Northeast

KKR Acquires 600,000 SF Warehouse, Distribution Facility in Lehigh Valley

by Taylor Williams December 18, 2020

SHOEMAKERSVILLE, PA. — Global investment firm KKR has acquired a 600,000-square-foot warehouse and distribution facility within Hamburg Commerce Park in the Lehigh Valley community of Shoemakersville. Built in 2020, the 38.6-acre property features 36-foot clear heights, 50 dock-high doors, 169 trailer stalls and an ESFR sprinkler system. John Plower, Pete Pittroff, Rob Kossar, Jeff Lockard and Ryan Cottone of JLL represented the seller, a joint venture between The Keith Corp. and Kiel Group, in the transaction. The sales price was not disclosed.

December 18, 2020

Acquisitions Healthcare New Jersey Northeast

Atkins Cos., Capital Solutions Sell 95,000 SF Medical Office Building in Bridgewater, New Jersey

by Taylor Williams December 18, 2020

BRIDGEWATER, N.J. — A joint venture between New Jersey-based Atkins Cos. and private equity firm Capital Solutions has sold a 95,000-square-foot medical office building located in the Northern New Jersey city of Bridgewater. At the time of sale, the building was fully leased to Bank of America and MidJersey Health Corp., a joint venture between regional healthcare providers Hunterdon Healthcare and Atlantic Health System. Ben Appel, Jay Miele, John Nero and Michael Greeley of Newmark represented the seller in the transaction. The buyer was not disclosed.

December 18, 2020

Connecticut Industrial Leasing Activity Northeast

Simone Development Lands Two Tenants at 118,500 SF Industrial Facility in Stamford, Connecticut

by Taylor Williams December 18, 2020

STAMFORD, CONN. — New York City-based Simone Development Cos. has signed two tenants at its 118,500-square-foot industrial facility located at 316 Courtland Ave. in Stamford. Beacon Exterior Products, a distributor of roofing and other building supplies, inked a deal to occupy 45,000 square feet. That lease consists of 25,000 square feet of warehouse and office space and 20,000 square feet of yard space for parking and additional storage. In addition, electronics manufacturer Amphenol Nexus Technologies signed a lease for 31,134 square feet of indoor space.

December 18, 2020

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $13.8M Sale of Apartment Complex in Methuen, Massachusetts

by Taylor Williams December 18, 2020

METHUEN, MASS. — CBRE has negotiated the $13.8 million sale of Mill Falls Apartments, a 97-unit mixed-income apartment complex in Methuen, located north of Boston near the Massachusetts-New Hampshire border. The building was originally constructed in 1826 as a cotton mill and was redeveloped into a multifamily property in 2001. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Methuen Mills LP, an affiliate of Silver Street Development Corp, in the transaction. The team also procured the buyer, Standard Communities.

December 18, 2020

Development Maine Northeast Office

Local Developer Breaks Ground on Office Project for Sun Life in Portland, Maine

by Taylor Williams December 18, 2020

PORTLAND, MAINE — Portland Foreside Development Co. has broken ground on an office project for financial services provider Sun Life in the city’s downtown area. The waterfront building will house as many as 700 employees of Sun Life and its subsidiary FullscopeRMS, which expect to have a total footprint of about 77,000 square feet. The property will also feature retail and restaurant space, as well as public plazas. Completion is slated for 2022.

December 18, 2020

Market Reports Northeast Northeast Market Reports

COVID-19 Catalyzes Innovation in Marketing, Delivery of Real Estate Services

by Taylor Williams December 18, 2020

By Natalie Hwang, founding managing partner of Apeira Capital Advisors In the 1920s, President Calvin Coolidge made the saying famous that the business of America is business. Now, for the real estate sector in the age of COVID-19, the business of real estate is innovation. To build value in the pandemic economy, real estate companies need to find new modes of distribution, facilitated by technology, to connect with consumers, partners, tenants, investors and other key stakeholders. Once upon a time, and not all that long ago, bricks and mortar were king. Today, the COVID crisis has sharply accelerated online shopping and upended our traditional dependence on physical real estate as an exclusive distribution point for content, goods and services. This trend is nothing new, as businesses reliant on public contact have been casualties of tech innovation for decades. Long before the pandemic hit, e-commerce was displacing retail, robots were replacing warehouse workers and an erosion of labor’s bargaining power was placing downward pressure on service-sector wages. COVID-19 has only expedited the trajectory of these market participants and revealed the weaknesses of businesses that depend mainly on in-person contact. The urgency and suddenness of the lockdowns earlier this year demonstrated how …

December 18, 2020

Development Multifamily New Jersey Northeast

Woodmont Completes Lease-Up of 230-Unit Apartment Community in Ledgewood, New Jersey

by Taylor Williams December 17, 2020

LEDGEWOOD, N.J. — New Jersey-based Woodmont Properties has completed the lease-up of Woodmont Parc at Roxbury, a 230-unit apartment community in Ledgewood, about 45 miles west of New York City. Units feature quartz countertops, stainless steel appliances and private balconies/patios. Amenities include a heated pool, fitness center, resident lounge, game room and a theater room. Leasing began in July 2019, and the property has now reached 100 percent occupancy.

December 17, 2020

Acquisitions Industrial NAI Northeast Pennsylvania

NAI Mertz Brokers $9.3M Sale of Industrial Flex Building in Metro Philadelphia

by Taylor Williams December 17, 2020

KING OF PRUSSIA, PA. — NAI Mertz has brokered the $9.3 million sale of a 97,000-square-foot industrial flex building located at 780 Fifth Ave. in King of Prussia, a northern suburb of Philadelphia. Scott Mertz and John Adderly of NAI Mertz represented the seller, Fifth Avenue KOP LP, an affiliate of New Jersey-based Rudner Real Estate, in the transaction. The buyer was an affiliate of Philadelphia-based Velocity Ventures Partners. The property was 89 percent leased at the time of sale.

December 17, 2020

Loans Maine Multifamily Northeast

Fantini & Gorga Arranges $7.5M Loan for Refinancing of Multifamily Asset in Auburn, Maine

by Taylor Williams December 17, 2020

AUBURN, MAINE — Boston-based mortgage banking firm Fantini & Gorga has arranged a $7.5 million loan for the refinancing of Auburn Mall Apartments, a 168-unit multifamily asset in Auburn, located north of Portland. The property was built in phases during the 1980s and features one- and two-bedroom units. Derek Coulombe and Ryan Maddaluna of Fantini & Gorga placed the debt on behalf of the undisclosed borrower, a Maine-based developer and investor. An agency lender provided the nonrecourse loan, which carried a sub-3-percent interest rate and a period of interest-only payments.

December 17, 2020

Healthcare Leasing Activity New Jersey Northeast

Englewood Health Signs 19,892 SF Healthcare Lease Expansion in Jersey City

by Taylor Williams December 17, 2020

JERSEY CITY, N.J. — Englewood Health, a New Jersey-based healthcare provider, has signed a 19,892-square-foot lease expansion at 2 Journal Square in Jersey City. The expanded space will allow the provider to add a new orthopedic clinic, an urgent care, breast and women’s imaging center and medical offices for treating oncology and diabetes patients. CBRE’s Greg Barkan, Remy deVarenne and Sam Bernhaudt represented Englewood Health, which originally signed a 53,222-square-foot lease this summer, in the lease negotiations. GAIA Real Estate owns the building.

December 17, 2020

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