Northeast

PRP Acquires Interest in AmerisourceBergen’s 429,122 SF Metro Philadelphia Headquarters Building

by Taylor Williams March 2, 2021

CONSHOHOCKEN, PA. — Washington, D.C.-based investment firm PRP has acquired a preferred equity investment in the 429,122-square-foot office headquarters building of drug wholesaler AmerisourceBergen in Conshohocken, a northern suburb of Philadelphia. The Philadelphia Business Journal reports that the value of PRP’s stake is $340 million. Developer Keystone Property Group is nearing completion of the headquarters building, which will be located within the company’s $325 million SORA West mixed-use development and will house approximately 1,500 AmerisourceBergen associates. The company announced its plan to relocate to Conshohocken from Chesterbrook in summer 2018.

March 2, 2021

Acquisitions Healthcare Life Sciences New Jersey Northeast Office

JLL Income Property Trust Buys 147,000 SF Life Sciences Building in Florham Park, New Jersey

by Taylor Williams March 2, 2021

FLORHAM PARK, N.J. — JLL Income Property Trust has acquired 170 Park Avenue, a 147,000-square-foot life sciences building in the Northern New Jersey city of Florham Park. The sales price was approximately $47 million. The property is net leased on a long-term basis to biotechnology firm Celularity Inc. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer, Zach McHale and Tom Sullivan of CBRE represented the undisclosed institutional seller. With this acquisition, JLL Income Property Trust now owns five life sciences properties totaling more than 450,000 square feet that are valued in excess of $215 million.

March 2, 2021

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Associates Brokers $15.7M Sale of Multifamily Asset in Dover, New Jersey

by Taylor Williams March 2, 2021

DOVER, N.J. — Gebroe-Hammer Associates has brokered the $15.7 million sale of Dover Hills Apartments, a 100-unit multifamily asset in Morris County. Built in 1964, the property offers 15 studio units, 72 one-bedroom residences, 12 two-bedroom apartments and one three-bedroom unit. Debbie Pomerantz of Gebroe-Hammer represented the seller, Dover Hills Properties LLC, in the transaction. Steve Tragash, also with Gebroe-Hammer, procured the undisclosed buyer.

March 2, 2021

Build-to-Rent Content Partner Features Finance Insight Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Single-Family Rental and Build-for-Rent in High Demand

by Sarah Daniels March 2, 2021

A number of factors are driving an increase in demand for single-family rental assets. Declines in home ownership rates, increasing demand/short supply for multifamily options and baby boomer renting preferences have made renting these single-family properties an increasingly popular choice. Meanwhile, COVID-19 spurred increases in teleworking that created a desire for additional space in the home and allowed more people to move to suburban locations — accelerating demand for single-family rental properties. Seeing the growing demand and increasing rents in the single-family rental (SFR) and build-for-rent (BFR) sector, Walker & Dunlop has created a new team — Walker & Dunlop SFR & BFR Practice Group — to provide investors information on construction, bridge lending, permanent financing, equity structuring and property sales, for a market estimated at $3.4 trillion (compared to $3.5 trillion for the multifamily market).1 Popularity, high occupancy and increasing rent rates have drawn the attention of larger investors to SFR and BFR assets, according to Kris Mikkelsen, executive vice president of investment sales with Walker & Dunlop. “Currently, larger investors make up less than 2 percent of the SFR market, which has been traditionally governed by individuals or small-scale parties. But that number will increase as investors recognize …

March 2, 2021

8-Federal-Street-Billerica-Massachusetts

Acquisitions Industrial Massachusetts Northeast

Rhino Capital Advisors Buys Flex Portfolio in Metro Boston for $10.4M

by Taylor Williams March 2, 2021

BILLERICA, MASS. — Locally based investment firm Rhino Capital Advisors has purchased a two-building, 170,146-square-foot flex office/research and development portfolio in the northern Boston suburb of Billerica for $10.4 million. The buildings were constructed in 1984 on a 12-acre tract along Middlesex Turnpike (Route 3). Matt Daniels, Brian Tisbert, Christopher Lawrence and Zach Gramlich of JLL represented the undisclosed seller in the transaction. Brett Paulsrud, Amy Lousararian and Madeline Joyce of JLL arranged $16.1 million in financing for the acquisition and redevelopment of the portfolio.

March 2, 2021

Leasing Activity New York Northeast Office

Gannett Signs 24,195 SF Office Sublease at 1675 Broadway in Manhattan

by Taylor Williams March 2, 2021

NEW YORK CITY — Mass media publisher Gannett Co. has signed a 24,195-square-foot office sublease at 1675 Broadway in Manhattan. Gregg Rothkin, John Maher, Paul Myers, Mike Wellen, Alex Bennisato and Cara Chayet of CBRE represented the sublandlord in the 10-year deal. Gordon Ogden and Nick Gilman of Byrnam Wood represented Gannett, which plans to take occupancy of the space this month. Rudin Management owns the 800,000-square-foot building.

March 2, 2021

Features Finance Insight Midwest Multifamily Northeast Southeast Texas Western

Q&A with Trevor Koskovich, President of Investment Sales for NorthMarq

by Sarah Daniels March 2, 2021

NorthMarq has added a multifamily investment sales team to its Charlotte and Raleigh, N.C., offices. The new team, which consists of Andrea Howard, Jeff Glenn, John Currin, Allan Lynch and Caylor Mark, all formerly of JLL, brings NorthMarq’s investment sales locations to 18. This addition also allows NorthMarq to expand its visibility, Carolinas coverage and service offerings to clients as the firm sets its sights on high-growth markets. Trevor Koskovich, NorthMarq’s president of investment sales, sat down with Finance Insight to discuss the multifamily investment sales market and his new five-person team. Finance Insight: What does this new team and location add to the NorthMarq platform and breadth of services? Koskovich: The new Raleigh and Charlotte locations allow NorthMarq to be in lower-regulation, high-growth U.S. regions. From an investment sales perspective, we’re really targeting high-growth markets for population movement and investment sales transaction volume. Raleigh and Charlotte continue to be part of this conversation, and we’re super excited about our new team’s ability to service those markets. This new team will help us drive more business through the Southeast and in overlapping markets, including Nashville, Chattanooga and north Florida. These team members are an integral part of our growth platform, …

March 2, 2021

Acquisitions Multifamily New Hampshire Northeast

CBRE Arranges $69.2M Sale of Timberwood Commons Apartments in Lebanon, New Hampshire

by Taylor Williams March 1, 2021

LEBANON, N.H. — CBRE has arranged the $69.2 million sale of Timberwood Commons, a 252-unit apartment community in Lebanon, located in central New Hampshire. The property consists of five three-story buildings on a 42.6-acre tract. Units feature studio, one-, and two-bedroom floor plans with an average size of 847 square feet. Amenities include a clubhouse, business center, community room, fitness center and a dog park. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Philadelphia-based Merion Realty Partners, and procured the buyer, an affiliate of Boston-based Audubon Capital Partners.

March 1, 2021

Industrial Leasing Activity NAI New Jersey Northeast

NAI Mertz Negotiates 300,700 SF Industrial Lease in Florence, New Jersey

by Taylor Williams March 1, 2021

FLORENCE, N.J. — NAI Mertz has negotiated a 300,700-square-foot, full-building industrial lease at 839 Railroad Avenue, a project under construction in the Southern New Jersey city of Florence. Scott Mertz of NAI Mertz represented the tenant, auto parts supplier DNA Motoring, in the lease negotiations. Tony Rod of Lee & Associates represented the developer, Denver-based Black Creek Group. Building features include 36-foot clear heights, ample trailer parking and immediate proximity to the New Jersey Turnpike. DNA Motoring expects to take occupancy of the building in the second quarter.

March 1, 2021

Acquisitions Massachusetts Northeast Retail

Equity Industrial Buys Metro Boston Retail Building Leased to Stop & Shop for $35.5M

by Taylor Williams March 1, 2021

WATERTOWN, MASS. — Locally based investment firm Equity Industrial Partners has purchased a 69,000-square-foot retail building that is net leased to grocer Stop & Shop in Watertown, a western suburb of Boston. The sales price was $35.5 million. Stop & Shop has occupied the building for more than 25 years and recently extended its long-term lease. JLL represented the seller, a partnership between Winstanley Enterprises and Surrey Equities LLC, in the sale and procured Equity Industrial as the buyer. Equity Industrial Partners said it targeted the asset in response to intense competition for industrial properties that was pushing yields lower, and that the company believed it could find higher yield in retail deals for a similar risk profile.

March 1, 2021

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