LINCOLN, R.I. — JLL’s Retail Capital Markets team has arranged the sale of the Lincoln Commons shopping center in Lincoln for $55.7 million. The 578,000-square-foot property is located at the I-295 and Route 146 intersection, close to downtown Providence. Tenants include Stop & Shop, Target, Marshalls and Homegoods. The buyer was Acadia Realty Trust. The seller was not disclosed.
BLUE BELL, PA. — Colliers International has negotiated a 52,000-square-foot office headquarters lease in Blue Bell, located outside of Philadelphia, for national landscaping firm BrightView. Located at 980 Jolly Road, the property recently underwent $6 million in renovations, including the addition of a new fitness center, conference space and café. John Susanin and Kyle Hilbert of Colliers represented BrightView, which will occupy the top two floors of the building, in the lease negotiations. Kairos Real Estate Partners is the landlord.
Bolstered by strong growth in its millennial population and high-paying jobs, Boston’s urban core continues to boast one of the lowest retail vacancy rates in the country. But this trend has also led to a wave of new development that could temper that good news for Boston retail owners. According to data from Marcus & Millichap, metro Boston’s retail vacancy rate is expected to rise by 40 basis points from 3.2 percent to 3.6 percent in 2019, a year in which 1.3 million square feet of new projects are slated for completion. By comparison, the national vacancy rate stood at 10.2 percent at the end of the first quarter, reports Reis. Marcus & Millichap predicts that the uptick in metro Boston’s retail vacancy will slow the pace of annual rent growth to 3.3 percent. Population growth is fueling demand for housing, which in turn spurs demand for retail to serve those new residents. Metro Boston’s population has grown by more than 112,000 people over the last five years, according to Marcus & Millichap, and the area boasts a median household income in excess of $90,000. While the local rate of population growth mirrors that of the United States as a …
PRINCETON, N.J. — A partnership between New York-based RXR Realty and The Blackstone Group has sold University Square, a five-story office building totaling 330,000 square feet in Princeton. The sale also included the adjacent 33,600-square-foot building, 115 Campus Drive. The property is positioned along the Route 1 Corridor, about halfway between Philadelphia and New York City. Tenants include investment management company BlackRock and insurance company AXIS Capital. JLL represented the seller and procured the buyer, New York-based Argent Ventures, in the transaction. The price was undisclosed.
SALEM, N.H. — KeyBank Real Estate Capital has provided $50 million in permanent Freddie Mac financing for a 256-unit mid-rise apartment complex in Salem, New Hampshire. The property, Tuscan Village North, was originally financed using a $38 million construction loan, and is projected to reach stabilized occupancy by October 2019. The loan is structured with an 11-year term, and subsequent to a 6-year interest only period. It amortizes on a 30-year schedule. Dirk Falardeau of KeyBank’s Commercial Mortgage group arranged the financing.
MONTCLAIR, N.J. — PMZ Realty Capital LLC. has arranged a $37.5 million bridge loan to finance a new MC Hotel in Montclair, New Jersey. The 159-unit property is part of the Autograph Collection by Marriott, an independently owned portfolio of upscale hotels. The hotel is scheduled to open August 2019, and includes a rooftop bar, over 8,500 square feet of event space, a restaurant and a lobby library. A public mortgage REIT funded the loan, which carries a three-year term with a floating rate based on LIBOR.
MILFORD, N.H. — JLL has negotiated the sale of Lordens Plaza, a 148,102-square-foot shopping center in Milford, a small town near Nashua just inside New Hampshire’s southern border. Shaw’s Supermarket anchors the property, which is located at the intersection of State Routes 101 and 101A. Other tenants include Rite Aid and Fresenius Medical Care. Nat Heald and Chris Angelone led the JLL team on behalf of the seller, LNR. Seattle-based Bridge33 Capital was the buyer.
PHILADELPHIA — CBRE has arranged a 62,000-square-foot lease in Philadelphia’s Center City for CommonGrounds Workplace, a San Diego-based coworking company. The new space will span two floors of the 32-story Market building, and the company’s in-house design division will renovate the space. The property will also house CommonGrounds’ East Coast regional office. Joseph Wolff, Kevin Maloney, George Cauffman and David Mendez of CBRE represented the landlord, Shorenstein Co. Jim Suber of Strategic Real Estate Advisory and Michael Gallagher of The Flynn and Co. represented CommonGrounds in the transaction.
BOSTON — Fortis Property Group, a New York City-based developer, will undertake a redevelopment project in downtown Boston that will convert the Dock Square Garage into a residential and retail property. Current plans call for 210 condominium units and 8,000 square feet of ground-floor retail space. Fortis will build a six-story vertical addition for the residential component and will renovate and upgrade the existing retail space. Stantec Architects is handling design. Completion is slated for 2023.
BETHEL PARK, PITTSBURGH and NORTH VERSAILLES, PA. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired three senior living communities in the Pittsburgh metro area. The properties include The Residence at Bethel Park in Bethel Park, The Residence at Whitehall in Pittsburgh and Point Pleasant in North Versailles. Grace Management will take over operations of all three communities. The Residence at Bethel Park is also a rebrand to reflect the new ownership of the community, which was formerly known as The Residence at Logan. Terms of the deal, including the seller and price, were not disclosed. CPF plans to make capital investments in the campuses.
