BRIDGEWATER, N.J. — Cushman & Wakefield has brokered the sale of two industrial buildings totaling 204,000 square feet that are located in the Northern New Jersey community of Bridgewater. Both buildings feature cross-dock configurations and clear heights of 23 feet and were fully leased at the time of sale. A Cushman & Wakefield team of Gary Gabriel, David Bernhaut, Kyle Schmidt and Seth Zuidema represented the seller, Camber Real Estate Partners, and procured the buyer, High Street Logistics Properties, in the transaction. The sales price was not disclosed.
WALTHAM, MASS. — Atlanta-based home improvement retailer Floor & Décor will open a 70,000-square-foot store at 80 Second Ave. in the western Boston suburb of Waltham on Thursday, Sept. 23. The store, which will be the retailer’s third location in Massachusetts, will include warehouse space and a design center. Floor & Décor has hired about 50 full- and part-time associates to work at the store.
PENNSAUKEN, N.J. — Colliers International has negotiated a 63,347-square-foot industrial lease at 6901 N. Crescent Blvd. in Pennsauken, located in Southern New Jersey. Ian Richman and Marc Isdaner of Colliers represented the landlord, Velocity Venture Partners, in the transaction. Scott Mertz of NAI Mertz represented the tenant, TopPop, a provider of packaging for frozen alcoholic beverages. TopPop expects its new facility to be operational by January.
VINELAND, N.J. — Cronheim Mortgage has arranged a $9.6 million acquisition loan for Maintree Shopping Center, a 140,000-square-foot grocery-anchored retail property located in the Southern New Jersey city of Vineland. Andrew Stewart and David Poncia of Cronheim Mortgage arranged the fixed-rate loan, which carried a five-year term and a 25-year amortization schedule, on behalf of the borrower, Aspen Real Estate. The property was 80 percent leased at the time of the loan closing. The direct lender was an undisclosed, Philadelphia-based credit union.
CAMBRIDGE, MASS. — Newmark has brokered the $180 million sale of Cambridge Highlands, a 228,592-square-foot office and R&D campus located on a 9.7-acre site in the greater Boston area. The four-building campus serves as the headquarters of Raytheon BBN Technologies, a division of global aerospace and defense giant Raytheon. Robert Griffin, Edward Maher, Matthew Pullen, Michael Byrne, Samantha Hallowell and Thomas Greeley of Newmark represented the seller, New York-based Clarion Partners, in the transaction. The team also procured the undisclosed buyer.
EAST CAMBRIDGE, MASS. — A partnership between Leggat McCall Properties and Granite Properties is underway on the redevelopment of a former courthouse building located at 40 Thorndike St. in East Cambridge. The redevelopment will add 48 affordable housing apartments, as well as office and retail space and a childcare facility. Elkus Manfredi Architects is designing the project, and John Moriarty & Associates is serving as the general contractor. JLL arranged $300 million in construction financing through Bank OZK on behalf of the partnership and has been retained to provide leasing services. JLL also secured joint venture equity for the project through CBRE Global Investors. Completion is slated for fall 2023.
SOMERSET, N.J. — EverWest Real Estate Investors and Woodmont Properties have acquired an office building and adjacent development site in the Northern New Jersey community of Somerset with plans to redevelop the building and site into a 426,000-square-foot industrial complex. The partnership acquired the 351,782-square-foot building and seven-acre land parcel for $42.7 million. The new industrial complex will consist of two buildings spanning 294,000 and 132,000 square feet. Completion of the redevelopment is slated for 2023. Elli Klapper, Kevin Dudley and Mark Silverman of CBRE brokered the deal in conjunction with Stephen Feinberg of EverWest and Anthony Amadeo of Woodmont.
HARTFORD, CONN. — A partnership between Pennrose, The Cloud Co. LLC, JDA Development and The Housing Authority of the City of Hartford has completed Phases I and II of Village at Park River, a mixed-use project in Hartford. The project is a redevelopment of a former Westbrook Village public housing site. Upon full completion, the development will consist of more than 400 units of mixed-income housing, 100,000 square feet of combined office and retail space, bike paths, a park, gardens and a communal amenity building. The first two phases delivered 135 units, the majority of which are reserved for renters earning 60 percent or less of the area median income.
NIAGARA, N.Y. — Boston-based Atlantic Capital Partners has brokered the sale of Wegmans Plaza, a 122,876-square-foot shopping center in the Upstate New York community of Niagara. Regional grocer Wegmans anchors the property, which was 80 percent leased at the time of sale. Justin Smith, Chris Peterson, Shannon Older, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented both unnamed parties in the transaction.
NEW YORK CITY — New York City-based Lument has launched an investment sales and advisory group dedicated to affordable housing. Cliff McDaniel will head the initiative and serve as senior managing director. McDaniel’s team includes managing directors Derek DeHay and Chris Bergmann. They will join Timothy Bracken, also a managing director, who moved to Lument earlier in 2021, as founding members of the group. Lument is a commercial real estate finance company comprised of legacy firms Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group. Lument is an FHA, Fannie Mae, Freddie Mac and proprietary lender. The investment sales and advisory functions of the new group will complement existing financial services. According to McDaniel, the affordable housing team will provide access to thousands of lending, asset management and LIHTC relationships that Lument has established over the years.