Northeast

Zeta Charter Schools to Open 124,000 SF Academic Institution in Upper Manhattan

by Taylor Williams July 8, 2021

NEW YORK CITY — Zeta Charter Schools will open a 124,000-square-foot academic institution at 400 W. 219th St. in Upper Manhattan. The school, which will be called Zeta Inwood, will serve students from pre-kindergarten to eighth grade and is slated to open ahead of the 2023-2024 academic year. The campus will have multiple outdoor play areas, including a 10,000-square-foot rooftop playground as well as a separate early childhood playground and an indoor basketball court. Bolivar Development is constructing the eight-story building that will house the new school. Lindsay Ornstein, Stephen Powers and Thomas Hines of Transwestern provided tenant advisory services for Zeta Charter Schools.

July 8, 2021

Acquisitions Northeast Pennsylvania Retail

Dunhill Auto Group Acquires 10,000 SF Retail Property in Quakertown, Pennsylvania

by Taylor Williams July 8, 2021

QUAKERTOWN, PA. — New Jersey-based Dunhill Auto Group has acquired a 10,000-square-foot retail property at 840 S. West End Blvd. in Quakertown, located north of Philadelphia in Bucks County. Rich Weitzman of Colliers International represented the seller, Peruzzi Auto Group, in the transaction. A Mitsubishi dealership currently occupies the three-acre site.

July 8, 2021

Acquisitions Content Partner Data Centers Development Features Industrial Midwest NAI Northeast Southeast Texas Western

From Hype to Hyperscalers: NAI Global Discusses Trends for Data Centers

by Sarah Daniels July 8, 2021

Data centers have exploded in importance over the last year and a half. Kevin Goeller, principal, NAI KLNB, has over 21 years of experience in the field of data center development, sales and leasing, but says that, lately, exponential change is driving demand in this asset class. He spoke to REBusinessOnline about the booming need and limiting factors for data centers. REBusiness: Tell us about the sudden, increased demand for data centers. What amount of this demand is due to the pandemic driving people to work from home? What amount of the demand is here to stay? Goeller: Prior to the pandemic, we were already in an upward curve because of the added disciplines of 5G and edge data centers contributing to the already competitive growth of the hyperscalers and multitenant data centers. Data center development didn’t have the interest from institutional investors that it does today; these assets were just starting to get these institutions to chase them as a real estate discipline. Fast forward to the pandemic, which added Zoom, Microsoft Teams and other video conferencing and work-from-home needs. These put additional pressure on an already pressurized discipline, an asset class already trying to adapt and grow. REBusiness: …

July 8, 2021

Market Reports Multifamily New York Northeast Northeast Market Reports Student Housing

Student Housing Sector Leads New York City Multifamily Market’s Comeback

by Taylor Williams July 8, 2021

By Mark Fogel, founder, ACRES Capital Despite the pandemic-related uncertainty that dominated the markets in 2020, the student housing sector consistently displayed strong pre-lease occupancy rates among properties under construction, suggesting that the asset class would be well-positioned to hit the ground running in 2021. According to RealPage Analytics, students, encouraged by the prospect of fully reopened campuses, fueled a nearly 10 percent nationwide increase in pre-lease occupancy at off-campus housing between March and April of this year. This data in particular seems to support improvement for the student housing sector overall. Research organization RealPage has tracked student housing occupancy rates at 175 major universities across the country, a sort of barometer for the larger industry. As of March, the company’s data showed that 59.6 percent of beds at those universities were preleased for the fall 2021 semester. While that figure is still 200 basis points below the March 2020 level, it seemingly speaks to students’ preference to get back to living on campus. And while this is good news for operators and developers, the resiliency of the student housing market is bringing forth an unintended, but positive effect on one of the hardest-hit rental markets in the country: New …

July 8, 2021

Acquisitions Industrial Massachusetts Northeast Self-Storage

CBRE Negotiates $74.5M Sale of Industrial, Self-Storage Portfolio Near Boston

by Taylor Williams July 7, 2021

CHARLESTOWN, MASS. — CBRE has negotiated the $74.5 million sale of The Town Industrial Portfolio, a collection of three industrial and self-storage buildings totaling 110,898 square feet in Charlestown. The buildings are situated on a combined 4.3 acres near Interstates 90 and 93 on the north side of Boston. The portfolio consists of a 21,586-square-foot industrial building, a CubeSmart-branded self-storage facility with 617 interior storage units and 28 exterior storage units and a fully leased flex/R&D facility. Scott Dragos, Chris Skeffington, Doug Jacoby, Tony Hayes, Tim Mulhall, Roy Sandeman and Dan Hines of CBRE represented the seller, Center Court, in the transaction. The buyer was The Related Cos.

July 7, 2021

Acquisitions Multifamily Northeast Pennsylvania Student Housing

JLL Brokers Sale of 552-Bed Student Housing Property in Kutztown, Pennsylvania

by Taylor Williams July 7, 2021

KUTZTOWN, PA. — JLL has negotiated the sale of Edge at Kutztown, a 552-bed student housing property serving students at Kutztown University of Pennsylvania, located roughly midway between Reading and Allentown. The sales price was $20.1 million. The property’s 184 units are furnished with full appliance packages, vinyl tile flooring, Formica countertops and individual washers and dryers. Amenities include a clubhouse, outdoor grilling stations, game room and package receiving area. Fran Coyne, Tom Hall, Mark Thomson and Carl Fiebig of JLL represented the seller, a private investor, in the transaction. The buyer was DLP Real Estate Capital.

July 7, 2021

Acquisitions Multifamily New York Northeast Student Housing

Harrison Street Buys Two Student Housing Communities Totaling 281 Beds Near Cornell University

by Taylor Williams July 7, 2021

ITHACA, N.Y. — Chicago-based investment firm Harrison Street has acquired The Lux and The Lofts, two student housing communities serving students at Cornell University in Ithaca. The properties respectively offer 207 and 74 beds in various floor plans. Both assets were 95 percent occupied at the time of sale. Ryan Lang and Ben Harkrider of Newmark represented Harrison Street and the seller, a partnership between Ithaca-based Visum Development Group and equity partner East To West Capital, in the transaction.

July 7, 2021

Leasing Activity New Jersey Northeast Restaurant Retail

Pinstripes to Open Entertainment Center in Paramus, New Jersey

by Taylor Williams July 7, 2021

PARAMUS, N.J. — Pinstripes, an entertainment concept that combines bowling and bocce ball with food and beverages, will open a new venue at Westfield Garden State Plaza in the Northern New Jersey community of Paramus. The opening is scheduled for late 2022. Unibail-Rodamco-Westfield owns the 2.1 million-square-foot property.

July 7, 2021

Loans Massachusetts Northeast Seniors Housing

M&T Provides $17.6M Loan for Refinancing of Metro Boston Skilled Nursing Facility

by Taylor Williams July 7, 2021

CHELSEA, MASS. — M&T Realty Capital has provided a $17.6 million FHA-insured loan for the refinancing of a 120-unit skilled nursing facility located in Chelsea, a northeastern suburb of Boston. The loan was completed under HUD’s 232 program, which provides mortgage insurance for residential care properties such as assisted living facilities and nursing homes. The borrower was not disclosed.

July 7, 2021

Acquisitions Hospitality New York Northeast

DiamondRock Hospitality Sells Lexington Hotel in Midtown Manhattan for $185.3M

by Taylor Williams July 6, 2021

NEW YORK CITY — DiamondRock Hospitality Co. (NYSE: DRH), a Maryland-based REIT, has sold the 725-room Lexington Hotel in Midtown Manhattan for $185.3 million, or roughly $256,000 per room. The sales price represents a cap rate of 5.4 percent based on the hotel’s 2019 net operating income. The Lexington Hotel features multiple meeting and event spaces. DiamondRock intends to invest the net proceeds from the sale in resort and urban lifestyle hotels. The buyer was locally based hospitality owner-operator MCR.

July 6, 2021

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