NEWARK, DEL. — Locally based developer Reybold Group has provided updates on Pencader Corporate Center, a 17.2-acre retail development in Newark. Wawa recently opened a 5,000-square-foot store at the property, and Great New Beginnings will open a 10,000-square-foot early learning center next fall. Pencader Corporate Center will also feature a 12,000-square-foot, multi-tenant retail building, construction of which is expected to begin in March.
BAYONNE, N.J. — CBRE has brokered the $6.1 million sale of a multifamily project that is roughly midway through construction in the Northern New Jersey community of Bayonne. The site at 90 Ave. E will eventually house a 70-unit building. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE represented the seller and developer, Brooklyn-based EOM Realty Group, in the transaction. Hudson Realty represented the buyer, an undisclosed, locally based developer.
PISCATAWAY, N.J. — Locally based brokerage firm NAI DiLeo-Bram has arranged two industrial leases totaling 27,500 square feet in the Northern New Jersey community of Piscataway. Stelton Sports signed a deal for 17,500 square feet at 527 Stelton Road with plans to open a recreational facility with four pickleball courts, two badminton courts and batting cages for baseball/softball and cricket. The Commencement Group, a supplier of flowers and graduation-related products, is relocating from Newark to a 10,000-square-foot space at 547 Stelton Road. Kelly Bayer and Robert V. DiLeo of NAI DiLeo-Bram represented ownership in both sets of lease negotiations.
NEW YORK CITY — JLL has negotiated a 13,815-square-foot office lease at 860 Broadway in Midtown Manhattan. The six-story building was originally constructed in 1926 and underwent a capital improvement program in 2019. Seth Hecht and Thomas Swartz of JLL represented the landlord, Gordon Property Group, in the lease negotiations. Michael Movshovich and Troy Elias of Cushman & Wakefield represented the tenant, mortgage servicing platform Valon Technologies, which will occupy the entire fourth floor.
INVER GROVE HEIGHTS, MINN. — JLL Capital Markets has arranged mezzanine and construction financing totaling $60.1 million for Avalon Apartments and Townhomes in Inver Grove Heights, a southeast suburb of Minneapolis. The apartment and townhome project is set to break ground immediately and will include 244 luxury units as well as 193 parking spaces. Units will come in studios through three-bedroom floor plans. Amenities will include a pool, barbecue area, pickleball court, playground, yoga room, community room, speakeasy lounge, fitness center, golf simulator, business center, rooftop patio and dog run. Dan Linnell, Scott Loving, Josh Talberg and Mox Gunderson of JLL arranged a $45 million construction loan through Alerus, a provider of business and consumer banking products based in North Dakota. JLL also sourced $15.1 million in mezzanine financing from Centerspace, a real estate investment trust focused on apartment communities throughout the Midwest and Mountain West.
BEACHWOOD, OHIO — ADR Signature has acquired the 216-room Embassy Suites by Hilton Cleveland Beachwood hotel for $10.2 million. The property is located at 3775 Park East Drive in Beachwood, a southeast suburb of Cleveland. Amenities include an indoor pool, business center, fitness center, meeting rooms, complimentary breakfast and an onsite restaurant. Starwood Capital Group was the seller.
CHICAGO — Interra Realty has brokered the $2.6 million sale of a 31-unit apartment building in Chicago’s South Shore neighborhood. Located at 6949-6959 S. Merrill Ave., the courtyard property includes a mix of studio to three-bedroom units, some of which have been updated with new kitchens and baths. Two units were reconfigured to include an additional bedroom, which generated additional rent of $300 per month. Max Grossman of Interra represented the local confidential buyer. Joe Smazal and Lucas Fryman of Interra represented the seller, a private investor based on the East Coast. The asset was roughly 90 percent occupied at the time of sale.
NOBLESVILLE, IND. — Nordstrom Inc. has unveiled plans to open a new Nordstrom Rack store in Noblesville, a northeast suburb of Indianapolis. The 25,000-square-foot store is slated to open in fall 2024 and will be situated within Hamilton Town Center, a shopping center that is home to Ulta, Ross Dress for Less, Dick’s Sporting Goods and Total Wine & More. Simon Property Group owns and manages the center. Nordstrom Rack is the off-price retail division of Nordstrom. With this new location, the company operates three Nordstrom Rack stores and one Nordstrom store in Indiana.
NORMAL, ILL. — AXIS 360 Commercial Real Estate Specialists has negotiated two retail leases for cannabis dispensaries in Normal, just north of Bloomington. Revolution Cannabis signed a lease for 3,700 square feet at 1609 Northbrook Road and expects to open before the end of the year. AYR Wellness signed a lease for 3,200 square feet at 1730 Bradford Lane within the Constitution Trail Centre shopping center. AYR Wellness is slated to open in spring 2024. Michael O’Neal and Meghan O’Neal-Rogozinski of AXIS 360 represented the undisclosed landlords in both leases.
BOSTON — Madison Realty Capital has provided a $177.5 million loan to Scape, a London-based multifamily developer that opened its U.S. headquarters in Boston in 2018. The loan will refinance the $165 million construction loan for SCAPE Boylston, a 415-unit apartment development that opened earlier this month in Boston’s Fenway neighborhood. The 226,700-square-foot property offers a mix of furnished studios, one- and two-bedroom apartments with Class A retail space on the ground floor. The apartments are already 95 percent occupied, and the retail space is 80 percent leased. Retail tenants include a global bank; Immersive Gamebox; Carbon Health; Dave’s Hot Chicken; Halal Guys; and a 10,000-square-foot, 156-seat, LGBTQ-focused black box theater. Tenant amenities include a landscaped terrace, fitness center, yoga room, co-working space, lounge library and study. The site is located near prominent academic and medical institutions including Boston University and Northeastern University, as well as Fenway’s rapidly growing biotech and life sciences industries. The lights of Fenway Park, home of Major League Baseball’s Boston Red Sox, are visible from the community, which is a block away from a Red Line MBTA train station. “Fenway is a premier academic and employment hub within Boston with substantial demand for efficiently designed, …