Northeast

Stan Johnson Co. Brokers Sale of 180,000 SF Manufacturing Facility in Greenfield, Massachusetts

by Alex Patton May 21, 2020

GREENFIELD, MASS. — Stan Johnson Co. has brokered the sale of a 180,000-square-foot manufacturing facility in Greenfield, a city in northwestern Massachusetts. The property is located at 53 Silvio O. Conte Drive. The facility has been 100 percent leased to Schweitzer-Mauduit International Inc., a manufacturer of paper, film, surface protection supplies and other products, for more than 30 years. Mollie Alteri, Joey Odom, Mike Sladich and Maggie Holmes of Stan Johnson Co. represented the seller, a partnership between Jera Partners LLC and a DRA Advisors LLC, in the transaction. The buyer and sales price were not disclosed.

May 21, 2020

Loans Multifamily New York Northeast

Merchants Capital Provides $35.4M Freddie Mac Loan for Refinancing of Multifamily Property in Queens

by Alex Patton May 21, 2020

NEW YORK CITY — Merchants Capital has provided a seven-year, $35.4 million Freddie Mac loan for the refinancing of Jamaica Apartments, a 133-unit multifamily property in Queens. The borrower was New York-based Bayrock Capital. Located on Jamaica Avenue, the two-building property was originally built as a traditional multifamily development. The ownership has since partnered with the New York City Department of Homeless Services to convert 100 percent of the units into affordable and transitional housing.

May 21, 2020

Healthcare Leasing Activity New Jersey Northeast Office

JLL Negotiates 2,300 SF Medical Office Lease in Gillette, New Jersey

by Alex Patton May 21, 2020

GILLETTE, N.J. — JLL has negotiated a 2,300-square-foot medical office lease for Ivy Rehab Physical Therapy in Gillette, a southwestern suburb of New York City. The tenant, a division of Ivy Rehab Network, signed a seven-year lease within Valley Mall, located at 977 Valley Road. Other tenants include HomeGoods, T.J. Maxx, Old Navy and Famous Footwear. Marta Villa of JLL represented the building owner, Croman Development Corp., in the lease negotiations. Donovan Realty, along with Corey Taber of Equity LLC, represented Ivy.

May 21, 2020

Development Industrial Northeast Pennsylvania

Duke Realty Nears Completion of 615,000 SF Build-to-Suit Industrial Project in Myerstown, Pennsylvania

by Alex Patton May 20, 2020

MYERSTOWN, PA. — Indiana-based REIT Duke Realty Corp. is nearing completion of Central Logistics Park 100, a 615,000-square-foot warehouse in Myerstown, approximately 35 miles east of Harrisburg. Located at 100 Fort Motel Drive, the building will feature 45-foot clear heights and 7,000 square feet of office space. The remaining acreage on the site can accommodate additional development of up to 584,820 square feet. The development is a build-to-suit project for wholesale tire distributor Max Finkelstein Inc. Duke expects to complete construction in late spring or early summer of 2020.

May 20, 2020

Acquisitions Multifamily New Jersey Northeast

JLL Brokers $66M Sale of Multifamily Community in Tinton Falls, New Jersey

by Alex Patton May 20, 2020

TINTON FALLS, N.J. — JLL has brokered the $66 million sale of Avalon Tinton Falls, a 216-unit multifamily property in Tinton Falls, approximately 45 miles east of Trenton. Located at 100 Autumn Drive, the garden-style community features one-, two- and three-bedroom floor plans averaging 1,101 square feet. Amenities include a fitness center, swimming pool and outdoor lounge. The community was constructed in 2008. Jose Cruz and Michael Oliver led a JLL team that represented the seller, AvalonBay Communities Inc., in the transaction. A private investor purchased the property.

May 20, 2020

Development Multifamily New Jersey Northeast

Larken Associates Breaks Ground on 191-Unit Luxury Apartment, Retail Project in Hillsborough, New Jersey

by Alex Patton May 20, 2020

HILLSBOROUGH, N.J. — New Jersey-based developer Larken Associates has broken ground on Hillsborough Village Center, a 191-unit luxury apartment building in Hillsborough, approximately 25 miles north of Trenton. Located at 650 U.S. Highway 206, the nine-building community will feature one-, two- and three-bedroom floor plans and approximately 28,000 square feet of ground-level retail space. Amenities will include a fitness center and a standalone clubhouse with a business center, game room, theater and pool. Larken Associates expects te first units to be available for occupancy in mid-2021.

May 20, 2020

Industrial Leasing Activity New Jersey Northeast

NAI Mertz Negotiates 26,740 SF Industrial Lease in Mount Laurel, New Jersey

by Alex Patton May 20, 2020

MOUNT LAUREL, N.J. — NAI Mertz has negotiated a 26,740-square-foot industrial lease in Mount Laurel, an eastern suburb of Philadelphia. The tenant is an undisclosed, locally based food packaging company. The space is part of a 112,000-square-foot industrial building that is located at 103 Central Ave. The property features 17-foot clear heights and offers convenient access to Interstate 295 and the New Jersey Turnpike. Scott Mertz and Jonathan Klear of NAI Mertz represented the tenant in the lease negotiations. Core One Real Estate LLC represented the landlord, Burton Real Estate.

May 20, 2020

Leasing Activity New Jersey Northeast Retail

Stumpy’s Hatchet House Signs 14,194 SF Retail Lease in Upper Saddle River, New Jersey

by Alex Patton May 20, 2020

UPPER SADDLE RIVER, N.J. — Stumpy’s Hatchet House LLP, an entertainment concept that centers on axe-throwing, has signed a 14,194-square-foot retail lease in Upper Saddle River, approximately 30 miles northwest of New York City. The space is located in a 29,795-square-foot building at 107 Pleasant Ave that also houses The Gravity Vault, an indoor rock climbing concept. The store will be Stumpy’s sixth axe-throwing venue in New Jersey. Conor Ryan and Ryan Bednarski of JLL represented Stumpy’s in the lease negotiations. Samuel Bernhaut and Nicole Nannola of CBRE represented the landlord, Northbound Real Estate LLC.

May 20, 2020

Massachusetts Northeast

Massachusetts Governor Begins Phase I of Reopening Select Businesses

by Alex Patton May 19, 2020

BOSTON — Massachusetts Gov. Charlie Baker has begun a phased reopening plan for some businesses and services in the state, according to a public statement from the state administration on Monday, May 18. Phase I includes a staggered reopening of places of worship, manufacturing and construction sites and hospital preventative care centers. On May 25, personal services including hair salons, barbershops, pet grooming and car washes will be allowed to reopen, as will offices outside of the Boston area, laboratories, curbside retail, outdoor entertainment and daycare facilities. Offices in the Boston area will be permitted to reopen on June 1. Following the completion of Phase I, the state will evaluate the effect of reopening on the spread of the virus and will begin Phase II of the plan no earlier than June 8. Baker issued an executive order closing all nonessential businesses on March 23, which was later extended on April 28. As of May 18, the Massachusetts Department of Public Health reported more than 87,000 confirmed cases of COVID-19 in the state and nearly 5,900 deaths.

May 19, 2020

Industrial Loans New Jersey Northeast

JLL Arranges $20M Loan for Refinancing of Cold Storage Facility in Elizabeth, New Jersey

by Alex Patton May 19, 2020

ELIZABETH, N.J. — JLL has arranged a $20 million loan for the refinancing of a 175,000-square-foot cold storage facility in Elizabeth, a southwestern suburb of New York City. An undisclosed life insurance company provided the 20-year, fixed-rate loan to the borrower, Elberon Development Group. Located at 735 Dowd Ave., the temperature-controlled facility features 40-foot clear heights and a 16,000-square-foot office space. The property also offers convenient access to Newark Liberty International Airport and Port Newark-Elizabeth. Michael Klein, Jon Mikula and Carlos Silva of JLL arranged the loan.

May 19, 2020

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