PHILADELPHIA — Developer Frankel Enterprises has broken ground on The Residences at Diamond Village, a 30-unit affordable housing property that will be located near Temple University in Philadelphia. Frankel Enterprises is developing the project in conjunction with the Philadelphia Housing Authority, the Reinvestment Fund, Tester Construction Group and the City of Philadelphia. The first residences are expected to be complete in September.
PISCATAWAY, N.J. — Bob’s Discount Furniture has signed a 622,230-square-foot industrial lease at 150 Old New Brunswick Road in Piscataway, located in Northern New Jersey. The facility is currently under construction and is expected to be complete this summer. Building features will include 40-foot clear heights, 125 dock doors, 302 automobile parking spaces and 127 trailer parking spaces. Scott Belfer of CBRE represented the tenant in the lease negotiations. Chuck Fern, Thomas Tucci, Frank Truesdell, Jason Barton and Stephen Shoemaker of Cushman & Wakefield, along with internal agents Cait English and Ben Rosen, represented the landlord, Duke Realty.
ELIZABETH, N.J. — New Jersey-based brokerage firm Gebroe-Hammer Associates has negotiated the $21.3 million sale of Imperial House Apartments, a 109-unit multifamily building in Elizabeth, located just south of Newark. Built in 1960, the property offers studio, one-, two- and three-bedroom units ranging in size from 490 to 1,350 square feet. Stephen Tragash and David Jarvis of Gebroe-Hammer represented the seller, New Jersey-based Landmark Cos., in the transaction and procured an undisclosed private investor as the buyer.
HAMILTON TOWNSHIP, N.J. — JLL has arranged a $12.6 million construction loan for 130 Commerce Center, a 171,000-square-foot speculative industrial project that is a redevelopment of a retail strip center in Central New Jersey’s Hamilton Township. Slated for a third-quarter completion, the property will feature 36-foot clear heights and 50 trailer parking stalls. Michael Klein and Max Custer of JLL arranged the floating-rate financing through an undisclosed lender on behalf of the borrower, a partnership between Penwood Real Estate Investment Management LLC and Metrix Real Estate Services LLC.
STRATFORD, CONN. — Locally based investment firm The Marsilio Group has sold a two-building, 60,353-square-foot distribution center in Stratford, located in the southern part of the state. The property was built on 3.8 acres in 1952 and is leased to four tenants, including anchor tenant FedEx. Colin Couch of Stan Johnson Co. represented the seller in the transaction. Dave Richard of Colliers International represented the buyer, a New York-based 1031 exchange investor. The deal traded for $6.1 million at a cap rate of 6.8 percent.
HASBROUCK HEIGHTS, N.J. — NAI James E. Hanson has negotiated the sale of a 15,390-square-foot retail building located in the Northern New Jersey community of Hasbrouck Heights. The two-story building was vacant at the time of sale. Joan Cenicola and John Schilp of NAI Hanson represented the undisclosed seller in the transaction. The buyer was Bogota Savings Bank, which will use the property as both its headquarters and a bank branch.
SHERRILL, N.Y. — Briggs & Stratton, a Wisconsin-based manufacturer of gasoline engines, has signed a 566,706-square-foot industrial lease at Silver City Industrial Campus in Sherrill, an eastern suburb of Syracuse. Silver City Industrial Campus spans 90 acres and 864,668 square feet and includes 200,000 square feet of land for future expansion. A partnership between Florida-based firm Index Investment Group and OX Group owns the property.
MONTVILLE, N.J. — Mill Creek Residential has broken ground on Modera Montville, a 295-unit apartment community that will be located about 35 miles west of New York City. The community will offer one-, two- and three-bedroom units that will feature stainless steel appliances, quartz countertops, custom cabinetry and individual washers and dryers. Amenities will include a resident lounge, business center, fitness center, coffee bar, game room, outdoor grilling areas and a rooftop deck. The first move-ins are expected to begin in 2023.
STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of eaves Stamford, a 238-unit apartment community in southern Connecticut. The property consists of three residential buildings and 3,600 square feet of commercial space within the city’s Glenbrook neighborhood. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, AvalonBay Communities, and the buyer, Cue Residential, in the transaction.
NORRISTOWN, PA. — Private equity investment firm Tryko Partners has acquired Regina Community Nursing Center, a 121-bed skilled nursing facility in Norristown, located about 12 miles northwest of Philadelphia. Built in 1980, the property is located within a 10-mile radius to nine short-term acute care hospitals. Tryko Partners plans to undertake a $3.5 million investment in physical plant renovations and specialty programming enhancements and to rebrand the property as Markley Rehabilitation & Healthcare Center.