NEWARK, N.J. — JLL has negotiated the $9 million sale of a 62,275-square-foot retail property with redevelopment potential that is located at 727 Broad St. in one of downtown Newark’s Qualified Opportunity Zones. Michael Oliver, Marta Villa, Jose Cruz, Kevin O’Hearn and Steve Simonelli of JLL represented the undisclosed buyer and seller in the transaction.
NEW YORK CITY — A partnership between Mega Development, operator Lantern Organization and the New York City Department of Housing & Preservation will develop Timbale Terrace, a 330-unit affordable housing community in East Harlem. The centerpiece of the community will be a 16,000-square-foot music and arts center that will be operated by the Afro Latin Jazz Alliance. As part of that partnership, adult residents at Timbale Terrace will have access to music-based vocational training, while children can enjoy arts and music education and afterschool programs. Information about income restrictions and a construction timeline was not disclosed.
NEW YORK CITY — Locally based general contractor Omnibuild has begun the gut renovation of 122 Fifth Avenue, a 300,000-square-foot office building in Manhattan’s Union Square neighborhood. Project partners include developer/owner Bromley Cos. and STUDIOS Architecture. The project will upgrade the existing building’s MEP systems and elevators and install a rooftop pavilion with green space and seating areas. In addition, the development team will add a new 10-story structure along 17th Street.
CLIFTON, N.J. — Capital One has provided a $42 million loan for the refinancing of a 220,000-square-foot warehouse/distribution building in the Northern New Jersey community of Clifton. The property features a clear height of 32 feet, 29 loading docks and ample car and trailer parking spaces. In addition, online grocery startup Weee! recently signed a long-term lease at the property. Capital One provided the 10-year, fixed-rate loan to a partnership between two New Jersey-based firms, KRE Group and The Stro Cos.
ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and New York-based Blackstone Real Estate Income Trust Inc. (BREIT) have formed a joint venture partnership in order to recapitalize and acquire eight student housing properties totaling 5,416 beds across the United States. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT in the $784 million deal. The sellers and the locations of the eight student housing properties were not disclosed. Blackstone completed the transaction because the company was looking to grow its student housing portfolio. Jacob Werner of Blackstone said the eight properties are at leading colleges that have rising enrollments. Landmark Properties is a student housing developer and owner-operator with $7.7 billion of properties under management currently. With this most recent student housing transaction, Landmark’s portfolio includes 79 student housing communities. The firm unveiled plans in July to develop three new student housing projects with a total of 2,544 beds across three states.
PORTLAND, MAINE — Davis Medical Investors LLC, an affiliate of Minneapolis-based investment firm Davis, has acquired a 107,228-square-foot medical office building in Portland’s Bayside District. InterMed, Maine’s largest private medical practice, anchors the 10-story building, which was fully leased at the time of sale. Joe Massa of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the transaction.
CARVER, MASS. — Marcus & Millichap has brokered the sale of an 85,199-square-foot shopping center in Carver, about 45 miles south of Boston. Grocer Shaw’s anchors the property, which was built in 2005. Other tenants include CVS, Anytime Fitness and Jamie’s Fine Wine & Spirits. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.
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Multifamily Outlook: Growth Undiminished by Pandemic-Related Disruptions
The Roaring ’20s and the Great Wealth Transfer The United States is well on a path of recovery from the COVID-19 pandemic shutdown that began in March 2020. More than 60 percent of the U.S. population has now received at least one dose of the vaccine, and more than half are fully vaccinated. Those figures increase significantly by age, particularly for the 65+ population[1]. The economy is booming this year — it is estimated to have grown by 7.8 percent[2] in the second quarter following 6.4 percent growth in the first quarter of 2021. Unemployment remains low at 5.9 percent in June due to 7.9 million jobs created in the past year. Retail sales are up by 23 percent year-over-year.[3] Even the battered restaurant industry has recovered, with sales again surpassing grocery sales as of April 2021. Pandemic-induced disruptions to labor and trade finally began showing in inflation figures. Even excluding the more volatile food and energy sectors, inflation soared from 1.6 percent in March to 4.5 percent in June, the highest pace since 1991. However, expectations are that the price pressure is a temporary adjustment as the economy recovers. Core inflation is expected to end the year at around 2.2 …
WHITE PLAINS, N.Y. — A joint venture led by locally based development and investment firm Rose Associates Inc. has received $181.9 million in financing for a multifamily redevelopment project in White Plains, a northern suburb of New York City. Los Angeles-based Pacific Western Bank provided a $134.5 million senior construction loan for the project. New York City-based Square Mile Capital contributed a $47.4 million preferred equity investment to round out the capital stack. The joint venture, the other members of which were not disclosed, will convert a vacant office building located at 440 Hamilton Ave. into a 13-story, 255-unit apartment community that will be known as The Lofts. This building will include 3,400 square feet of retail space. The development team also plans to construct a seven-story, 213-unit multifamily family building on the site from the ground up. The final piece of construction will be a six-story, 575-space parking garage. The development will feature a suite of Class A amenities that includes a pool and a fitness center. Of the development’s 468 total units, 8 percent (approximately 37 residences) will be earmarked as affordable housing. Specific income restrictions for these units were not disclosed. A construction timeline for the groundbreaking …
CLOSTER, N.J. — Reuten Associates and Metropolis Property Group have unveiled plans for a new 195-unit seniors housing community that will be located in the Northern New Jersey community of Closter. The property will be situated within Reuten Corporate Park and will offer independent living, assisted living and memory care in studio, one- and two-bedroom floor plans. Amenities will include private outdoor social spaces, an outdoor dining courtyard, multiple indoor dining areas, a café, pool, a spa/salon and fitness center, cinema, game room, community gardens, fire pits and walking trails. A tentative groundbreaking date was not disclosed, but construction is expected to last 14 to 16 months.