Northeast

Triple Five Group Reopens American Dream Mall in East Rutherford, New Jersey

by Taylor Williams October 1, 2020

EAST RUTHERFORD, N.J. — Triple Five Group has reopened the American Dream shopping and entertainment destination in East Rutherford, located just outside New York City. American Dream is located in the Meadowlands Sports Complex by MetLife Stadium, home of the New York Jets and Giants and features some 3 million square feet of retail and entertainment space. According to local media reports, marquee attractions include such as the Nickelodeon Universe theme park, DreamWorks water park, Angry Birds mini-golf and an NHL-sized ice skating rink are now open under limited capacities. Masks are mandatory, and social distancing guidelines will be enforced. A limited number of shopping and dining options will also be available under similar restrictions. Other attractions at American Dream, a project that went through various ownership groups and redevelopment obstacles, include a Sea Life Aquarium, Lego Discovery Center and an indoor ski and snow park.

October 1, 2020

Industrial Loans New Jersey Northeast

JLL Arranges Loans for Refinancing of 257,949 SF Industrial Portfolio in New Jersey

by Taylor Williams October 1, 2020

MORRISTOWN, N.J. — JLL has arranged two loans of undisclosed amounts for the refinancing of a four-building, 257,949-square-foot industrial portfolio in Morristown, about 30 miles west of New York City. Built in the 1980s, the properties are located in the towns of Pine Brook and Valley Cottage. Collectively, the four buildings were close to fully occupied at the time of the loan closings. Michael Klein led a JLL team that placed the nonrecourse loans, both of which were structured with 10-year terms and fixed interest rates, through an undisclosed life insurance company. The borrower was The Frassetto Companies, a family-owned and operated developer in the Tri-State area.

October 1, 2020

Connecticut Development Multifamily Northeast

Hines Breaks Ground on 230-Unit Multifamily Project in New Haven, Connecticut

by Taylor Williams October 1, 2020

NEW HAVEN, CONN. — Houston-based Hines has broken ground on The Whit Wooster Square, a 230-unit multifamily project that will be located in New Haven. The property will feature one, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. The project also includes 5,600 square feet of retail space. Residents will have access to amenities such as communal workspaces with private offices, a fitness center with a yoga studio, coffee bar and a rooftop terrace with grilling stations, a bar and lounge seating. Bank of America is financing the project, which will be Hines’ first multifamily development in Connecticut. Completion is slated for summer 2022.

October 1, 2020

Acquisitions New Jersey Northeast Office

Colliers Brokers Sale of 43,000 SF Bloom Court Office Building in Mount Laurel, New Jersey

by Taylor Williams October 1, 2020

MOUNT LAUREL, N.J. — Colliers International has brokered the sale of Bloom Court, a 43,000-square-foot office building located in the Southern New Jersey township of Mount Laurel. Evan Zweben, Marc Isdaner and Ian Richman of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was an affiliate of locally based, full-service real estate firm Needleman Management Co. The sales price was not disclosed.

October 1, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $17M Sale of Residential Building in Manhattan

by Taylor Williams October 1, 2020

NEW YORK CITY — Marcus & Millichap has negotiated the $17 million sale of a 12-unit residential building located at 180 W. 81st St. on Manhattan’s Upper West Side. The property spans 21,568 square feet and includes three commercial spaces. Daniel Handweiler, Haley Hasho, Jacob Kahn, Joe Koicim, Peter Von Der Ahe and Seth Glasser of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both companies were private investors that requested anonymity.

October 1, 2020

Leasing Activity Massachusetts Northeast Office

Columbia Threadneedle Signs New Headquarters Lease at Atlantic Wharf in Downtown Boston

by Taylor Williams September 30, 2020

BOSTON — Global asset management firm Columbia Threadneedle Investments has signed an office lease for its new headquarters at Atlantic Wharf, a 32-story office building located at 290 Congress St. in downtown Boston. John Boyle, Michael Joyce, Tom O’Regan and Maeve Cleary of Cushman & Wakefield represented the tenant, which expects to move in next summer, in the lease negotiations. Boston Properties owns the building. Columbia Threadneedle employs more than 2,000 people and has offices in 17 countries.

September 30, 2020

Development Multifamily New York Northeast

Falcon Pacific Builders Completes 50-Unit Apartment Building in Queens

by Taylor Williams September 30, 2020

NEW YORK CITY — Locally based construction firm Falcon Pacific Builders has completed a 50-unit apartment building at 28-16 21st St. in the Astoria neighborhood of Queens. Architect Mark Markowitz designed the seven-story building, and The Saab Family LP developed it. The building’s total footprint is 45,498 square feet, with 7,200 square feet reserved for commercial usage. Residences come in one-, two- and three-bedroom formats, with 20 percent of the units designated as affordable.

September 30, 2020

Acquisitions Industrial New Jersey Northeast

Colliers Arranges Sale of 48,000 SF Industrial Flex Property in West Berlin, New Jersey

by Taylor Williams September 30, 2020

WEST BERLIN, N.J. — Colliers International has arranged the sale of a 48,000-square-foot industrial flex property at 436 Commerce Lane in West Berlin, located outside of Philadelphia. The sales price was $2.7 million. The property is located off Route 73 and features 18-foot ceiling heights. The buyer was Velocity Venture Partners, and the seller was undisclosed. Marc Isdaner and Ian Richman of Colliers brokered the transaction.

September 30, 2020

Healthcare Leasing Activity Life Sciences Massachusetts Northeast Office

Azzur Group Signs 50,300 SF Life Sciences Lease in Metro Boston

by Taylor Williams September 30, 2020

BURLINGTON, MASS. — Azzur Group, a firm that helps life sciences companies start and scale, has signed a 50,300-square-foot office lease in Burlington, located north of Boston. Azzur Group plans to take occupancy of its space at 60 Blanchard Road by summer 2021. Newmark Knight Frank represented the building owner, a partnership between locally based development and investment firm Nordblom Co. and Alcion Ventures, in the lease negotiations. The Stevens Group represented the tenant.

September 30, 2020

Leasing Activity Northeast Office Pennsylvania

ROCK Commercial Negotiates 14,479 SF Office Lease in York, Pennsylvania

by Taylor Williams September 30, 2020

YORK, PA. — ROCK Commercial Real Estate has negotiated a 14,479-square-foot office lease at Susquehanna Commerce Center, a 260,000-square-foot office complex in York. The property houses tenants such as Morgan Stanley Wealth Management and Wells Fargo Financial Advisors and offers an onsite parking garage and a café. David Bode of ROCK Commercial represented the landlord in the transaction. The tenant was Dentsply International Inc., a provider of dental equipment.

September 30, 2020

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