Property Type

Newmark Negotiates $100M Sale of Northern New Jersey Light Industrial Portfolio

by Taylor Williams August 1, 2022

SOMERSET AND WARREN, N.J. — Newmark has negotiated the approximately $100 million sale of a portfolio of light industrial properties totaling 650,000 square feet in Northern New Jersey. An institutional investor acquired 50 & 100 Randolph Road, two assets in Somerset totaling 236,000 square feet that were 91 percent leased at the time of sale. The buyer(s) of the other four properties in Warren were not disclosed. Kevin Welsh, Brian Schulz, Maria Betancourt, Steven Schultz, Dan Reider, Kyle Eaton and Chris Koeck of Newmark represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the deal.

August 1, 2022

Robert-Wood-Johnson-University-Hospital-New-Brunswick

Development Healthcare New Jersey Northeast

AST Tops Out 229,000 SF Healthcare Project in New Brunswick, New Jersey

by Taylor Williams August 1, 2022

NEW BRUNSWICK, N.J. — New Jersey-based developer AST has topped out a 229,000-square-foot healthcare project in the Central New Jersey community of New Brunswick. The 15-story ambulatory medical pavilion is situated within the Robert Wood Johnson University Hospital campus. Upon completion, which is scheduled for the second quarter of 2023, the facility’s outpatient access to care and clinical experts supporting existing RWJBarnabas Health hospital services will be expanded.

August 1, 2022

Build-to-Rent Development Multifamily Single-Family Rental South Carolina Southeast

RangeWater to Deliver 155-Unit Build-to-Rent Residential Community in Charleston

by John Nelson August 1, 2022

CHARLESTON, S.C. — RangeWater Real Estate has purchased 17 acres at the intersection of Bees Ferry Road and Bluewater Way in Charleston’s West Ashley submarket. The Atlanta-based company plans to develop 155 build-to-rent units at the site in a community named Bellerose at Bees Ferry, a Storia neighborhood. The property will comprise three-bedroom, two- bathroom townhomes that include one-car garages, 9-foot ceilings, gourmet kitchens with high-end appliances and stone countertops. The community will also feature an open-air club house, pool and firepits. RangeWater plans to break ground this month, and first move-ins are slated for October 2023.

August 1, 2022

Development Industrial New York Northeast

Rockefeller Group Underway on 172,622 SF Spec Distribution Center on Long Island

by Taylor Williams August 1, 2022

BAY SHORE, N.Y. — New York City-based Rockefeller Group is underway on construction of a 172,622-square-foot speculative distribution center in the Long Island community of Bay Shore. The property at 55 Paradise Lane will feature a clear height of 36 feet, 40 dock doors, 270 car parking spaces, 40 trailer parking stalls and 7,317 square feet of mezzanine-level office space. Manhattan-based KSS Architects designed the project, and Aurora Contractors is handling construction. Completion is slated for the first quarter of next year.

August 1, 2022

Development Florida Leasing Activity Retail Southeast

Branch Signs Two Restaurants to Join Tenant Roster at Shopping Center Underway Near Pensacola

by John Nelson August 1, 2022

MILTON, FLA. — Branch Properties has signed two restaurants to join the tenant roster at Merganser Commons at Dogwood Estates, a 66,912-square-foot shopping center under construction in Milton, a Florida Panhandle city located about 24 miles east of Pensacola. The Atlanta-based developer plans to open the Publix-anchored center later this summer. The new eateries joining Merganser Commons include RibCrib, a fast-casual barbecue restaurant that will occupy 4,750 square feet, and Teriyaki Madness, an Asian concept. Both restaurants are operated by Panhandle Restaurant Group. The center is currently 92 percent preleased to tenants including Domino’s Pizza, Great Clips, Japanese restaurant Nikko Sushi, nail salon Grand Nail Lounge and ice cream shop Scoops Ice Cream and Sweets. A local medical provider will occupy a 7,500-square-foot outparcel at the center.

August 1, 2022

Acquisitions Northeast Pennsylvania Retail

Syndicated Equities Sells Pittsburgh Shopping Center for $32.5M

by Taylor Williams August 1, 2022

PITTSBURGH — Chicago-based investment firm Syndicated Equities has sold Plaza at the Pointe, a 149,973-square-foot shopping center in Pittsburgh. At the time of sale, the property was leased to tenants such as Bed Bath & Beyond, La-Z-Boy, Party City, Old Navy, Dress Barn and Bob’s Discount Furniture. The buyer was not disclosed. Syndicated Equities originally acquired the property in partnership with Chicago-based owner-operator M & J Wilkow in 2016 for $24.5 million.

August 1, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $5M Sale of Brooklyn Apartment Building

by Taylor Williams August 1, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5 million sale of a 38-unit apartment building in Brooklyn’s Bedford-Stuyvesant neighborhood. The 35,000-square-foot building at 575 Herkimer St. was originally constructed in 1965. Ben Khakshoor of Rosewood Realty represented the buyer, Gilman Management, in the transaction. Aaron Jungreis, also with Rosewood, represented the seller, a private family.

August 1, 2022

Market Reports New York Northeast Northeast Market Reports Retail

New York City’s Retail Investment Market is Poised for Greater Activity

by Taylor Williams August 1, 2022

By Brent Glodowski, director, capital markets group, Avison Young Conditions are looking up for retail real estate investment in New York City. In one sense, “up” is the only way to go for a sector that has been bumping along the bottom of a trough. But with inflation tempering investors’ recent fascination with multifamily and industrial properties, retail also offers opportunities to acquire price-corrected assets when those other property types hover near cyclical peaks. Retail’s Head Start New York’s retail real estate market was already suffering from changing consumer tendencies when COVID-19 arrived and thrust many retailers and their landlords into a full-blown crisis. Even when government-ordered shutdowns eased, remote work policies drained office buildings of the customer bases that had supported swaths of restaurants, shops and entertainment businesses. Home-bound workers became a redistributed daytime population, shifting demand for meal delivery and other retail to new areas. Hundreds of small businesses went under, leaving vacant storefronts in their wake. Some retailers altered business plans to serve shifting customer bases that had developed new, pandemic-influenced consumption practices. Landlords with vacancies to fill turned to traditional strategies, such as relocating tenants from out-of-the-way spaces to fill their most visible storefronts. Property owners …

August 1, 2022

Development Life Sciences Loans Massachusetts Northeast Top Stories

JLL Arranges $585M Construction Loan for Allston LabWorks Project in Boston

by Taylor Williams August 1, 2022

BOSTON — JLL has arranged a $585 million construction loan for Allston LabWorks, a 580,905-square-foot life sciences, retail and multifamily project in the Allston neighborhood of Boston. The borrower and developer is a joint venture between Boston-based King Street Properties, Brookfield and Mugar Enterprises. Allston LabWorks will feature 534,000 square feet of lab space, 20,000 square feet of retail space and 35 multifamily units, about 25 percent of which will be reserved as affordable housing. The development will also house a 5,000-square-foot outdoor event area and a 668-space parking garage. The site, which spans 4.3 acres at 305 Western Ave., is situated adjacent to Harvard University’s 350-acre Allston campus, which is home to the newly opened John A. Paulson School of Engineering & Applied Sciences. The area is also near the campuses of Boston University and Boston College, with multiple MBTA Green Line stops nearby. Greg LaBine and Amy Lousararian of JLL arranged the four-year, floating-rate loan through an undisclosed institutional debt fund. Construction of the project is underway, but a timeline for completion was not disclosed. “The fact that we were able to move quickly on this loan in today’s market conditions speaks to the level of interest and …

August 1, 2022

Acquisitions California Multifamily Western

Harbor Group Acquires Multifamily Portfolio in Long Beach, California for $180M

by Amy Works July 29, 2022

LONG BEACH, CALIF. — Affiliates of Harbor Group International have purchased the Long Beach Coastal Collection, a portfolio of apartment communities in Long Beach, for $180 million. Built in 2019 and 2020, the portfolio features 348 apartments in a mix of studio, one- and two-bedroom layouts. Amenities at the properties include rooftop decks with panoramic views, 24-hour fitness centers, resident lounges, heated pools and spas, coworking spaces, and gaming and entertainment rooms. Geoff Boler of Eastdil Secured facilitated the transaction. The name of the seller was not released.

July 29, 2022

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