Northeast

AvalonBay to Develop 374-Unit Apartment Community in Somerville, New Jersey

by Taylor Williams December 11, 2020

SOMERVILLE, N.J. — AvalonBay Communities (NYSE: AVB), a Virginia-based multifamily REIT, will develop a 374-unit apartment community in Somerville, about 40 miles west of New York City. The community will be situated on 15 acres and will be part of Somerville Station, a transit-served, mixed-use development in the downtown area. Units will feature studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, courtyards with grilling stations, coworking space and a pet park. Somerset Development, the master developer of Somerville Station, sold the land on which the property will be built. Construction is underway and expected to be complete in the third quarter of 2023.

December 11, 2020

Acquisitions Industrial Massachusetts Northeast

CBRE Negotiates $55M Sale of Industrial Portfolio in Wilmington, Massachusetts

by Taylor Williams December 11, 2020

WILMINGTON, MASS. — CBRE has negotiated the $55 million sale of an industrial portfolio in Wilmington, located on the northern outskirts of Boston. The portfolio consists of four buildings totaling 255,678 square feet and was 88 percent leased at the time of sale to a tenant roster that includes Bimbo Bakeries, Aramark and Tesla. New Hampshire-based Carlisle Capital sold the portfolio to a joint venture between Boston-based Oliver Street Capital and Bain Capital Real Estate. Scott Dragos, Chris Skeffington, Doug Jacoby, Tim Mulhall, Tony Hayes, Roy Sandeman and Daniel Hines of CBRE represented both parties in the transaction.

December 11, 2020

Acquisitions Massachusetts Northeast Retail

RK Centers Acquires Grocery-Anchored Shopping Center in Metro Boston for $23M

by Taylor Williams December 11, 2020

FRAMINGHAM, MASS. — Locally based investment firm RK Centers has acquired an 80,000-square-foot grocery-anchored shopping center in the western Boston suburb of Framingham for $23 million. Stop & Shop is the grocer that anchors the property, which is located just off Exit 13 of the Massachusetts Turnpike. Geoffrey Millerd of Newmark represented the seller, a joint venture led by Florida-based shopping center REIT Regency Centers, in the transaction.

December 11, 2020

Loans New York Northeast Retail

G.S. Wilcox Arranges $18M Loan for Refinancing of Shopping Center on Long Island

by Taylor Williams December 11, 2020

PLAINVIEW, N.Y. — G.S. Wilcox, an intermediary based in Northern New Jersey, has provided an $18 million loan for the refinancing of a 118,000-square-foot shopping center in the Long Island hamlet of Plainview. The loan was structured with a 15-year term and a 30-year amortization schedule. David Fryer of G.S. Wilcox arranged the loan through one of the firm’s correspondent lenders on behalf of the undisclosed borrower.

December 11, 2020

Development Multifamily Northeast Pennsylvania

RAL Development Nears Completion of 478-Unit Broadridge Apartments in Philadelphia

by Taylor Williams December 10, 2020

PHILADELPHIA — New York City-based RAL Development Services is nearing completion of Broadridge, a 478-unit apartment community that will be located at 1300 Fairmount Ave. near downtown Philadelphia. The property will span 305,000 square feet of residential space within a 14-story building. Units will feature studio, one-, two- and three-bedroom floor plans, and amenities will include two outdoor terraces totaling 30,000 square feet, a pool, grilling area, yoga lawn and a dog run. The project will also include 60,000 square feet of retail space that is leased to German discount grocer ALDI, which opened this week, and Spring Education Group, which will open a Chesterbrook Academy Preschool at the site in the near future. Residential move-ins are expected to begin in March. Information on starting rental rates was not released.

December 10, 2020

530-John-Hancock-Road-Taunton-Massachusetts

Acquisitions Industrial Massachusetts Northeast

CBRE Negotiates $28.6M Sale of 181,900 SF Warehouse in Taunton, Massachusetts

by Taylor Williams December 10, 2020

TAUNTON, MASS. — CBRE has negotiated the $28.6 million sale of a 181,900-square-foot warehouse in Taunton, about 40 miles south of Boston. Built in 2002, the property was fully leased to third-party logistics provider DHL Supply Chain at the time of sale. The facility sits on 11.3 acres and offers a clear height of 32 feet, two-sided loading that allows for multi-tenant functionality, an ESFR sprinkler system and truck courts for excess trailer storage. Chris Skeffington, Scott Dragos, Doug Jacoby, Roy Sandeman, Tim Mulhall, Daniel Hines and Tony Hayes of CBRE represented the seller, Invesco Real Estate, in the marketing and sale negotiations.

December 10, 2020

Loans Multifamily New Hampshire Northeast Seniors Housing

Greystone Provides $23.8M HUD Refinancing for Courville Assisted Living Portfolio in New Hampshire

by Taylor Williams December 10, 2020

MANCHESTER, BEDFORD AND NASHUA, N.H. — Greystone has provided $23.8 million in HUD-insured loans to refinance a trio of assisted living facilities in New Hampshire. The communities include Courville at Manchester in Manchester, Courville at Carlyle Place in Bedford and Courville Nashua & Aynsley in Nashua. Lisa Fischman of Greystone originated the interest rate reduction (IRR) transaction. The IRR reduces the interest rate on an existing HUD-insured loan, maintaining the existing maturity and loan amount. The borrower and owner was The Courville Company.

December 10, 2020

Acquisitions Industrial Massachusetts Northeast

Markward Group Brokers Sale of 83,320 SF Industrial Property in Easton, Massachusetts

by Taylor Williams December 10, 2020

EASTON, MASS. — Markward Group has brokered the sale of an 83,320-square-foot industrial property in Easton, located on the southern outskirts of Boston. The property was built on 6.6 acres in 1990 and was leased to CADCo Distribution, which services the outdoor power equipment industry, at the time of sale. Matt Macdonald of Markward Group represented the seller, Asbeshaus Trust, which sold the asset to Congdon Investments for an undisclosed price.

December 10, 2020

Acquisitions New Jersey Northeast Office

Birch Group Acquires 73,000 SF Office Building in Mount Olive, New Jersey

by Taylor Williams December 10, 2020

MOUNT OLIVE, N.J. — New York-based investment firm The Birch Group has acquired a 73,000-square-foot office building located at 500 International Drive in Mount Olive, located east of Newark. The sale included a 7,115-square-foot adjacent commercial building. The Rockefeller Group developed the three-story building, which was fully leased to 16 tenants at the time of sale, in 1987. Jose Cruz, Kevin O’Hearn, Fred Hyatt, Stephen Simonelli, Michael Oliver and Nicholas Stefans of JLL represented the undisclosed seller in the transaction.

December 10, 2020

Development New York Northeast Office

JNY Capital, United Hoisting to Develop $175M Office Project in Queens

by Taylor Williams December 9, 2020

NEW YORK CITY — A partnership between boutique investment firm JNY Capital and United Hoisting Co. will develop The Oasis, a $175 million office and life sciences project in Queens. The 11-story building will be located at 38-42 12th St. in the Long Island City neighborhood. The Oasis will consist of 343,500 square feet of traditional office and life sciences space, 34,700 square feet of street-level retail space, 30,700 square feet of event space and a 17,000-square-foot rooftop bar/restaurant. The Oasis will also feature 30,000 square feet of terrace and outdoor green space and parking for more than 650 cars. Construction is expected to begin in the second or third quarter of 2021 and to be complete in the third or fourth quarter of 2022. Lee & Associates is marketing the property for lease.

December 9, 2020

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