YORK, PA. — WMG Partners, a subsidiary of Miami-based MCSS Self-Storage Development & Investment, has purchased a 126,000-square-foot department store at 2899 Whiteford Road in York. The company plans to convert the shuttered property, which sits on a 7.5-acre site and was previously occupied by Bon-Ton, into a 900-unit self-storage facility that will be managed by Life Storage. Construction is scheduled to begin in August.
BROCKTON, MASS. — The Stubblebine Co. has brokered the $5.1 million sale of a 60,000-square-foot industrial building in Brockton, a southern suburb of Boston. The property offers clear heights of 24 to 28 feet and a fully built-out retail showroom. David Skinner, David Stubblebine and James Stubblebine of The Stubblebine Co. represented the seller, FW Webb Co., in the transaction. Mark Donahue of M. Donahue Associates represented the buyer, WB Mason.
TEANECK, N.J. — Phibro Animal Health Corp. has signed a 49,577-square-foot office lease renewal at Glenpointe, a mixed-use development in the Northern New Jersey community of Teaneck that serves as the company’s global headquarters. Susan Mason and Tom Reilly of JLL represented the tenant in the lease negotiations. David Simson, Jeff Schotz, Peter Rossi, Dan Reider and Peter Kasparian of Newmark represented the landlord, Alfred Sanzari Enterprises. In addition to office uses, the Glenpointe campus houses three hotels totaling roughly 700 rooms, a 26,000-square-foot fitness center and multiple food and beverage options.
CHICAGO AND HOLMDEL, N.J. — Equity Commonwealth (NYSE: EQC) and Monmouth Real Estate Investment Corp. (NYSE: MNR) have agreed to merge, signaling their intent to build a leading industrial real estate business and participate in the long-term growth of the sector. Based on the structure of the deal, Equity Commonwealth would acquire Monmouth in an all-stock transaction valued at approximately $3.4 billion, including the assumption of debt. The combined company is expected to have a pro forma equity market capitalization of approximately $5.5 billion. Under the terms of the agreement, Monmouth shareholders will receive 0.67 shares of Equity Commonwealth stock for every share of Monmouth stock they own. Equity Commonwealth and Monmouth shareholders are expected to own approximately 65 percent and 35 percent, respectively, of the pro forma company following the close of the transaction. Monmouth’s portfolio comprises 120 industrial properties totaling 24.5 million square feet. The Holmdel-based company is also under contract to purchase six properties totaling 1.8 million square feet, with the deals expected to close later this year or early next. Equity Commonwealth is a Chicago-based office REIT with a portfolio of four properties totaling 1.5 million square feet. “The transaction provides Equity Commonwealth with a high-quality, …
NEW YORK CITY — Madison Realty Capital, a New York City-based private equity firm, has provided a $395 million loan for a portfolio of three nearly completed residential properties totaling 1,161 units and a development site that is zoned for 4,200 units in New Jersey. The three buildings in various stages of construction are located in Bayonne, Raritan and Linden and will all offer studio, one- and two-bedroom units. The development parcel is located at the site of the former Bears Stadium, a 6,200-seat ballpark in downtown Newark. The borrower, Accurate Builders & Developers, plans to develop the site in nine phases as part of a master-planned community. The project will include 200 affordable housing units, 3,000 parking space and 100,000 square feet of commercial and green space. Shaya Ackerman of Meridian Capital Group arranged the acquisition financing for the transaction.
PALMYRA TOWNSHIP, N.J. — A partnership between St. Louis-based development firm Sansone Group and a private equity real estate fund backed by Crow Holdings Capital is underway on construction of Tac-Pal Logistics Center. The 702,450-square-foot industrial facility is located in Palmyra Township. The development team expects to complete the single-building property, which will feature modern design and build-to-suit opportunities, during the first quarter of 2022. Cushman & Wakefield and Avison Young have been tapped to lease the project.
PHILADELPHIA — GoldOller Real Estate Investments, a locally based multifamily owner-operator, will develop a $20 million, 157,000-square-foot self-storage facility in Philadelphia. The site of the new five-story, climate-controlled facility is located at 3145 Greys Ferry Road, adjacent to the Schuylkill Expressway in the University City area. The facility will be GoldOller’s second following the development of an 80,000-square-foot property in Philadelphia’s Fishtown neighborhood. CubeSmart operates that facility. GoldOller plans to break ground on the project in the coming weeks. A tentative completion date was not disclosed.
HAVERHILL, MASS. — Monogram Food Solutions, a manufacturer of prepared foods based in Memphis, will open a 135,000-square-foot production facility within Cedar Brook Park in Haverhill, a northern suburb of Boston. Paradigm Properties is developing the facility as a build-to-suit for Monogram that will consist of 109,000 square feet of multi-temperature warehouse space and a 26,000-square-foot sandwich assembly area. Massachusetts-based design-build firm Dacon Corp. is the design-build firm. Construction is underway and scheduled for completion in mid-2022.
WESTPORT, CONN. — Finance and advisory firm Axiom Capital Corp. has arranged a $10.3 million loan for the refinancing of an office building in Westport, located in the southern coastal part of the state. The building features proximity to Interstate 95 and U.S. Route 1 and is leased to tenants such as Northwestern Mutual Life Insurance, Charter Oak Equity and Lime Rock Partners. The nonrecourse loan was structured with a five-year term and a fixed interest rate. The borrower and direct lender were not disclosed.
By Ken Uranowitz, president, Gebroe-Hammer Associates When it comes to investment in multifamily properties, as in life, change is constant. Between evolving tenant demographics and political climates to recessionary economies and a once-in-a-century pandemic, multifamily assets are continuing to prove their centuries-old knack for pivoting in times of change. Unlike any other commercial asset class, multifamily possesses an unrivaled level of agility rooted in its most-important attribute: People always need a safe place to call home. In good times and turbulent periods, apartment living offers a tremendous level of flexibility based on point-in-time needs. While past recessionary times may have had red-flag indicators of things to come, nothing prepared us for the rippling effects of COVID-19. This virus tested us in ways never seen before. Collectively, we found ourselves in uncharted waters due to the sudden and abrupt measures imposed to slow the spread of COVID-19. While these challenges are being addressed, with the passage of time, health and wellbeing remain paramount. In this regard, multifamily properties have played an integral role in providing tenants and communities with the most basic needs of shelter, a place to live and a place from which to telecommute for work or education. A …
