Northeast

WinnCos. Completes $39.2M Multifamily Adaptive Reuse Project in Lawrence, Massachusetts

by Taylor Williams September 24, 2024

LAWRENCE, MASS. — Developer WinnCos. has completed Stone Mill Lofts, a $39.2 million multifamily adaptive reuse project in Lawrence, a northern suburb of Boston. The project converted a 179-year-old structure that originally housed a stone mill into a complex with one-, two- and three-bedroom units. Of the 86 units, 11 are reserved for households earning 30 percent or less of the area median income (AMI); 58 are reserved for renters earning up to 60 percent of AMI; and the other 17 are to be rented at market rates. Amenities include a resident lounge and kitchen, billiards room, fitness center, children’s playroom, resident storage lockers, work-from-home pods, package room and a historic mill exhibit room. MassHousing provided $25.9 million in financing for the project.

September 24, 2024

Industrial Loans New Jersey Northeast

JLL Arranges $28M Permanent Loan for Northern New Jersey Industrial Property

by Taylor Williams September 24, 2024

NORTH BERGEN, N.J. — JLL has arranged a $28 million permanent loan for a 215,000-square-foot industrial property located in the Northern New Jersey community of North Bergen. Originally built in the 1960s and renovated in the early 2000s, the shallow-bay building was 96 percent leased to seven tenants at the time of the loan closing. Building features include 16- to 22-foot clear heights, 14 dock doors, five drive-in doors and 81 car parking spaces. Jon Mikula, Max Custer and John Cumming arranged the fixed-rate loan through Nuveen Real Estate on behalf of the undisclosed borrower.

September 24, 2024

Affordable Housing Development Multifamily New Jersey Northeast

TCB Delivers 92-Unit Mixed-Income Multifamily Project in Jersey City

by Taylor Williams September 24, 2024

JERSEY CITY, N.J. — The Community Builders (TCB) has delivered Fairview Heights, a 92-unit mixed-income multifamily project in Jersey City. The property is located in the McGinley Square area and offers studio, one-, two- and three-bedroom units, more than half of which (50) are subject to income restrictions. Amenities include a children’s playroom, community lounge with a kitchenette and screening area, onsite laundry facilities and a fitness center. Inglese Architecture + Engineering designed the project, and Sisca Northeast Associates served as the general contractor.

September 24, 2024

Acquisitions New York Northeast Retail

Union Investment, Nuveen Sell 18,300 SF Retail Property in Manhattan

by Taylor Williams September 24, 2024

NEW YORK CITY — A joint venture between Union Investment and Nuveen Real Estate has sold 636 Sixth Avenue, an 18,300-square-foot retail property located in the Flatiron District of Manhattan. The property includes office space on the upper floors. The joint venture originally acquired the building in 2016 for the open-ended real estate fund Unilmmo: Global. The undisclosed buyer plans to redevelop the property.

September 24, 2024

Connecticut Industrial Leasing Activity Northeast

Osborne & Little Signs Lease Renewal at Stamford Industrial Flex Building

by Taylor Williams September 24, 2024

STAMFORD, CONN. — Osborne & Little has signed a 14,930-square-foot lease renewal at an industrial flex building in the southern coastal Connecticut city of Stamford. The fabric and wall covering manufacturer will continue to house its headquarters at 90 Commerce Road. John Hannigan of locally based brokerage firm Choyce Peterson represented the tenant in the lease negotiations. The landlord, Stampar Associates, was self-represented.

September 24, 2024

Development Multifamily Northeast Pennsylvania Retail Top Stories

Greystar, ECHO Realty Break Ground on Multifamily, Retail Development in Pittsburgh

by Katie Sloan September 24, 2024

PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on Ophelia and The Meridian, a multifamily and retail project located at the intersection of Penn and Shady avenues in Pittsburgh. The development will include Ophelia, a 231-unit multifamily project by Greystar; The Meridian, a 44,000-square-foot retail development spearheaded by ECHO Realty; and parking for both retail and residential uses. Ophelia will offer units in studio, one- and two-bedroom configurations, 35 of which will be subject to income restrictions under the city’s affordable housing program. Shared amenities will include a fitness center with an outdoor workout area, coworking space, a pool, grilling and lawn area and a clubroom with billiards and a bar. The development is set for completion in early 2026 with preleasing planned to begin in late 2025. The Meridian will include a 36,000-square-foot Market District grocery store alongside inline retail space, which has been preleased to tenants including Shake Shack and Barnes & Noble. The retail portion of the larger project is set to begin opening in 2025. “Pittsburgh has a lot to offer with several of the country’s best universities — Pitt, Carnegie Mellon and Duquesne — and significant growth in the tech industry,” …

September 24, 2024

Development Industrial New York Northeast

Oxbo International to Open 195,000 SF Manufacturing Plant in Bergen, New York

by Taylor Williams September 23, 2024

BERGEN, N.Y. — Dutch farm machinery and equipment provider Oxbo International will open a 195,000-square-foot, build-to-suit industrial project in Bergen, a western suburb of Rochester. The site spans 50 acres, and the new facility will replace Oxbo’s existing plant that is located about seven miles away and has been operational since 1969. Oxbo will enter into a 25-year ground-lease agreement with the owner, Ohio-based Geis Development, and expects to employ about 200 people at the plant at full capacity. Construction is slated for an October 2025 completion.

September 23, 2024

Acquisitions New York Northeast Retail

IPA Negotiates $14M Sale of Upstate New York Shopping Center

by Taylor Williams September 23, 2024

BINGHAMTON, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $14 million sale of Price Chopper Plaza, a 127,000-square-foot shopping center located in the upstate New York community of Binghamton. Regional grocer Price Chopper has been the anchor tenant at the center, which was 97 percent leased at the time of sale, since 1987. Other tenants include Planet Fitness, Big Lots and Dollar Tree. Jim Koury of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

September 23, 2024

Industrial Loans New Jersey Northeast

JLL Arranges $9M Permanent Loan for Northern New Jersey Industrial Building

by Taylor Williams September 23, 2024

MOUNT OLIVE, N.J. — JLL has arranged a $9 million permanent loan for a 161,000-square-foot industrial building in the Northern New Jersey community of Mount Olive. Constructed in 1982, the building features clear heights of 19 to 22 feet, 112 surface parking spaces, 30 trailer parking spaces, 11 tailboard loading docks and three drive-in doors. Greg Nalbandian and Ben Morgenthal of JLL arranged the 10-year, fixed-rate loan through life insurance company TruStage on behalf of the borrower, Commercial Realty Group. The building was fully leased at the time of the loan closing to UnCommon Logistics.

September 23, 2024

Acquisitions Industrial New York Northeast Office

Marcus & Millichap Brokers $8.5M Sale of Two Industrial, Office Buildings in Queens

by Taylor Williams September 23, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $8.5 million sale of two industrial and office buildings in the Long Island City area of Queens. The adjacent properties are located at 37-11 Vernon Blvd. and 814 37th Ave. and include a total of 18,440 square feet of building space and a 6,560-square-foot open lot for shipping and parking. The buildings also feature 20-foot ceilings, conference rooms and overhead crane space. Jakub Nowak of Marcus & Millichap represented the seller, Vernon Associates LLC, in the transaction and procured the buyer, an undisclosed local private investor.

September 23, 2024

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