Northeast

Birch Group Acquires Alexander Park Office Portfolio in Princeton for $47.3M

by Taylor Williams July 28, 2021

PRINCETON, N.J. — New York-based private investment firm The Birch Group has acquired 600 and 700 Alexander Park, a 213,110-square-foot office portfolio in Princeton, for $47.3 million. The three-story building at 600 Alexander Drive consists of 141,176 square feet, and the three-story building at 700 Alexander Drive totals 71,934 square feet. Amenities include a cafeteria with indoor and outdoor seating, a fitness center, tenant lounge and walking paths. Kevin O’Hearn and Jose Cruz of JLL represented the seller, BentallGreenOak, in the transaction, and procured The Birch Group as the buyer. Greg Nalbandian, also with JLL, arranged acquisition financing.

July 28, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges $43M Loan for Refinancing of Multifamily Building in Jersey City

by Taylor Williams July 28, 2021

JERSEY CITY, N.J. — JLL has arranged a $43 million bridge loan for the refinancing of BELA, a 104-unit multifamily building in Jersey City. The newly built property offers one- and two-bedroom units that average 982 square feet and are furnished with stainless steel appliances, island kitchens and full-size washers and dryers. Amenities include a fitness center, grilling stations, outdoor lounge and a clubroom. BELA also houses 2,600 square feet of ground-floor retail space. Matthew Pizzolato and Thomas Didio Jr. of JLL arranged the floating-rate loan through BrightSpire Capital Inc. on behalf of the borrower, Golden Glades Capital Management.

July 28, 2021

Hospitality Life Sciences Market Reports Massachusetts Northeast Northeast Market Reports Office

Qualified Labor, Healthy Tenant Demand Drive Life Sciences Development in Boston

by Taylor Williams July 28, 2021

By Brendan Carroll, director of research, Cushman & Wakefield The rapid emergence of greater Boston in the first two decades of the 21st century as a global center of advanced, technology-assisted biology has been followed by an even faster rate of growth since the start of the new decade. We have reached a critical mass in the greater Boston market, where we have developed a combination of skills, institutions and collaboration between companies that is supported and financed by an investor base that is qualified to evaluate the potential efficacy of new innovations. This landscape has created a self-propagating ecosystem for development and absorption of life sciences properties. The region’s large inventory of lab space has also evolved as a driver of new users into the market as biotechnology groups increasingly focus on speed to market for promising scientific breakthroughs. In response to these drivers, the inventory of biotechnology-focused laboratory space in greater Boston, which eclipsed 20 million square feet in 2016, is now on pace to reach 30.7 million square feet by 2023. Furthermore, the current inventory levels will likely approach and surpass 40 million square feet this decade, as a sizable set of projects are expected to move …

July 28, 2021

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Brokers Sale of 547-Unit Self-Storage Portfolio in Kutztown, Pennsylvania

by Taylor Williams July 27, 2021

KUTZTOWN, PA. — Marcus & Millichap has brokered the sale of a 546-unit self-storage portfolio in the Eastern Pennsylvania city of Kutztown. The portfolio consists of two existing facilities totaling 22,243 net rentable square feet across 131 climate- and non-climate-controlled units, as well as a development site for which 148 climate-controlled and 268 non-climate-controlled units have been proposed. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the buyer and seller, both of which were private investment groups based in Eastern Pennsylvania that requested anonymity, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.

July 27, 2021

Acquisitions California Company News Multifamily Northeast Pennsylvania Top Stories Western

Independence Realty Trust and Steadfast Apartment REIT to Merge, Creating $7B Multifamily Owner

by John Nelson July 27, 2021

PHILADELPHIA AND IRVINE, CALIF. — Independence Realty Trust Inc. (NYSE: IRT), a publicly traded apartment REIT based in Philadelphia, has agreed to acquire Irvine-based Steadfast Apartment REIT Inc. On a pro-forma basis, the combined company is expected to have a total enterprise value of approximately $7 billion and be equally owned by shareholders of both firms. Post-merger, the company will operate under the Independence Realty Trust banner and trade under the same stock symbol. The portfolio will total 131 apartment communities comprising approximately 38,000 units across 16 states. The combined company’s 10 largest markets by unit count would be Atlanta, Dallas-Fort Worth, Denver, Oklahoma City, Louisville, Columbus, Indianapolis, Raleigh-Durham, Houston and Memphis. According to an investor presentation, the portfolio averages $1,231 in effective rent per month and is 96.2 percent occupied. The combined company would rank at No. 26 on the National Multifamily Housing Council’s (NMHC) 2021 ranking of the top 50 apartment owners. Neither Independence Realty Trust nor Steadfast Apartment REIT is on the NMHC Top 50 Owners ranking for 2021. Both companies expect the transaction to close during the fourth quarter of 2021, subject to customary closing conditions, including approval of both companies’ stockholders. The boards of directors …

July 27, 2021

Civic Development Maine Northeast

Consigli Construction Completes 350,000 SF Athletics Facility at Colby College in Maine

by Taylor Williams July 27, 2021

WATERVILLE, MAINE — General contractor Consigli Construction Co. has completed the Harold Alfond Athletics and Recreation Center, a 350,000-square-foot facility at Colby College, a private liberal arts college in Waterville, Maine. The facility features a 200-meter track, tennis courts, an ice arena, Olympic-sized pool, competition gym for basketball and volleyball, squash courts, a strength and fitness center, multi-purpose studios, locker rooms, sports medicine facilities and offices. Sasaki and Hopkins Architects led the design of the project.

July 27, 2021

Acquisitions Data Centers New Jersey Northeast Office

STRO Cos. Acquires 141,000 SF Office, Data Center in Florham Park, New Jersey

by Taylor Williams July 27, 2021

FLORHAM PARK, N.J. — The STRO Cos., a New Jersey-based investment firm, has acquired a 141,000-square-foot office and data center that is situated on a 14.4-acre site in the Northern New Jersey community of Florham Park. The company purchased the asset from Bank of New York Mellon (BNY), which also occupies the building, for an undisclosed price. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn, J.B. Bruno, Jordan Avanzato and Michael Kavanaugh of JLL represented BNY in the transaction. Prudential Bank provided acquisition financing.

July 27, 2021

85-New-Brunswick-Ave.-Woodbridge-New-Jersey

Acquisitions Industrial New Jersey Northeast

Woodmont Sells 101,425 SF Distribution Center in Woodbridge, New Jersey

by Taylor Williams July 27, 2021

WOODBRIDGE, N.J. — Woodmont Industrial Partners has sold a 101,425-square-foot distribution center in Woodbridge, about 30 miles south of New York City. Woodmont completed construction of the property in the second quarter and subsequently executed a lease with Bentley Labs, a formulator and provider of beauty products. The property features a clear height of 36 feet and 12 dock doors with the option to expand to 24. The buyer was Denver-based EverWest Real Estate Investors.

July 27, 2021

Acquisitions Connecticut Industrial Northeast Office

CBRE Negotiates $3.7M Sale of Office, Industrial Building in Wilton, Connecticut

by Taylor Williams July 27, 2021

WILTON, CONN. — CBRE has negotiated the $3.7 million sale of a 47,040-square-foot office and industrial building in Wilton, located in Fairfield County. The property, which was built in 1965 and renovated in 2006, was vacant at the time of sale. Louis Zuckerman, Tom Pajolek and Pat Colwell of CBRE represented the undisclosed seller in the transaction. The team also procured the buyer, a joint venture between Fuller Development and Spinnaker Real Estate Partners that plans to reposition the property for residential use.

July 27, 2021

Development New York Northeast Office

George Comfort & Sons Completes Renovation of 925,000 SF Manhattan Office Tower

by Taylor Williams July 26, 2021

NEW YORK CITY — Locally based landlord George Comfort & Sons has completed the renovation of 135 W. 50th St., a 925,000-square-foot office tower in Midtown Manhattan. Global architecture firm Gensler designed the project, which included the reimagining of the lobby and entrance, as well as the creation of a new tenant amenity center. This 20,000-square-foot space features collaborative workspaces, executive conference rooms, a game room, lounges and a bar area. George Comfort & Sons also installed wellness features such as touchless entry at main entrances, facial recognition software at security turnstiles, an upgraded air filtration system and touchless fixtures in all common area bathrooms.

July 26, 2021

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