MANSFIELD, MASS. — Newmark has arranged the $25 million sale of a 74,383-square-foot shopping center located at 377 Chauncy St. in Mansfield, a southern suburb of Boston. Grocer Stop & Shop anchors the property, which is situated on nine acres along Route 140. Robert Griffin, Geoffrey Millerd, Paul Penman and Mat Adler of Newmark represented the undisclosed seller and procured the buyer, Bailard Real Estate Fund, in the transaction.
LEBANON, PA. — Walker & Dunlop has provided $20.4 million in Fannie Mae permanent financing for Fox Ridge Apartments, a 170-unit multifamily community in Lebanon, located in between Harrisburg and Reading. The property features one- and two-bedroom units and amenities such as a clubhouse, fitness center and common outdoor green space. John Banas, Kris Wood. John Wilson, Rhett Saltiel, and Erik DiGirolamo of Walker & Dunlop provided the 10-year, fixed-rate loan to the borrower, multifamily owner-operator Boyd/Wilson.
NEW YORK CITY — Falcon Pacific Builders has completed renovations of the lobby at 83 Maiden Lane, a 180,000-square-foot office building in Manhattan. The project added a new reception desk, turnstiles and building card access system, as well as LED lighting and a new digital camera system throughout. Nonprofit organization AHRC New York City owns the building, where it houses its headquarters. Helmsley Spear leases and manages the property. Architecture firm EVN designed the project.
NEW YORK CITY — Auction house Swann Galleries has signed a 21,200-square-foot office lease renewal at Gramercy Park, a 114,146-square-foot office building located at 104 E. 25th St. in Manhattan. Nicky Heryet, Susan Kahaner, Jennifer Ogden and Eric Sznip of Avison Young represented the tenant, which will continue to occupy the fifth and sixth floors, in the lease negotiations. Michael Berger of Colliers International represented the landlord, 25 Park LLC.
RANDOLPH, MASS. — Chicago-based investment firm Waterton has acquired Rosemont Square at 2 Chestnut West, a 503-unit apartment community located in the southern Boston suburb of Randolph. The property comprises 20 three- and four-story buildings that were constructed in phases between 1982 and 2012. Units feature one and two-bedroom floor plans. Amenities include a pool, outdoor grilling stations and multiple playgrounds. The transaction, the seller in which was not disclosed, marks Waterton’s first multifamily acquisition in the greater Boston market. Waterton will also implement a value-add program to select unit interiors, common area and amenity spaces and pieces of landscaping.
SOMERSET, N.J. — NAI DiLeo-Bram has negotiated a 308,000-square-foot industrial lease at 481 Weston Canal Road in the Northern New Jersey city of Somerset. Bridge Development Partners recently completed the property, which is located within the three-building Bridge Point Somerset development. Building features include 36-foot clear heights, 78 trailer stalls, 50 loading docks and proximity to Interstate 287 and the New Jersey Turnpike. Eric Bram Johnston and Christopher Galiano of NAI DiLeo-Bram represented the tenant, an undisclosed furniture manufacturer that is relocating from Edison, in the lease negotiations. JLL represented Bridge Development Partners.
BURLINGTON, N.J. — A partnership between an affiliate of Endurance Real Estate Group and Boston-based Cabot Properties has broken ground on a 289,042-square-foot speculative industrial project in Burlington, about 20 miles northwest of Philadelphia. The 56.6-acre site at 2609 Rancocas Road will house two warehouses that are expected to be complete in the fourth quarter of 2021. Building I will feature 217,986 square feet, 36-foot clear heights, 180 car parking spaces and 28 trailer parking spaces. Building II will total 71,056 square feet and will offer 32-foot clear heights and 69 car parking spaces. John Plower, Nate Demetsky and Ryan Cottone represented the development team in the acquisition of the land. Newmark represented the seller of the land.
DANBURY AND FAIRFIELD, CONN. — Floor & Décor will open its first two stores in Connecticut during the first half of 2021 when the home improvement retailer rolls out a 74,000-square-foot store in Danbury and an 80,000-square-foot store in Fairfield. In Danbury, Floor & Décor purchased a 150,000-square-foot building that formerly housed Pilgrim Furniture and Bob’s Stores. In Fairfield, the company will backfill a space formerly occupied by Kohl’s. Grocer Aldi will share the backfilled space with Floor & Décor. Brian Katz of Katz & Associates represented the retailer in both deals.
BOSTON — JLL has negotiated the $12.2 million sale of a 26,500-square-foot industrial property located at 202 Southampton St. near downtown Boston. The single-story building features 29-foot clear heights, six loading docks with four drive-in doors and 33,000 square feet of excess parking housing 150 spaces. Michael Restivo of JLL represented the seller in the transaction. Brett Paulsrud and Sam Campbell of JLL arranged fixed-rate acquisition financing through Webster Five Centers Savings Bank on behalf of the buyer, a partnership between Oliver Street Capital and Bain Capital Real Estate.
By Brendan Kelly, associate, Siegel Jennings Over the past decade, Mr. Rogers’ adopted hometown of Pittsburgh has been named the most livable city in the continental United States — a hipster haven, tech hub and other trendy titles. Affordable housing stock in a stable real estate market, access to the arts in an established cultural community and world-class healthcare and higher education place the Steel City at the forefront of medicine and robotics. This attention has drawn real estate investors to submarkets well beyond downtown Pittsburgh’s Golden Triangle. As competition increases, investors from outside the region should be aware of idiosyncrasies and pitfalls lurking in Pennsylvania tax law and the local market. Welcome, Stranger As in most states, assessors in Pennsylvania cannot independently change a property’s assessment upon its transfer. However, Pennsylvania lets local taxing districts appeal assessments and request value increases, which they frequently do following a sale. Locals often call this the “welcome, stranger” tax. “One of the most common reactions I hear from our out-of-state clients who are new to this market is disbelief that districts can appeal assessments,” says Sharon F. DiPaolo, Esq., managing partner of Siegel Jennings’ Pennsylvania property tax practice. “Of course, in most …
