Northeast

CoreWeave to Invest $1.2B for New Data Center Facility at NEST Campus in Kenilworth, New Jersey

by John Nelson October 29, 2024

KENILWORTH, N.J. — CoreWeave, a data center owner and operator based in Roseland, N.J., plans to invest $1.2 billion into the development of a new data center facility in Kenilworth, roughly 20 miles outside New York City and 35 miles from Princeton, N.J. The facility marks CoreWeave’s first data center in New Jersey, despite the state housing the company’s corporate headquarters. The company — which trademarks itself as “the AI Hyperscaler” — has signed a full-building industrial lease at 11 NEST, a 280,000-square-foot former lab and manufacturing building within The Northeast Science & Technology (NEST) Center. CoreWeave will convert the industrial building into a new hyperscale data center. “CoreWeave’s commitment to invest over $1 billion at the NEST campus demonstrates New Jersey’s leading role in artificial intelligence (AI), and our innovation strategies are working,” says New Jersey Gov. Phil Murphy. “Through collaboration with utilities, government, investors and real estate developers, we’re committed to attracting businesses that will build an innovation economy for the future.” A partnership between Onyx Equities, Machine Investment Group and Pivot Real Estate Partners owns NEST. The partnership plans to invest $50 million for the new data center project, which will be powered by utility provider PSE&G. A construction timeline was …

October 29, 2024

Normandy-Logistics-Center-Piscataway-New-Jersey

Development Industrial New Jersey Northeast

Rockefeller Group to Develop 241,200 SF Distribution Center in Piscataway, New Jersey

by Taylor Williams October 28, 2024

PISCATAWAY, N.J. — New York City-based Rockefeller Group will develop Normandy Logistics Center, a 241,200-square-foot distribution center in the Northern New Jersey community of Piscataway. The site at 10 Normandy Drive spans 36 acres, and the facility will feature a clear height of 40 feet, 162 car parking spaces, 60 trailer parking spaces and 41 single-load loading docks. Mancini Duffy is the project architect, and Alston Construction is the general contractor. Michael Markey and Jonathan Tesser of Colliers brokered the sale of the land and have also been retained as leasing agents. Construction will begin before the end of the year and is expected to be complete in the fourth quarter of 2025.

October 28, 2024

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 211,287 SF Warehouse in Kearny, New Jersey

by Taylor Williams October 28, 2024

KEARNY, N.J. — Cushman & Wakefield has brokered the sale of a 211,287-square-foot warehouse in the Northern New Jersey community of Kearny. The site at 936 Harrison Ave. spans 17 acres, and the building features a clear height of 38 feet and a two-acre fully paved drop lot for fleet and trailer parking. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the sellers, Russo Development and River Development, in the transaction and procured the buyer, Seagis Property Group. The sales price was not disclosed.

October 28, 2024

Loans Multifamily Northeast Pennsylvania

Largo Capital Arranges $9M Loan for Refinancing of Harrisburg Apartment Building

by Taylor Williams October 28, 2024

HARRISBURG, PA. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $9 million loan for the refinancing of an 176-unit apartment building in Harrisburg. The unnamed building was originally constructed in 1987. Ned Perlman of Largo Capital arranged the loan through an undisclosed life insurance company. The name of the borrower was also not disclosed.

October 28, 2024

Healthcare Leasing Activity New Jersey Northeast

New Jersey Brain & Spine to Open 16,222 SF Clinic in Paramus, New Jersey

by Taylor Williams October 28, 2024

PARAMUS, N.J. — New Jersey Brain & Spine will open a 16,222-square-foot clinic in the Northern New Jersey community of Paramus. The neurosurgery practice will relocate from nearby Hackensack to the 348,510-square-foot building at 650 From Road in January. Ben Brenner, David DeMatteis, and Mark Zaziski of Cushman & Wakefield represented the landlord, Onyx Equities, in the lease negotiations. Cresa is designing the space.

October 28, 2024

Leasing Activity Massachusetts Northeast Restaurant Retail

Simon Welcomes New Tenants to Wrentham Village Premium Outlets in Southern Massachusetts

by Taylor Williams October 28, 2024

WRENTHAM, MASS. — Simon Property Group has welcomed several new tenants to Wrentham Village Premium Outlets, located near the Massachusetts-Rhode Island border. Apparel retailer Hollister Co. featuring Gilly Hicks is now open, and Italian luxury fashion brand Moncler plans to open a store in the coming weeks. Additionally, Shake Shack will open a restaurant in late winter.

October 28, 2024

Acquisitions Connecticut Multifamily Northeast Top Stories

Adirondack Capital Partners Arranges $107M Sale of New Multifamily Property in Bridgeport, Connecticut

by Taylor Williams October 28, 2024

BRIDGEPORT, CONN. — Regional brokerage firm Adirondack Capital Partners has arranged the $107.5 million sale of Canfield Park at Fairfield Metro, a 300-unit multifamily property located in the southern coastal Connecticut city of Bridgeport. The seller was South Norwalk, Conn.-based investment firm Spinnaker Real Estate Partners. The buyer was a joint venture between an undisclosed institutional investment management firm and a New York City-based multifamily owner-operator. Michael Hunter Coghill of Adirondack Capital Partners represented both parties in the transaction. Marko Kazanjian, Max Herzog, Andrew Cohen and Max Hulsh of Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged agency acquisition financing and joint venture equity for the deal. “The newly built assets’ premier location adjacent to the Fairfield–Black Rock train station, coupled with our ability to facilitate a smooth agency financing process, contributed to a successful execution for all parties,” says Kazanjian, who serves as senior managing director at IPA. Built in 2023, Canfield Park at Fairfield Metro offers studio, one- and two-bedroom units that range in size from 300 to 1,200 square feet. Monthly rental rates range from $2,207 to $3,325, according to Apartments.com. Amenities include a pool, fitness center, rooftop terrace, game room, golf simulator, music …

October 28, 2024

Development Healthcare New Jersey Northeast

Hackensack Meridian Breaks Ground on $50M Emergency Medical Facility in North Bergen, New Jersey

by Taylor Williams October 25, 2024

NORTH BERGEN, N.J. — Regional provider Hackensack Meridian Health has broken ground on a $50 million emergency medical facility at its Palisades Medical Center campus in North Bergen. The new facility will add 17 treatment bays to the existing campus, bringing the total to 50 and doubling the aggregate footprint of the emergency department to 22,000 square feet. In addition, the facility will feature an enlarged trauma room that will accommodate three treatment bays and 15 new fast-track bays to enable medical staff to treat non-emergency patients more efficiently, as well as a dedicated area for pediatric patients and a secure area for behavioral health patients. Construction is underway and slated for a 2026 completion.

October 25, 2024

Affordable Housing Development Massachusetts Multifamily Northeast

MassDevelopment Provides $45M Bond Financing for Affordable Housing Redevelopment in Salem

by Taylor Williams October 25, 2024

SALEM, MASS. — MassDevelopment has provided $45 million in tax-exempt bond financing for the redevelopment of Leefort Terrace, an affordable housing complex in Salem, located north of Boston. Leefort Terrace was originally built in 1958 and houses 50 one-bedroom units across eight buildings. The borrower, an affiliate of nonprofit owner-operator Beacon Communities, has entered into a 99-year ground lease with the Salem Housing Authority and demolished the existing buildings. The redeveloped property will feature 124 units in one-, two- and three-bedroom floor plans that will be reserved for renters earning between 30 and 60 percent of the area median income. Delivery is scheduled for summer 2026.

October 25, 2024

Acquisitions New York Northeast Retail

Chase Properties Buys 180,000 SF Shopping Center in Ithaca, New York

by Taylor Williams October 25, 2024

ITHACA, N.Y. — Ohio-based investment firm Chase Properties has purchased Creekside Plaza, a 180,000-square-foot shopping center located in the upstate New York community of Ithaca. The property was built in 2001 and was 95 percent leased at the time of sale to tenants such as Dick’s Sporting Goods, HomeGoods, Barnes & Noble and O’Reilly Auto Parts. The seller and sales price were not disclosed. Chase Properties acquired Creekside Plaza in conjunction with Waynesboro Town Center, a 170,810-square-foot shopping center in Virginia’s Shenandoah Valley region.

October 25, 2024

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