BRIDGEPORT, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $9.9 million sale of Bridgeport Commons Apartments, an 86-unit multifamily property in southern coastal Connecticut. The two-building property was originally built between 1967 and 1970 and is located directly across the street from Bridgeport Hospital. The unit mix comprises nine studios, 73 one-bedroom apartments and four two-bedroom residences. Brad Balletto, Rich Edwards and Robert Paterno of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
FREEHOLD, N.J. — Marcus & Millichap has brokered the $4.7 million sale of a retail property in Freehold, an eastern suburb of Trenton, that is leased to 7-Eleven on a triple-net basis. The property consists of a 3,100-square-foot convenience store and a 12-pump fuel station. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller in the transaction. Mark Krantz and Derrick Dougherty, also with Marcus & Millichap, represented the buyer. Both parties were locally based investors that requested anonymity.
NEWARK, DEL. — CBRE has negotiated a 93,000-square-foot industrial lease in Newark, Del. The tenant is an undisclosed third-party logistics company, and the space is located within Building D of First State Logistics Park, a three-building, 1 million-square-foot industrial development that sits on a 149-acre site. Paul Touhey and Dan Rattay of CBRE, along with internal agents Mark Glagola and Tim Shaw, represented the landlord, Chicago-based Logistics Property Co., in the lease negotiations. The deal brings the park to about 75 percent occupancy.
MELVILLE, N.Y. — Northwell Health, the state’s largest provider, has signed a 19,162- square-foot office and healthcare lease in the Long Island community of Melville. Northwell plans to operate a pharmacy center and administrative offices within the 55,686-square-foot building at 40 Melville Park Road, which is owned by locally based firm Simone Development Cos. Darren Leiderman of Colliers represented Northwell in the lease negotiations. Simone Development was self-represented.
SALEM, MASS. — MassHousing has provided $22 million in financing for two affordable housing redevelopment projects in Salem, located north of Boston. The borrower, North Shore Community Development Coalition, will convert two former school buildings near the downtown area into affordable housing complexes that will add 61 units to the local supply. The building at 160 Federal St. will have 32 age-restricted units that will come in studio, one- and two-bedroom floor plans and will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). The building at 13 Hawthorne Blvd. will house 29 units in the same formats that will be earmarked for households earning between 30 and 80 percent of AMI. ICON Architecture is leading design of the redevelopments, which will be known as Residences at St. James Place and Hawthorne Lofts, respectively. NEI General Contracting is leading construction, which is slated for a late 2025 completion.
NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has completed Park Lane Senior Apartments in The Bronx. The 154-unit, age-restricted development is located in the borough’s Soundview neighborhood, and about a third (53) of the residences are reserved for households earning 50 percent or less of the area median income. In addition, 30 percent of the units are set aside for seniors who were formerly homeless. Amenities include a tenant lounge and indoor/outdoor recreational spaces.
NEWARK, DEL. — CBRE has negotiated a 128,000-square-foot industrial lease in Newark, Del. The tenant is an undisclosed medical technology group, and the space is located within Building F of First State Logistics Park, a three-building, 1 million-square-foot industrial development that sits on a 149-acre site. Paul Touhey and Dan Rattay of CBRE, along with internal agents Mark Glagola and Tim Shaw, represented the landlord, Chicago-based Logistics Property Co., in the lease negotiations. The deal brings the park to about 75 percent occupancy.
HAWTHORNE, N.Y. — Locally based developer Robert Martin Co. has broken ground on a 71,098-square-foot industrial flex project in Hawthorne, located north of New York City in Westchester County. The site at 14-16 Skyline Drive is located within Mid-Westchester Executive Park, and the development will consist of two buildings totaling 34,738 and 36,360 square feet. Completion is scheduled for the third quarter of 2025.
RARITAN, N.J. — Men’s apparel retailer DXL Big + Tall has signed a 6,170-square-foot retail lease at Somerville Circle Shopping Center in Raritan, located roughly midway between Trenton and Newark. Vanessa Kelty of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Alison Horbach of RIPCO Real Estate represented the tenant. The deal brings the 150,000-square-foot center to full occupancy.
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Dual Appraisal Methods Improve Opportunities to Get Fair Taxation for Seniors Housing Properties
By Phil Brusk and Caleb Vahcic of Siegel Jennings Co. L.P.A. The seniors housing sector can’t seem to catch a break. Owners grappling with staffing shortages and other operational hardships lingering from the pandemic are facing new challenges related to debt and spiraling costs. High interest rates and loan maturations loom over the industry, with $19 billion in loans coming due within the next 24 months, according to Cushman & Wakefield’s “H1 2024 Market Trends and Investor Survey” on senior living and care. Factors driving high costs include wage pressures, inflation and — incredibly — rising property taxes. Despite operational challenges and declining occupancy at many facilities during the COVID-19 pandemic, property tax relief for seniors housing was mixed. Many assessors resisted downward adjustments to taxable values, maintaining that recovery was around the corner. Now, seniors housing operators face property tax assessments that equal or exceed pre-pandemic levels. As in the hospitality sector, most seniors housing owners understand that their operating properties include more value components than real property alone. In evaluating whether a tax assessment is reasonable and fair, however, owners need to realize that how an assessor addresses their real estate, personal property and intangible assets can drastically …