PHILADELPHIA — WinnCos., a developer and operator of affordable and market-rate housing, has purchased Carl Mackley Houses, a historic housing complex in Philadelphia, with plans to implement a $23.7 million renovation. The property, which is located on the city’s northeast side and currently houses 184 affordable housing units, originally opened during the Great Depression era. Named for Carl Mackley, a 22-year-old union worker who was shot and killed on March 6, 1930 while supporting a strike at the H.C. Aberle Co., the complex earned a spot on the Philadelphia Register of Historic Places in 1982 and the National Register of Historic Places in 1998. The rehabilitation effort will modernize apartment kitchens and bathrooms in four residential buildings; install central air conditioning in all units; replace all windows and roofs; and upgrade common areas. The project is being financed primarily by tax-exempt bond financing and an allocation of 4 percent Low-Income Housing Tax Credits from the Pennsylvania Housing Finance Agency.
LEXINGTON, MASS. — Locally based developer Greatland Realty Partners has broken ground on Revolution Labs, a 180,000-square-foot life sciences project in Lexington, a northwestern suburb of Boston. Revolution Labs will feature purpose-built laboratory infrastructure, full-service onsite amenities and multi-functional outdoor spaces. SGA is the project architect, and Callahan Construction Managers is the general contractor. JLL is handling leasing for the property. The development team expects the property to be available for occupancy by the third quarter of 2022.
SPARTA, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has arranged the $14.6 million sale of The Residences at North Village, a 60-unit apartment building in Sparta, about 50 miles west of Manhattan. The property was built in 2020 within the 90-acre North Village mixed-use development. Units feature granite countertops, stainless steel appliances and individual washers and dryers. Amenities include a playground, basketball and volleyball courts and outdoor grilling areas. Stephen Tragash of Gebroe-Hammer represented the seller, NV MF Holdings LLC, and procured the buyer, Sparta Residence LLC, in the transaction.
YONKERS, N.Y. — Katz & Associates has brokered the sale of a retail building formerly occupied by 24 Hour Fitness in Yonkers, a northern suburb of New York City. The building is situated on a 1.7-acre site at 589 Tuckahoe Road. Brian Katz, Jonathan Greenberg and John Heretakis of Katz & Associates represented the undisclosed seller in the deal. Tyler Lyman of True Commercial represented the buyer, Carpionato Realty, which purchased the asset for $4.2 million.
MONTVILLE, N.J. — A partnership between Diversified Properties, The Hampshire Cos. and 1026 Real Estate Investors has opened a 755-unit self-storage facility for CubeSmart in Montville, located in Northern New Jersey. The fully climate-controlled facility has a gross square footage of 98,000 square feet. Diversified Properties, as lead developer, acquired the site in 2015 when it housed a 35,000-square-foot office building and a 2.5-acre pad site. Hampshire Cos. and 1026 Real Estate co-funded equity for the project.
BLOOMFIELD, N.J. — Cresa has negotiated the off-market sale of Broadacres Office Park, a 393,000-square-foot property located in the Northern New Jersey community of Bloomfield. Originally built in 1976 and renovated in 2001, Broadacres Office Park consists of a quartet of four-story, 98,250-square-foot buildings. Amenities include a fitness center, cafeteria and a tenant lounge. P3 Properties sold the asset to ERCT Capital Group for an undisclosed price. Dennis Gralla, James Scancarella and Jonathan Marks of Cresa brokered the deal.
MOORESTOWN, N.J. — Cushman & Wakefield has brokered the sale of Moorestown Distribution Center, a 272,682-square-foot industrial building that is located approximately 10 miles from downtown Philadelphia. The property was originally built on 15 acres in 1990 as the headquarters for gift shop Sbar’s Inc. and was expanded in 1997. Building features include 34 dock doors, 189 car parking spaces and clear heights of roughly 36 and 21 feet. John Gartland and Jonas Skovdal of Cushman & Wakefield represented the seller, the Piperno family, in the deal. Boston-based NorthBridge Partners acquired the asset for $23.2 million.
STATE COLLEGE, PA. — University Partners has acquired HERE, a 755-bed student housing community located near the Pennsylvania State University campus in State College. The property was built in 2020 and offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Communal amenities include 30,000 square feet of retail space, private study rooms and a penthouse sky lounge with a kitchen and deck, as well as a spa with a hot tub and sauna.
NEW YORK CITY — Merchants Capital has provided an $18.2 million loan for Mannie Wilson Towers, a 102-unit seniors affordable housing property in Harlem. The building was originally constructed in 1892 as the Syndenham Hospital and converted to a residential use after closing in 1980. Mannie Wilson Towers now consists of one- and two-bedroom units that are reserved for residents age 62 and above who earn 50 percent or less of the area median income. The borrower, West Harlem Group Assistance Inc., will use the proceeds to fund capital improvements and preserve the property’s affordability. The loan was structured with a 30-year term and a 40-year amortization schedule.
PRINCETON, N.J. — Princeton Insurance Co. has sold 742 and 746 Alexander Road, the company’s two-building, 110,000-square-foot office complex in its namesake town. Kevin O’Hearn, Jose Cruz, Thomas Romano, Michael Oliver and Steve Simonelli of JLL represented the owner and tenant in the transaction. The complex consists of a 50,000 and 60,000-square-foot building and amenities such as a fitness center and a cafeteria. Strategic Funding Alternatives LLC purchased the property for an undisclosed price.