NEWARK AND IRVINGTON, N.J. — Gebroe-Hammer Associates has brokered the $72 million sale of a portfolio of multifamily properties totaling 641 units in Northern New Jersey. Five of the properties are located within a 1.8-mile radius of one another in Newark, and the rest of the properties are located in nearby Irvington. David Oropeza, David Jarvis and Adam Zweibel of Gebroe-Hammer represented the seller, OneWall Partners, in the transaction. The team also procured the buyer, an undisclosed private investment group. Brad Domenico of Progress Capital arranged acquisition financing for the deal.
BOSTON — Global investment management firm Loomis, Sayles & Co. has signed a 232,000-square-foot office lease extension and restructuring at One Financial Center in downtown Boston. Ron Perry, Larry Epstein and Matt Perry of Avison Young represented the tenant in the lease negotiations. Bill Anderson, Dave Martel and Allison Cavanaugh of Newmark represented the landlord, a joint venture between MetLife Investment Management and Norges Bank Investment Management. The deal, which keeps the tenant on the premises with a reduced footprint through 2037, marks the largest office lease transaction in Boston since mid-2019, according to the brokerage team.
WILMINGTON, MASS. — An affiliate of Harbor Group International (HGI) has purchased Regency Place, a 120-unit multifamily property in Wilmington, a northern suburb of Boston. The property is situated on 11.8 acres and features one- and two-bedroom units with an average size of 1,012 square feet. Amenities include a pool, fitness center and a community room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an institutional investor advised by CBRE Global Investors, and procured HGI as the buyer.
HANOVER, MASS. — Callahan Construction Managers has broken ground on a 114-bed assisted living community in Hanover, located southeast of Boston. Benchmark Senior Living will operate the property, which will comprise 97 units and 91,000 square feet. Amenities will include a library, activity rooms, salons, wellness rooms and outdoor courtyards. Completion is slated for summer 2022. The project marks Callahan’s fourth assisted living project with Benchmark in New England.
PHILADELPHIA — CBRE has negotiated the sale of a 40,900-square-foot industrial building located at 3440 Bartram Ave. in Philadelphia. The property was built in 1980 and is located near Interstate 95 and Philadelphia International Airport. Michael Kane and Les Haggett of CBRE, along with Vincent Jolly of CVA Commercial Group, represented the seller, the Philadelphia Housing Authority, which has owned and occupied the building since 1990. Alliance HSP purchased the asset for $3.6 million.
NEW YORK CITY — Locally based real estate private equity firm Madison Realty Capital has provided a $106 million construction loan for Myrtle Point, a mixed-use project that will be located along the Brooklyn-Queens border. Designed by S9 Architecture, the 17-story building will house 130,000 square feet of commercial space that is preleased to two big box retailers and 133 residential units, 30 percent of which will be designated as affordable housing. The borrower was a partnership between developers Arch Cos. and AB Capstone. A tentative completion date was not disclosed.
NEW YORK CITY — Newmark has arranged a $76 million construction-to-perm loan for a last-mile distribution center at 280 Richards St. in Brooklyn that will be occupied by Amazon. Located in the Red Hook neighborhood, the property will span 312,100 square feet and will feature 28 loading docks, 128-foot truck courts and additional rooftop parking for fleet vans and trucks. The borrower and developer is Thor Equities Group, which has owned the site since 2005. Jordan Roeschlaub, Dustin Stolly, Nick Scribani, and Dominick Calisto of Newmark arranged the fixed-rate loan through Apollo Global Management.
NEEDHAM, MASS. — Locally based firm SSG Development has completed a 986-unit self-storage facility at 540 Hillside Ave. in the southwestern Boston suburb of Needham. Westport Properties Inc. will manage and operate the Class A property, which totals 123,000 square feet of climate- and non-climate-controlled space, under its U.S. Storage Centers brand.
HACKENSACK, N.J. — The Kislak Company Inc. has brokered the $3.3 million sale of The Overlook, a 140-unit apartment building in the Northern New Jersey community of Hackensack. The property offers one- and two-bedroom units, most of which have private patios and garages. Daniel Lanni of Kislak represented the undisclosed seller in the transaction. The newly constructed building was fully occupied at the time of sale.
LAWRENCE, MASS. — Unitex, a provider of commercial laundry services, has opened a 90,000-square-foot industrial facility, located north of Boston, in a move that is expected to add about 200 new jobs to the local economy. The facility is located at the site of the former plant of can manufacturer Crown Holdings and will be used to service the metro Boston life sciences and healthcare industries. Seyon Group, a Boston-based investment firm, owns the building in which the facility is situated.