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Data CentersDevelopmentIndustrialLeasing ActivityNew JerseyNortheastTop Stories

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

by John Nelson

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 …

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Canfield-Park-at-Fairfield-Metro
AcquisitionsConnecticutMultifamilyNortheastTop Stories

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

by Taylor Williams

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 …

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DevelopmentMixed-UseMultifamilyNew YorkNortheastOfficeTop Stories

Rabina Tops Out 88-Story 520 Fifth Avenue Mixed-Use Tower in Manhattan

by John Nelson

NEW YORK CITY — Rabina, along with general contractor Suffolk Construction, has topped out 520 Fifth Avenue, an approximately 1,000-foot-tall high-rise development situated at the intersection of Fifth Avenue and West 43rd Street in the Midtown neighborhood of Manhattan. Once completed in 2025, the tower will rise 88 stories and feature 100 condominiums and 25 floors of office space, as well as a social club called Moss. In March 2022, Rabina secured $540 million in construction financing for 520 Fifth Avenue that comprised a $410 million senior loan from Bank OZK and $130 million in mezzanine financing from Carlyle. The residential component of the project is called Five Twenty Fifth Residences. Condos will come in one- through four-bedroom layouts. Residents will have access to amenities such as a library, game room with billiards, private dining rooms and a solarium. Seventy percent of the condos have already been sold since sales launched in April. The mixed-use tower will also offer office space from floors 10 to 34. Office spaces will range from 500 to 12,000 square feet and feature 12-foot tall ceilings, private terraces and open-air covered corridors. The office component has been dubbed 520 Offices. Corcoran Sunshine Marketing Group is …

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Sovereign-Apartments_Fort-Worth-Texas
FloridaGeorgiaLoansMultifamilySouth CarolinaSoutheastTennesseeTexasTop Stories

Newmark Arranges $533M Refinancing for Sun Belt Multifamily Portfolio 

by Hayden Spiess

NEW YORK CITY — New York City-based Newmark has arranged a $533 million loan for the refinancing of a multifamily portfolio located across six states in the Sun Belt. Boston-based investment firm West Shore is the borrower.  Totaling 2,806 units, the portfolio comprises nine Class A, garden-style multifamily communities. The properties include: Citigroup provided the fixed-rate CMBS financing, which features a single-asset, single-borrower (SASB) loan structure. Purvesh Gosalia, vice chairman of Newmark, secured the financing on behalf of West Shore.  According to a press release issued by the firm, this loan transaction reflects continued investor interest in the Sun Belt markets, which benefit from population growth and demand for rental housing.  Newmark also recently announced an assignment to market 10 multifamily properties comprising 2,845 units across eight states for sale. The assets are expected to draw a total of roughly $500 million.  — Hayden Spiess

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AcquisitionsGeorgiaIndustrialLoansSoutheastTennesseeTop Stories

CBRE Arranges $188.3M in Acquisition Financing for 1.9 MSF Industrial Portfolio in Atlanta, Nashville

by Kristin Harlow

ATLANTA AND NASHVILLE, TENN. — CBRE has arranged $188.3 million in acquisition financing for a 24-building industrial portfolio totaling 1.9 million square feet in metro Atlanta and Nashville. Philadelphia-based Stoltz Real Estate Partners was the borrower. The previous owner was not disclosed. The properties range in size from 12,600 to 222,683 square feet and were built between 1974 and 1998. The portfolio was 93 percent leased at the time of sale to 80 tenants with a weighted average lease term of 3.6 years. The 17 Atlanta-area assets total a little over 1 million square feet and are situated in last-mile locations. The Atlanta market offers industrial users convenient access to I-75, I-85, I-20 and the Hartsfield-Jackson Atlanta International Airport. Additionally, the Port of Savannah is approximately 250 miles away. The seven Nashville properties total 866,053 square feet and are home to 15 tenants. The Nashville market offers convenient access to 24 states and is situated within a one-day truck drive of 75 percent of U.S. markets, according to CBRE. Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE arranged the financing through Starwood Property Trust. Loan terms were not provided. Stoltz currently owns and manages approximately 16 million …

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DevelopmentLife SciencesMidwestMinnesotaMixed-UseTop Stories

Mortenson, University of Minnesota Foundation Plan 3 MSF Mixed-Use Village

by John Nelson

MINNEAPOLIS — A partnership between locally based developer Mortenson and The University of Minnesota Foundation Real Estate Advisors (UMFREA) is in the planning stages of a 12-acre mixed-use village on the eastern edge of the University of Minnesota’s Twin Cities campus. The project, which will span 3 million square feet, is named The Minnesota Innovation Exchange, or “The MIX.” Located in Minneapolis, the development site is bounded to the north by the school’s Biomedical Discovery District and the football stadium, Huntington Bank Stadium. The MIX is bounded to the south by the university’s future clinical campus expansion. Mortensen and UMFREA, which oversees the real estate decisions of the University of Minnesota Foundation, recently selected commercial real estate services giant CBRE to lease The MIX. At full build-out, the private development will include research-and-development space, creative offices, hotel rooms, apartments, shops and restaurants. The project team, which includes architectural firm HGA, hopes to attract life sciences users to The MIX to capitalize on the Twin Cities’ reputation as a hub for health and science activity, including a concentration of medical device manufacturers headlined by Medtronic and 3M. “This is an incredibly exciting opportunity for prospective tenants to participate in the most unique …

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Rockefeller-Center
LoansNew YorkNortheastOfficeRestaurantRetailTop Stories

Tishman Speyer Completes $3.5B CMBS Refinancing of Rockefeller Center in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Locally based real estate giant Tishman Speyer has completed the $3.5 billion refinancing of Rockefeller Center, a 7.3 million-square-foot mixed-use campus in Midtown Manhattan. Bank of America and Wells Fargo led the consortium of lenders that provided the CMBS financing, which carries a fixed interest rate of approximately 6.23 percent. Tishman Speyer will use the proceeds to pay off a 20-year, $1.7 billion CMBS loan and additional mezzanine financing that will mature in May 2025, as well as to fund reserves for contractual leasing costs. Dechert LLP advised Bank of America and Wells Fargo on the transaction. Rockefeller Center was originally developed in the 1920s and comprises more than a dozen buildings across 22 acres between 48th and 51st streets. The campus features office, retail, restaurant and entertainment space, as well as a 24,000-square-foot park atop Radio City Music Hall. Tishman Speyer is currently nearing completion of a redevelopment of the property. The office component of Rockefeller Center is currently 93 percent leased to global occupiers such as Deloitte, Lazard, Christie’s, Simon & Schuster and J.P. Morgan Chase. Retail and entertainment users include LEGO, Banana Republic, Anthropologie, Michael Kors, Catbird, FAO Schwarz and Nintendo. The lineup of …

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Torrey-View
CaliforniaDevelopmentLife SciencesTop StoriesWestern

Breakthrough Properties Completes 520,000 SF Life Sciences Campus in San Diego

by Katie Sloan

SAN DIEGO — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has completed the development of Torrey View, a 520,000-square-foot life sciences campus located in the Del Mar Heights neighborhood of San Diego.  The 10-acre property was fully preleased and is home to the oncology division of biopharmaceutical company Pfizer, which occupies 230,000 square feet across two buildings; and the innovation center for the biosciences division of BD, a global medical technology company, which occupies a 220,000-square-foot-building. Additional tenants include Charles River Laboratories, Actio Biosciences and Architect Therapeutics. Torrey View offers expansive ocean views and a full suite of amenities, including a client clubhouse, multiple dining options, a fitness center and pickleball court, 400-person conference facility, bike and surfboard storage and a partially below-grade parking garage covered by open green spaces and gardens.  The joint venture acquired the development site for the campus, which has achieved LEED Gold certification, in October 2020. Equity partners in the project included Mitsui Fudosan America, Investment Management Corp. of Ontario and AP2. The development team included life sciences architectural firm Flad Architects and general contractor Clark Construction, and leasing for the project was handled by JLL.  Formed in 2019, Breakthrough Properties …

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CivicDevelopmentGeorgiaSoutheastTop Stories

Development Team Plans Renovation, Expansion of Cobb Galleria Centre in Atlanta

by John Nelson

ATLANTA — The Cobb-Marietta Coliseum and Exhibit Hall Authority, owner and operator of the Cobb Galleria Centre in Atlanta, has selected a team of locally based firms to manage the expansion and renovation of the convention center. Impact Development Management will serve as the authority’s representative and project manager for the overhaul, Rule Joy Trammell + Rubio will serve as the project architect and Holder Construction will be the construction manager. The development team plans to break ground on the project in fall 2025, with completion slated for early 2027. The Cobb Galleria Centre was originally built by the authority in 1994. The facility currently totals 320,000 square feet, including 144,000 square feet of exhibit space, a 25,000-square-foot ballroom, 20 meeting rooms and four executive boardrooms. Also on the campus is Galleria Specialty Shops, an enclave of small retail shops that currently houses tenants including HOKA Shoes and a Subway kiosk. The master plan for the expansion project includes: Cobb Galleria Centre is centrally located near the intersection of I-75 and I-285 in Atlanta’s Cumberland-Galleria submarket. The convention center is connected via two elevated walkways to Simon’s Cumberland Mall and The Battery Atlanta, the mixed-use village surrounding Truist Park, home of the Atlanta …

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AcquisitionsMassachusettsNortheastOfficeRetailTop Stories

Azora Acquires Office, Retail Building in Boston’s Back Bay Neighborhood for $101M

by Kristin Harlow

BOSTON — Azora has acquired an office and retail building located at 149 Newbury St. in Boston for $101 million. The property offers 45,495 rentable square feet across five floors. Certified LEED Gold, the building is situated along the Newbury Street commercial corridor, surrounded by luxury shops and restaurants in the city’s Back Bay neighborhood. The asset was 81 percent leased at the time of sale. The ground floor is fully occupied by two tenants: Google, which operates its first high-tech store in New England; and Alo, an athletic apparel retailer. The third floor offers 9,586 square feet available for lease. Azora plans to convert this space into “ready to move in” offices, citing demand for this type of product in the area. Ignacio Gil-Casares, managing partner of Azora Exan, says the acquisition aligns with a strategy that the company began implementing in the U.S. last year. “We continue to believe in the value of trophy office assets in major U.S. cities, and 149 Newbury is the perfect example, combining an excellent location, high occupancy by top-tier tenants and the potential to achieve higher returns by leasing the remaining space through the creation of speculative spaces,” he says. “We are …

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