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336-Logistics-Drive-Hamburg-Pennsylvania
AcquisitionsIndustrialNortheastPennsylvania

JLL Negotiates $22.3M Sale of Industrial Property in Hamburg, Pennsylvania

by Taylor Williams

HAMBURG, PA. — JLL has negotiated the $22.3 million sale of a 149,632-square-foot industrial property in the Lehigh Valley community of Hamburg. Built in 2020, the building features a clear height of 32 feet, 24 overhead doors and an ESFR sprinkler system. John Plower, Pete Pittroff, Ryan Cottone and Jeff Lockard of JLL represented the seller, a joint venture between The Keith Corp. and Kiel Group, in the transaction. Boston-based TA Realty purchased the asset, which was fully leased to two tenants, S Walter Packaging and LTL Home Products, at the time of sale.

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Cigars-International-Bethlehem-Pennsylvania
DevelopmentIndustrialNortheastPennsylvania

J.G. Petrucci Begins 100,000 SF Industrial Expansion Project in Lehigh Valley

by Taylor Williams

BETHLEHEM, PA. — Locally based developer J.G. Petrucci Co. Inc. has begun construction on a 100,000-square-foot industrial expansion project at the headquarters of Cigars International in the Lehigh Valley city of Bethlehem. The project will increase the total size of the building to 213,500 square feet and will include an interior build-out for advanced material handling equipment. The project is slated for completion by the end of the year.

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The-Randolph-Plainfield-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Developer CHA Partners Completes 120-Unit Randolph Apartments in Plainfield, New Jersey

by Taylor Williams

PLAINFIELD, N.J. — New Jersey-based developer CHA Partners has completed The Randolph, a 120-unit apartment complex in the Northern New Jersey community of Plainfield. Construction of the project, which is located at the site of the former Muhlenberg Regional Medical Center, began in late 2019. Units feature one- and two-bedroom floor plans, and amenities include a fitness center, dog park, multi-purpose event rooms, outdoor lounge areas and an automated package system. CHA Partners developed the property in a public-private partnership with the City of Plainfield.

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AcquisitionsIndustrialNortheastPennsylvaniaSelf-Storage

Marcus & Millichap Brokers Sale of 371-Unit Self-Storage Facility in Middletown, Pennsylvania

by Taylor Williams

MIDDLETOWN, PA. — Marcus & Millichap has brokered the sale of Londonderry Storage, a 371-unit self-storage facility in Middletown, a suburb of Harrisburg. Built in 1999 and expanded on an adjacent parcel in 2003, the property consists of 49,250 net rentable square feet of non-climate-controlled space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer and sales price were not disclosed. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.

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Dunellen-Station-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Prism Capital Breaks Ground on 252-Unit Mixed-Income Community in Dunellen, New Jersey

by Taylor Williams

DUNELLEN, N.J. — New Jersey-based Prism Capital Partners has broken ground on a 252-unit, mixed-income community at the site of the former Art Color industrial facility in Dunellen, about 40 miles southwest of New York City. The property will consist of 194 one- and two-bedroom units that will be rented at market rates, as well as 58 units with various income restrictions and 10,000 square feet of retail space. The development will also include 130 for-sale townhomes to be constructed by a national homebuilder. Amenities will include a pool, fitness center, clubhouse and meeting rooms. Construction is slated for completion in spring 2022.

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Clifton-Medical-Office
HealthcareLoansNew JerseyNortheastOffice

Progress Capital Arranges $35.2M Loan for Refinancing of Medical Office Building in Clifton, New Jersey

by Taylor Williams

CLIFTON, N.J. — New Jersey-based mortgage banking firm Progress Capital has arranged a $35.2 million loan for the refinancing of a 203,000-square-foot medical office building in the Northern New Jersey city of Clifton. Tenants at the property include Summit Medical Group, AECOM and SSB Realty, and building amenities include a cafeteria, fitness center and a conference room. Natixis Real Estate Capital provided the nonrecourse, interest-only loan. The borrower was ERCT Capital Group. Brad Domenico of Progress Capital placed the debt.

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LoansMassachusettsMultifamilyNortheast

KeyBank Closes $25M Agency Acquisition Loan for Apartment Complex in Lawrence, Massachusetts

by Taylor Williams

LAWRENCE, MASS. — KeyBank Real Estate Capital has closed a $25 million Freddie Mac acquisition loan for Saunders Crossing, a 222-unit apartment community in Lawrence, located north of Boston near the Massachusetts-New Hampshire border. The eight-acre, garden-style property was built in phases between 1972 and 2005 and offers studio, one- and two-bedroom floor plans. Amenities include a pool and a business center. Dirk Falardeau and Matt Purtell of KeyBank originated the 10-year, interest-only loan on behalf of the borrower, locally based multifamily investment and management firm Dolben.

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AcquisitionsIndustrialNew YorkNortheast

JLL Negotiates $13.7M Sale of Industrial Property in Farmingdale, New York

by Taylor Williams

FARMINGDALE, N.Y. — JLL has negotiated the $13.7 million sale of a 96,600-square-foot light industrial facility in Farmingdale, located on Long Island. The property sits on a four-acre site less than two miles from the Long Island Expressway and was 92 percent leased to multiple tenants at the time of sale. Jose Cruz, Jordan Avanzato, Marc Duval, Mike Kavanagh, Nick Stefans and Andrew Scandalios of JLL represented the undisclosed seller, which acquired the asset in 2004 and made multiple capital improvements, in the transaction. Additional terms of sale were not disclosed.

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162-168-Van-Dyke-St.-Brooklyn
IndustrialMarket ReportsNew YorkNortheastNortheast Market Reports

New York City Industrial Market Held Strong in 2020, Has Promising 2021 Ahead

by Taylor Williams

By Jakub Nowak, senior vice president investments, Marcus & Millichap Last year’s COVID-19 lockdown took a major toll on parts of New York City’s real estate market. The city’s industrial sector, however, fared relatively well compared with other asset classes. Although dollar volume for outright industrial sales transactions over $1 million fell by almost 25 percent from $1.75 billion in 2019 to $1.35 billion in 2020, the average price per square foot over the same period held flat at about $445 per square foot. Meanwhile, capitalization rates for industrial properties in 2020 continued their steady downward trajectory, compressing further from 4.7 to 4.4 percent on a year-over-year basis. Importantly, these 2020 sales numbers do not account for the $800 million-plus of institutional capital that poured into local industrial real estate by way of partial interest sales. Notable transactions included a joint venture between Hackman Capital and Square Mile Capital deploying just under $375 million for a majority interest in Queen’s Silver Cup Studios; GIC obtaining a 25 percent stake in Sunset Park’s Industry City for $330 million; and a joint venture between Madison Realty Capital, Meadow Partners and Acadia Realty acquiring a share of Sunset Park’s Liberty View Plaza for …

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AcquisitionsCompany NewsData CentersKansasMidwestNew YorkNortheastTop Stories

Blackstone Agrees to Acquire Data Center Giant QTS Realty Trust in $10B Deal

by John Nelson

NEW YORK CITY AND OVERLAND PARK, KAN. — Blackstone (NYSE: BX) has entered into a definitive acquisition agreement with QTS Realty Trust (NYSE: QTS), a data center real estate investment trust, in an all-cash transaction valued at $10 billion. Upon completion of the transaction, the parties expect that QTS will continue to be led by its senior management team and maintain its corporate headquarters in Overland Park. QTS has a diverse footprint spanning more than 7 million square feet of owned data centers across 28 markets in North America and Europe, including Atlanta, Chicago, Dallas-Fort Worth, Miami, the Netherlands, Northern Virginia, Overland Park, the Pacific Northwest, Phoenix and Southern California. The decision by Blackstone follows several high-profile acquisitions in other niche real estate property sectors. Since January 2020, the New York City-based firm’s dealings have included a joint venture with Starwood Capital to buy hotelier Extended Stay America for $6 billion; the $3.4 billion acquisition of a life sciences portfolio in metro Boston; a joint venture with Hudson Pacific to develop movie studios and creative offices in Hollywood, Calif.; and a $4.6 billion partnership with MGM Growth Properties to buy the MGM Grand and Mandalay Bay casinos in Las Vegas. …

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