Northeast

Hines Acquires Three East Coast Industrial Assets for $309M

by Hayden Spiess May 29, 2025

HOUSTON — Hines Global Investment Trust (HGIT), a real estate investment trust (REIT) sponsored by Houston-based global asset manager Hines, has acquired three industrial assets located on the East Coast for a total $309 million. The acquired properties include two distribution facilities situated within the Georgia International Trade Center (GITC) in the Savannah market and two warehouse/distribution facilities located in Upton Crossing, a warehouse campus in Wilmington, Mass. The Davis Cos., a real estate investment and development firm based in Boston, sold both assets, which total 2.5 million square feet. Additionally, HGIT acquired I-85 Logistics Center, an industrial property in the Greenville-Spartanburg metro in South Carolina’s Upstate region. The seller of I-85 Logistics Center was not disclosed. The properties in Savannah total 2.2 million square feet and were fully leased at the time of sale. A joint venture between Davis and Atlanta-based Stonemont Financial Group developed GITC, which comprises a total 7.7 million square feet of manufacturing and warehouse space across 10 buildings. The site is located roughly 10 miles from the Port of Savannah. Totaling 215,000 square feet, the properties at Upton Crossing in Wilmington were 81 percent leased at the time of acquisition. Davis acquired Upton Crossing in …

May 29, 2025

Box-Park-Logistics-Center-Cinnaminson-New-Jersey

Industrial Leasing Activity New Jersey Northeast

Cushman & Wakefield Negotiates 1.2 MSF Industrial Lease in Cinnaminson, New Jersey

by Taylor Williams May 28, 2025

CINNAMINSON, N.J. — Cushman & Wakefield has negotiated a 1.2 million-square-foot industrial lease at Box Park Logistics Center in the Southern New Jersey community of Cinnaminson. The tenant was not disclosed, but the Philadelphia Business Journal reports that the new user is logistics firm Performance Team. The recently refinanced warehouse has adjacent land available for a build-to-suit facility of up to 300,000 square feet. Building features include a clear height of 40 feet, four drive-in doors, 188-foot truck court depths, an ESFR sprinkler system and parking for 549 cars and 216 trailers. John Gartland, Jonas Skovdal, Bill Waxman, Mindy Lissner and Sean Duncan of Cushman & Wakefield, along with internal agents Mark Glagola and J.C. Hay, represented the landlord, Logistics Property Co., in the lease negotiations. Eric Demmers of NAI Hanson represented the tenant.

May 28, 2025

Loans Multifamily New Jersey Northeast

Berkadia Provides $35.7M Agency Loan for Refinancing of Jersey City Apartment Building

by Taylor Williams May 28, 2025

JERSEY CITY, N.J. — Berkadia has provided a $35.7 million Fannie Mae loan for the refinancing of 829 Garfield, a 110-unit apartment building in Jersey City. Built in 2022, the property offers two- and three-bedroom units that are furnished with stainless steel appliances and quartz countertops, as well as private patios in select units. The property also houses 10,100 square feet of retail space, 6,100 square feet of which is occupied by a daycare. Michael Basinski, Mitch Sinberg, Scott Wadler, Brad Williamson and Matt Robbins of Berkadia originated the five-year, fixed-rate loan on behalf of the borrower, Tay Investments.

May 28, 2025

Acquisitions Industrial Northeast Pennsylvania

Greek Real Estate Buys 141,276 SF Logistics Facility in Croydon, Pennsylvania

by Taylor Williams May 28, 2025

CROYDON, PA. — Regional investment firm Greek Real Estate Partners has purchased Everest Logistics Park, a 141,276-square-foot facility in Croydon, a northeastern suburb of Philadelphia. Penwood Real Estate Investment Management sold the asset for $36.7 million. Built on 10 acres in 2023, the facility offers a clear height of 36 feet, 20 tailgate doors, one drive-in door, 3,000 square feet of office space and parking for 260 cars and 31 trailers. Burry Klein and Josh Chesner of Branch Industrial represented Greek Real Estate, which has also executed a full-building lease expansion with the existing tenant, Philadelphia-based PCI Pharma, in the off-market transaction.

May 28, 2025

Industrial Loans New Jersey Northeast

JLL Arranges $16.8M in Acquisition Financing for Central New Jersey Industrial Property

by Taylor Williams May 28, 2025

HAMILTON, N.J. — JLL has arranged $16.8 million in acquisition financing for a 138,852-square-foot industrial property in the Central New Jersey community of Hamilton. Built in 1990 and renovated in 2024, the facility sits on a 13.6-acre site at 861 Sloan Ave. and features a clear height of 38 feet and 13 dock doors with the capacity to add five more, as well as parking for 210 cars and 10 trailers. Jon Mikula, Jim Cadranell and Kevin Badger of JLL arranged the loan through Prime Finance on behalf of the borrower, a joint venture between Lincoln Property Co. and Ullico Investment Advisors.

May 28, 2025

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $7.2M Sale of Retail Strip Center in Leominster, Massachusetts

by Taylor Williams May 28, 2025

LEOMINSTER, MASS. — Marcus & Millichap has brokered the $7.2 million sale of Leominster Plaza, a 20,279-square-foot retail strip center located about 50 miles west of Boston. Urgent care provider ConvenientMD anchors the center, and other tenants include GEICO, ARA Leominster Dialysis and Kids Care+. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

May 28, 2025

Market Reports New Jersey New York Northeast Northeast Market Reports Retail

Backfilling, Repurposing Spaces Can Alleviate Pressure on Greater New York City Retail Market

by Taylor Williams May 28, 2025

By Taylor Williams The retail markets throughout the greater New York City area have been starving for more quality space in the post-pandemic era, with ground-up supply gains rarely hitting the market outside of obligatory inclusions within apartment buildings and highly curated clusters at mixed-use developments. According to JLL’s latest market report on New York City, as of the first quarter of 2025, there were approximately 200 availabilities across Manhattan’s “prime” retail submarkets — a record low. Average asking rents leapt 7.4 percent between the fourth quarter of 2024 and the ensuing period, settling at a rate of $577 per square foot. The report identified traditionally ritzy retail corridors and hotspots such as Fifth Avenue, Madison Avenue, SoHo and Times Square as recipients of the “prime” label, also designating the Williamsburg district in Brooklyn as one such area. So when well-located spaces formerly occupied by retailers that are now defunct or aggressively downsizing become available, they tend to draw major, immediate interest. “Expanding retailers have substantial opportunities to backfill big box and junior spaces vacated by bankrupt chains,” says Mitzi Flexer, managing director in the New York City office of national brokerage firm Bradford Allen. Flexer says that a notable …

May 28, 2025

Acquisitions Affordable Housing Development Multifamily Northeast Rhode Island

BLVD Group Buys Rhode Island Apartment Community for $57M, Plans Repositioning

by Taylor Williams May 27, 2025

WOONSOCKET, R.I. — The BLVD Group, a multifamily investment firm with offices in Los Angeles and Dallas, has purchased Rock Ridge Apartments, a 152-unit multifamily complex in Woonsocket, located on the Massachusetts-Rhode Island border. The company plans to reposition the property to add 30 new affordable housing units, restricting all residences to renters earning up to 50 or 60 percent of the area median income. The acquisition and renovation are being financed through Low-Income Housing Tax Credits and tax-exempt bonds issued by Rhode Island Housing with a permanent Fannie Mae loan. Additional funding includes equity from the sale of renewable energy tax credits, a construction loan from Merchants Bank and a permanent Fannie Mae loan. The renovation will involve the replacement of the majority of the building envelope and full interior upgrades, such as modernized kitchens and baths, as well as enhanced building systems. Additional community amenities include a renovated basketball court, clubhouse and grilling stations.

May 27, 2025

Affordable Housing Development Multifamily New Jersey Northeast

Joint Venture Breaks Ground on 210-Unit Mixed-Income Multifamily Project in Jersey City

by Taylor Williams May 27, 2025

JERSEY CITY, N.J. — Bayfront Development Partners, which is a joint venture between Pennrose LLC and Paths Development LLC, has broken ground on Bayfront Promenade, a 210-unit mixed-income multifamily project in Jersey City. The development will be located on the Hackensack River Waterfront and will include 74 affordable housing units and 93 workforce housing units, as well as commercial and community space. Amenities will include a rooftop terrace, fitness center with a yoga room, coworking lounge and community room with a kitchen area. The New Jersey Economic Development Authority provided $64 million in tax credits for the project, a tentative completion date for which was not announced.

May 27, 2025

Loans Multifamily Northeast Pennsylvania

CBRE Arranges $28.5M Construction Loan for Multifamily Project in Media, Pennsylvania

by Taylor Williams May 27, 2025

MEDIA, PA. — CRBE has arranged a $28.5 million construction loan for Mi-Place at Media, a 132-unit multifamily project that will be located about 25 miles southwest of Philadelphia. The project will consist of three four-story buildings and 245 parking spaces. Amenities will include a lounge, fitness center, dog park and outdoor grilling and dining stations. Matthew Klauer and Cassandra Russell of CBRE arranged the loan through SteepRock Capital on behalf of the sponsor, Fernmoor Homes. A tentative completion date was not disclosed.

May 27, 2025

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