Northeast

Partnership Buys 523,000 SF Waterfront Office Building in Hoboken

by Taylor Williams January 28, 2022

HOBOKEN, N.J. — A partnership between New York City-based developer SJP Properties and private investor David Werner has purchased Waterfront Corporate Center I, a 523,000-square-foot waterfront office building in Hoboken. The 14-story tower, which also houses 35,000 square feet of retail space that is fully leased, is part of a three-building, 1.5 million-square-foot campus that was originally developed by SJP between 2002 and 2014. With this buyback, SJP now owns and manages the entirety of Waterfront Corporate Center. Miami-based 3650 REIT contributed a $30 million preferred equity investment to the deal. Mack Cali Realty Corp. sold the building for an undisclosed price. Waterfront Corporate Center I was roughly 80 percent leased at the time of sale, while Waterfront Corporate Center II and III are fully leased.

January 28, 2022

Connecticut Industrial Leasing Activity Northeast

BlueTriton Brands Signs 279,256 SF Industrial Lease in East Windsor, Connecticut

by Taylor Williams January 28, 2022

EAST WINDSOR, CONN. — BlueTriton Brands, a locally based beverage company formerly known as Nestlé Waters North America, has signed a 279,256-square-foot, full-building industrial lease in East Windsor. Built in 1979, the property features clear heights of 18 to 20 feet, more than 300 parking spaces and 5,000 square feet of office space. Chris Metcalfe and Jack Reed of CBRE represented the landlord, a joint venture between an affiliate of New York City-based Wharton Equity Partners and Boston-based Long Wharf Capital, in the lease negotiations. The building is currently undergoing a renovation, and the tenant plans to take occupancy in late February or early March.

January 28, 2022

Acquisitions Massachusetts Northeast Office

Lincoln Property, Stars Acquire 130,000 SF Office Park in Wellesley, Massachusetts

by Taylor Williams January 28, 2022

WELLESLEY, MASS. — A joint venture between Dallas-based Lincoln Property Co. and Chilean investment firm Stars REI has acquired Newton Wellesley Executive Office Park, a 130,000-square-foot development located on the western outskirts of Boston. The four-building property was constructed in phases between 1960 and 1989 and was 90 percent leased at the time of sale to both traditional office and medical office users. Robert Griffin, Frank Nelson, Michael Greeley and James Tribble of Newmark represented the undisclosed seller and procured the buyer in the transaction. The joint venture plans to implement a capital improvement program.

January 28, 2022

Acquisitions Industrial New York Northeast

TerraCRG Arranges $30M Sale of Industrial Property in Brooklyn

by Taylor Williams January 28, 2022

NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the $30 million sale of an industrial site located at 360 Kingsland Ave. in Brooklyn’s Greenpoint area. According to LoopNet Inc., the site spans 98,250 square feet and houses a 17,000-square-foot manufacturing and office facility. The site is zoned for up to 196,000 buildable square feet of commercial space. Dan Marks and Daniel Lebor of TerraCRG represented the seller, a limited liability company, in the transaction. The buyer was private equity firm Sitex Group.

January 28, 2022

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $22.7M Sale of Multifamily Complex in Paterson, New Jersey

by Taylor Williams January 28, 2022

PATERSON, N.J. — Brokerage firm Gebroe-Hammer Associates has negotiated the $22.7 million sale of Broadway Towers, a 118-unit multifamily complex located in the historic Eastside Park District in the Northern New Jersey community of Paterson. According to Apartments.com, the property was built in 1963. Units feature one- and two-bedroom floor plans. Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.

January 28, 2022

Development New York Northeast Office

Brookfield Properties Tops Out 58-Story Two Manhattan West Office Tower

by Taylor Williams January 27, 2022

NEW YORK CITY — Brookfield Properties has topped out Two Manhattan West, a 58-story office tower located within the eight-acre Manhattan West mixed-use development that opened last fall. Designed by Skidmore, Owings & Merrill, Two Manhattan West will feature more than 2 million square feet of office space upon completion, which is slated for 2023. The building is 25 percent preleased, with law firm Cravath, Swaine & Moore committed as an anchor tenant. Brookfield completed the 67-story, 2.1 million-square-foot One Manhattan West in late 2019.

January 27, 2022

Acquisitions Industrial Massachusetts Northeast

Newmark Brokers $52M Sale of Distribution Center in Worcester, Massachusetts

by Taylor Williams January 27, 2022

WORCESTER, MASS. — Newmark has brokered the $52 million sale of a 176,000-square-foot distribution center in the central Massachusetts city of Worcester. The facility recently underwent a redevelopment project that was completed last year. Robert Griffin, Edward Maher, Matthew Pullen, Tony Coskren, Samantha Hallowell and Brian Pinch of Newmark represented the seller, R.J. Kelly Co., a locally based institutional investment firm, in the transaction. The team also procured the buyer, Boston-based Tritower Financial Group.

January 27, 2022

Loans Multifamily New Jersey Northeast

BHI Provides $36M Construction Loan for Jersey City Multifamily Project

by Taylor Williams January 27, 2022

JERSEY CITY, N.J. — BHI, a full-service commercial bank that is the U.S division of Israel’s Bank Hapoalim, has provided a $36 million construction loan for 144 First Street, an 84-unit multifamily project in Jersey City. The 115,000-square-foot, transit-served property will be located in the Powerhouse Arts District. The borrower is locally based developer EPIRE. Fogarty Finger is the project architect, and Molfetta Corp. is the general contractor. Completion is slated for June 2023.

January 27, 2022

Acquisitions Industrial New Jersey Northeast

Sheldon Gross Realty Arranges Sale of 199,000 SF Industrial Property in Freehold, New Jersey

by Taylor Williams January 27, 2022

FREEHOLD, N.J. — Locally based brokerage firm Sheldon Gross Realty has arranged the sale of a 199,000-square-foot industrial property that is situated on a 30-acre site at 235 Willow Brook Road in Freehold, located in Monmouth County. Jonathan Glick and Matt Leonelli of Sheldon Gross Realty represented the undisclosed seller in the transaction. CBRE represented the buyer, New York City-based Saadia Group.

January 27, 2022

Civic Development New York Northeast

Seton Education Partners to Open 73,000 SF Charter School in The Bronx

by Taylor Williams January 27, 2022

NEW YORK CITY — Seton Education Partners, a nonprofit owner-operator of charter schools, has entered into a leasehold condominium agreement with Bolivar Development to open a 73,000-square-foot school at 1936 Jerome Ave. in The Bronx. The structure of the deal allows Seton to own the condo unit that will house the school for 39 years before ownership reverts to the developer. The school will be operated under the Brilla Public Charter School brand and will ultimately serve more than 800 students in grades K-8. Stephen Powers and Lindsay Ornstein of OPEN Impact Real Estate, along with Jake Cinti and Alexander Smith of Transwestern, represented Seton in the deal. Jim Lester and Peter Fine represented Bolivar Development on an internal basis. The new building is expected to open for the 2024-2025 academic year, initially serving students in grades K-4 and expanding through eighth grade by 2028.

January 27, 2022

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