Northeast

Mill Creek Breaks Ground on 295-Unit Modera Montville Apartments in New Jersey

by Taylor Williams February 18, 2021

MONTVILLE, N.J. — Mill Creek Residential has broken ground on Modera Montville, a 295-unit apartment community that will be located about 35 miles west of New York City. The community will offer one-, two- and three-bedroom units that will feature stainless steel appliances, quartz countertops, custom cabinetry and individual washers and dryers. Amenities will include a resident lounge, business center, fitness center, coffee bar, game room, outdoor grilling areas and a rooftop deck. The first move-ins are expected to begin in 2023.

February 18, 2021

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 238-Unit Apartment Community in Stamford, Connecticut

by Taylor Williams February 18, 2021

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of eaves Stamford, a 238-unit apartment community in southern Connecticut. The property consists of three residential buildings and 3,600 square feet of commercial space within the city’s Glenbrook neighborhood. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, AvalonBay Communities, and the buyer, Cue Residential, in the transaction.

February 18, 2021

Regina-Community-Nursing-Center-Norristown

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Acquires 121-Bed Skilled Nursing Facility in Norristown, Pennsylvania

by Taylor Williams February 18, 2021

NORRISTOWN, PA. — Private equity investment firm Tryko Partners has acquired Regina Community Nursing Center, a 121-bed skilled nursing facility in Norristown, located about 12 miles northwest of Philadelphia. Built in 1980, the property is located within a 10-mile radius to nine short-term acute care hospitals. Tryko Partners plans to undertake a $3.5 million investment in physical plant renovations and specialty programming enhancements and to rebrand the property as Markley Rehabilitation & Healthcare Center.

February 18, 2021

Acquisitions Multifamily New York Northeast

Avison Young Brokers $7.5M Sale of Two Manhattan Multifamily Properties

by Taylor Williams February 18, 2021

NEW YORK CITY — Avison Young has brokered the sale of two four-story multifamily properties in Manhattan’s East Village neighborhood for a combined $7.5 million. The four-unit property at 349 E. 13th St. sold for $3.5 million, and the five-unit building at 405 E. 6th St. went for $4 million. Brandon Polakoff of Avison Young represented the undisclosed seller and the California-based 1031 exchange buyer in the transaction.

February 18, 2021

Development Mixed-Use New Jersey Northeast

Connell Underway on $400M Mixed-Use Redevelopment in Berkeley Heights, New Jersey

by Taylor Williams February 17, 2021

BERKELEY HEIGHTS, N.J. — New Jersey-based developer The Connell Company is underway on The Park, a $400 million mixed-use redevelopment project in the Northern New Jersey community of Berkeley Heights. The development spans 185 acres and will feature office, hospitality, residential and retail uses, as well as a network of jogging and nature trails, upon completion in 2023. Connell is set to begin construction this year on The District, a phase that will include some 300 apartments, as well as retail and entertainment space. The previous phase featured office space that opened last summer.

February 17, 2021

Development Massachusetts Northeast Seniors Housing

MIT Submits Plans for 690-Bed Residence Hall Targeting Graduate Students

by Taylor Williams February 17, 2021

CAMBRIDGE, MASS. — The Massachusetts Institute of Technology (MIT) has submitted plans for a 690-bed residence hall for graduate students at 269-301 Vassar St. on the university’s campus in Cambridge, according to reports by development tracking platform Bldup. The university will develop the project with American Campus Communities, according to reports, in order to “allow MIT the financial flexibility and resources necessary to expand bed capacity and expedite capital renewal improvements.” Further details on the development were not announced.

February 17, 2021

Development Multifamily Northeast Pennsylvania Seniors Housing

College Town Communities to Develop 132-Unit Student Housing Property in Metro Philadelphia

by Taylor Williams February 17, 2021

WILLOW GROVE, PA. — College Town Communities will develop a 132-unit student housing development near the Penn State Abington campus in Willow Grove, a northern suburb of Philadelphia. The developer recently acquired the four-acre development site from Fairhill Properties for $2.5 million. Chris Pennington of Binswanger Commercial Real Estate Services brokered the land deal. The new development will offer fully furnished two-bedroom units alongside communal amenities including a clubhouse, fitness center, business center, café, media lounge and a resort-style pool. The groundbreaking is scheduled for spring.

February 17, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Harrison Street, LCB Acquire 90-Unit Seniors Housing Community Near Boston

by Taylor Williams February 17, 2021

WATERTOWN, MASS. — A joint venture between Harrison Street Real Estate Capital and LCB Senior Living has acquired The Residence at Watertown Square, a 90-apartment senior living community located in the western Boston suburb of Watertown. Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units. Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano arranged an undisclosed amount of acquisition financing for the transaction. The seller was also undisclosed.

February 17, 2021

Leasing Activity New Jersey Northeast Retail

Harbor Freight Tools Opens 16,000 SF Store in Wayne, New Jersey

by Taylor Williams February 17, 2021

WAYNE, N.J. — Discount hardware and equipment retailer Harbor Freight Tools has opened a 16,000-square-foot store in Wayne, located outside of New York City. Lew Finkelstein, C.J. Huter and Roy Paret of The Goldstein Group represented the Landlord, Glen Eagle Shopping Center LLC, in the lease negotiations. Marcus Bourn and Andrew Connolly of Newmark represented the tenant.

February 17, 2021

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

Newmark Arranges $1.5B Recapitalization of Life Sciences, Office Campus in Boston

by Kristin Harlow February 17, 2021

BOSTON — Newmark has arranged the $1.5 billion recapitalization of 401 Park Drive and 201 Brookline Ave. in Boston’s Fenway submarket. The 1.5 million-square-foot campus sits on nearly nine acres. Concurrent with the financing transaction, Alexandria Real Estate Equities Inc. acquired a majority stake in the campus. The seller is a joint venture between institutional investors advised by J.P. Morgan Global Alternatives and Samuels & Associates. Boston-based Samuels will retain a minority interest in the campus and continue to operate, lease and lead development activities for the property in conjunction with the new majority owner. The asset at 401 Park Drive is an existing 973,145-square-foot office and retail tower. It is currently 93 percent occupied. The second property, 201 Brookline Ave., is a 510,116-square-foot laboratory and office tower that is currently under construction. It is 17 percent pre-leased with tenants expected to take occupancy in 2022. There is also potential for an additional phase of commercial development at the site. Located next to an MBTA Green Line station, the campus incorporates a recently created 1.1-acre park that provides direct access to new retailers Time Out Market and Trillium Brewing Co. The park also features an ice-skating rink in the winter. …

February 17, 2021

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