VERNON, CONN. — CBRE has negotiated the $62.5 million sale of Tri-City Plaza, a 295,817-square-foot shopping center in Vernon, located northeast of Hartford. Grocer Shoprite anchors the center, which was 96 percent leased at the time of sale. Other tenants include T.J. Maxx, HomeGoods, HomeSense and Hartford Healthcare. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, a partnership between New York-based owner-operator DLC Management and Acadia Realty Trust, in the transaction. The team also procured the buyer, East Coast Acquisitions.
Northeast
DOVER, N.J. — Locally based owner-operator Legacy Real Estate Developers has sold a 126,108-square-foot industrial and office building located in the Northern New Jersey community of Dover. The building at 570 Mount Pleasant Ave. formerly housed the American headquarters operations of watchmaker Casio. Elli Klapper of CBRE represented Legacy, which acquired the building last fall in partnership with Saddleback Real Estate Developers and Commerce Park Investors, in the transaction. Dan Whitehead of Resource Realty represented the buyer and future occupant, logistics group Z Transportation Inc.
KENILWORTH, N.J. — NAI DiLeo-Bram (NAIDB) has brokered the $13.1 million sale of a 26,000-square-foot industrial flex building in the Northern New Jersey community of Kenilworth. Completed in 2024, the building at 651 Michigan Ave. consists of 16,000 square feet of warehouse space and 10,000 square feet of office space. Magni America, a provider of telescopic handlers, sold the building to New York-based investment firm Ridgecut Road. Richard Goski, Catherine Goski-Vasquez, Kyle Gerace and Christopher Chiusolo of NAIDB brokered the deal.
NEW YORK CITY — Altana has signed a 10-year, 62,309-square-foot office lease at The PENN District, a two-building, 4.4 million-square-foot development in Midtown Manhattan. The provider of AI-driven trade and supply chain management solutions will establish its new headquarters office across the entire 21st floor of PENN 2. Sam Seiler of CBRE and Joseph Sipala of JLL represented Altana in the lease negotiations. The landlord, Vornado Realty Trust, was self-represented.
ALLENTOWN, PA. — Chobani has entered into an agreement to acquire the former manufacturing facility of Keurig Dr Pepper in the Lehigh Valley city of Allentown, including the lease, equipment and operations and related infrastructure, for $125 million. Keurig Dr Pepper first opened the 1.5 million-square-foot facility in 2021, and the announcement coincides with Keurig Dr Pepper agreeing to sell its full equity stake in Chobani back to the company for $800 million. Both of those transactions are expected to close in the third quarter. Chobani’s acquisition of the facility comes as part of a larger capital investment in the Lehigh Valley that is valued at 1.2 billion and expected to add about 900 new jobs to the local economy. The provider of dairy products plans to add up to 10 new production lines and says that the new facility will give the company “the capacity to scale new products while continuing to develop new formats and food-and-beverage platforms.” Production under Chobani is expected to begin sometime next year.
LIVINGSTON, N.J. — A partnership between regional owner-operator Sterling Properties and New Jersey-based Danbro Properties has completed Canterly Place, a 300-unit apartment complex in the Northern New Jersey community of Livingston. Canterly Place offers one-, two- and three-bedroom units, 20 percent (60) of which are designated as affordable housing. Amenities include a pool, coworking spaces, a coffee house, clubroom, private dining room, library, fitness center, game lounge, golf simulator, outdoor grilling and dining stations, a courtyard, playground and a dog park. Lessard Design served as the project architect, with Mary Cook Associates handling interior design. Rents start at $2,765 per month for a one-bedroom apartment.
BERKELEY HEIGHTS, N.J. — Locally based developer The Connell Co. has begun leasing RT500, a 179-unit apartment building located within The Park, a 185-acre mixed-use development in the Northern New Jersey community of Berkeley Heights. Minno & Wasko Architects and Planners, in collaboration with David M. Sullivan Inc., designed the 11-story building, which is one of two buildings at The Park under Connell’s Round Table (RT) Residences brand. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include an outdoor pool, entertainment lounge, game room, fitness center and coworking space. Construction topped out last summer. Rents start at roughly $2,600 per month for a studio apartment.
NEW YORK CITY — Veeva has signed a 62,223-square-foot office lease at The PENN District, a two-building, 4.4 million-square-foot development in Midtown Manhattan. The provider of cloud software, AI, data and consulting services for the life sciences industry will occupy the entire 11th floor of PENN 2 on a 12-year lease. Jim Wenk and Kirill Azovtsev of Savills represented Veeva in the lease negotiations. The landlord, Vornado Realty Trust, was self-represented.
WINDSOR, CONN. — Metro Boston-based developer Condyne Capital Partners has received approval for an office-to-residential conversion project in Windsor, located north of Hartford. Designed by Maugel Destefano Architects, the project will transform the 99,480-square-foot building at 500 Day Hill Road, which formerly housed the operations of commercial printing and packaging company Konica Minolta, into a 300-unit apartment community. The new apartment community will offer studio, one- and two-bedroom units. Amenities will include a pool, fitness center, pickleball court, multi-purpose court, dog park and outdoor grilling and dining areas. Construction is scheduled to begin this fall.
NEW YORK CITY — JLL has provided a $69.5 million Freddie Mac loan for the refinancing of 100 Jane, a 148-unit apartment building in Manhattan’s West Village. Constructed in 1996, the nine-story building comprises 117 market-rate units, 30 affordable housing units and one superintendent unit. The property was fully occupied at the time of the loan closing. According to Apartments.com, 100 Jane exclusively offers studio floor plans. Amenities include a fitness center, sundeck and onsite laundry facilities. Geoff Goldstein, Steven Klein and Michael Shmuely of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Rockrose Development.
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