NEW YORK CITY — Two construction management firms with offices in the Northeast will become part of the same operation on July 1. That’s when Consigli Building Group, a $1.6 billion company with five regional offices, acquires New York City-based T.G. Nickel & Associates. The acquisition will allow the new entity, which will be branded as Consigli, to take on new types of projects in the healthcare and academic spaces. Once the deal closes, Nickel CEO Thomas Nickel, who founded the company in 1998, will become CEO of Consigli’s New York City Metro Operations. Nickel co-founder Joseph Chiarelli will be promoted to president of the company’s New York City operations.
WALLINGFORD, CONN. — Emerald Hospitality Associates, an Ohio-based hotel development and management firm, has purchased Hilton Garden Inn Wallingford/Meriden, a 139-room hotel in Wallingford, about 14 miles northeast of New Haven. The property offers a lobby bar and restaurant, as well as a 24-hour fitness center, pool, business center and 4,400 square feet of meeting space. Emerald plans to implement a capital improvement program to enhance the outdoor spaces, lobby and other features. This acquisition was executed in partnership with Nimbus Investment Fund, an independent affiliate of Emerald Hospitality and Core Real Estate Capital. The seller was not disclosed.
BOSTON — HFF has arranged a $111.5 million loan for the refinancing of 80 Guest Street, a 245,720-square-foot office building located in the Allston/Brighton neighborhood of Boston. Designed by Elkus Manfredi, the property was the second building to be completed in the Boston Landing mixed-use development, which houses 1.9 million square feet of retail, office, residential and hotel space, including the world headquarters of New Balance. The property, which also features lab space and a 55,000-square-foot ice rink complex, is fully leased to four office tenants, including the Boston Bruins, as well as three ground-floor restaurant tenants. John Fowler, Riaz Cassum, Sam Campbell and Henry Schaffer of HFF arranged the fixed-rate loan through MetLife on behalf of the borrower, NB Development Group.
SPRINGETTSBURY TOWNSHIP, PA. — A partnership between affiliates of locally based developer Endurance Real Estate Group LLC and asset manager DWS Group will develop a 352,000-square-foot warehouse and distribution center in Springettsbury Township, located in York County. Construction began recently with the demolition of the existing structures on the 28.1-acre, rail-served site, which is located less than half a mile from I-83. Delivery is slated for the first quarter of 2020. Building features will include 36-foot clear heights, an ESFR sprinkler system, a 185-foot truck court and ample space for automobile and trailer parking.
NEW YORK CITY — Berkadia has provided a $104.2 million HUD loan for the refinancing of Workmen’s Circle Multicare Center, a skilled nursing facility in The Bronx. In addition to skilled nursing care, the property offers mental health services, palliative care and social services. Gemma Geldmacher and Richard Price of Berkadia negotiated the transaction through HUD’s 232/223(f) program, which specifically targets residential care facilities. The loan, which was provided for Woodbury, New York-based Cassena Care, was structured with a fixed interest rate and a 20-year, fully amortizing schedule.
WARD HILL, MASS. — Cedar’s Foods, a supplier of Mediterranean foods, will soon open a $100 million, 125,000-square-foot production facility in Ward Hill, located near the New Hampshire border. The facility has been under construction for the past year and is scheduled to open in August in a move that will bring 125 new jobs to the area. Cedar’s also operates two other production facilities in the area totaling 174,000 square feet, as well as a 75,000-square-foot dry storage facility. With the completion of this project, the company’s regional footprint will total roughly 375,000 square feet.
QUINCY, MASS. — WinnCompanies and NeighborWorks Housing Solutions have completed construction of The Watson, a 140-unit affordable housing project in the southern Boston suburb of Quincy. Project costs were approximately $44 million. The Watson features 86 apartments available to residents earning 110 percent or less than the area median income (AMI). Twenty eight residences will be rented to households earning 50 percent or less of AMI, and 26 units are reserved for market-rate housing. The Watson was developed at the site of a former shipyard and is close to being fully preleased.
Industrial properties have experienced unprecedented growth in demand over the past several years as both new and old companies seek to find space. This shift has benefited industrial assets in many metros across the country, although investors may unintentionally limit their focus to the markets with the most outsized gains. Smaller cities can provide equally compelling investment opportunities due to some unique advantages. Multiple factors combine to create such a scenario in Pittsburgh. The city is home to several prominent educational institutions, healthcare providers and technology companies that are fueling job growth, thus dropping the unemployment rate to its lowest in two decades. Opportunities in these high-wage industries are bolstering the metro’s median household income and improving retail sales. Consumer spending is projected to jump 4.4 percent in 2019, about 100 basis points more than last year. As shopping activity expands, the need for distribution centers is becoming more acute. Together with an established manufacturing sector, both sources of demand are supporting the absorption of industrial space. More tenants moving in are enabling properties to perform at a greater level. The metro’s vacancy rate has declined 400 basis points since 2009 and is now under 6 percent. Availability is lowest …
WOODBRIDGE, N.J. — A joint venture between Prism Capital Partners and Northwestern Mutual Insurance Co. has acquired land in Woodbridge, located south of Newark, for the development of a 232-unit apartment project. The transit-served community will also include 12,000 square feet of retail space. Construction will begin in July with the demolition of the former Lucas Chevrolet dealership that is located on the site. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd of Cushman & Wakefield represented the joint venture in the land sale. Northwestern is also providing construction financing for the project, which has a construction schedule of about 20 to 24 months.
BAYONNE, N.J. — Woodmont Properties, a development firm based in Fairfield, New Jersey, has opened Woodmont Bay Club, a 220-unit apartment community in Bayonne, located across from Brooklyn. The waterfront property offers studio, one-, two- and three-bedroom units. The apartments feature quartz countertops, 9-foot ceilings and private balconies. Amenities include a pool, outdoor grilling area, fitness center, business center, game room, pet spa, golf simulator and a sky lounge. Residents can also enjoy access to a waterfront walkway and a network of nature trails.