Northeast

J.G. Petrucci, Cabot to Develop 318,440 SF Spec Industrial Project in Wind Gap, Pennsylvania

by Taylor Williams April 30, 2021

WIND GAP, PA. — A partnership between locally based developer J.G. Petrucci Co. Inc. and Boston-based Cabot Properties will develop a 318,440-square-foot speculative industrial project in the Lehigh Valley city of Wind Gap. The property will feature a clear height of 36 feet, 39 dock-high loading positions, two drive-in doors, 54 trailer positions and ESFR fire protection. Jon Mikula and John Plower of JLL arranged the partnership between the two firms. A construction timeline was not disclosed.

April 30, 2021

Acquisitions Industrial New York Northeast

Elion Partners Acquires 180,000 SF Industrial Building in Queens

by Taylor Williams April 30, 2021

NEW YORK CITY — Private equity real estate firm Elion Partners has acquired a 180,000-square-foot industrial building located approximately five miles from John F. Kennedy International Airport in the Jamaica neighborhood of Queens. The sales price was $58 million. According to commercialcafé.com, the Class B property was built on 5.3 acres in 1961. The seller was not disclosed.

April 30, 2021

Acquisitions Delaware Multifamily Northeast

Rittenhouse Brokers Sale of 204-Unit Multifamily Portfolio in Wilmington, Delaware

by Taylor Williams April 30, 2021

WILMINGTON, DEL. — Philadelphia-based Rittenhouse Realty Partners has brokered the sale of a 204-unit multifamily portfolio in Wilmington, about 30 miles south of Philadelphia. The portfolio offers one-, two-, three- and four-bedroom units and had an occupancy rate above 90 percent at the time of sale. Corey Lonberger, Robert DiPasquale, Mark Duszak, Ken Wellar and Domenick Peronti of Rittenhouse brokered the deal. The buyer and seller were not disclosed.

April 30, 2021

Development Massachusetts Northeast Office

International Data Group Opens 125,000 SF Office Headquarters in Needham, Massachusetts

by Taylor Williams April 30, 2021

NEEDHAM, MASS. — International Data Group (IDG), a market research and data analytics firm, has opened a new, 125,000-square-foot office headquarters in the western Boston suburb of Needham. The company will consolidate its three main business units — IDC, IDG Communications and primary corporate entity IDG — under one roof. Dyer Brown, an architecture and interior design firm with offices in Boston and Atlanta, designed the facility, which can accommodate about 500 employees.

April 30, 2021

Loans Multifamily New Jersey Northeast Retail

NorthMarq Arranges $16.2M Loan for Refinancing of Two Multifamily, Retail Buildings in Princeton

by Taylor Williams April 30, 2021

PRINCETON, N.J. — NorthMarq has arranged a $16.2 million loan for the refinancing of two five-story multifamily and retail buildings in Princeton. The first property is located at 25 Spring St. and consists of 52 apartments and three retail spaces. The second property is located at 55 Witherspoon St. and comprises 24 units and two retail spaces. Principal Financial provided the funds. The borrower was a public-private partnership between Nassau HKT Associates and the Borough of Princeton.

April 30, 2021

New York Northeast

New York City to Fully Reopen on July 1, Says Mayor de Blasio

by Taylor Williams April 29, 2021

NEW YORK CITY — On Thursday morning, New York City Mayor Bill de Blasio told MSNBC that the city would fully reopen on July 1, citing office buildings, restaurants, retail establishments and theaters as property types that will be cleared to resume business at full occupancy. The mayor stated that roughly 6 million doses of COVID-19 vaccines had been administered throughout the city, with roughly 36 percent of its adult population now fully vaccinated. Previously, New York Gov. Andrew Cuomo had initiated plans to ease restrictions on some of these properties, such as allowing office buildings to operate at 50 to 75 percent capacity and ending curfew times at bars. Both of those measures are set to take effect in May.

April 29, 2021

Acquisitions Massachusetts Northeast Office

CIM Group, Nordblom Sell Two Boston Office Towers Totaling 475,000 SF to Blackstone

by Taylor Williams April 29, 2021

BOSTON — A partnership between Los Angeles-based investment firm CIM Group and Massachusetts-based Nordblom has sold 1000 Washington St. and 321 Harrison Ave., two office towers in Boston’s South End neighborhood totaling 475,000 square feet. The partnership originally purchased the properties, in 2017 and repositioned them: 1000 Washington Street, an 11-story, 242,000-square-foot building was renovated to provide Class A office space; and 321 Harrison Avenue, a three-story parking garage, was expanded by eight floors to create an 11-story, 233,000-square-foot office building. Funds managed by Blackstone acquired the buildings, and life sciences company BioMed Realty will operate the properties.

April 29, 2021

Acquisitions Multifamily New Jersey Northeast

JLL Negotiates $114.4M Sale of Prospect Place Apartments in Hackensack, New Jersey

by Taylor Williams April 29, 2021

HACKENSACK, N.J. — JLL has negotiated the $114.4 million sale of Prospect Place Apartments, a 360-unit multifamily community located outside Manhattan in Hackensack. The property offers one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include two fitness centers, a pool, game room, resident lounge and a business center. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, J.B. Bruno and Michael Kavanagh of JLL represented the seller, Kushner Cos., in the transaction. The buyer was a partnership between Khosla Capital LLC and DKJ Equity LLC.

April 29, 2021

Development Multifamily Northeast Pennsylvania

GMH Capital, Wexford Near Completion of 461-Unit Multifamily Project in Philadelphia

by Taylor Williams April 29, 2021

PHILADELPHIA — GMH Capital Partners LP, in partnership with Wexford Science & Technology LLC, is nearing completion of ANOVA at uCity Square, a 461-unit multifamily project in Philadelphia’s University City area. The property will include 14,000 square feet of retail space and a 157-space parking garage. Units will feature one-, two- and three-bedroom floor plans with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities will include a pool, indoor and outdoor lounges, fitness center with yoga and spin studios, coworking spaces, a complimentary coffee bar and beer taps, golf simulator and a dog washing station. Construction began in March 2020 and is scheduled for completion in August.

April 29, 2021

Acquisitions Healthcare Industrial Massachusetts Northeast

Clarion Partners Buys 58,935 SF Biomanufacturing Facility in Braintree, Massachusetts

by Taylor Williams April 29, 2021

BRAINTREE, MASS. — New York-based Clarion Partners has purchased a 58,935-square-foot biomanufacturing facility at 55 Messina Drive in Braintree, a southern suburb of Boston. The property features six wet labs, temperature-controlled rooms, a new water filtration system and 18.5-foot ceiling heights. The facility was fully leased to Zimmer Biomet, a global leader in musculoskeletal healthcare, at the time of sale. Scott Dragos of CBRE brokered the deal. The seller was not disclosed.

April 29, 2021

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