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Lacey-Mall
AcquisitionsNew JerseyNortheastRetail

CBRE Brokers Sale of 376,462 SF Grocery-Anchored Retail Portfolio in Coastal New Jersey

by Taylor Williams

OCEAN COUNTY, N.J. — CBRE has brokered the sale of a portfolio of three grocery-anchored retail centers located in Ocean County. ShopRite anchors the centers, which include Bay Plaza in Toms River, Jackson Plaza in Jackson Township and Lacey Mall in Lacey Township. Bay Plaza was built in 1994. Tenants at the 87,721-square-foot center include Citizens Bank, Little Gym and Manhattan Bagel. Tenants at Jackson Plaza, which was built in 2002 and comprises 114,753 square feet, include AT&T, Advance Auto Parts and McDonald’s. Other tenants at Lacey Mall, which totals 173,988 square feet, include T.J. Maxx, Mattress Firm, Firestone, Hand & Stone, UPS, Dollar Tree, Dunkin’, Popeyes and Verizon Wireless. The portfolio was roughly 94 percent leased at the time of sale. Chris Munley, Colin Behr, Ryan Sciullo, Casey Smith, RJ Mirabile and Michael Pascavis of CBRE represented the seller, Pasbjerg Development Co., which developed the properties, in the transaction.

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Thrive-at-Montvale
LoansMultifamilyNew JerseyNortheastSeniors Housing

Mesa West Capital Provides $57M Loan for Refinancing of Seniors Housing Property in Montvale, New Jersey

by Taylor Williams

MONTVALE, N.J. — Mesa West Capital has provided a $57 million loan for the refinancing of Thrive at Montvale, a 203-unit seniors housing community in Northern New Jersey. Thrive at Montvale features 88 independent living, 83 assisted living and 32 memory care units. Amenities include resident lounges, a beauty salon, multiple dining rooms, courtyards, a fitness center, physician’s office, theater and a pickleball court. The loan carried a five-year term and a floating interest rate. The borrower is a joint venture between AEW Capital Management, Atlanta-based owner-operator Thrive Senior Living and New Jersey-based Pike Construction.

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AcquisitionsConnecticutNortheastRetail

Phillips Edison Buys 101,105 SF Shopping Center in Bethel, Connecticut

by Taylor Williams

BETHEL, CONN. — Phillips Edison & Co., a Cincinnati-based shopping center REIT, has purchased the 101,105-square-foot Bethel Center in Connecticut’s Fairfield County. Anchored by Big Y Supermarket, Bethel Center was 91 percent leased at the time of sale. Other tenants include Starbucks, Dollar Tree, Great Clips, Quest Diagnostics and Casa Tequila. Nat Heald, Jeffrey Dunne and David Gavin of CBRE represented the seller, a partnership between DRA Advisors and KPR Centers, in the transaction. The sales price was not disclosed.

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Leasing ActivityNew JerseyNortheastRestaurantRetail

Tropical Supermarket Opens 15,800 SF Store in South Plainfield, New Jersey

by Taylor Williams

SOUTH PLAINFIELD, N.J. — Ethnic grocer Tropical Supermarket has opened a 15,800-square-foot store at Clinton Corners, a retail center in South Plainfield, about 35 miles south of Manhattan. Vanessa Kelty of Levin Management Corp. represented the landlord in the lease negotiations. The tenant was self-represented. Kelty also recently arranged a 2,145-square-foot lease with Mexican restaurant Blue Habanero at Clinton Corners. Diomaris Rosado with Keller Williams Premier represented the tenant in that deal. Levin Properties owns Clinton Corners.

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ConnecticutLeasing ActivityNortheastOffice

Norseland Inc. Signs 11,353 SF Office Lease in Norwalk, Connecticut

by Taylor Williams

NORWALK, CONN. — Norseland Inc., a subsidiary of Norway’s largest dairy cooperative, has signed an 11,353-square-foot office lease in the coastal Connecticut city of Norwalk. The company is relocating its U.S. headquarters from nearby Darien to Merritt 7 Corporate Park. John Hannigan and James Riffice of locally based brokerage firm Choyce Peterson represented the tenant in the lease negotiations. Betsy Buckley, Ed Tonnessen and Gil Ohls of JLL, along with internal agent JoAnn McGrath, represented the landlord, a partnership between Clarion Partners and Marcus Partners.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers Sale of 284-Unit Apartment Portfolio in Boston

by Taylor Williams

BOSTON — CBRE has brokered the sale of the Joy Realty Portfolio, a collection of eight apartment buildings totaling 284 units in Boston. The four- and five-story buildings were constructed in the early 20th century and are located in the Fenway and Longwood Medical areas. The unit mix comprises studio through four-bedroom floor plans, and the portfolio has an average unit size of 550 square feet. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a private family that had owned some of the assets for more than 100 years, in the transaction. The team also procured two separate buyers; an affiliate of Cambridge-based Forest Properties purchased six buildings totaling 222 units, and an undisclosed investor acquired the other two buildings totaling 62 units.

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375-Park-Ave.-Manhattan
Leasing ActivityNew YorkNortheastOffice

Blue Owl Capital Signs 238,673 SF Office Lease Extension, Expansion in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Blue Owl Capital has signed a 238,673-square-foot office lease extension and expansion at 375 Park Avenue in Midtown Manhattan. The global alternative asset manager first committed to 375 Park Avenue, which is known locally as The Seagram Building, in 2022 with a 137,600-square-foot lease across floors two through five. In 2023, Blue Owl added 31,597 square feet to its footprint via occupancy of the entire sixth floor. The latest lease expansion totals 70,076 square feet across floors 16 through 19. Mark Weiss of Cushman & Wakefield represented the tenant in the lease negotiations. A.J. Camhi and Paul Milunec represented the landlord, RFR Realty, on an internal basis.

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Cornerstone-at-Grassy-Hollow-Manahawkin-New-Jersey
Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Begins Leasing 34-Unit Affordable Housing Complex in Manahawkin, New Jersey

by Taylor Williams

MANAHAWKIN, N.J. — New Jersey-based developer Walters has begun leasing Cornerstone at Grassy Hollow II, a 34-unit affordable housing complex located in the coastal city of Manahawkin. The four-building property features one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Physical amenities include a fitness center, a children’s play area, basketball court and clubhouse with computer workstation. Residents also have access to services such as afterschool programs, special interest clubs and a food pantry program, as well as career readiness, eviction prevention and social services assistance.

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DevelopmentMultifamilyNortheastPennsylvania

Hankin Group Completes 32-Unit Multifamily Project in Exton, Pennsylvania

by Taylor Williams

EXTON, PA. — Locally based developer Hankin Group has completed Hamilton Passive House, a 32-unit multifamily project in Exton, a western suburb of Philadelphia. The four-story building offers one-, two- and three-bedroom units and represents the first phase of a larger, 156-unit development known as Hamilton at Eagleview. Amenities include a pool, golf and multisport simulator, fitness center, bark park, coffee bar, electric vehicle charging stations, business center with private workspaces and a clubhouse with an entertainment kitchen. Rents start at approximately $2,300 per month for a one-bedroom apartment. Hamilton Passive House will be the first apartment complex in Pennsylvania to have a Phius ZERO designation — a standard for net-zero energy design and the highest certification from Phius, an organization that certifies passive house projects in North America.

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DelawareLeasing ActivityNew JerseyNortheastRetail

Sleep Number to Open Three New Stores in New Jersey, Delaware

by Taylor Williams

MINNEAPOLIS — Sleep Number will open three new stores in New Jersey and Delaware. The stores will be located within The Shops at the Crossings in Burlington, N.J.; The Marketplace at Garden State Park in Cherry Hill, N.J.; and The Christiana Mall in Delaware. Brian Wherty and Rob Samtmann of Equity Retail Brokers, in collaboration with Bialow Real Estate, represented Minneapolis-based Sleep Number in the lease negotiations. The expected opening dates were not disclosed.

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