Northeast

Larken Associates Breaks Ground on 254-Unit Apartment Project in Readington, New Jersey

by Taylor Williams February 5, 2021

READINGTON, N.J. — Larken Associates, a New Jersey-based developer, has broken ground on The Ridge at Readington, a 254-unit apartment project that will be located about 50 miles west of New York City. The property will feature 21 different floor plans with quartz countertops, stainless steel appliances and individual washers and dryers. Amenities will include a clubhouse with a theater room, pool, gym, outdoor lounge, children’s play area, a dog park and walking trails. Completion is slated for summer 2022.

February 5, 2021

Acquisitions Northeast Office Pennsylvania

Commonwealth Charter Academy Buys 140,000 SF Office Building Near Pittsburgh

by Taylor Williams February 5, 2021

HOMESTEAD, PA. — Commonwealth Charter Academy, an online education platform, has purchased Waterfront Technology Center, a 140,000-square-foot office building in Homestead, an eastern suburb of Pittsburgh. The building, which was 94 percent leased at the time of sale, was originally a Macy’s department store. The sellers, Chicago-based M&J Wilkow and BIG Shopping Centers, purchased the property from Macy’s in 2018 and converted it to an office use. Commonwealth Charter is currently a tenant in the building.

February 5, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates Sale of 198-Unit Multifamily Portfolio in Norwalk, Connecticut

by Taylor Williams February 5, 2021

NORWALK, CONN. — CBRE has negotiated the sale of a 198-unit multifamily portfolio in the coastal Connecticut city of Norwalk. The portfolio consists of the 129-unit Berkeley at Waypointe Apartments and the 69-unit Quincy Lofts. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Eric Apfel of CBRE represented the owner, Alex. Brown Realty, while also procuring the buyer, Invictus Real Estate Partners.

February 5, 2021

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $72M Sale of Multifamily Portfolio in Northern New Jersey

by Taylor Williams February 4, 2021

NEWARK AND IRVINGTON, N.J. — Gebroe-Hammer Associates has brokered the $72 million sale of a portfolio of multifamily properties totaling 641 units in Northern New Jersey. Five of the properties are located within a 1.8-mile radius of one another in Newark, and the rest of the properties are located in nearby Irvington. David Oropeza, David Jarvis and Adam Zweibel of Gebroe-Hammer represented the seller, OneWall Partners, in the transaction. The team also procured the buyer, an undisclosed private investment group. Brad Domenico of Progress Capital arranged acquisition financing for the deal.

February 4, 2021

Leasing Activity Massachusetts Northeast Office

Loomis, Sayles & Co. Signs 232,000 SF Office Lease Extension in Downtown Boston

by Taylor Williams February 4, 2021

BOSTON — Global investment management firm Loomis, Sayles & Co. has signed a 232,000-square-foot office lease extension and restructuring at One Financial Center in downtown Boston. Ron Perry, Larry Epstein and Matt Perry of Avison Young represented the tenant in the lease negotiations. Bill Anderson, Dave Martel and Allison Cavanaugh of Newmark represented the landlord, a joint venture between MetLife Investment Management and Norges Bank Investment Management. The deal, which keeps the tenant on the premises with a reduced footprint through 2037, marks the largest office lease transaction in Boston since mid-2019, according to the brokerage team.

February 4, 2021

Acquisitions Massachusetts Multifamily Northeast

Harbor Group International Buys 120-Unit Multifamily Property in Wilmington, Massachusetts

by Taylor Williams February 4, 2021

WILMINGTON, MASS. — An affiliate of Harbor Group International (HGI) has purchased Regency Place, a 120-unit multifamily property in Wilmington, a northern suburb of Boston. The property is situated on 11.8 acres and features one- and two-bedroom units with an average size of 1,012 square feet. Amenities include a pool, fitness center and a community room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an institutional investor advised by CBRE Global Investors, and procured HGI as the buyer.

February 4, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Callahan Breaks Ground on 114-Bed Assisted Living Project in Metro Boston

by Taylor Williams February 4, 2021

HANOVER, MASS. — Callahan Construction Managers has broken ground on a 114-bed assisted living community in Hanover, located southeast of Boston. Benchmark Senior Living will operate the property, which will comprise 97 units and 91,000 square feet. Amenities will include a library, activity rooms, salons, wellness rooms and outdoor courtyards. Completion is slated for summer 2022. The project marks Callahan’s fourth assisted living project with Benchmark in New England.

February 4, 2021

Acquisitions Industrial Northeast Pennsylvania

CBRE Negotiates Sale of 40,900 SF Industrial Building in Philadelphia

by Taylor Williams February 4, 2021

PHILADELPHIA — CBRE has negotiated the sale of a 40,900-square-foot industrial building located at 3440 Bartram Ave. in Philadelphia. The property was built in 1980 and is located near Interstate 95 and Philadelphia International Airport. Michael Kane and Les Haggett of CBRE, along with Vincent Jolly of CVA Commercial Group, represented the seller, the Philadelphia Housing Authority, which has owned and occupied the building since 1990. Alliance HSP purchased the asset for $3.6 million.

February 4, 2021

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $106M Construction Loan for NYC Mixed-Use Project

by Taylor Williams February 3, 2021

NEW YORK CITY — Locally based real estate private equity firm Madison Realty Capital has provided a $106 million construction loan for Myrtle Point, a mixed-use project that will be located along the Brooklyn-Queens border. Designed by S9 Architecture, the 17-story building will house 130,000 square feet of commercial space that is preleased to two big box retailers and 133 residential units, 30 percent of which will be designated as affordable housing. The borrower was a partnership between developers Arch Cos. and AB Capstone. A tentative completion date was not disclosed.

February 3, 2021

Development Industrial Loans New York Northeast

Newmark Arranges $76M Construction Loan for New Amazon Distribution Center in Brooklyn

by Taylor Williams February 3, 2021

NEW YORK CITY — Newmark has arranged a $76 million construction-to-perm loan for a last-mile distribution center at 280 Richards St. in Brooklyn that will be occupied by Amazon. Located in the Red Hook neighborhood, the property will span 312,100 square feet and will feature 28 loading docks, 128-foot truck courts and additional rooftop parking for fleet vans and trucks. The borrower and developer is Thor Equities Group, which has owned the site since 2005. Jordan Roeschlaub, Dustin Stolly, Nick Scribani, and Dominick Calisto of Newmark arranged the fixed-rate loan through Apollo Global Management.

February 3, 2021

Newer Posts

Older Posts