Northeast

JLL Provides $107.2M Agency Loan for Acquisition of Waypointe Apartments in Norwalk, Connecticut

by Taylor Williams September 25, 2020

NORWALK, CONN. — JLL has provided a $107.2 million Freddie Mac acquisition loan for The Waypointe, a 464-unit apartment community in Norwalk that also houses 56,000 square feet of retail and restaurant space. Units come in one-, two- and three-bedroom floor plans, and amenities include a fitness center, game room, saltwater pool and two parking garages totaling 1,027 spaces. Scott Aiese, Peter Rotchford, Alex Staikos and Brendan Collins of JLL arranged the loan on behalf of the borrower, Invictus Real Estate Partners. The Waypointe was 93 percent occupied at the time of the loan closing.

September 25, 2020

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 168,144 SF Office Building in Florham Park, New Jersey

by Taylor Williams September 25, 2020

FLORHAM PARK, N.J. — Cushman & Wakefield has brokered the sale of a 168,144-square-foot office building located at 325 Columbia Turnpike in Florham Park, about 30 miles west of New York City. The three-story building is situated on 15 acres and offers amenities such as a recently renovated cafeteria and onsite tenant storage units. The property was 85 percent leased at the time of sale. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zudiema represented the seller, Mack-Cali, in the transaction. The team also procured the buyer, Connecticut-based investment firm The Birch Group.

September 25, 2020

Acquisitions Industrial New York Northeast

Botanic Properties Acquires 97,047 SF Flex Building in Long Island City

by Taylor Williams September 25, 2020

LONG ISLAND CITY, N.Y. — Locally based investment firm Botanic Properties has acquired a 97,047-square-foot flex building located at 24-02 Queens Plaza in the Long Island City area of Queens. Apex Technical School has occupied the entirety of the three-story building since 2012. Christopher Peck, Steve Klein and Thomas Pryor of JLL arranged a $24 million fixed-rate acquisition loan through MSD Partners on behalf of the borrower. The seller was not disclosed.

September 25, 2020

Loans Multifamily Northeast Pennsylvania

Aquinas Realty Receives $13.2M Loan for Refinancing of Philadelphia Multifamily Asset

by Taylor Williams September 25, 2020

PHILADELPHIA — An affiliate of Aquinas Realty Partners LLC has received a $13.2 million loan for the refinancing of AQ Overbrook, a 128-unit multifamily asset in Philadelphia. The borrower acquired the property, which formerly served as a student housing complex for St. Joseph’s University, in 2018 and implemented a capital improvements program to reposition the asset as a market-rate apartment community. Cronheim Mortgage arranged the loan, which carries a five-year term and a fixed interest rate, through an undisclosed local bank.

September 25, 2020

Company News New York Northeast Retail

Retail by MONA Launches Leasing, Advisory Firm in New York City

by Taylor Williams September 25, 2020

NEW YORK CITY — Brandon Singer, formerly of Cushman & Wakefield, has launched Retail by MONA, a leasing and advisory firm that will serve New York City. MONA is an acronym for Making of a New Age. The company has strategic partnerships with property owners including Aby Rosen and Michael Fuchs, founders of RFR Holding. Singer will serve as CEO of the new entity, which will offer both tenant and landlord representation services. Michael Cody, also formerly with Cushman & Wakefield, will serve as director and co-founder.

September 25, 2020

Development Massachusetts Mixed-Use Northeast Top Stories

HYM Investment Group to Break Ground on 161-Acre Mixed-Use Redevelopment of Suffolk Downs Racetrack in Boston

by Katie Sloan September 25, 2020

BOSTON — HYM Investment Group has received approval from the Boston Planning and Development Agency (BPDA) for the redevelopment of Suffolk Downs, a 161-acre former thoroughbred horse track and racing facility, into a mixed-use district. Approved plans for the project include 10,000 residential units, 20 percent of which will be designated affordable housing; 40 acres of publicly accessible parks and open space; and 3 million square feet of office and retail space. HYM purchased the property in 2017 for $155 million and the racetrack officially closed in summer 2018. Thursday’s vote of approval marks the end of a three-year community review process, during which the company held over 450 meetings with community group members, elected officials and staff, and neighbors to hear and incorporate community feedback. HYM is now cleared to begin construction on the project, which might take up to 20 years to complete and will cost $8 billion, according to reports by WBUR, Boston’s NPR news station. Designs for the project also include the construction of a major extension of the Mary Ellen Welch Greenway, a public pathway and park in East Boston connecting Piers Park, Memorial Stadium, Bremen Street Park, Wood Island Bay Marsh and Belle Isle Marsh. …

September 25, 2020

Civic Development Massachusetts Northeast

Skanska Tops Out 118,000 SF New Building at Brookline High School in Boston

by Taylor Williams September 24, 2020

BOSTON — International developer Skanska has topped out a new 118,000-square-foot building at Brookline High School by the MBTA Green Line Brookline Hills station in Boston. The building will include classrooms for physics, special education and general use, dedicated event space, dining and food service areas, a library, various collaboration spaces and room for general administrative work. Completion is slated for November 2021. In addition, Skanska is renovating an existing building to feature 70,000 square feet of biology and chemistry labs and classrooms, collaboration and maker spaces, a culinary arts kitchen and a student restaurant with café seating.

September 24, 2020

Acquisitions Northeast Pennsylvania

Avison Young Brokers Sale of 106,000 SF Office Building in Malvern, Pennsylvania

by Taylor Williams September 24, 2020

MALVERN, PA. — Avison Young has brokered the sale of a 106,000-square-foot office building located at 70 Valley Stream Parkway in Malvern, located northwest of Philadelphia. The building formerly served as the headquarters of digital services and printing firm Ricoh USA. Scott Williams and Ryan FitzPatrick of Avison Young represented the seller, Star 79VS Owner LLC, in the transaction. The buyer, Commonwealth Charter Academy, purchased the asset for $15.3 million.

September 24, 2020

Leasing Activity Massachusetts Northeast Office

NKF Negotiates Two Office Lease Renewals Totaling 46,966 SF in Metro Boston

by Taylor Williams September 24, 2020

WATERTOWN, MASS. — Newmark Knight Frank (NKF) has negotiated two commercial leases totaling 46,966 square feet at Riverworks at Aetna Mills in Watertown, a western suburb of Boston. In the first deal, industrial 3-D printer manufacturer Markforged signed a 36,291-square-foot renewal. In the second transaction, pharmaceutical intelligence provider InCrowd signed a 10,675-square-foot renewal. Mark Roth, Brianna Piacitelli, Brendan Daly and Matthew Malatesta represented the landlord, Paradigm Properties, in the lease negotiations. Chris Lawrence of JLL represented Markforged, and Brooke Blue of T3 Advisors represented InCrowd.

September 24, 2020

Acquisitions Multifamily New York Northeast

UMH Properties Acquires Manufactured Housing Community in New York for $4.5M

by Taylor Williams September 24, 2020

FREEHOLD, N.J. — UMH Properties Inc. (NYSE: UMH), a New Jersey-based REIT, has acquired a manufactured housing community in New York for $4.5 million. The 21-acre property offers 163 developed home sites, about 70 percent of which are occupied. The seller was not disclosed. UMH Properties owns and operates 124 manufactured housing communities totaling roughly 23,400 developed home sites across eight states.

September 24, 2020

Newer Posts

Older Posts