EAST WINDSOR, N.J. — Colliers International has brokered the $20 million sale of an 80,000-square-foot medical office complex in East Windsor, about 50 miles northeast of Philadelphia. Kim Kretowicz of Colliers represented the seller, Gordon Princeton Mab Associates, an affiliate of New Jersey-based medical office developer The Gordon Group. Kretowicz also represented the buyer, a partnership between global investment firm OrbVest and Wythe Medical Properties LLC NJ.
By Mark Meisner, president and founder, The Birch Group For many years, corporations have been rethinking their office space utilization, both in terms of square footage per employee and various configurations that allow employees to collaborate and thrive within office settings. As we look ahead to the return to the office, we are already hearing that corporate culture, the sharing of ideas and training of new hires have become driving forces in getting people back into the workplace. At the same time, an increasing number of companies are also considering the hub-and-spoke model as part of their overarching corporate strategic planning. The openings of these satellite offices allow companies to tap into larger talent pools, reduce employee commute times and in some cases, avoid mass transit altogether. Over the past several years, we’ve seen companies like Ross Dress for Less take space on both sides of “The River,” opening offices on Long Island and in The Meadowlands to supplement its New York City headquarters. Now more than ever, with the suburban office market showing signs of a resurgence, there is an onus to go back to the basics and leverage a tenant-focused approach to bolster leasing and differentiate properties. At …
BOSTON — The Ritz-Carlton has reopened its 193-room hotel at 10 Avery St. in downtown Boston following Massachusetts Gov. Charlie Baker’s decision to lift COVID-19 restrictions in advance of Memorial Day. The reopening of the hotel includes the return of Artisan Bistro for breakfast and dinner service, as well as the hotel’s nine meeting rooms, including the 3,500-square-foot ballroom that overlooks the Boston Common. The hotel, which has been closed since March 20202, has added multiple cleaning stations, supplies and protocols for common areas and guestrooms. Guests and staff will be required to wear masks in all indoor public spaces. In addition to the aforementioned amenities, guests will also have access to the 114,000-square-foot Equinox Sports Club Boston that connects to the hotel.
AUBURN, MASS. — Newmark has negotiated the sale of a 285,437-square-foot industrial property at 26 Southbridge St. in Auburn, located south of Worcester. The property was fully leased to locally based soft drink distributor Polar Beverages at the time of sale. Robert Griffin, Edward Maher, Tony Coskren, Matthew Pullen, Samantha Hallowell and Brian Pinch of Newmark represented the undisclosed seller in the transaction. The team also procured the buyer, Westbrook Partners. The sales price was not disclosed.
PAWTUCKET, R.I. — Berkadia has provided a $16.7 million HUD-insured loan for the refinancing of 1 Lofts, a 112-unit apartment community in Pawtucket. The property was originally built in 1920 and was converted to a loft-style complex with a variety of floor plans in 2018. Amenities include a game room, tennis court, basketball court, picnic area and onsite laundry facilities. Kevin Kozminske and Yuri Kletsman of Berkadia structured the financing, which carried a 35-year term and a fixed interest rate, through HUD’s 223(f) program. The name of the Rhode Island-based borrower was not disclosed.
GLEN RIDGE, N.J. — JMF Properties is nearing completion of Clarus Glen Ridge, a 110-unit apartment project in the Northern New Jersey community of Glen Ridge. Units will feature one- and two-bedroom floor plans and stainless steel appliances and individual washers and dryers, while select units will offer private outdoor spaces. Amenities will include a fitness center with a personal training studio, a resident lounge with a wet bar, business center, theater room and an outdoor courtyard with seating areas and fire pits. Leasing is set to begin in July. Rental rates are still being determined.
GREENFIELD, MASS. — Northeast Private Client Group (NEPCG) has brokered the $12.7 million sale of Pine Ridge Estates, a 108-unit multifamily community in Greenfield, located in the northwestern part of the state. Built on 4.5 acres in 1972, the property features one- and two-bedroom units, as well as a fitness center and onsite laundry facilities. Brad Carlson, Taylor Perun and Drew Kirkland of NEPCG represented the seller and procured the buyer in the transaction. The asset traded at a cap rate of 5.6 percent.
CONCORD, N.H. — New Hampshire-based investment firm Brady Sullivan Properties has acquired One Granite Place, an office park that consists of two interconnected mid-rise buildings that are situated on a 181-acre wooded campus. The new ownership plans to implement a value-add program at the 114,000-square-foot South Tower, which was vacant at the time of sale. The seller and sales price were not disclosed.
NEW YORK CITY — BHI, the U.S. division of Israeli financial institution Bank Hapoalim, has provided a $102.7 million construction loan for the development of a multifamily project at 1165 Madison Ave. on Manhattan’s Upper East Side. Naftali Group is developing the 62,700-square-foot project, which will offer 12 for-sale condos and 3,750 square feet of retail space. Robert A.M. Stern Architects is designing the project. Completion is slated for May 2023.
NEW YORK CITY — Locally based brokerage firm Brax Realty has negotiated the $52.5 million sale of a 65,000-square-foot office building located at 260 Fifth Ave. in between 28th and 29th streets in Manhattan’s NoMad District. The 12-story building was mostly vacant at the time of sale. Michael Ferrara of Brax Realty represented the seller in the transaction. Andrew Zang and Greg Albert of Savills represented the buyer. Both parties requested anonymity.