LINDEN, N.J. — Cushman & Wakefield has arranged a $235 million loan for the refinancing of Buildings E and G at Linden Logistics Center in Northern New Jersey. The two buildings total approximately 1.3 million square feet. Northwestern Mutual provided the 10-year, fixed-rate loan to the borrower, a partnership between two New Jersey-based firms, Advance Realty Investors and Greek Development. John Alascio, Chuck Kohaut, T.J. Sullivan, John Spreitzer, Sebastian Sanchez and Zachary Smolev of Cushman & Wakefield arranged the financing. Construction of the three-building, 1.6 million-square-foot second phase of Linden Logistics Center is currently underway and expected to be complete in the third quarter.
NEW YORK CITY — Touro College & University System, a nonprofit higher and professional learning institution, has signed a lease to open a 243,305-square-foot campus within 3 Times Square in Manhattan. Touro will occupy the third through ninth floors and part of the ground and second floors at the 30-story building, which originally opened in 2001 as the North American headquarters of Reuters. Today, The Rudin Family owns the building and is currently in the midst of renovating it. The lease term is 32 years. Designed by Michielli + Wyetzner Architects, the campus will include classrooms, labs, a library, event spaces, student lounges and cafés. Touro plans to move into the building in January 2023. Richard Bernstein, Steve Braun, Troy Elias and Jared Thal of Cushman & Wakefield, along with internal representative Jeffrey Rosengarten, represented Touro College in the lease negotiations. John Cefaly, Lou D’Avanzo, Ron Lo Russo, Paige Engeldrum and Lauren Hale of Cushman & Wakefield, along with in-house agent Tom Keating, represented building ownership.
MORRISTOWN, N.J. — A partnership between global investment management firm Nuveen Real Estate and New York City-based Taconic Partners has acquired a 296,000-square-foot warehouse in the Northern New Jersey community of Morristown for $55 million. The property was built on 17 acres in 1986 and was fully leased at the time of sale. Cushman & Wakefield brokered the deal. The seller was not disclosed.
BILLERICA, MASS. — CBRE has negotiated the $23.7 million sale of a 91,649-square-foot industrial building located in the northern Boston suburb of Billerica. The property features a clear height of 26 feet and 268 parking spaces. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, The RAM Cos., in the transaction. The buyer was locally based investment firm The Davis Cos.
NATICK, MASS. — An affiliate of Boston-based Bulfinch Cos., in partnership with Chicago-based Harrison Street, has purchased a 94,000-square-foot retail property in the western Boston suburb of Natick. Neiman Marcus currently occupies the two-story building, which is contiguous to Brookfield Properties’ Natick Mall, but plans to vacate the space in September. The new ownership plans to redevelop the property but did not share specific plans.
HOBOKEN, N.J. — Locally based investment firm Faropoint has acquired a portfolio of 10 industrial buildings totaling 654,633 square feet in Northern New Jersey for $132.5 million. The portfolio was 98 percent leased at the time of sale. Four of the properties are located in Whippany, and four are located in Oakland. The other two are located in Fair Lawn. Marc Duval, Jose Cruz, Michael Oliver, Jordan Avanzato and Nick Stefans of JLL represented the seller, Kushner Cos., in the transaction. Faropoint will implement a capital improvement program that will include fresh paint jobs, replaced roofs and new lighting and sustainable features.
DAYTON, N.J. — Chicago-based investment firm CenterPoint Properties has purchased a 198,000-square-foot warehouse in the Northern New Jersey community of Dayton. The property sits on a 14-acre site and features a clear height of 31 feet and a separate two-acre parking lot. Bunny Escava and Isaac Setton of Kassin Sabbagh Realty brokered the transaction. The seller and sales price were not disclosed.
LEXINGTON, MASS. — Greatland Realty Partners has topped off Revolution Labs, a 180,000-square-foot life sciences project located in the northwestern Boston suburb of Lexington. Greatland is developing the project in partnership with Singerman Real Estate. SGA is the project architect, and Callahan Construction Managers is the general contractor. The development team began construction in late April 2021 and expects the building to be available for occupancy in the fourth quarter. The project also includes the development of a 442-space parking garage.
WOBURN, MASS. — CBRE has negotiated the $18 million sale of a 66,225-square-foot industrial building in the northern Boston suburb of Woburn. The building is located at 225 Wildwood Ave. and features clear heights of 17.5 to 23 feet. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall, and Dan Hines of CBRE represented the seller, GFI Partners, in the transaction. The buyer was San Francisco-based Berkeley Partners.
LUMBERTON, N.J. — New Jersey-based developer Walters has opened Cornerstone at Lumberton, a 70-unit affordable housing community located outside of Philadelphia in Southern New Jersey. Units come in one-, two- and three-bedroom floor plans and are reserved for renters earning 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, a basketball court, children’s play area and outdoor grilling and picnic stations.