Northeast

Joint Venture Breaks Ground on $2B USQ Mixed-Use Project in Metro Boston

by Kristin Harlow July 21, 2021

SOMERVILLE, MASS. — US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments and USAA Real Estate, has broken ground on a $2 billion mixed-use project known as USQ in Somerville, just northwest of Boston. The 15-acre, transit-oriented development is situated in the city’s historic Union Square neighborhood at the southeast corner of Somerville Avenue and Prospect Street. An official groundbreaking ceremony took place this morning. Totaling 2.4 million square feet, USQ has been in the making for decades, according to the development team. Plans call for 1.2 million square feet of office and life sciences space, 1,000 apartment units and 140,000 square feet of ground-floor retail space. There will also be 3.6 acres of public space encompassing 11 new parks and two new Massachusetts Bay Transportation Authority (MBTA) stations. The first office building, 10 Prospect Street, is slated for completion in the fourth quarter of 2022. Rising seven stories and spanning 194,000 rentable square feet, the LEED Gold building will include an outdoor terrace and onsite parking. Leasing is currently underway. In the Somerville community, there are 18,000 residents who work in the scientific, technology or healthcare industries, according to the project website. Of the current …

July 21, 2021

Market Reports Northeast Northeast Market Reports

Northeast Property Owners: Beware Overlap Between Property Tax Valuation Methods

by Taylor Williams July 21, 2021

There are multitudes of ways for property owners to reduce their tax burdens, as well as missteps that can derail a tax strategy. With that in mind, taxpayers should beware of trying to prove a low value for a tax appeal while simultaneously claiming a higher value in another proceeding. And here is how it can happen. Protesting a High Assessment Most real estate taxes in the Northeast — including those in New York, Pennsylvania, Connecticut and Massachusetts — have an “ad valorem” or “value-based” assessment method. Thus, the greater a property is worth, the higher its real estate tax burden. A property tax bill is calculated by multiplying the property assessment by the tax rate. The assessment or taxable value is determined by the local assessor or board of assessors and is typically a percentage of market value. This percentage varies among states and even municipalities. In New York, it is based on a comprehensive analysis of sales. The percentage is released annually by the state’s Office of Real Property Tax Services and is different for each municipality. For example, Connecticut sets its percentage by statute. In Pennsylvania, it is set by the state’s Tax Equalization Board. But regardless …

July 21, 2021

Acquisitions Industrial New Jersey Northeast Self-Storage

SVN Negotiates Sale of 3,147-Unit Self-Storage Portfolio in New Jersey

by Taylor Williams July 20, 2021

NEW JERSEY — National brokerage firm SVN has negotiated the sale of a portfolio of self-storage facilities located throughout New Jersey that consists of 3,147 units and 393,400 net rentable square feet. The portfolio comprises five stabilized facilities that were originally built in the mid-1980s and two expansion projects. Nick Malagisi and Hans Hardisty of SVN brokered the deal. The buyer and seller were not disclosed.

July 20, 2021

Development Industrial New Jersey Northeast

Crow Holdings to Develop 1.2 MSF Industrial Project in Millstone, New Jersey

by Taylor Williams July 20, 2021

MILLSTONE, N.J. — Crow Holdings will develop Millstone 8 Logistics Center, a 1.2 million-square-foot industrial project that will be located in Millstone, an eastern suburb of Trenton. The project will consist of a 1 million-square-foot building and a 220,000-square-foot building that will be developed on a 140-acre parcel. The first building will feature a clear height of 40 feet, 274 trailer parking stalls and 172 loading doors, while the second building will offer a clear height of 36 feet, 37 dedicated trailer parking stalls and 50 loading doors. Construction is expected to be complete in the second quarter of 2022. Crow Holdings is developing the property in partnership with The Carlyle Group and 2020 Acquisitions. JLL will handle leasing.

July 20, 2021

Development Massachusetts Multifamily Northeast

Alliance Residential Completes Phase I of The Val Apartments in Billerica, Massachusetts

by Taylor Williams July 20, 2021

BILLERICA, MASS. — Alliance Residential has completed the 110-unit first phase of The Val, a multifamily community in the northwestern Boston suburb of Billerica that will ultimately consist of 211 units. Alliance Residential is developing The Val in partnership with GID Real Estate Investments. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, outdoor grilling stations, coworking space, a library and a social lounge. Locally based architecture firm Cube3 designed the property. Other project partners include Erland (general contractor), Allen & Major Associates (civil engineer) and Greystar (leasing agent and manager). Rents start at $2,410 per month for a one-bedroom unit.

July 20, 2021

Connecticut Loans Multifamily Northeast

Greystone Provides $15.3M in HUD-Insured Financing for Connecticut Multifamily Portfolio

by Taylor Williams July 20, 2021

NEW BRITAIN, MERIDEN AND MIDDLETOWN, CONN. — Greystone has provided multiple HUD-insured loans totaling $15.3 million for the refinancing of a portfolio of three multifamily properties totaling 278 units in Connecticut. The properties are located in New Britain, Meriden and Middletown. Each of the nonrecourse loans carries a fixed interest rate and 35-year terms and amortization schedules. Leor Dimant of Greystone originated the financing packages on behalf of the undisclosed borrower, which will use a portion of the proceeds to continue ongoing improvements.

July 20, 2021

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $7.8M Sale of Apartment Building in Upper Manhattan

by Taylor Williams July 20, 2021

NEW YORK CITY — Marcus & Millichap has brokered the $7.8 million sale of a 49-unit apartment building located at 258 Wadsworth Ave. in the Washington Heights area of Upper Manhattan. The property was built in 1923. Jacob Kahn and Seth Glasser of Marcus & Millichap represented the seller, an entity doing business as 258 Wadsworth Associates, in the transaction. Kahn and Glasser, along with Joe Koicim and Peter Von Der Ahe of Marcus & Millichap, represented the buyer, 258 Wadsworth Realty LLC. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

July 20, 2021

Company News Development Healthcare Life Sciences New York Northeast Office Top Stories

Life Sciences Firm Regeneron to Invest $1.8B for Campus Expansion in Tarrytown, New York

by John Nelson July 20, 2021

TARRYTOWN, N.Y. — Regeneron (NASDAQ: REGN), a medicine manufacturer known for its COVID-19 antibody cocktail, plans to invest $1.8 billion over the next six years to support the expansion of its life sciences headquarters in Tarrytown, about 25 miles north of Manhattan. Located in Westchester County on the east bank of the Hudson River, the project will expand Regeneron’s research, preclinical manufacturing and support facilities, while creating an estimated 1,000 new full-time jobs. “The COVID-19 pandemic has highlighted the importance of continued and long-term investment in the biopharmaceutical industry, and Regeneron is proud to pursue life-changing science and technology from our labs and manufacturing facilities in New York State,” says Leonard Schleifer, president and CEO of Regeneron. The project is expected to encompass up to eight research and development buildings, three parking garages and a central utility plant totaling approximately 900,000 square feet. Regeneron has indicated that road infrastructure improvements will be necessary to support the new buildings, which will come on line in two phases. Construction planning will begin this summer and project construction is scheduled for completion in 2027. No members of the project team were disclosed. The life sciences firm chose to expand in Tarrytown following site …

July 20, 2021

Development Northeast Office

HYM Investment Group Tops Off 1 MSF One Congress Office Project in Downtown Boston

by Taylor Williams July 19, 2021

BOSTON — The HYM Investment Group, a locally based developer, has topped off One Congress, a 1 million-square-foot office project in downtown Boston. The 600-foot tower is part of the Bulfinch Crossing redevelopment, which is owned by Carr Properties and National Real Estate Advisors LLC. One Congress will house the future headquarters of financial services firm State Street Corp., which has committed to 510,000 square feet as the anchor tenant. Amenities will include a 30,000-square-foot outdoor garden on the 11th floor and more than 30,000 square feet of fitness and wellness-based amenity space, as well as multiple food and beverage offerings. Pelli Clarke Pelli and CBT Architects handled design of the building. Gachot Studio is serving as the interior design firm, and John Moriarty & Associates is the construction manager. Construction began in June 2019 and is expected to be complete in January 2023.

July 19, 2021

Acquisitions Industrial New Jersey Northeast

Dermody Properties Acquires 72,045 SF Warehouse in Moonachie, New Jersey

by Taylor Williams July 19, 2021

MOONACHIE, N.J. — Nevada-based investment and development firm Dermody Properties has acquired a 72,045-square-foot warehouse that is situated on a three-acre site in Moonachie, located in Bergen County. The property offers proximity to Interstates 95, 80 and 78 and features a clear height of 20 feet, 62 parking spaces and 9,388 square feet of office space. Gary Stein of Savills, along with Craig Engelhardt and Steve Korfiatis of Newmark, represented Dermody Properties, which will implement a value-add program in the transaction. Capital improvements will include repaving the truck court and parking areas, installing new dock packages and fully renovating the existing office space. KBC Advisors will market the property for lease beginning in the fourth quarter.

July 19, 2021

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