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600-Harrison-St.-Hoboken
LoansMultifamilyNew JerseyNortheast

CBRE Arranges $17M Loan for Refinancing of Hoboken Apartment Building

by Taylor Williams

HOBOKEN, N.J. — CBRE has arranged a $17 million loan for the refinancing of a 46-unit apartment building located at 600 Harrison St. in Hoboken. New York City-based The Daten Group developed the property in 2017. According to Apartments.com, the building offers one- and two-bedroom units with an average size of 895 square feet and amenities such as a zen garden, package handling service, resident lounge and grilling and dining stations. Jason Gaccione, Shawn Rosenthal, Jake Salkovitz, Fahri Ozturk, Richard Gatto and Zach McHale of CBRE originated the loan on behalf of Daten Group. The direct lender was not disclosed.

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AcquisitionsMassachusettsNortheastOfficeRetail

Atlantic Capital Partners Negotiates $15.4M Sale of Massachusetts Retail, Office Portfolio

by Taylor Williams

BOSTON — Locally based brokerage firm Atlantic Capital Partners has negotiated the $15.4 million sale of The Trapelo Portfolio, a collection of four retail properties and one office building totaling roughly 70,000 square feet in Massachusetts. The retail component of the portfolio includes Duxbury Plaza, a 44,014-square-foot, grocery-anchored shopping center located south of Boston, as well as three freestanding buildings in Billerica, Burlington and Shrewsbury that are leased to the United States Postal Service. Justin Smith, Chris Peterson, Sam Koonce, Mary Powers and Matt Ericson of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

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AcquisitionsNet LeaseNew JerseyNortheastRetail

SRS Real Estate Brokers $7.4M Ground-Lease Sale of Northern New Jersey Retail Building

by Taylor Williams

LINDEN, N.J. — SRS Real Estate Partners has brokered the $7.4 million ground-lease sale of a 5,585-square-foot retail building in the Northern New Jersey community of Linden that is leased to convenience store operator Wawa. The building was constructed in 2023 on 1.5 acres within the 350,000-square-foot Legacy Square shopping center, and Wawa has 19 years remaining on the corporate-guaranteed lease. Kyle Fant, Britt Raymond, Matthew Mousavi and Patrick Luther of SRS represented the seller, a partnership between Dallas-based Cypress Equities and San Francisco-based Stockbridge Capital Group, in the deal. The undisclosed, New York-based buyer acquired the property via a 1031 exchange.

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AcquisitionsIndustrialNew JerseyNortheast

Dalfen, Centerbridge Buy 1.8-Acre Industrial Outdoor Storage Facility in Edison, New Jersey

by Taylor Williams

EDISON, N.J. — A partnership between Dallas-based investment firm Dalfen Industrial and funds advised by affiliates of Centerbridge Partners LP has purchased a 1.8-acre industrial outdoor storage (IOS) facility in the Central New Jersey community of Edison. The facility at 83 Gross Ave. houses a 4,500-square-foot building with a clear height of 14 feet. Mark Silverman, Liam McGregor and Elli Klapper of CBRE represented the undisclosed seller in the off-market transaction.

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HospitalityLoansMassachusettsNortheast

Tremont Realty Capital Provides $45M Acquisition Loan for Downtown Boston Hotel

by Taylor Williams

BOSTON — Tremont Realty Capital, a division of locally based investment firm RMR Group, has provided a $45 million bridge loan for the acquisition of the 178-room Club Quarters Hotel in Boston. The hotel is located at 161 Devonshire St. in the downtown area and offers a mix of traditional guestrooms and suites, as well as meeting and event space and onsite dining options. JLL arranged the loan, which carries a floating interest rate and a three-year initial term with two one-year extension options, on behalf of the borrower, an entity doing business as Arch & Devonshire LLC.

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DevelopmentMultifamilyNew JerseyNortheast

Garden Communities Nears Completion of 192-Unit Multifamily Project in New Providence, New Jersey

by Taylor Williams

NEW PROVIDENCE, N.J. — New Jersey-based developer Garden Communities is nearing completion of Providence Place, a 192-unit multifamily project located about 30 miles west of Manhattan in New Providence. Providence Place will feature two- and three-bedroom townhome-style apartments with private garages and driveways. Amenities at the 27-acre property will include a resident clubhouse and an outdoor pool, among others. Full completion is slated for this spring.

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Matrix-Hudson
AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers Sale of 176-Unit Apartment Complex in Hudson, Massachusetts

by Taylor Williams

HUDSON, MASS. — CBRE has brokered the sale of a 176-unit apartment complex in Hudson, a western suburb of Boston. Matrix Hudson is a five-building property that was completed in 2017. Units come in one- and two-bedroom floor plans and feature an average size of 1,006 square feet. Amenities include a clubroom, fitness center and a business center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of The Claremont Cos., in the transaction. The team also procured the buyer, a fund backed by Zurich Alternative Asset Management.

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AcquisitionsCivicMassachusettsNortheast

Colliers Arranges Sale of Former Cambridge Matignon School Campus in Metro Boston

by Taylor Williams

CAMBRIDGE, MASS. — Colliers has arranged the sale of the former Cambridge Matignon School campus in metro Boston. The 7.8-acre campus totals 83,136 square feet across two buildings that were originally constructed in 1945. The campus also houses playing fields, science labs, an auditorium and a gymnasium. James Elcock and John Real of Colliers represented the seller, the Archdiocese of Boston, in the transaction. The buyer was Benjamin Banneker Charter Public School. Cambridge Matignon School closed in 2023.

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The-Cheney-Homes-Boston
DevelopmentMassachusettsMultifamilyNortheast

JPDNC to Undertake 48-Unit Affordable Housing Redevelopment Project in Boston

by Taylor Williams

BOSTON — The Jamaica Plain Neighborhood Development Corp. (JPDNC) will undertake a 48-unit affordable housing redevelopment project in Boston. The nonprofit owner-operator will convert a dilapidated, obsolete building in the Dorchester area into housing for seniors aged 55 and above. The property will be known as The Cheney Homes and will primarily house one-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. ICON Architecture is designing the redevelopment, and NEI General Contracting is handling construction. MassHousing is financing the project in conjunction with other public-sector entities.

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Industrious
AcquisitionsCompany NewsNew YorkOfficeTexasTop Stories

CBRE to Acquire Coworking Operator Industrious, Create New Business Segment

by Hayden Spiess

DALLAS AND NEW YORK CITY — CBRE Group Inc. (NYSE: CBRE) has announced plans to acquire Industrious National Management Co. LLC, a flexible workspace provider. Dallas-based CBRE, which has invested in Industrious since late 2020 through roughly 40 percent equity interest and a $100 million convertible note, will purchase the remaining 60 percent equity stake for approximately $400 million, giving Industrious an overall valuation of $800 million. Founded in 2012, New York City-based Industrious offers workplaces with private offices, suites, meeting rooms and desks. The current Industrious portfolio features approximately 200 properties across 65 cities globally. According to a press release issued by CBRE, Industrious’ revenue has grown at a compound annual rate of more than 50 percent since 2021.  In addition to the acquisition, CBRE will establish a new business segment. Dubbed Building Operations & Experience (BOE), the new segment will “unify building operations, workplace experience and property management, positioning CBRE to deliver scalable, future-ready solutions for offices, data centers, warehouses and other facilities,” according to CBRE.  Jamie Hodari, CEO and co-founder of Industrious, will lead CBRE’s BOE division, which will include CBRE’s Enterprise Facilities Management, Local Facilities Management and Property Management divisions, as well as Industrious. The new business …

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