Thursday, June 26, 2025
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1720-Eastchester-Road-Bronx
DevelopmentIndustrialNew YorkNortheast

Simone Development Nears Completion of 186,298 SF Industrial Conversion Project in The Bronx

by Taylor Williams

NEW YORK CITY — New York City-based Simone Development Cos. is nearing completion of a 186,298-square-foot industrial conversion project in the Morris Park area of The Bronx. The site at 1720 Eastchester Road previously housed a 63,000-square-foot Stop & Shop grocery store, liquor store and a Subway restaurant and is adjacent to Hutchinson Metro Center, Simone’s 1.4 million-square-foot mixed-use development. The new building will feature 63,000 square feet of indoor warehouse space with a clear height of 18 feet, as well as 62,000 square feet of rooftop parking and 65,000 square feet of outdoor parking space. Full completion is scheduled for this summer. Cushman & Wakefield is marketing the property for lease.

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LoansMidwestMultifamilyOhio

Affinius Capital Provides $165.7M for Refinancing of Three-Property Multifamily Portfolio in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Affinius Capital LLC has provided $165.7 million in loans for the refinancing of three multifamily properties in Columbus. The communities include The Thomas at Grandview Crossing, The Sage at Jeffrey Park and The Tillmore at Quarry Trails. The borrower was Columbus-based developer Thrive Cos. The Thomas at Grandview Crossing offers 310 units across four buildings. Amenities include a fitness center, outdoor living area and numerous lounging areas. The property is located within Grandview Crossing, a 55-acre mixed-use development. The Sage at Jeffrey Park is a 310-unit community with amenities such as two pools, a sauna, coffee shop, coworking space, bike storage and a community center with gaming room and fitness center. The property is nestled within Jeffrey Park, a 41-acre mixed-use development. The Tillmore at Quarry Trails offers 293 units across nine buildings. Situated within a 180-acre park, the property features a pool, fitness center, business center and clubhouse.

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IllinoisLoansMidwestMultifamily

CEDARst Receives $44M Loan for Refinancing of Chicago Apartment Complex

by Kristin Harlow

CHICAGO — CEDARst Cos. has received a $44 million loan for the refinancing of Duncan Apartments in Chicago. Citigroup provided the CMBS loan, which was arranged by Berkadia. The first mortgage loan features a fixed interest rate of 6.67 percent over a five-year term. CEDARst, a Chicago-based real estate development firm, redeveloped the 260-unit apartment complex in 2020. A $51.5 million existing first mortgage from New York-based ACRE was fully repaid. Additional equity was secured via a large, Midwest-based family office.

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AcquisitionsKansasMidwestRetail

Matthews Real Estate Brokers $5.8M Sale of Daycare Center in Olathe, Kansas

by Kristin Harlow

OLATHE, KAN. — Matthews Real Estate Investment Services has brokered the $5.8 million sale of a daycare center occupied by Kids r Kids in Olathe. The transaction included both the business and underlying real estate of the property. The building, constructed in 2017, totals 18,000 square feet and is located at 1585 S. Mahaffie Circle. The buyer, Maryland-based Kiddie Academy, was looking to expand into the Kansas City market. The daycare franchise group currently operates in 41 states. The seller had owned the business for more than 20 years and was looking to retire. Matthew Gibbs and Clay Smith of Matthews Real Estate represented the seller.

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AcquisitionsIllinoisIndustrialMidwest

Entre Commercial Realty Negotiates Sale of 42,000 SF Industrial Building in Solon Mills, Illinois

by Kristin Harlow

SOLON MILLS, ILL. — Entre Commercial Realty has negotiated the sale of a 42,000-square-foot industrial building in Solon Mills, a city in northern Illinois. Dan Benassi and Sam Deihs of Entre represented the buyer, JHB Group Inc., which designs and manufactures custom mobile response platforms primarily for public service agencies. The company’s products include mobile trailers and equipment used by municipal fire departments, police departments, military and other agencies for use in public safety operations, education, training and community outreach. JHB will be relocating from a 15,000-square-foot building in Lake in the Hills. Ralph Huszagh of JC Forney represented the undisclosed seller. The sales price was also not provided.

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194-Washington-St.-Hartford
AcquisitionsConnecticutMultifamilyNortheast

NEPCG Negotiates Sale of 141-Unit Apartment Building in Hartford, Connecticut

by Taylor Williams

HARTFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a 141-unit apartment building located at 194 Washington St. in Hartford. The building houses 131 one-bedroom units and 10 two-bedroom apartments. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The sales price was also not disclosed.

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AcquisitionsIndustrialMidwestOhioSelf-Storage

Newmark Arranges Sale of 23,789 SF Self-Storage Facility in Shelby, Ohio

by Kristin Harlow

SHELBY, OHIO — Newmark has arranged the sale of Wall Street Storage Unit Rentals, a 23,789-square-foot self-storage facility in Shelby, a city in northern Ohio. The sales price was undisclosed. The six-building property is located at 82 Wall St. The property’s zoning can accommodate the development of up to four additional buildings. Longtime owner Marjorie Roush sold the asset to locally based builder Soggy Dollar Properties LLC, marking the first transfer of ownership since Roush’s family acquired the land a century ago. Kris Parker and Jim Clark of Newmark represented the seller. The buyer plans to convert the two existing buildings with warehouse spaces into climate-controlled self-storage units.

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AcquisitionsMultifamilyNew JerseyNortheast

CBRE Brokers $7.5M Sale of Multifamily Development Site in Hoboken

by Taylor Williams

HOBOKEN, N.J. — CBRE has brokered the $7.5 million sale of a 13,000-square-foot multifamily development site located at 511-521 Newark St. in Hoboken. The site is part of a portfolio of seven Northern New Jersey parcels that have collectively been approved for the development of 450 units. Fahri Ozturk, Richard Gatto, Zach McHale and Jeff Babikian of CBRE represented the owner, AIRN Management, in the land sale. The buyer, a private developer based in Hudson County, did not provide further details or plans for the site.

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LoansNew JerseyNortheastRetail

Cronheim Mortgage Arranges $6.5M Loan for Refinancing of Northern New Jersey Shopping Center

by Taylor Williams

GARWOOD, N.J. — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $6.5 million loan for the refinancing of Garwood Mall, an 89,624-square-foot shopping center in Northern New Jersey. Built in 1971, Garwood Mall is home to tenants such as Kings Food Markets, Crunch Fitness and AutoZone. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim arranged the loan through American United Life on behalf of the undisclosed borrower.

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DevelopmentMultifamilyNew YorkNortheastTop Stories

AMS to Develop $458M Teutonia Hall Luxury Apartment Project in Yonkers, New York

by Kristin Harlow

YONKERS, N.Y. — The Yonkers Industrial Development Agency (YIDA) has granted final approval of financial incentives for Teutonia Hall, a $458 million luxury apartment project comprising two 41-story towers. AMS Acquisitions is the developer. Located in Yonkers, a northern suburb of New York City, the two-phase development will feature a total of 906 apartment units, 91 of which will be affordable. Plans also call for 2,900 square feet of street-level commercial space and 907 parking spaces. The lower six stories of the buildings will comprise a podium, which will serve as a parking facility for residents. Construction for Phase I is expected to begin in September, with completion slated for December 2027. Phase II construction is anticipated to begin in December 2028, with completion slated for December 2031. The developer received approval for $12.9 million in sales tax exemptions and $4.5 million in mortgage recording tax exemptions. The two phases of the project are estimated to create 1,100 construction jobs. According to a cost-benefit analysis, the project will create $2.35 for every $1 of incentives. The developer is also requesting a 20-year Payment in Lieu of Taxes agreement. YIDA also voted preliminary approval of financial incentives for Champlain Hudson Power …

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