HACKENSACK, N.J. — NAI James Hanson has brokered the sale of a 30,000-square-foot industrial building located at 80 Commerce Way in Hackensack. The property is situated on 2.2 acres and features 14-foot clear heights and 85 parking spaces. Scott Perkins and Chris Todd of NAI James Hanson represented the seller, Canaan Korean Community Church, in the transaction. William Lee of Coldwell Banker Fort Lee represented the buyer, Pilgrim Mission Church.
NEW YORK CITY — JLL has arranged $105 million in predevelopment financing for Bronx Logistics Center, a 1.2 million-square-foot last-mile distribution center that will be situated on a 14.2-acre site at 980 E. 149th St. Building features will include 1,400 parking spaces, 28-foot clear heights and proximity to Interstate 278. Christopher Peck, Peter Rotchford and Kristin Knapp of JLL arranged the debt through JPMorgan on behalf of the borrower, Turnbridge Equities. In addition, Andrew Scandalios, Tyler Peck and Thomas Pryor of JLL secured Dune Real Estate Partners as a joint venture equity partner. The development team expects to break ground some time in early 2021.
PATERSON, N.J. — Locally based developer Blue Onyx Cos. will redevelop a historic two-acre property in Paterson that houses seven former mills and warehouses into a mixed-use destination. Preliminary plans for the project, which will be branded 24+Half, call for creative office and residential uses, as well as a beer garden and a 12,230-square-foot beach environment with sand, furniture, food trucks and activities. Architecture firm HWKN is leading design of the commercial, residential and public spaces. Blue Onyx acquired the site in 2019. The development team expects to break ground on the first phase of the project in summer 2021 and for the entire project to carry a construction period of about five years.
BRIDGEWATER, N.J. — Atlantic Health Systems has signed a 37,030-square-foot healthcare lease at Bridgewater Medical Building, a 95,000-square-foot property located at 1125 Route 22 W. in the Northern New Jersey city of Bridgewater. A joint venture between regional developer Atkins Co. and Capital Solutions Inc. acquired the building, which formerly served as the regional headquarters of Bank of America, in 2017. Bryn Cinque and Jim Bailey of Colliers International represented Atlantic Health Systems, which serves approximately 5 million people across 11 counties in New Jersey, in the lease negotiations.
CHESTNUT HILL, MASS. — A group of investors led by WS Development has acquired The Paper Store, a family-owned and operated Hallmark Gold Crown retailer with stores throughout the Northeast. The Paper Store filed for Chapter 11 bankruptcy in mid-July due to the impact of COVID-19 regulations shuttering its 86 stores for several months. Following a successful restructuring of debt, The Paper Store, which employs about 2,000 people, will continue to operate its stores. WS Development holds a portfolio of 95 commercial properties totaling more than 27 million square feet across the country.
NEW YORK CITY — Developer SL Green Realty Corp. has completed the $600 million refinancing of 410 Tenth Avenue, an office redevelopment project that will add 636,000 square feet of office space to the local supply. Amazon and First Republic Bank will anchor the 20-story property, which was originally built in 1927 as the Master Printers Building. The loan takes out $465 million in construction financing that SL Green received in 2019 and will fund all future development costs. Completion of 410 Tenth Avenue is slated for the third quarter of 2021.
NEW YORK CITY — New York City-based DeSimone Consulting Engineers has purchased RRC Engineering, a Plainville, Mass.-based firm that specializes in the design of data centers. RRC’s founder and principal Robert Chartrand will continue to lead the firm from its current office, while DeSimone will also continue to operate its regional office from 31 Milk St. in Boston. DeSimone was founded in 1969 and provides engineering solutions across a range of commercial asset classes.
FRAMINGHAM, MASS. — Locally based development firm Crosspoint Associates has acquired 2.7 acres in the western Boston suburb of Framingham for a retail expansion project. The site formerly housed a Colonial Nissan car dealership and is located adjacent to a Whole Foods Marketplace that will be expanded by 7,163 square feet to a total size of 43,617 square feet. The site will also house other retail users, including a Starbucks with a drive-thru area. Bernard Gibbons of Associated Brokerage Group represented Empire Management Corp. in its disposition of the land. Craig Barker of Boston Real Estate Advisors represented Crosspoint Associates.
QUINCY, MASS. — Marcus & Millichap has brokered the sale of a 34-unit apartment building located at 40 Butler Road in the southern Boston suburb of Quincy for $6.9 million. The property consists of 30 one-bedroom units and four two-bedroom residences and is located within walking distance of the Quincy Center MBTA station. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity
CRANBURY, N.J. — Kislak Commercial Real Estate Services Inc. has negotiated several industrial leases totaling 26,318 square feet at Campus 130, an 85,000-square-foot industrial flex property located in the Central New Jersey city of Cranbury. Summit Solar Co., Aquabella, Guardian Protection Services and GenZ Distribution are among the new tenants to commit to space at the building. Peter Wisniewski of Kislak handled the negotiations on behalf of the tenants.