ALLENTOWN, PA. — Locally based brokerage firm Markward Group has negotiated a 150,000-square-foot industrial sublease at Iron Run Distribution Center in Allentown. Del Markward and Mike Capobianco of Markward Group, along with Brian Lenahan of Premier Development, represented the sublandlord, True Value, in the lease negotiations. The trio also represented the subtenant, third-party logistics firm ShipHero. Prologis owns the building.
BERLIN, N.J. — New Jersey-based Markheim Chalmers has brokered the sale of a 33,303-square-foot office portfolio in Berlin, located southeast of Philadelphia. The portfolio spans four buildings and was 89 percent leased at the time of sale. Adam Dembo of Markheim Chalmers represented the seller, Affiliated Management, in the transaction. Dembo also procured the buyer, Taunton Road LLC. The sales price was not disclosed.
BLUE BELL, PA. — CBRE has arranged two life sciences leases totaling 13,067 square feet at PROTECS Innovation Center, a 50,000-square-foot lab and life sciences building in the northern Philadelphia suburb of Blue Bell. Molecular diagnostics firm KorGene committed to 8,259 square feet, and pharmaceutical and biotechnology firm ThirdLaw Technologies inked a deal for 4,808 square feet. Paul Touhey and Cody Lehrer of CBRE represented the landlord, 4 Valley Square Group LP, in the lease negotiations.
JERSEY CITY, N.J. — Marcus & Millichap has brokered the sale of three multifamily assets totaling 66 units in Jersey City, a western suburb of New York City. The sales price was roughly $10.9 million, or $171,000 per unit. Fahri Ozturk, Richard Gatto and David Ferber of Marcus & Millichap handled the transaction. The buyer and seller were not disclosed.
WEST CHESTER, PA. — Tower Health Urgent Care will open a 4,200-square-foot clinic at Bradford Plaza, a 161,000-square-foot retail center located at 700 Downington Pike in West Chester. The grocery-anchored center houses tenants such as Petco, Dollar Tree and Orangetheory Fitness. Sidney Singer of New Jersey-based Levin Management Corp. represented the landlord in the lease negotiations. Michael Reese of Jackson Cross Partners represented the tenant.
NORTH HALEDON, N.J. — JLL has arranged a $34 million construction loan for the development of a multifamily project at 920 Belmont Ave. in North Haledon, about 30 miles northwest of New York City. The property will total 180 units and offer amenities such as a fitness center, lounge area, coworking space and an outdoor pool and patio area with grilling stations. Jon Mikula and Michael Klein of JLL arranged the financing through Investors Bank on behalf of the borrower, a partnership between Tulfra Real Estate and The Hampshire Companies. Completion is slated for 2021.
MYSTIC, CONN. — Locally based Lattizorri Development has completed Harbor Heights, a 121-unit luxury apartment community in the coastal Connecticut city of Mystic. The property is part of the Perkins Farm master-planned community and offers one- and two-bedroom units with stainless steel appliances, nickel hardware and granite countertops. Amenities include a pool, outdoor grilling area, fitness center and a dog park. Rents start at $1,600 per month for a one-bedroom unit and $2,100 per month for a two-bedroom unit.
GREENWICH AND DARIEN, CONN. — Axiom Capital Corp. has arranged $8.2 million in permanent financing for two commercial buildings in Greenwich and Darien. One of the properties was built in 1927 and features 13 apartments plus ground-floor retail space. The other building was constructed in 2007 and features office and retail space. Both assets were fully occupied at the time of the loan closing. The borrower was not disclosed.
ELIZABETH, N.J. — NAI Hanson has brokered the sale-leaseback of an 8.2-acre industrial property at 349-369 First St. in Elizabeth, located just south of Newark. The site is located approximately one mile from the Port of New York/New Jersey and three miles from Newark Liberty International Airport. Christopher Todd and Scott Perkins of NAI Hanson represented the buyer, Illinois-based CenterPoint Properties, in the transaction. Marc Imrem, J.D. DeRosa and Colby Moore of Transwestern represented the undisclosed seller.
SEA BRIGHT, N.J. — New Jersey-based Innzen Hospitality has nearly completed the renovation of the BeachWalk Hotel in the coastal city of Sea Bright. The project includes the addition of 37 more rooms for a total of 76, as well as upgrades to the hotel’s amenity spaces. The property also offers 40 dock slips and 80 parking spaces. Life Hospitality will manage the newly renovated hotel.
