Strengthening office performance in the northern New Jersey marketplace signals good things to come as 2019 unfolds. The market yielded approximately 292,000 square feet of net occupancy gains in 2018. This was fueled by three straight quarters of more than 1 million square feet in new leasing activity, with annual demand finishing 15.4 percent ahead of 2017. This progress runs parallel to improving employment numbers. At year-end, the Garden State unemployment rate registered at 4 percent, its lowest point since mid-2001. This marks a 70-basis-point decline year-over-year, with private-sector employment increasing by almost 62,000 jobs. Within this context, the diversity of New Jersey’s tenant mix is making itself apparent. No one sector is predominantly making waves. We are seeing healthy Class A leasing activity among life sciences, technology, financial, professional services and a range of other space users that comprise the state’s balanced occupier base. Last year was proof that both urban and suburban submarkets continue to thrive. Where one company prefers the Hudson Waterfront with immediate access to mass transit and ability to draw talent from New York City, another may seek a suburban campus that draws upon a labor force of commuters driving from the state’s western counties …
MAKEFIELD, PENN. — Rubenstein Partners LP, an investment firm focused on value-add office deals, will redevelop two office parks totaling 466,736 square feet in Makefield, about 40 miles northeast of Philadelphia. The Makefield Crossing North campus consists of five office buildings totaling 190,183 square feet, plus a Hampton Inn hotel that was not included in the acquisition. The Makefield Crossing South campus consists of four office buildings, of which Rubenstein acquired three buildings totaling 276,533 square feet. At both campuses, Rubenstein will convert the interior parking lots to open green spaces, renovate the common areas of the buildings, replace signage and add new amenities, including a fitness center, conference center and a tenant lounge. Rubenstein will also rebrand the properties. JLL will handle leasing of the redeveloped spaces.
NEW YORK CITY — Real estate investment and development firm Vanbarton Group has begun leasing Hollingsworth, a 25-story residential tower located at the corner of West 37th Street and Sixth Avenue in Midtown Manhattan. Designed by New York-based Fogarty Finger, the property offers 380 units and amenities such as a fitness center, package lockers, a rooftop lounge and an outdoor grilling area. Units feature imported Italian tile and soaking tubs in bathrooms, stone countertops and backsplashes in kitchens, as well as wood plank flooring and washers and dryers. Rents start at approximately $3,330 per month for studio units, $4,250 per month for one-bedroom residences and $5,925 per month for two-bedroom units. Move-ins will begin in May.
NEW YORK CITY —Madison Realty Capital has provided a $27 million first mortgage loan for the development of 93 Linden Street, a 68-unit multifamily project in the Bushwick neighborhood of Brooklyn. The undisclosed borrower has completed 35 percent of the project and expects the full completion to occur during the first quarter of 2020. Upon completion, 93 Linden Street will offer studio, one- and two-bedroom units, 70 percent of which will be priced at market rates. The remaining 30 percent will be affordable housing units.
SYRACUSE, N.Y. — New York City-based Juniper Capital has arranged a $14 million bridge loan for the acquisition of Orchard Estates, a 300-unit apartment complex in Syracuse. The property, which was 85 percent occupied at the time of the loan application, offers units in a variety of formats and amenities such as a pool, picnic area and onsite laundry facilities. Arbor Realty Trust Inc. originated the loan, which carries a three-year term and an 85 percent loan-to-cost structure. The borrower, New Jersey-based Vintage Management, will use a portion of the proceeds to fund capital improvements to unit interiors and add new amenities.
PARAMUS, N.J. — The Goldstein Group, a brokerage firm based in New Jersey, has negotiated the sale of a 17,661-square-foot retail asset in Paramus, located directly across the Hudson River from The Bronx. Outdoor furniture store Harrow’s most recently occupied the property. Before Harrow’s, Maurice Villency Furniture leased the space for more than 30 years. Lew Finkelstein and C.J. Huter of The Goldstein Group represented the seller, 685 LLC, in the transaction. The buyer was a subsidiary of J&M Furniture.
BOSTON — PGIM Real Estate Finance has provided a $30.4 million Freddie Mac loan for the refinancing of Barclay on Beacon, a high-rise apartment complex located in the Brookline neighborhood of Boston. The property consists of 111 units and offers amenities such as a pool, fitness center and onsite laundry facilities. The loan carries a 15-year term and a fixed interest rate. The borrower was not disclosed.
CORAOPOLIS, PA. — Tapestry Senior Living will open Tapestry Moon Township, a 224-unit community that will be located in Coraopolis, about 12 miles northwest of Pittsburgh. The community will offer 93 memory care units and 131 assisted living units. A timeline for the opening was not provided, but the company has announced that the property is currently accepting deposits.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two commercial development sites located on 31st St. in the Astoria neighborhood of Queens for a combined total of $2.9 million. Each site is zoned for mixed-use development and will include a residential component. Stephen Preuss and Andreas Efthymiou of Cushman & Wakefield represented the undisclosed sellers in the transaction. A trio of private investors purchased the property.
BURLINGTON, MASS. — R.W. Holmes Commercial Real Estate has negotiated a 14,011-square-foot lease for flex space at 141 Middlesex Turnpike in Burlington, about 20 miles northwest of Boston. The tenant was Zimmer Northeast, a subsidiary of Zimmer Biomet (NYSE: ZBH), which manufactures and distributes orthopedics products. Mike Ogasapian and Garry Holmes of R.W. Holmes represented the tenant in the lease negotiations. Jordan Yarboro and Madison Chambers of JLL represented the landlord, The Berman Cos.