Northeast

JLL Negotiates $114.2M Sale of Grocery-Anchored Retail Portfolio in Metro Philadelphia

by Taylor Williams July 12, 2021

PHILADELPHIA — JLL has negotiated the $114.2 million sale of a portfolio of five grocery-anchored retail centers in the Philadelphia area. The properties include Lionville Shopping Center in Lionville, located west of the city; Marketplace at Westtown in West Chester, another western suburb; Spring Towne Center in Sinking Spring on Philadelphia’s northwestern outskirts; Dreshertown Plaza in Dresher, located just inside the northern ring of Interstate 276; and Limerick Crossing in Limerick, another northwestern suburb. The grocery anchor for Lionville Shopping Center, Marketplace at Westtown and Spring Towne Center is Giant Food Stores, while Lowe’s Home Improvement is a second anchor at Spring Towne Center. George’s Marketplace is the anchor grocer at Dreshertown Plaza, and German discount grocer Aldi anchors Limerick Crossing. Chris Munley, Jim Galbally, Colin Behr and James Graf of JLL marketed the portfolio for sale on behalf of the seller, locally based development and investment firm Brandolini Cos. Jon Mikula, Jim Cadranell, Michael Pagniucci and Carlos Silva of JLL arranged five fixed-rate acquisition loans totaling $80.5 million on behalf of the buyer, a partnership between New Jersey-based Paramount Realty Services and international investment firm Medipower Group. A trio of undisclosed banks provided the financing. “We continue to see …

July 12, 2021

Connecticut Development Life Sciences Loans Northeast Office Top Stories

CBRE Arranges $180M Construction Loan for Life Sciences Development in New Haven, Connecticut

by Julia Sanders July 9, 2021

NEW HAVEN, CONN. — CBRE has arranged a $180 million construction loan for the development of a life sciences facility at 101 College Street in New Haven. The project will total 525,000 square feet and include office and biomedical lab space. The property is already over 70 percent pre-leased to tenants including BioLabs and Arvinas, which will move its headquarters to the property. Yale University will serve as the anchor tenant, occupying 125,000 square feet of space in the building and three of its 10 floors, according to Yale News. The lobby and first floor will include a combination of event space and retail offerings. A commercial bank led the financing with participation from Webster Bank. Heather Brown, Robert Borden and Grace Keating of CBRE arranged the loan on behalf of the developers on the project, Harrison Street and Winstanley Enterprises. “Arvinas’ exciting pipeline of therapies targeting oncology and neurodegeneration represents the type of groundbreaking research being done in Connecticut and New Haven, and we look forward to supporting their continued growth,” says Carter Winstanley, a principal at Winstanley Enterprises. “We are also honored that Yale has made a significant commitment within the building to continue its cutting-edge discovery and …

July 9, 2021

Development Industrial New Jersey Northeast

J.G. Petrucci Breaks Ground on 1.8 MSF Port Logistics Center at Logan in New Jersey

by Taylor Williams July 9, 2021

LOGAN TOWNSHIP, N.J. — Developer J.G. Petrucci Co. Inc. has broken ground on Port Logistics Center at Logan, a 1.8 million-square-foot industrial project in Logan Township, located in the southern part of the state. Construction is underway on Building A, which will span 1 million square feet and feature a clear height of 40 feet, 663 vehicle parking spaces and 241 trailer parking spaces. Completion of Building A is slated for the fourth quarter. The other three buildings, which total 261,000, 253,500 and 331,870 square feet, are currently being marketed for lease.

July 9, 2021

Industrial Leasing Activity New Hampshire Northeast

Empire Moulding & Millwork Signs 217,000 SF Industrial Lease in Amherst, New Hampshire

by Taylor Williams July 9, 2021

AMHERST, N.H. — Empire Moulding & Millwork, a division of Novo Building Products, has signed a 217,000-square-foot industrial lease in Amherst, located outside of Nashua in the southern part of the Granite State. The facility is expected to open in the fourth quarter and to employ at least 70 people. Novo Building Products is a Michigan-based manufacturer and distributor of stair parts, mouldings, doors and specialty millwork, along with a variety of board products.

July 9, 2021

Leasing Activity Multifamily New Jersey Northeast

Diversified Properties Completes Lease-Up of 35-Unit Apartment Complex in East Rutherford, New Jersey

by Taylor Williams July 9, 2021

EAST RUTHERFORD, N.J. — Regional developer Diversified Properties has completed the lease-up of 480 Flatz, a 35-unit apartment complex in the Northern New Jersey community of East Rutherford. The property, which is now fully occupied, features one-, two- and three-bedroom units with granite countertops, stainless steel appliances and in-unit washers and dryers. Diversified Properties developed the property in a joint venture with North Jersey Builders Group.

July 9, 2021

Acquisitions Multifamily New Jersey Northeast

Cushman & Wakefield Brokers $6.1M Sale of Multifamily Building in Cliffside Park, New Jersey

by Taylor Williams July 9, 2021

CLIFFSIDE PARK, N.J. — Cushman & Wakefield has brokered the $6.1 million sale of a 27-unit multifamily building in Cliffside Park, located across the Hudson River from Harlem. The sales price equates to roughly $226,000 per unit. Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, A&J Inc., and procured the buyer, JTS Inc., in the transaction. The property was fully occupied at the time of sale.

July 9, 2021

Leasing Activity New Jersey Northeast Office

Round Table Studios Opens 40,000 SF Coworking Space in Berkeley Heights, New Jersey

by Taylor Williams July 9, 2021

BERKELEY HEIGHTS, N.J. — Round Table Studios, a provider of flexible and coworking solutions, has opened a 40,000-square-foot space in the Northern New Jersey city of Berkeley Heights. The space is located within The Park, a 185-acre mixed-use redevelopment. The space features configurable office suite studios, on-demand meeting rooms, a traditional coworking gallery and an upscale coworking library. Members also have access to The Park’s onsite amenities, including a 12,000-square-foot fitness center, biking and walking trails and a health clinic.

July 9, 2021

Acquisitions Hospitality New York Northeast

Cushman & Wakefield Arranges $115M Sale of Mondrian Park Avenue Hotel Mortgage

by Taylor Williams July 8, 2021

NEW YORK CITY — Cushman & Wakefield has arranged the $115 million sale of the first mortgage loan on Mondrian Park Avenue, a 190-room luxury hotel in Manhattan’s NoMad neighborhood. Adam Spies and Dan O’Brien of Cushman & Wakefield represented Moin Development in its sale of the debt to Global Holdings, an owner whose portfolio spans more than 10 million square feet of commercial space.

July 8, 2021

Wegmans-Retail-Center-Hanover-New-Jersey

Acquisitions New Jersey Northeast Retail

Mack-Cali Sells Grocery-Anchored Shopping Center in Hanover, New Jersey, for $46M

by Taylor Williams July 8, 2021

HANOVER, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold Wegmans Retail Center, a 133,276-square-foot grocery-anchored retail center located about 30 miles west of New York City in Hanover. The sales price was $46 million. The property was built in phases between 2017 and 2020 and was fully leased to regional grocer Wegmans and Panera Bread at the time of sale. The sale also included two newly developed restaurant buildings that are leased to Capital Grille and Seasons 52. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli, J.B. Bruno and Nicholas Stefans of JLL represented Mack-Cali in the transaction. The buyer was not disclosed.

July 8, 2021

Cottage-Plaza-Pawtucket-Rhode-IslandCottage-Plaza-Pawtucket-Rhode-Island

Acquisitions Northeast Retail Rhode Island

IPA Negotiates $21.6M Sale of Cottage Plaza Retail Center in Pawtucket, Rhode Island

by Taylor Williams July 8, 2021

PAWTUCKET, R.I. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $21.6 million sale of Cottage Plaza, an 84,455-square-foot retail center in Pawtucket. Regional grocer Stop & Shop anchors the property, which was built on 14.6 acres between 2004 and 2005. Jim Koury, Dean Zang and David Crotts of IPA represented the undisclosed seller and procured the buyer, AAG Management Inc., in the transaction.

July 8, 2021

Newer Posts

Older Posts