BROOKLINE, MASS. — Welltower has acquired the former Newbury College campus near Boston for $34 million. The 7.8-acre campus currently features eight structures totaling 142,000 square feet, which Welltower plans to redevelop into seniors housing properties. Christopher Sower, James Elcock, Tom Hynes and Bob Cronin of Colliers International represented the seller, Newbury College in the transaction.
LEWES, DEL. — Walker & Dunlop has arranged an $18 million construction loan for a multifamily development in Lewes, located approximately 40 miles southeast of Dover. An undisclosed regional bank provided the loan. The property consists of seven separate buildings, two of which are condominiums with ground-floor retail, three of which are fully leased apartment buildings and two of which are single-family homes. Two additional multifamily buildings offering one- and two-bedroom units are currently under construction and slated for completion in 2020. Jon Kushner and Ben Retter of Walker & Dunlop arranged the loan on behalf of the borrower, Fernmoor Homes.
NEW YORK CITY — Madison International Realty has signed multiple new leases and lease renewals with several food and beverage tenants in preparation for the opening of a new 1,500-square-foot food court at Queens Place Mall, located in the Elmhurst neighborhood of Queens. Dunkin Donuts and Mrs. Fields have both renewed leases at the 440,000-square-foot mall. In separate negotiations with three new tenants, Chipotle has leased 2,532 square feet, Teriyaki One has leased 1,134 square feet and TeaCups has leased 400 square feet. Diana Boutross, Alan Schmerzler, Ian Lerner and Brandon Singer of Cushman & Wakefield represented Madison International in the negotiations. Boutross and Lerner represented Chipotle, Dunkin Donuts, Mrs. Fields and TeaCups. Peter Yoon of Ripco represented Teriyaki One. Construction is slated for completion by summer 2020.
EDISON, N.J. — Twin Boro Physical Therapy has signed a 1,600-square-foot retail lease in Edison, located approximately 30 miles southeast of New York City. The property is situated within the 20,000-square-foot Colonial Village Shopping Center, which is 100 percent leased. Twin Boro specializes in orthopedic pediatrics, sports-related injuries and worker’s compensation cases. Steve Battista of Jeffrey Realty represented Twin Boro in the lease negotiations. Matthew Weiss of Weiss Realty represented the landlord, Colonial Village Associates LLC.
PHILADELPHIA — A joint venture between PREIT and Macerich has launched Fashion District Philadelphia, a 900,000-square-foot retail district housing dozens of shopping, dining and entertainment destinations. The $400 million project is a redevelopment of a former mall, the Gallery at Market East. A range of clothing and accessory retail options include Aeropostale, Burlington, Columbia and ULTA. The Fashion District also houses coworking spaces from REC Philly and Industrious. Other notable anchors of the district include City Winery, AMC Theaters, rotating art installation Wonderspaces, Market Eats food hall, mini theme park Candytopia and Yards Brewing Co.
SPARTA, N.J. — NAI James Hanson has arranged the sale of a 5.7-acre industrial development site in Sparta, located about 45 miles west of New York City. The property in situated within the 31.5-acre White Lake Commerce Park, which is comprised of 12 lots zoned for warehouse, office, distribution or manufacturing development. The buyer was Tomco Construction. NAI Hanson’s Sig Schorr and John Schilp represented the seller, Berardi Development Co., in the transaction. The NAI team also represented Tomco Construction.
BETHLEHEM, PA. — Coworking company Venture X has signed a 13,000-square-foot office lease for in Bethlehem, located about 50 miles north of Philadelphia. The space is situated within the 127,832-square-foot Gateway at Greenway Park mixed-use development, which includes space leased to Lehigh University and St. Luke’s University Health Network. The Venture X office is expected to be operational by January 2020. Jody King of CBRE represented the landlord, Dennis Benner of Ion Development, in the lease negotiation. King also represented Venture X.
EAST BRUNSWICK, N.J. —Toy wholesaler Y&W International Inc. has renewed a 10,000-square-foot industrial lease for in East Brunswick, located approximately 35 miles south of New York City. The building is situated within Edgeboro Corporate Center, a two-building, 84,000-square-foot flex property located one mile from the New Jersey Turnpike. The tenant will continue to utilize the building as a showroom and distribution center for its products. David Zimmel of Zimmel Associates represented the landlord, Denholtz Properties, in the lease negotiations.
HARTFORD, CONN. — O,R&L Commercial has negotiated a 7,114-square-foot medical office lease in Hartford. First Choice Health Centers Inc. will move into the entire second floor of 478 Burnside Avenue. The non-profit healthcare provider will offer a range of medical services including primary, pediatric and dental care. Thomas Wilks of O,R&L represented the landlord, Shafa Building LLC, in the lease negotiations. Wilks also procured the tenant.
New Jersey’s industrial market continues to expand, driven by a plethora of industries, including retail, manufacturing, food companies, transportation and logistics. As the popularity of e-commerce shows no signs of abating, New Jersey has become a key location for distribution centers and last-mile delivery hubs to serve the entire Northeast region. E-retailers are scooping up available industrial space, taking advantage of New Jersey’s excellent air, freight, port, and rail infrastructure that links it to the rest of the region and the country. Increasing Demand After taking a slight breather during the first quarter of 2019, in part due to a lack of available high-quality space, total leasing activity has increased by 20 percent during the past three months, bolstered by more than 20 leases exceeding 100,000 square feet. Absorption was widespread, with occupancy level increases in 16 of 25 submarkets for both the quarter and year over year. In total, 2.4 million square feet of positive net absorption was recorded during the second quarter of 2019, the highest level since the third quarter of 2018. Moreover, occupancy levels increased by 8.6 million square feet during the past 12 months, the eighth consecutive quarter where more than 8 million square feet …
