JERSEY CITY, N.J. — A joint venture between KRE Group and Northwestern Mutual is underway on development of 351 Marin, a 507-unit multifamily building in Jersey City. The building will feature 8,000 square feet of commercial space, a 4,500-square-foot public plaza and two floors of amenities for residents. The property is located in close proximity to numerous retail and restaurant options, as well as the Grove Street PATH transit station. Leasing is slated to begin in fall 2021.
NEW YORK CITY — Avison Young has negotiated the leasing of over 45,700 square feet of office space at 1140 Avenue of the Americas in Manhattan. Vatic Labs, a trading technology firm, signed a 12,750-square-foot new lease for its New York City headquarters. Real estate investment firm Almanac Realty Investors signed a 12,750-square-foot office lease extension and expansion, and PSL Group, a pharmaceutical research, medical education and publishing firm, signed a 12,750-square-foot office lease extension. Grace Beauty, a marketer, investor and distributor of beauty products, signed a 7,466-square-foot office lease renewal. Todd Korren, Brooks Hauf and Peter Johnson of Avison Young represented the landlord, New York City-based REIT, in each of the four lease negotiations.
CAMBRIDGE, MASS. — Urban Spaces has sold 85-95 First Street, a 10,000-square-foot retail building in Cambridge, for $11.2 million. The building was competed in June with 4,600 square feet of space preleased to specialty pet food and supply store Loyal Companion. Paint supply store Sherwin-Williams has also agreed to lease 2,900 square feet, and another undisclosed tenant has agreed to lease the remaining 2,500 square feet. Conviser Property Group represented Urban Spaces in the building sale.
PHILADELPHIA — Greystone has provided an $8 million Fannie Mae loan for the refinancing of a portfolio of workforce housing properties totaling 88 units in Philadelphia. All properties received fully amortizing adjustable-rate mortgages. The exact locations of the properties were undisclosed. Anthony Cristi of Greystone originated the loan on behalf of the borrower, La Gioconda Co.
NEW YORK CITY — Cognitive computing services provider Digital Reasoning has signed a 5,819-square-foot office lease in Manhattan. The space is located on the 31st floor of 11 Times Square, a 1.1 million-square-foot commercial tower. The company is moving its New York City office from 853 Broadway and is expected to move into its new space by mid-November. Kyle Wainwright and Paul Ippolito of Newmark Knight Frank represented Digital Reasoning in the lease negotiations. JLL represented the landlord, SJP Properties, along with Zach Freeman on an internal basis. SJP’s project solutions team is constructing a build-to-suit boardroom for the tenant.
UPPER ST. CLAIR, PA. — Lifespace Communities has completed a $39.5 million expansion project at Friendship Village of South Hills in Upper St. Clair, located approximately 12 miles southwest of Pittsburgh. The project, construction of which began in summer 2017, added a new building with 50 assisted living apartments, 32 memory care suites and various amenities and wellness services. Perkins Eastman Architects designed the expansion, and LECESSE Construction served as the general contractor.
NEW JERSEY — Capital Funding LLC has provided a $13.8 million bridge-to-HUD loan for the acquisition of a skilled nursing facility in New Jersey. Preferred Care operates the property, which features 126 beds. Further details on the name, location and borrower were not disclosed. Craig Casagrande originated the transaction for Capital Funding.
ROCHESTER, N.Y. — NNN Acquisition Group LLC, a Texas-based developer, has purchased a 205,000-square-foot retail property leased to Walmart store in Rochester, located approximately 70 miles east of Buffalo. NNN purchased the property for $8.3 million and may redevelop the property following the completion of Walmart’s lease term, which has less than five years remaining. Joshua Pardue of Stan Johnson Co. represented the seller, Urban Edge Properties, in the transaction.
PISCATAWAY AND JAMESBURG, N.J. — CBRE has arranged the $11.3 million sale of two office properties in Piscataway and Jamesburg, both located approximately 40 miles southwest of New York City. Heritage at Piscataway is an income-restricted active adult seniors housing community for residents age 55 and over, which consists of 30 one-bedroom apartments and sold for $3.2 million. Brookside Village is a newly constructed multifamily property that consists of 42-apartments and sold for $8.1 million. Nat Gambuzza and Trevor Fiebel of CBRE represented the sellers and procured the buyers in both sales, which were all undisclosed.
HANOVER, PA. — Sign of the Horse Brewery will open a 4,850-square-foot bar and pub in Hanover, located approximately 35 miles south of Harrisburg. The company will brew and serve fresh beer as well as a full food menu at 979 York St., a 12,010-square-foot cement warehouse that was redeveloped into retail space. Tenants at the property currently include Earling Chiropractic Clinic, pet cremation service Companions at Peace Inc. and apparel retailer Homefield Advantage. Nate Resh and John Birkeland of ROCK Commercial Real Estate brokered the transaction. The grand opening of the pub is slated for October 22.
