Northeast

CBRE Brokers Sale of 176-Unit Apartment Complex in Hudson, Massachusetts

by Taylor Williams January 14, 2025

HUDSON, MASS. — CBRE has brokered the sale of a 176-unit apartment complex in Hudson, a western suburb of Boston. Matrix Hudson is a five-building property that was completed in 2017. Units come in one- and two-bedroom floor plans and feature an average size of 1,006 square feet. Amenities include a clubroom, fitness center and a business center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of The Claremont Cos., in the transaction. The team also procured the buyer, a fund backed by Zurich Alternative Asset Management.

January 14, 2025

Acquisitions Civic Massachusetts Northeast

Colliers Arranges Sale of Former Cambridge Matignon School Campus in Metro Boston

by Taylor Williams January 14, 2025

CAMBRIDGE, MASS. — Colliers has arranged the sale of the former Cambridge Matignon School campus in metro Boston. The 7.8-acre campus totals 83,136 square feet across two buildings that were originally constructed in 1945. The campus also houses playing fields, science labs, an auditorium and a gymnasium. James Elcock and John Real of Colliers represented the seller, the Archdiocese of Boston, in the transaction. The buyer was Benjamin Banneker Charter Public School. Cambridge Matignon School closed in 2023.

January 14, 2025

Development Massachusetts Multifamily Northeast

JPDNC to Undertake 48-Unit Affordable Housing Redevelopment Project in Boston

by Taylor Williams January 14, 2025

BOSTON — The Jamaica Plain Neighborhood Development Corp. (JPDNC) will undertake a 48-unit affordable housing redevelopment project in Boston. The nonprofit owner-operator will convert a dilapidated, obsolete building in the Dorchester area into housing for seniors aged 55 and above. The property will be known as The Cheney Homes and will primarily house one-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. ICON Architecture is designing the redevelopment, and NEI General Contracting is handling construction. MassHousing is financing the project in conjunction with other public-sector entities.

January 14, 2025

Acquisitions Company News New York Office Texas Top Stories

CBRE to Acquire Coworking Operator Industrious, Create New Business Segment

by Hayden Spiess January 14, 2025

DALLAS AND NEW YORK CITY — CBRE Group Inc. (NYSE: CBRE) has announced plans to acquire Industrious National Management Co. LLC, a flexible workspace provider. Dallas-based CBRE, which has invested in Industrious since late 2020 through roughly 40 percent equity interest and a $100 million convertible note, will purchase the remaining 60 percent equity stake for approximately $400 million, giving Industrious an overall valuation of $800 million. Founded in 2012, New York City-based Industrious offers workplaces with private offices, suites, meeting rooms and desks. The current Industrious portfolio features approximately 200 properties across 65 cities globally. According to a press release issued by CBRE, Industrious’ revenue has grown at a compound annual rate of more than 50 percent since 2021. In addition to the acquisition, CBRE will establish a new business segment. Dubbed Building Operations & Experience (BOE), the new segment will “unify building operations, workplace experience and property management, positioning CBRE to deliver scalable, future-ready solutions for offices, data centers, warehouses and other facilities,” according to CBRE. Jamie Hodari, CEO and co-founder of Industrious, will lead CBRE’s BOE division, which will include CBRE’s Enterprise Facilities Management, Local Facilities Management and Property Management divisions, as well as Industrious. The new business …

January 14, 2025

Affordable Housing Development Multifamily New York Northeast

WinnCos. Completes $20.5M Renovation of Buffalo Affordable Housing Complex

by Taylor Williams January 13, 2025

BUFFALO, N.Y. — Regional owner-operator WinnCos. has completed the $20.5 million renovation of West Village Apartments, a historic affordable housing complex in downtown Buffalo. The property comprises 10 buildings totaling 135 units that were constructed between 1891 and 1920. The renovation encompassed upgrades to unit kitchens, bathrooms, doors, windows and building roofs, as well as common area lighting and flooring. In addition, the project team created a community room, management office, bike parking spaces and an additional unit via the conversion of a maintenance shed. Locally based general contractor DiMarco Construction performed the renovation, which also served to preserve and extend the property’s affordability status.

January 13, 2025

Industrial Leasing Activity New York Northeast

PrimeSource Building Products Signs 312,567 SF Industrial Lease in Montgomery, New York

by Taylor Williams January 13, 2025

MONTGOMERY, N.Y. — PrimeSource Building Products has signed a 312,567-square-foot industrial lease in Montgomery, about 80 miles north of New York City. The manufacturer and distributor of construction materials will occupy the entirety of Maybrook Logistics Center, a facility that was built on a speculative basis on a 40-acre site at 134 Neelytown Road. Building features include a clear height of 36 feet, 74 loading doors, two drive-in doors and parking for 98 cars and 129 trailers. Tom Consiglio and Scott Peck of Resource Realty represented the landlord, Brookfield Properties, in the lease negotiations. Frank Puskarich and Art Ross of Newmark represented the tenant.

January 13, 2025

Development Multifamily Northeast Pennsylvania

Urby Begins Leasing 204-Unit Apartment Complex in Philadelphia

by Taylor Williams January 13, 2025

PHILADELPHIA — Urby, a joint venture between Ironstate Development and Brookfield Properties, has begun leasing a 204-unit apartment complex in Philadelphia’s Fishtown neighborhood. Known as Fishtown Urby, the five-story building is located at 1700 Front St. and houses studio, one- and two-bedroom units, as well as retail space that is occupied by multiple food-and-beverage users. Amenities include two courtyards, a rooftop terrace, outdoor grilling and dining stations, a dog park, speakeasy, fitness center and dedicated work-from-home areas. Rents start in the $1500s for a studio apartment.

January 13, 2025

Acquisitions Connecticut Industrial Northeast Self-Storage

Aphorio Carter Buys Data Center in Trumbull, Connecticut, for $10M

by Taylor Williams January 13, 2025

TRUMBULL, CONN. — Aphorio Carter, a data center investment firm and division of Carter Funds, has acquired a colocation facility in Trumbull, located in southern coastal Connecticut. The facility, which was originally built in 1960, spans 8.2 acres and comprises two data center pods and one disaster recovery pod. In addition, the 227,552-square-foot property features a power capacity of 15 megawatts and was leased to five tenants at the time of sale. The seller was not disclosed.

January 13, 2025

Leasing Activity New York Northeast Retail

Burlington to Open 77,970 SF Store at 620 Avenue of the Americas in Manhattan

by Taylor Williams January 13, 2025

NEW YORK CITY — Burlington will open a 77,970-square-foot store at 620 Avenue of the Americas in Manhattan’s Chelsea area. The discount clothing retailer is relocating and expanding from a 40,000-square-foot space at 695 Avenue of the Americas via a 12-year lease. Cliff Simon of CNS Real Estate represented Burlington in the lease negotiations. Richard Skulnik, Lindsay Zegans, Ben Sabin and Mary Schwagerl of RIPCO Real Estate, along with internal agent Daniel Birney, represented the landlord, RXR.

January 13, 2025

Development Mixed-Use Northeast Pennsylvania

Piatt Cos. Unveils Plans for $600M Riverfront Mixed-Use Project in Pittsburgh

by Taylor Williams January 10, 2025

PITTSBURGH — Locally based developer Piatt Cos. has unveiled plans for The Esplanade, a $600 million, 1.7 million-square-foot mixed-use project in Pittsburgh. The site, which formerly supported industrial uses, spans 15 acres along the Ohio River on the city’s north side. Residential plans for The Esplanade currently call for more than 400 apartments, 20 percent of which will be reserved as affordable housing, as well as 105 condominium units. In addition, the development will feature roughly 8 acres of public green space, a 225-room hotel with meeting and event space and retail and entertainment uses such as an aquarium, grocery store, museum, splash park, walking trails, public art installations and a Ferris wheel. According to multiple local news sources, including the Pittsburgh Post-Gazette, Piatt Cos. received approval in November from the City Planning Commission for the project, which is expected to generate $75.3 million in annual economic impact for the region, as well as to support the creation of more than 7,000 jobs.

January 10, 2025

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