HAZLE TOWNSHIP, PA. — New Jersey-based intermediary G.S. Wilcox Co. has arranged a $19.1 million loan for the refinancing of two warehouses in Hazle Township, located in the Lehigh Valley region. The buildings are located within Humboldt Industrial Park and total 220,500 square feet. Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the seven-year, interest-only loan on behalf of the borrower, a partnership between The Lakhani Family Office and Saxum Real Estate. The direct lender was not disclosed.
WILMINGTON, MASS. — JLL has negotiated a 32,493-square-foot industrial lease in the northern Boston suburb of Wilmington. The user, an unnamed snack food company, is taking space at Upton Crossing, a 215,000-square-foot campus. Joe Fabiano, James Lipscomb, Jordan Yarboro and Brian Tisbert of JLL represented the landlord, The Davis Cos., in the lease negotiations. Bart Anderson and Juliana Fiore of CBRE represented the tenant.
NEW YORK CITY — Customers Bank has signed a 24,600-square-foot office lease expansion in Midtown Manhattan. The bank holding company is taking an additional full floor at 101 Park Avenue, a 1.3 million-square-foot building. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co., in the lease negotiations. Customers Bank, which now occupies 37,000 square feet at the property, was self-represented.
HAUPPAUGE, N.Y. — Forchelli Deegan Terrana LLP has opened a new, 3,000-square-foot office in the Long Island community of Hauppauge, the first for the New York-based law firm outside of its Uniondale headquarters. According to LoopNet Inc., the 210,000-square-foot building at 100 Motor Parkway was originally constructed in 2006 and renovated in 2020. JLL represented Forchelli Deegan Terrana in the lease negotiations. Damianos Realty Group owns the building.
HAMILTON, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $116.5 million sale of Hamilton Marketplace, a 485,094-square-foot shopping center located in Central New Jersey. A 65,155-square-foot ShopRite grocery store anchors the property, which was built in phases beginning in the early 2000s. Other tenants at the center include Kohl’s, Ross Dress for Less, Staples, Barnes & Noble, Michaels, Old Navy, Ulta Beauty, Burlington and PetSmart. Paramount Realty acquired the property from SITE Centers. Brad Nathanson and JP Colussi of IPA brokered the deal.
LIVINGSTON, N.J. — A joint venture between Continental Properties and Garden Communities has begun leasing Highgate at Livingston, a 169-unit multifamily project in Northern New Jersey. The complex offers one-, two- and three-bedroom units that will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, clubhouse with games, coworking lounge, catering kitchen, outdoor grilling and dining areas and a dog run. Construction began in summer 2023. Rents start at $2,450 per month for a one-bedroom apartment.
PROVIDENCE, R.I. — Marsella Development Corp. will open Track 15, a $25 million, 18,000-square-foot food hall that will be situated within the historic Union Station building in Providence. Track 15 will be home to food vendors including Little Chaska, Tolia, Dune Brothers, Dolores, There There, Giusto PVD and Mother Pizzeria PVD. In addition to the vendor spaces, the development will feature indoor and outdoor seating for roughly 600 people, an entertainment venue and a 10,000-square-foot plaza. Construction is underway, and the opening is scheduled for February 2025.
NEW YORK CITY — Corient has signed a 24,600-square-foot office lease expansion in Midtown Manhattan. The provider of wealth management services is taking an additional full floor at 101 Park Avenue, a 1.3 million-square-foot building. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co., in the lease negotiations. Mark Robbins and Evan Foley of Avison Young represented Corient, which now occupies 74,000 square feet at the property.
CAMBRIDGE, MASS. — New England Development has added two new food-and-beverage concepts to CanalSide Food + Drink, a food hall located within its Cambridgeside mixed-use development. Juicygreens and Far Out Ice Cream will join the roster at CanalSide, which opens on Friday, Oct. 25. Other concepts at the food hall include anoush’ella, Caffé Nero, Chilacates, DalMoros Fresh Pasta To Go, Fresh, InChu, Lala’s Neapolitan-ish Pizza, Nu Burger, Sapporo Ramen, Teazzi Tea Shop and C-Side Bar.
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C-PACE Maintains Appeal in Lower Interest Rate Environment
The Federal Reserve’s decision to begin aggressively hiking the federal funds rate in 2022 threw the commercial real estate market into turmoil. Property investors found it difficult to refinance much cheaper short-term loans that were often used to renovate or develop properties. However, the interest rate spike greatly enhanced the viability of commercial property assessed clean energy (C-PACE) financing, a type of loan that becomes an assessment that borrowers pay along with their tax bill. The program emerged more than a decade ago and generally pays for energy, water and seismic resiliency upgrades in new construction and rehabs, including retroactively. As a result, developers embraced C-PACE as they sought ways to pay down debt to secure new financing or loan extensions and modifications. Sponsored: A smarter way to finance your next CRE project – PACE Loan Group Now that the Federal Reserve has reversed course with its 50-basis-point federal funds rate reduction in September — and with Wall Street anticipating additional rate cuts before the end of the year — will C-PACE demand start to cool? Don’t count on it, says Rafi Golberstein, founder and CEO of PACE Loan Group, a direct lender of C-PACE financing based in Minneapolis, Minn. …