EAST WINDSOR, N.J. — New Jersey-based financial intermediary Cronheim Mortgage has arranged an $11 million loan for the refinancing of Town Center Plaza, a 196,014-square-foot shopping center in the Central New Jersey community of East Windsor. The property was originally built on 35.5 acres in 1998 and is home to tenants such as grocer ShopRite and Chipotle Mexican Grill. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim arranged the loan through Farm Bureau Life Insurance Co. The borrower was not disclosed.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $5 million sale of a 60-unit apartment building located at 560-562 W. 175th St. in Manhattan’s Washington Heights neighborhood. The five-story, walk-up building was originally constructed in 1924 and includes two commercial spaces. Ben Khakshoor and Alex Fuchs of Rosewood Realty represented the buyer and seller, both of which were private investors, in the transaction. The deal traded at a cap rate of 8.8 percent.
NEW YORK CITY — Financial technology firm MoneyLion Inc. (NYSE: ML) has subleased Twitter’s 35,384-square-foot former office space in Manhattan’s Chelsea area. The space encompasses the entire fourth floor of the 281,000-square-foot building at 245-249 W. 17th St., which was originally constructed in 1909 and renovated in 2014. William Iacovelli, Sacha Zarba, Lauren Crowley Corrinet, Elliot Bok and Connor DeSimone of CBRE represented X Corp. in the sublease negotiations. Eric Ladden of Cornerstone Realty and Jason Birk and Steve Marvin of Olmstead Properties represented MoneyLion. Columbia Property Trust owns the building.
HASBROUCK HEIGHTS, N.J. — Law firm Bertone Piccini has signed an 11,850-square-foot office lease renewal in the Northern New Jersey community of Hasbrouck Heights. The firm has been a tenant at the 200,000-square-foot Heights Plaza complex, located at the junction of I-80 and U.S. Route 17, since 2013. Rob Norton of CBRE represented the tenant in the lease negotiations. Stephen Jennings represented the landlord, Alfred Sanzari Enterprises, on an internal basis.
By John Haba, principal, Gensler Houston The demands of global economics and trade continue to evolve in the wake of rapid digital transformation. There is an urgent need to build more resilient supply chains and infrastructure as international disruptions impact local economies. With this shift comes a great opportunity for industrial and logistics facilities to become more efficient, responsive and resilient. A key consideration in the evolution of the industrial sector is how a company embraces safety culture. Safety culture focuses on preplanning the processes needed to achieve an end goal while also continuously and purposefully reviewing and optimizing that goal as it relates to safety, quality, cost and constructability. There is demonstrated value in having architecture, engineering and construction consultants understand the significance of safety culture because it allows for “outside the box” thinking to bring value to a solution. This leads to efficiencies in construction and operations, an increased quality of work and a better value proposition. Efficiencies in Construction, Operations Today, site selection is more challenging than ever before, primarily due to the connectivity of infrastructure and systems, including water, electrical, gas, sewage and more recently, data. This is also compounded by the historical issue of community …
MILWAUKEE — Fiserv Inc. (NYSE: FI), a global payment and financial tech solutions firm, has unveiled its new corporate headquarters in downtown Milwaukee. The 170,000-square-foot office space serves as the new global base for the company, which is relocating from nearby Brookfield, Wis., about 13 miles west of Milwaukee. The new Fiserv offices are part of HUB640, a mixed-use campus that also includes a small-format Kohl’s department store that opened in November. Other tenants include Eight Eleven Group, Abacus Architects and North Shore Healthcare, according to Founders 3 Real Estate Services, which is handling office leasing at HUB640. Chicago-based North Wells Capital LLC owns and operates HUB640. As part of the move, Fiserv was awarded $7 million in TIF (tax increment financing) funding from the City of Milwaukee, under the condition that the company retain 93 percent of its employee base at its new office space. “City of Milwaukee elected officials unanimously chose to partner with Fiserv on this project, and we are confident the decision will be applauded for many years to come,” says Milwaukee Mayor Cavalier Johnson. The new office building is located at 600 Vel R. Phillips Ave., a site that formerly housed the Boston Store, a local …
HOUSTON — Howard Hughes Holdings (NYSE: HHH) is underway on construction of Village Green at Bridgeland Central, a 70-acre retail development in northwest Houston. Located within the 925-acre Bridgeland master-planned community, Village Green will comprise a 100,000-square-foot H-E-B grocery store and 28,000 square feet of inline retail and restaurant space. The development will also feature multiple outdoor dining spaces and connectivity to Bridgeland’s network of walking trails. H-E-B is scheduled to open by the end of the year, and the inline space is slated for a spring 2025 delivery. Tal McIver of McIver Properties represented H-E-B in the lease negotiations, and Eric Walker of Capital Retail Properties represented Howard Hughes.
LAVON, TEXAS — ONM Living will develop The Cottages at Lavon Lake, a 268-unit build-to-rent residential project in Lavon, located northeast of Dallas in Collin County. The development will feature cottage-style homes in one-, two- and three-bedroom formats that will range in size from 340 to 1,230 square feet. Residents will have fenced backyards, detached garages and open surface spaces. Communal amenities will include a pool, fitness center, dog park and pickleball courts. Vertical construction is scheduled to begin in May 2025, and full completion is slated for early 2027.
AUSTIN, TEXAS — Houston-based developer Alliance Industrial has broken ground on Connor Lane Business Park, a 170,959-square-foot industrial project in northeast Austin. The development will consist of two buildings totaling 87,467 and 83,492 square feet, with depths of 120 feet and 175 feet, respectively. Both buildings will feature 32-foot clear heights and 130-foot truck court depths, and the complex will offer a total of 70 dock doors. Construction is slated for a fourth-quarter delivery. Alliance Industrial has tapped Colliers as the leasing agent.
DUNWOODY, GA. — The Georgetown Co. and RocaPoint Partners have provided updates for Campus 244, a 1.3 million-square-foot mixed-use development underway in Atlanta’s Central Perimeter submarket. Situated adjacent to the Dunwoody MARTA station, Campus 244 will feature the redeveloped Palladium office building, the Element by Westin Atlanta Perimeter hotel and several dining options. The developers recently welcomed Insight Global and Beon to the Palladium building and topped off the hotel, which will open this fall along with its dining concepts The Spruce Social House and Stäge Kitchen & Bar. The duo also plans to open CT Cantina & Taqueria at Campus 244 this summer. Additionally, Georgetown and RocaPoint have announced Phase II of the development — a six-story office building dubbed The Stacks. The 300,000-square-foot property is designed by Skidmore, Owings & Merrill to feature oversized windows and private outdoor space on all six levels. The construction timeline for Phase II was not disclosed. Aileen Almassy, Will Porter and Rob Kuppersmith of Cushman & Wakefield handle office leasing efforts at Campus 244, and Steve Yenser with Yenser Co. manages retail leasing.