LAKE COMO, N.J. — Four Springs Capital Trust, a private REIT focused on single-tenant industrial, medical, office and retail assets, has received a $50 million investment from Goldman Sachs (NYSE: GS) in the form of preferred stock. New Jersey-based Four Springs Capital will use the funds to provide liquidity to an existing investor and to grow its portfolio, which currently consists of 101 commercial properties totaling 3.6 million square feet across 28 states. As of Dec. 31, 2020, that portfolio was valued at $510 million. Goldman Sachs made the investment through one of its Vintage Funds, which provide capital to private investors and asset managers worldwide.
HARRISON, N.J. — JLL has arranged an $89.5 million construction loan to fund completion of Phase I and predevelopment of Phase II of Harrison Yards, a mixed-use project by Eastone Equities located outside of Newark. Phase I, which is nearly complete, features a 205-unit multifamily community with 7,670 square feet of retail space. Phase II will consist of 898 apartment units, 204,709 square feet of commercial space, a 200-key hotel and 1,350 parking spaces. Scott Aiese, Peter Rotchford, Alex Staikos and Brendan Collins of JLL arranged the loan through Invictus Real Estate Partners.
HARTFORD, PA. — Locally based brokerage firm Chozick Realty has negotiated the $9.6 million sale of Lafayette Arms Apartments, a 139-unit multifamily building in Hartford. Built in 1968, the four-story building predominantly features one-bedroom units. Tom Boyle of Chozick Realty marketed the property on behalf of the seller, Lafayette Arms LLC, and procured the buyer, a regional investment firm.
WILKES-BARRE, PA. — Colliers International has brokered the sale of the Bicentennial Building, a 74,452-square-foot office and retail property in Wilkes-Barre, located near Scranton in the northeastern part of the state. The six-story building was 83 percent occupied at the time of sale. Bicentennial Building Associates sold the asset to a private investment group based in the New York metro area. Jeff Algatt and John Susanin of Colliers brokered the deal.
MARLTON, N.J. — Walters, a New Jersey-based developer of affordable housing, is nearing completion of Cornerstone at Greentree, a 68-unit income-restricted community for residents age 55 and above in the Southern New Jersey city of Marlton. Units feature full-size washers and dryers, fully equipped kitchens, secure keyless entry and energy-efficient appliances. Communal amenities include a fitness center, Wi-Fi in common areas and onsite management and maintenance. A staffed social services coordinator will also be available upon request. Full completion is expected to occur in the first quarter.
EAST RUTHERFORD, N.J. — A partnership between developer Sterling Properties and New York City-based Wilton Investment Group is nearing completion of Central & Oak, a 208-unit multifamily project in the Northern New Jersey city of East Rutherford. Units at the multi-building community range in size from 724 to 1,308 square feet and feature stainless steel appliances, quartz countertops, European-style cabinetry, individual washers and dryers and private garages. Communal amenities include a clubhouse with an outdoor terrace, a conference room with private workstations, a game room, fitness center and shuttle service to a nearby public transit station. Two buildings remain under construction and are expected to be complete by April, while leasing at other buildings began last summer, with move-ins following shortly thereafter.
CHALFONT, PA. — NAI Mertz has arranged the sale of a 151,220-square-foot industrial property located at 90 Hamilton St. in Chalfont, located north of Philadelphia. The sales price was approximately $6 million. The building is situated on 14 acres and includes 6,000 square feet of office/showroom space. Jeff Licht, Jared Licht and Adam Lashner of NAI Mertz represented the buyer, AVL Properties LLC, in the transaction. Binswanger Commercial Real Estate Services represented the seller.
LEHIGHTON, PA. — Lehigh Valley Health Network (LVHN) will open a 100,000-square-foot hospital in Lehighton in central Pennsylvania. The facility will be situated on a 34.5-acre site and will feature 18 inpatient beds, a 12-bay emergency department, two operating rooms, two procedure rooms and four observation rooms with plans for future expansion. The opening is scheduled for spring 2022. Matt Macdonald of Markward Group represented LVHN and the seller in the disposition of the land.
FAIRFIELD, CONN. — An entity managed by Davis Marcus Partners, which is a joint venture between Marcus Partners and The Davis Companies, has sold a boutique office building located at 2150 Post Road in the southern Connecticut city of Fairfield for $10 million. According to LoopNet Inc., the property was built in 1986 and spans roughly 51,000 square feet. A CBRE team of Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller in the transaction and procured the buyer, a group led by Valley East Management. The property was 96 percent leased at the time of sale.
MONTICELLO, N.Y. — Houlihan-Parnes Realtors LLC has brokered the sale of Monticello Meadows Apartments, a 176-unit multifamily complex in Monticello, located about 100 miles northwest of New York City. The complex is situated on nine acres and offers one- and two-bedroom units. Ed Graf of Houlihan-Parnes and Steve Tierney of Rochester law firm Woods Oviatt Gilman LP represented the parties involved in the transaction. The property was 95 percent occupied at the time of sale following the implementation of a capital improvement program.