BRISTOL, PA. — New Jersey-based investment firm Faropoint has purchased a 60,000-square-foot industrial flex building in Bristol, a northeastern suburb of Philadelphia. The building, which sits on a 4.7-acre site within Keystone Industrial Park and offers a clear height of 26 feet, has been occupied by Estee Lauder for 30 years. The seller was undisclosed. Jeff Licht and Jared Licht of NAI Mertz brokered the deal.
MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners has completed Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The property spans 133,675 square feet and features one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting handled construction. Work on the project began in January 2023.
EAST SYRACUSE, N.Y. — Marcus & Millichap has brokered the sale of The Storage Mall, a 548-unit self-storage facility in East Syracuse. The site spans 7.5 acres and is situated adjacent to Syracuse International Airport, and the facility totals 57,775 net rentable square feet of space. Matt Junkin, Kevin Bledsoe and Jared Houck of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
IRONDEQUOIT, N.Y. — Local financial intermediary Largo Capital has arranged a $17.3 million bridge loan for Culver Ridge Plaza, a 291,000-square-foot shopping center located outside of Rochester in Irondequoit. The center is home to tenants such as Marshalls, Burlington and Five Below. Kevin Ross and Michelle Colosimo of Largo Capital arranged the loan through Bank of America. The borrower, an undisclosed global investment firm, will use the proceeds to refinance existing debt and fund capital improvements.
JERSEY CITY, N.J. — Kessler Rehabilitation Center will open a 125,000-square-foot office and clinic at the Harborside mixed-use campus in Jersey City. The space spans the top two floors of Building 6 and can support creative office, production studio, medical and retail uses. Jamie Drummond, Dan Reider and John Crawford of Newmark represented the landlord, American Equity Partners, in the lease negotiations. A tentative opening date was not announced.
ENGLEWOOD CLIFFS, N.J. — New Jersey-based owner-operator Garden Communities is underway on construction of Phase I of The Sylvan, a 112-unit multifamily project that will be located across the Hudson River from New York City in Englewood Cliffs. Phase I will exclusively offer three-bedroom units. Preleasing is set to begin this fall. Additional details on the project were not disclosed.
HOUSTON — Hines Global Investment Trust (HGIT), a real estate investment trust (REIT) sponsored by Houston-based global asset manager Hines, has acquired three industrial assets located on the East Coast for a total $309 million. The acquired properties include two distribution facilities situated within the Georgia International Trade Center (GITC) in the Savannah market and two warehouse/distribution facilities located in Upton Crossing, a warehouse campus in Wilmington, Mass. The Davis Cos., a real estate investment and development firm based in Boston, sold both assets, which total 2.5 million square feet. Additionally, HGIT acquired I-85 Logistics Center, an industrial property in the Greenville-Spartanburg metro in South Carolina’s Upstate region. The seller of I-85 Logistics Center was not disclosed. The properties in Savannah total 2.2 million square feet and were fully leased at the time of sale. A joint venture between Davis and Atlanta-based Stonemont Financial Group developed GITC, which comprises a total 7.7 million square feet of manufacturing and warehouse space across 10 buildings. The site is located roughly 10 miles from the Port of Savannah. Totaling 215,000 square feet, the properties at Upton Crossing in Wilmington were 81 percent leased at the time of acquisition. Davis acquired Upton Crossing in …
CINNAMINSON, N.J. — Cushman & Wakefield has negotiated a 1.2 million-square-foot industrial lease at Box Park Logistics Center in the Southern New Jersey community of Cinnaminson. The tenant was not disclosed, but the Philadelphia Business Journal reports that the new user is logistics firm Performance Team. The recently refinanced warehouse has adjacent land available for a build-to-suit facility of up to 300,000 square feet. Building features include a clear height of 40 feet, four drive-in doors, 188-foot truck court depths, an ESFR sprinkler system and parking for 549 cars and 216 trailers. John Gartland, Jonas Skovdal, Bill Waxman, Mindy Lissner and Sean Duncan of Cushman & Wakefield, along with internal agents Mark Glagola and J.C. Hay, represented the landlord, Logistics Property Co., in the lease negotiations. Eric Demmers of NAI Hanson represented the tenant.
JERSEY CITY, N.J. — Berkadia has provided a $35.7 million Fannie Mae loan for the refinancing of 829 Garfield, a 110-unit apartment building in Jersey City. Built in 2022, the property offers two- and three-bedroom units that are furnished with stainless steel appliances and quartz countertops, as well as private patios in select units. The property also houses 10,100 square feet of retail space, 6,100 square feet of which is occupied by a daycare. Michael Basinski, Mitch Sinberg, Scott Wadler, Brad Williamson and Matt Robbins of Berkadia originated the five-year, fixed-rate loan on behalf of the borrower, Tay Investments.
CROYDON, PA. — Regional investment firm Greek Real Estate Partners has purchased Everest Logistics Park, a 141,276-square-foot facility in Croydon, a northeastern suburb of Philadelphia. Penwood Real Estate Investment Management sold the asset for $36.7 million. Built on 10 acres in 2023, the facility offers a clear height of 36 feet, 20 tailgate doors, one drive-in door, 3,000 square feet of office space and parking for 260 cars and 31 trailers. Burry Klein and Josh Chesner of Branch Industrial represented Greek Real Estate, which has also executed a full-building lease expansion with the existing tenant, Philadelphia-based PCI Pharma, in the off-market transaction.