MCKEESPORT, PA. — Phoenix Investors, a Milwaukee-based investment firm, has purchased a 600,000-square-foot industrial property in McKeesport, located southeast of Pittsburgh in Allegheny County. The property, which was built in 1963 and subsequently renovated in 2005 and 2018, is located on a 36-acre site approximately 35 miles southeast of Pittsburgh International Airport with proximity to Interstates 70 and 76. Ned Shekels of Pennsylvania Commercial Real Estate Inc. brokered the deal, the seller in which was not disclosed. Phoenix Investors expects to immediately commence upgrades to the facility to accommodate new tenant occupancy and market the available space for lease.
EAST HANOVER, N.J. — Avison Young has brokered the sale of Paper Mart’s warehouse and distribution center in East Hanover, located in Morris County. The facility, which sits on a 9.2-acre site, has served as the paper and office products supplier’s headquarters since 1978. Matthew Turse, Timothy Cadigan and Grant Otto of Avison Young represented Paper Mart in the transaction. Tom Consiglio and Scott Peck of Resource Realty represented the buyer, Urban Edge Properties, a New York-based REIT that was spun off from Vornado Realty Trust in 2015.
WALLINGFORD, CONN. — JLL has negotiated the $20.2 million sale of a 160,000-square-foot retail center in the New Haven suburb of Wallingford that is anchored by North Carolina-based Lowe’s Home Improvement. Nat Heald and Chris Angelone of JLL represented the seller, Davenport Cos., in the transaction. The buyer was not disclosed. The property was fully leased at the time of sale.
BOSTON — Nuestra Comunidad and Preservation of Affordable Housing (POAH) have broken ground on The Kenzi at Bartlett Station, a 50-unit affordable seniors housing community in Boston. The $27 million project is part of a five-phase redevelopment at a vacant bus yard, which Nuestra Comunidad and Windale Developers now own, located in Nubian Square within the Roxbury neighborhood. The Kenzi will feature 41 one-bedroom units, and three two-bedroom apartments in a 57,576-square-foot building. The housing includes 44 units restricted to Bostonians over the age of 55 who earn at or below 80 percent of the area median income, or $69,000 for a two-person household. The development also includes five units of housing for formerly homeless Bostonians. The project is supported by $15 million in state and federal housing tax credit investments, $4 million from the Massachusetts Department of Housing and Community Development, $1.8 million in Community Preservation Act funding, $750,000 from the Neighborhood Housing Trust, a $700,000 investment by POAH and $500,000 from the Boston Medical Center.
PITTSBURGH — New Jersey-based Tryko Partners will develop Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.
YORK, PA. — A joint venture between ASB Real Estate Investments and Endurance Real Estate Group has acquired York Business Center, a 1.5 million-square-foot industrial facility located in the central part of the state, for approximately $91 million. The three-building property, which was 94 percent leased at the time of sale, sits on a 119-acre site near the intersection of Interstate 83 and State Route 30. Tenants include Harley-Davidson, which operates a preassembly facility that supports the nearby manufacturing plant, as well as printing company LSC Communications and nonprofit healthcare provider WellSpan. Building features include clear heights of up to 32 feet and parking for roughly 1,600 cars and 400 trailers. The seller was not disclosed.
PORTSMOUTH, N.H. — Locally based development and investment firm The Kane Co. has completed construction of a 91,000-square-foot office building at 145 Maplewood Ave. in Portsmouth, located in the southern coastal part of the Granite State. New Hampshire-based firm PROCON handled design and construction of the project, which includes ground-floor retail space. Tenants include Heinemann Publishing, Steward Partners and Sentient Decision Science.
NEW YORK CITY — Rosewood Realty Group has negotiated the $24.5 million sale of a portfolio of seven multifamily buildings in The Bronx. The first property at 45 E. Moshulu Parkway North in the Norwood area was built in 1926 and totals 71 units. The second complex at 501 W. 147th St. in Hamilton Heights was constructed in 1930 and comprises 33 apartments and four commercial spaces. Lastly, the asset at 741-745 E. 217th St. in Olinville was built in 2005 and totals 21 units. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented both the buyer, a private family, and the seller, Ron Rettner, in the deal.
NEW YORK CITY — Avison Young has brokered the $15.5 million sale of two apartment buildings in New York City’s East Village neighborhood. The 10-unit building at 164 First Ave. includes three retail spaces and sold for $10.4 million, while the four-story property at 218 E. Ninth St. fetched a price of $5.1 million. Brandon Polakoff, James Nelson, Eric Karmitz and Ryan McGuirl of Avison Young represented the seller of 218 East 9th Street. Polakoff and McGuirl also handled the sale of 164 First Avenue. The buyers in both deals were not disclosed.
WHARTON, N.J. — Locally based developer CHA Partners has broken ground on a 66-unit multifamily project that will include 7,800 square feet of retail space in Wharton, about 40 miles west of New York City. The property will feature one-, two- and three-bedroom units and amenities such as a lobby with a coffee and beverage station, lounge seating areas and electric vehicle charging stations. The first units are expected to be available for occupancy next summer.