LEBANON, PA. — Third-party logistics company DHL Supply Chain will open a 970,000-square-foot distribution center in Lebanon, an eastern suburb of Harrisburg. DHL Supply Chain is both the developer and end user of the project, which will be part of a larger, two-building development. The project is expected to generate $88 million in capital investment for the region and add about 200 jobs to the local economy. Construction of the first facility is expected to begin in mid-July and to be complete in the first quarter of 2022.
PHILLIPSBURG, N.J. — CBRE has negotiated a 607,269-square-foot industrial lease in Phillipsburg, located on the New Jersey-Pennsylvania border. The tenant, Italian logistics form OMLog, will occupy space within Building 3 at Bridge Point 78, a 3.9 million-square-foot master-planned development by Bridge Industrial and PGIM Real Estate. Jake Terkanian, Mindy Lissner and Vincent Ranalli of CBRE represented the landlord in the lease negotiations. Kevin Dudley, also with CBRE, represented the tenant.
NATICK, MASS. — Anthology Senior Living has acquired land in the western Boston suburb of Natick for the development of a new community. The facility will consist of 86 assisted living and memory care units that will be situated on a 5.5-acre site. Rick Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield brokered the land deal between seller Barberry Homes and Anthology Senior Living. Cushman & Wakefield also arranged construction financing on behalf of the buyer from a regional bank.
NEW YORK CITY — Building materials supplier City Lumber has signed a 73,000-square-foot headquarters lease at 84-00 73rd Ave. in the Glendale area of Queens. The property includes warehouse and office space, as well as 32,500 square feet of outdoor space for additional storage or parking needs. The lease term is 12 years, and the rental rate equates to $23 per square foot. Josh Berger and Alex Lubin of Norman Bobrow & Co. represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
NEW YORK CITY — Global development and investment firm Related Cos. has entered into an agreement with Miami-based caregiving agency CareMax Inc. (NASDAQ: CMAX) to build and operate new medical facilities across the country. The facilities will offer a comprehensive suite of medical services for senior citizens. The new partnership has a stated goal of developing healthcare facilities that include, but are not limited to, locations within or proximate to affordable housing communities that are owned by Related Cos. The new entity will begin its venture with the development of three medical centers in New York City that will be located in The Bronx, the Far Rockaway area of Queens and East Harlem. All three of these facilities are expected to be operational by some point next year. Related and CareMax plan to begin development of at least 15 new centers in 2022, 25 new facilities in 2023 and 35 new centers in 2024. As part of the agreement, Related has purchased $5 million of Class A common stock from CareMax at a price of $10 per share. The stock price of CareMax opened at $13.27 per share on Wednesday, July 13, up from its mid-September initial public offering price …
NEW YORK CITY — Locally based owner and investor RFR has completed the redesign and renovation of 477 Madison Avenue, a 325,000-square-foot office building in Midtown Manhattan. The 24-story building was originally built in the mid-20th century and is currently leased to tenants primarily in the finance sector, including Kayne Anderson Capital Advisors LP, Rivkin Radler LLP, Atlas Merchant Capital and Atlantic Street Capital. As part of the redevelopment, RFR introduced a clubhouse amenity center, additional outdoor space and enlarged windows to allow more natural light. The new amenity space houses a fitness center with Peloton bikes and studio space for private training, as well as locker rooms, multiple conference rooms, a café, lounge and game area. In addition, 477 Madison Avenue features 15,000 square feet of outdoor terraces across multiple floors. New York City-based MdeAS Architects designed the project. Newmark has been tapped to lease the building.
STAMFORD, CONN. — CBRE has negotiated the sale of Parc Grove Apartments, a 402-unit, newly renovated apartment community in downtown Stamford. Residences feature one-, two- and three-bedroom floor plans and are equipped with stainless steel appliances, granite countertops, wood-style flooring and full-size washers and dryers. Amenities include a clubroom with a fireplace lounge, resort-style pool, two-story fitness center and cross training room and an indoor basketball court. Jeffrey Dunne, David Gavin, Gene Pride, Jeremy Neuer, Steve Bardsley and Eric Apfel of CBRE represented the seller, an undisclosed global real estate investment advisor, in the transaction. The team also procured the buyer, Pacific Urban Residential LLC.
SYRACUSE, N.Y. — New York City-based Aptitude Development has sold The Marshall, a 287-bed student housing building in Upstate New York, to Syracuse University for an undisclosed price. The property opened in 2018 at the site of a former strip mall and is located within two blocks of campus. The Marshall’s 147 units come in studio, one-, two-, three- and four-bedroom floor plans and are furnished with built-in desks, quartz countertops and stainless steel appliances. Amenities include a fitness center, private and open study rooms and a resident lounge and bistro café. The Marshall also houses retail space that is leased to Five Guys and Kung Fu Tea.
BOSTON — Developer WinnCos. has completed a $30.2 million project that converted the waterfront site of an obsolete public housing development in East Boston into a 52-unit mixed-income complex. The site now houses 22 apartments to be rented to low-income households and 30 condominiums to be sold at market-rate prices. The rental units feature one-, two-, three- and four-bedroom floor plans. MassHousing provided a $6.6 million permanent mortgage and $3.6 million in bridge loan financing for the development. Bank of America provided an $11.6 million construction loan and served as the Low-Income Housing Tax Credit investor. Enterprise Bank contributed an $8.6 million construction loan for the condo portion of the project.
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Landmark Properties to Develop Three New Student Housing Projects in Pennsylvania, Indiana, South Carolina
PHILADELPHIA; BLOOMINGTON, IND.; AND COLUMBIA, S.C. — Landmark Properties has unveiled plans to develop three new student housing projects totaling 2,544 beds across three states. The developments include The Standard at Philadelphia adjacent to the University of Pennsylvania and Drexel University; The Standard at Bloomington near Indiana University; and The Standard at Columbia near the University of South Carolina. All of the properties are slated to open in fall 2023. With these project starts, Landmark will have more than $3.5 billion in properties under construction. The Standard at Philadelphia will feature 280 units with 802 beds. Floor plans will range from studios to six bedrooms. Amenities will include a fitness center, pool, hot tub, sauna, study lounge, clubhouse, gaming lounge, grill station and computer labs. The complex will also feature more than 3,000 square feet of retail space on the ground floor. The Standard at Bloomington will include 1,064 beds across 439 units. Amenities will include a pool, spa, exterior jumbotron, fitness center, sports simulator, indoor basketball court, pickleball court, gaming lounge and grilling stations. The Standard at Columbia will consist of 678 beds across 247 units. Floor plans will range from studios to five bedrooms. Amenities will include a …