LOGAN TOWNSHIP, N.J. — Freight company LaserShip Logistics has signed a 327,000-square-foot industrial lease at Building F at Logan North, a 3.2 million-square-foot speculative development in Southern New Jersey. John Dingle & Dean Torosian of JLL represented the tenant in the negotiations for the full-building lease. Torosian also worked with Nate Demetsky and Matt Kemery of JLL to represent the landlord, a partnership between Advance Realty Investors and Greek Development.
MONTVALE, N.J. — Thrive Senior Living is nearing completion of Thrive at Montvale, a 203-unit seniors housing community in the DePiero’s Farm neighborhood near the New York-New Jersey border. Located just off the Garden State Parkway, the three-story community will offer independent living and assisted living services, plus a small-house model senior living environment focused on memory care. The welcome center is currently open, and residents are scheduled to begin moving in this spring.
BRANCHBURG, N.J. — New Jersey-based multifamily developer Walters is underway on construction on Cornerstone at Branchburg, an affordable housing community that will be located about 50 miles west of Manhattan. Rental rates vary based on income, with priority given to renters earning 60 percent or less of the area median income. The property comprises two three-story buildings on an 11.7-acre site. Units come in one- and two-bedroom floor plans with an average size of about 800 square feet. Full completion is slated for next spring.
NEW YORK CITY — Commercial finance and advisory firm Axiom Capital Corp. has arranged a $25 million loan for the refinancing of an 86,931-square-foot shopping center in the College Point area of Queens. The grocery-anchored property sits on an eight-acre site. The first building was constructed in 1992 and totals 77,649 square feet. The second building was delivered in 2019-2020 and spans 9,282 square feet. An undisclosed life insurance company provided the loan to a commercial investor that also requested anonymity.
OLD BRIDGE, N.J. — Brokerage firm Hudson Atlantic Realty has negotiated the sale of two multifamily assets totaling 60 units in the Northern New Jersey community of Old Bridge. Old Bridge Town Center consists of 27 apartments and 19,000 square feet of commercial space. Geick Park Residency is a 33-unit age-restricted community that features a pool and a fitness center. An entity doing business as 502 Jersey Avenue LLC purchased the assets from an undisclosed seller for a combined price of $24.5 million.
SOUTH BURLINGTON, VT. — A partnership between Taconic Capital Advisors and Eastern Real Estate has acquired University Mall in South Burlington, a city in northwest Vermont. The 617,000-square-foot property is the largest mall in the state. A CMBS trust sold the asset for $60 million. The new owners say they are exploring a range of plans to reenergize the shopping center, which is located less than one mile from the University of Vermont, The University of Vermont Medical Center and Burlington International Airport. With more than 50 local and national shops and restaurants, the mall is 95 percent occupied and draws an estimated 3.9 million annual visitors, according to the buyers. University Mall is home to an 85,500-square-foot JC Penney, an 86,000-square-foot Kohl’s, a 48,000-square-foot Hannaford Brothers and a 60,000-square-foot Target, which is the only Target store in Vermont. “The property has been a gathering place for decades, and our commitment is to build on its success as a vital retail and economic asset for Vermont,” says Alex Fleming, director with Taconic. Andrew Hayes, director with Eastern, will oversee the planning, leasing strategy and overall repositioning of the mall. Local firm KeyPoint Partners, led by Heather Tremblay, will maintain its …
NEW YORK CITY — CBRE has arranged the recapitalization and refinancing of a portfolio of eight acute care hospitals located throughout Massachusetts in a transaction valued at $1.7 billion. Specifically, the properties are located in the Brighton and Dorchester areas of Boston, as well as in Methuen, Haverhill, Brockton, Fall River, Taunton and Ayer. Steward Health Care System occupies the hospitals. Under the terms of the transaction, the owner of the portfolio, Medical Properties Trust Inc. (NYSE: MPW), will enter into a joint venture with an affiliate of Macquarie Asset Management, which will acquire a 50 percent interest. Keith Harris, Lee Asher, Chris Bodnar, Ryan Lindsley and Jordan Selbiger of CBRE negotiated the equity restructuring on behalf of Medical Properties Trust. James Millon of CBRE arranged a loan of an undisclosed amount for the refinancing of the existing debt on the portfolio.
PHILADELPHIA — Greystone has provided a $20 million HUD-insured loan for the refinancing of Croydon Hall Apartments, a 127-unit multifamily property near Philadelphia’s University City neighborhood. Originally built in 1925 and renovated in 2012, the property houses one, two- and three-bedroom units. Jason Yuen of Greystone originated the financing, which was structured with a fixed interest rate, 35-year term and a 35-year amortization schedule. The borrower was an entity doing business as 49th & Spruce Associates LP.
BETHLEHEM, PA. — Global logistics operator Realterm has acquired a 45-acre parking and maintenance facility in the Lehigh Valley community of Bethlehem. The site offers proximity to Interstate 78 and U.S. Route 22, as well as rail service from Lehigh Valley Rail Management. John Plower, Ryan Cottone, Chad Hillyer, Zach Maguire and Sean Christman of JLL represented the undisclosed seller in the transaction. The property was fully leased at the time of sale.
LOGAN TOWNSHIP, N.J. — Global freight company SEKO Logistics has signed a 164,000-square-foot industrial lease at Building A at Logan North, a 3.2 million-square-foot speculative development in Southern New Jersey. Kevin Dudley, Nick Klackik and Jeff Kapcheck of CBRE represented the tenant in the lease negotiations. Nate Demetsky, Dean Torosian and Matt Kemery of JLL represented the landlord, a partnership between Advance Realty Investors and Greek Development.