Northeast

SL Green Tops Out 34-Story Mixed-Use Project at 185 Broadway in Lower Manhattan

by Taylor Williams October 7, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has topped out its 34-story mixed-use project at 185 Broadway in Lower Manhattan. Located across from Fulton Transit Center, the building will consist of 17,000 square feet of ground-floor retail space, 26,000 square feet of office space and 217,000 square feet of residential space across 209 units. FX Collaborative designed the residential component of the project, which will offer one, two- and three-bedroom floor plans and will include 63 units of affordable housing.

October 7, 2020

Development New York Northeast Retail

ShopRite Opens 70,000 SF Grocery Store at The Boulevard on Staten Island

by Taylor Williams October 7, 2020

NEW YORK CITY — ShopRite has opened a 70,000-square-foot grocery store at The Boulevard, a $200 million retail redevelopment project on Staten Island. Kimco Realty Corp. is leading the redevelopment of the 400,000-square-foot, open-air center, which will add retailers such as Marshalls, Ulta and PetSmart to its roster in 2021. The new ShopRite features specialty prepared foods from Valducci’s pizza, Loon Chuan Asian cuisine, Saladworks, Juice Press and Dunkin’ coffee, as well as onsite access to a registered dietitian and beauty consultant.

October 7, 2020

Acquisitions Industrial Northeast Pennsylvania

Binswanger Brokers Sale of Two Industrial Properties Near Philadelphia for $18M

by Taylor Williams October 7, 2020

PENNSAUKEN, N.J. — Binswanger Commercial Real Estate Services has brokered the sale of two industrial properties in the Philadelphia suburb of Pennsauken, New Jersey, for $18 million. The first property is a 189,498-square-foot facility located at 9130 Griffith Morgan Lane that includes 16,000 square feet of office space and sold for $7.4 million. The second property was built on 13.5 acres in 1997, totals 201,000 square feet and features 28- to 32-foot clear heights. That property sold for roughly $10.6 million. Simmons Pet Food formerly owned both assets. Kenover Marketing and KB Furniture respectively purchased the first and second properties. Chris Pennington of Binswanger brokered the deals.

October 7, 2020

Acquisitions Industrial New Jersey Northeast

Venture One, Kovitz Acquire 17,290 SF Industrial Building in Camden, New Jersey

by Taylor Williams October 7, 2020

CAMDEN, N.J. — A partnership between Chicago-based Venture One Real Estate and Kovitz Investment Group has acquired a 17,290-square-foot vacant industrial building in Camden, located outside of Philadelphia in New Jersey. The 9.4-acre property serves as a repair/maintenance facility, offers proximity to Interstate 295 and downtown Philadelphia and features 2,800 square feet of office space and parking for 236 trailers. Jim Scott of Colliers International represented the undisclosed seller in the transaction. Scott Mertz of NAI Mertz represented the buyer and will market the property for lease.

October 7, 2020

Acquisitions Massachusetts Northeast Retail

Bulfinch Buys 7,200 SF Retail Building in Boston’s Harvard Square Area

by Taylor Williams October 7, 2020

BOSTON — An affiliate of The Bulfinch Companies has purchased a 7,200-square-foot retail building in Boston’s Harvard Square neighborhood with plans to reposition the asset as a medical office or life sciences property complete with a rooftop deck. The building has two stories above grade and one below, with floor–to–ceiling windows on the street providing high visibility and ample daylighting. Kellie Coveney and Michael Restivo of JLL represented the seller, a private entity advised by Ella Properties LLC, in the transaction.This acquisition further strengthens Bulfinch’s portfolio in the Cambridge market. Earlier this year, Bulfinch completed a 280,000-square-foot lab building at Cambridge Discovery Park in the Alewife life sciences cluster. Bulfinch is also the manager of Osborn Triangle, a three-property life sciences and biotech development in Cambridge’s Kendall Square neighborhood,

October 7, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $78.8M in Financing for Multifamily Redevelopment in South Boston

by Taylor Williams October 6, 2020

BOSTON — MassHousing has provided $78.8 million in financing for the third phase of the redevelopment of Old Colony, a federal housing development originally built in 1940 in South Boston. The borrower, Beacon Communities LLC, in partnership with the Boston Housing Authority, will demolish 135 older public housing units at the Anne M. Lynch Homes and construct 170 new affordable homes for lower-income families and senior citizens. The project is part of the larger redevelopment of Old Colony, which has thus far added 420 new apartments and townhomes to the local supply.

October 6, 2020

Acquisitions New York Northeast Retail

JLL Negotiates Sale of 133,849 SF Grocery-Anchored Shopping Center in Cortland, New York

by Taylor Williams October 6, 2020

CORTLAND, N.Y. — JLL has negotiated the sale of Tops Plaza, a 133,849-square-foot, grocery-anchored shopping center in Cortland, located south of Syracuse in the Finger Lakes region. Regional grocer Tops anchors the center, which was 90 percent leased at the time of sale. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Andrew Scandalios, Michael Oliver and Steve Simonelli of JLL represented the seller, an undisclosed CMBS trust. Jonathan Abda represented the buyer, Namdar Realty Group, on an internal basis. The property was built in 1994 and renovated in 1999.

October 6, 2020

Acquisitions Massachusetts Multifamily Northeast

Rockport Mortgage Arranges $32.8M Loan for Refinancing of Metro Boston Apartments

by Taylor Williams October 6, 2020

STONEHAM, MASS. — Rockport Mortgage Corp. has arranged a $32.8 million HUD loan for the refinancing of Mountain View Terrace Apartments, a 194-unit community located in the northern Boston suburb of Stoneham. Built in 1981 and renovated in 2011, the property sits on 8.2 acres and offers one- and two-bedroom apartments as well as three- and four-bedroom townhomes. A portion of the proceeds will be used to fund capital improvements. The owner of the property is 7th AP Co. LP.

October 6, 2020

Development Multifamily New Jersey Northeast

Prism Capital Begins Leasing Final Phase of 300-Unit Apartment Complex in West Orange, New Jersey

by Taylor Williams October 6, 2020

WEST ORANGE, N.J. — Prism Capital Partners has begun leasing the final phase of The Residences at Edison Lofts, a 300-unit apartment complex in West Orange, about 20 miles west of New York City. The property is part of the 21-acre Edison Village, which is a redevelopment of Thomas Edison’s historic Invention Factory and Commerce Center. Residential amenities include a 5,000-square-foot fitness center, heated indoor pool, 12,000-square-foot rooftop lounge, a café and concierge services.

October 6, 2020

Acquisitions Industrial New Jersey Northeast

Stro Cos. Acquires 78,000 SF Industrial Building in Fairfield, New Jersey

by Taylor Williams October 6, 2020

FAIRFIELD, N.J. — The Stro Companies, a New Jersey-based investment firm, has acquired a 78,000-square-foot industrial building in Fairfield, about 25 miles west of New York City. The property was fully leased at the time of sale and features 21-foot ceiling heights, proximity to several interstates and additional land for trailer parking. Robert Nathin of Sheldon Gross Realty represented the undisclosed seller in the transaction.

October 6, 2020

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