Northeast

Princeton-West-Innovation-Campus-Hopewell-New-Jersey

BeiGene to Open 400,000 SF Life Sciences Facility in Hopewell, New Jersey

by Taylor Williams November 29, 2021

HOPEWELL, N.J. — BeiGene, a global biotech firm that develops cancer medicines, will open a 400,000-square-foot life sciences facility in Hopewell, a suburb of Trenton. The manufacturing and research facility will be situated on a 42-acre site within the Princeton West Innovation Campus that was previously owned by pharmaceutical giant Bristol Myers Squibb. Lincoln Equities Group owns Princeton West Innovation Campus. Construction is expected to begin in 2022 and to be complete in late 2023 or early 2024.

November 29, 2021

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates $52M Sale of Penrose Plaza Shopping Center in South Philadelphia

by Taylor Williams November 29, 2021

PHILADELPHIA — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $52 million sale of Penrose Plaza, a 258,494-square-foot shopping center in South Philadelphia. Anchored by Shoprite Supermarket, the center was 94 percent leased at the time of sale to tenants such as Planet Fitness, DD’s Discounts, Citi Trends, Fine Wine & Good Spirits and Chase Bank. Brad Nathanson of IPA represented the seller, a joint venture between Onyx Equities, Abrams Realty & Development and Siguler Guff & Co., in the deal. Nathanson also procured the buyer, United Hampshire US REIT.

November 29, 2021

Acquisitions Connecticut Industrial Northeast

Colliers Brokers Sale of 200,950 SF Industrial Flex Portfolio in Hartford Area

by Taylor Williams November 29, 2021

EAST HARTFORD AND WINDSOR, CONN. — Colliers has brokered the sale of The David Associates Connecticut Portfolio, a collection of three industrial flex buildings in the Hartford area totaling 200,950 square feet. Ian Hunt, Nick Morizio and John Cafasso of Colliers represented the undisclosed seller in the transaction. A New Jersey-based private investor purchased the portfolio, which was 90 percent leased at the time of sale, for $13.2 million.

November 29, 2021

Development Loans Multifamily Northeast Pennsylvania

Kawa Capital Arranges $25M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams November 29, 2021

PHILADELPHIA — Kawa Capital Management, a Florida-based financial planning and advisory firm, has arranged a $25 million construction loan for a 146-unit multifamily project in the Northern Liberties neighborhood of Philadelphia. Developed by Arts + Crafts Holdings and designed by JKRP Architects, the seven-story building will feature studio, one- and two-bedroom units and include 3,459 square feet of ground-floor retail space. Completion is slated for February 2023.

November 29, 2021

Leasing Activity New York Northeast Office Retail

Union Square Events Opens 70,000 SF Headquarters at Industry City in Brooklyn

by Taylor Williams November 29, 2021

NEW YORK CITY — Union Square Events, a locally based catering company, has opened a 70,000-square-foot headquarters space at Industry City, a 35-acre mixed-use development in Brooklyn. The new headquarters will include a 33,000-square-foot commissary kitchen, a 120-seat dining room for employees and traditional office space. A partnership between Belvedere Capital, Jamestown and Angelo Gordon owns Industry City.

November 29, 2021

Development Multifamily New York Northeast

Taconic Partners, NREA to Develop 33-Story Multifamily Building in Manhattan

by Taylor Williams November 24, 2021

NEW YORK CITY — Taconic Partners and National Real Estate Advisors (NREA) will develop a 33-story multifamily building at 312 W. 43rd St. in Manhattan’s Hell’s Kitchen neighborhood. Designed by Handel Architects, the project will consist of 330 rental units, 40,000 square feet of retail space and 30,000 square feet of indoor and outdoor amenity space. The amenity package will include a pool, rooftop terrace, workspaces and private gardens. Avison Young arranged $204 million in construction financing through The Union Labor Life Insurance Co. for the project, completion of which is slated for mid-2024.

November 24, 2021

Acquisitions Hospitality New York Northeast

Marcus & Millichap Brokers $55.5M Sale of Martinique New York Hotel in Manhattan

by Taylor Williams November 24, 2021

NEW YORK CITY — Marcus & Millichap has brokered the $55.5 million sale of the 531-room Martinique New York hotel, located at the corner of Broadway and 32nd Street in Manhattan. Eric Anton and Nelson Lee led a Marcus & Millichap team that represented the seller, New York-based Herald Hotel Associates LP, in the transaction. The buyer was Oklahoma City-based Burnett Equities. Marcus & Millichap also represented the new ownership in negotiations for several retail leases that were recently signed at the property.

November 24, 2021

Loans Multifamily New York Northeast Walker & Dunlop

Walker & Dunlop Arranges $160M Refinancing for Multifamily Property in Yonkers, New York

by Taylor Williams November 24, 2021

YONKERS, N.Y. — Walker & Dunlop has arranged a $160 million loan for the refinancing of Sawyer Place, a 438-unit multifamily property located outside of New York City in Yonkers. Built in 2020, the two-building complex features 31,000 square feet of ground-floor retail space, a 553-space parking garage and amenities such as a landscaped terrace, fitness center and an indoor theater. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Michael Ianno and Sean Bastian of Walker & Dunlop arranged the floating-rate, nonrecourse financing, which retires the original construction loan, through Mesa West Capital. The borrower was locally based development and investment firm RXR Realty.

November 24, 2021

Acquisitions Northeast Pennsylvania Retail

Axiom Realty Acquires 82,438 SF Shopping Center in Altoona, Pennsylvania

by Taylor Williams November 24, 2021

ALTOONA, PA. — Axiom Realty has acquired Orchard Plaza, an 82,438-square-foot shopping center in Altoona, located east of Pittsburgh in Blair County. Built in 1986, the center was 81 percent leased at the time of sale to tenants such as Big Lots, The American Red Cross and CosmoProf. MSC Retail represented the seller, Cincinnati-based shopping center REIT Phillips Edison, in the transaction.

November 24, 2021

Acquisitions New Jersey Northeast Retail

R.J. Brunelli Negotiates $4.9M Sale of Retail Property in East Brunswick, New Jersey

by Taylor Williams November 24, 2021

EAST BRUNSWICK, N.J. — New Jersey-based brokerage firm R.J. Brunelli & Co. has negotiated the $4.9 million sale of a 25,000-square-foot retail property in East Brunswick, located in Middlesex County. A Jersey Strong health club occupies the freestanding building. R.J. Brunelli represented the seller, WOW Plaza III LLC, in the transaction. Ellen Quentzel of Jordan Baris Inc. Realtors represented the buyer, New York-based KHC Development Inc.

November 24, 2021

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