15 per share a year ago.
CAMBRIDGE, MASS. — Developer DivcoWest has topped off 350 Water Street and 450 Water Street, two life sciences buildings in Cambridge that total 906,000 square feet. The buildings are located within the 45-acre Cambridge Crossing campus and will be the future home of biopharmaceutical giant Sanofi, where some 3,000 employees will work. Perkins + Will designed 350 Water Street, and NBBJ designed 450 Water Street. Other tenants at the 4.5 million-square-foot Cambridge Crossing development include Bristol Myers Squibb and Cerevel Therapeutics. Sanofi expects to take occupancy of the buildings in 2022.
BEDFORD, MASS. — Newmark has brokered the $72.5 million sale of One Patriots Park, a 143,616-square-foot life sciences building in Bedford, about 20 miles northwest of Boston. The property was 66 percent leased at the time of sale to tenants such as Homology Medicines Inc., Novartis and N2 Biomedical. Edward Maher, Matthew Pullen, Samantha Hallowell and Dominick Romano of Newmark represented the sellers, Longfellow Real Estate Partners and Bain Capital Real Estate, in the transaction. The team also procured the buyer, a partnership between Jumbo Capital Management and Iron Point Partners.
EASTON, PA. — Life insurance company Thrivent Financial has provided a $20.5 million loan for the refinancing of two adjacent distribution buildings in Easton. The buildings range in size from 140,000 to 200,000 square feet, and both feature 32- to 36-foot clear heights, ESFR sprinkler systems and extra parking for vehicles and truck trailers. Proceeds from the fixed-rate, nonrecourse loan will be used to pay off existing construction debt. Shelley Magoffin and Max Sauerman of Bellwether Enterprise arranged the financing on behalf of the borrower, a private REIT based in Southern California.
BERKELEY HEIGHTS, N.J. — JLL has arranged a $9 million loan for the refinancing of a 77,875-square-foot industrial facility in the Northern New Jersey community of Berkeley Heights. The property is situated on 4.6 acres near Interstates 78 and 287 and was fully leased at the time of the loan closing. Greg Nalbandian and Michael Lachs of JLL arranged the five-year, fixed-rate loan through First Bank on behalf of the borrower, a joint venture between Camber Real Estate Partners and an institutional investor.