Northeast

Paramount Realty Services Sells 500,000 SF Retail Power Center in Philadelphia

by Taylor Williams August 24, 2021

PHILADELPHIA — Paramount Realty Services has sold Northeast Town Center, a 500,000-square-foot retail power center located at 4600 Roosevelt Blvd. in northeast Philadelphia. Walmart and Home Depot anchor the property, which was originally built in 1996. Other tenants include Old Navy, Ross Dress for Less, DD’s Discount, PetSmart, Pep Boys and Dollar Tree. Brad Nathanson of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the transaction. The buyer was not disclosed.

August 24, 2021

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $19.5M Sale of Shopping Center in Lynnfield, Massachusetts

by Taylor Williams August 24, 2021

LYNNFIELD, MASS. — Marcus & Millichap has brokered the $19.5 million sale of a 64,056-square-foot shopping center in Lynnfield, a northern suburb of Boston. The property consists of three buildings, including one that was built in 1991, remodeled in 2019 and is occupied by Christmas Tree Shops, as well as two others that were completed in 2018. Other tenants include Yankee Candle, Meraki Spa, Starbucks and East Boston Savings Bank. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.

August 24, 2021

Industrial Leasing Activity Massachusetts Northeast

Metrie Signs 121,623 SF Industrial Lease Expansion in Northborough, Massachusetts

by Taylor Williams August 24, 2021

NORTHBOROUGH, MASS. — Metrie, a manufacturer and distributor of interior finishings, has signed a 121,623-square-foot industrial lease expansion at 301 Bartlett St. in Northborough, located in Worcester County. Bill Sullivan, Jon Pezzoni and Matt Walker of Avison Young represented the tenant, which originally occupied 58,123 square feet before expanding by an additional 65,000 square feet, in the lease negotiations. Colliers International represented the undisclosed landlord. Metrie will take occupancy of its expanded space in October.

August 24, 2021

Acquisitions New Jersey Northeast Retail

JLL Negotiates $9M Sale of Retail Property in Downtown Newark

by Taylor Williams August 24, 2021

NEWARK, N.J. — JLL has negotiated the $9 million sale of a 62,275-square-foot retail property with redevelopment potential that is located at 727 Broad St. in one of downtown Newark’s Qualified Opportunity Zones. Michael Oliver, Marta Villa, Jose Cruz, Kevin O’Hearn and Steve Simonelli of JLL represented the undisclosed buyer and seller in the transaction.

August 24, 2021

Affordable Housing Development Multifamily New York Northeast

Partnership to Develop 330-Unit Affordable Housing Community in East Harlem

by Taylor Williams August 23, 2021

NEW YORK CITY — A partnership between Mega Development, operator Lantern Organization and the New York City Department of Housing & Preservation will develop Timbale Terrace, a 330-unit affordable housing community in East Harlem. The centerpiece of the community will be a 16,000-square-foot music and arts center that will be operated by the Afro Latin Jazz Alliance. As part of that partnership, adult residents at Timbale Terrace will have access to music-based vocational training, while children can enjoy arts and music education and afterschool programs. Information about income restrictions and a construction timeline was not disclosed.

August 23, 2021

Development New York Northeast Office

Omnibuild Begins Renovation of 300,000 SF Office Building in Manhattan

by Taylor Williams August 23, 2021

NEW YORK CITY — Locally based general contractor Omnibuild has begun the gut renovation of 122 Fifth Avenue, a 300,000-square-foot office building in Manhattan’s Union Square neighborhood. Project partners include developer/owner Bromley Cos. and STUDIOS Architecture. The project will upgrade the existing building’s MEP systems and elevators and install a rooftop pavilion with green space and seating areas. In addition, the development team will add a new 10-story structure along 17th Street.

August 23, 2021

Industrial Loans New Jersey Northeast

Capital One Provides $42M Loan for Refinancing of Industrial Building in Clifton, New Jersey

by Taylor Williams August 23, 2021

CLIFTON, N.J. — Capital One has provided a $42 million loan for the refinancing of a 220,000-square-foot warehouse/distribution building in the Northern New Jersey community of Clifton. The property features a clear height of 32 feet, 29 loading docks and ample car and trailer parking spaces. In addition, online grocery startup Weee! recently signed a long-term lease at the property. Capital One provided the 10-year, fixed-rate loan to a partnership between two New Jersey-based firms, KRE Group and The Stro Cos.

August 23, 2021

Acquisitions Georgia Multifamily New York Southeast Student Housing

Landmark, Blackstone Form $784M Joint Venture, Plan to Acquire Student Housing Portfolio

by Julia Sanders August 23, 2021

ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and New York-based Blackstone Real Estate Income Trust Inc. (BREIT) have formed a joint venture partnership in order to recapitalize and acquire eight student housing properties totaling 5,416 beds across the United States. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT in the $784 million deal. The sellers and the locations of the eight student housing properties were not disclosed. Blackstone completed the transaction because the company was looking to grow its student housing portfolio. Jacob Werner of Blackstone said the eight properties are at leading colleges that have rising enrollments. Landmark Properties is a student housing developer and owner-operator with $7.7 billion of properties under management currently. With this most recent student housing transaction, Landmark’s portfolio includes 79 student housing communities. The firm unveiled plans in July to develop three new student housing projects with a total of 2,544 beds across three states.

August 23, 2021

Acquisitions Healthcare Maine Northeast

Davis Acquires 107,228 SF Medical Office Building in Portland, Maine

by Taylor Williams August 23, 2021

PORTLAND, MAINE — Davis Medical Investors LLC, an affiliate of Minneapolis-based investment firm Davis, has acquired a 107,228-square-foot medical office building in Portland’s Bayside District. InterMed, Maine’s largest private medical practice, anchors the 10-story building, which was fully leased at the time of sale. Joe Massa of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the transaction.

August 23, 2021

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers Sale of 85,199 SF Shopping Center in Carver, Massachusetts

by Taylor Williams August 23, 2021

CARVER, MASS. — Marcus & Millichap has brokered the sale of an 85,199-square-foot shopping center in Carver, about 45 miles south of Boston. Grocer Shaw’s anchors the property, which was built in 2005. Other tenants include CVS, Anytime Fitness and Jamie’s Fine Wine & Spirits. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.

August 23, 2021

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