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DevelopmentMultifamilyNew JerseyNortheastUncategorized

Panepinto Properties Begins Leasing 53-Story Apartment Tower in Jersey City

by Taylor Williams

JERSEY CITY, N.J. — Locally based developer Panepinto Properties has begun leasing 505 Summit, a 53-story apartment tower in the Journal Square area of Jersey City. The building offers 605 units in studio, one-, two- and three-bedroom floor plans. The property also features 4,000 square feet of street-level retail space, a landscaped public plaza, parking garage and 304 bicycle storage spaces. Residential amenities include an outdoor terrace with a pool, grilling stations, a resident lounge, coworking spaces, sports simulator and a fitness center. Pacific Life financed construction of the project, which began in the third quarter of 2023 and topped out last summer. Rents start at $3,350 per month for a studio apartment.

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AcquisitionsAffordable HousingMultifamilyNew YorkNortheast

Jonathan Rose Cos. Buys Upper Manhattan Affordable Housing Building for $53M

by Taylor Williams

NEW YORK CITY — Local investment firm Jonathan Rose Cos. has purchased The Caroline Apartments, a 126-unit affordable housing building in the Inwood section of Upper Manhattan, for $53 million. The building was constructed in 1980 and last renovated in 2008. Income restrictions were not disclosed. The new ownership plans to invest nearly $20 million in capital improvements to the property, including upgrades to building systems and unit interiors, enhancements to the community center and energy-efficiency upgrades. Jonathan Rose Cos. also plans to bring in a full-time resident services coordinator. Th seller was Related Cos.

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DevelopmentIndustrialNew JerseyNortheast

IDI Logistics Breaks Ground on 154,387 SF Industrial Project in Piscataway, New Jersey

by Taylor Williams

PISCATAWAY, N.J. — IDI Logistics has broken ground on a 154,387-square-foot industrial project in the Northern New Jersey community of Piscataway. The building at 1551 S. Washington Ave. will feature a rear-load configuration, clear height of 40 feet, 24 dock doors, two drive-in doors, 130-foot truck court depths and parking for 144 cars and 20 trailers. CBRE is marketing the building for lease. A tentative completion date was not announced.

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Leasing ActivityNew JerseyNortheastOffice

TRAC Intermodal Signs 31,000 SF Office Lease in Princeton, New Jersey

by Taylor Williams

PRINCETON, N.J. — TRAC Intermodal has signed a 31,000-square-foot office lease in Princeton. The provider of logistics services is taking space on the third floor of the building at 600 College Road, which is part of the Princeton Point campus. Todd Elfand and Kevin Carton of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. The tenant representative was not disclosed.

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Life SciencesLoansMassachusettsNortheastOffice

Joint Venture Refinances 615,305 SF Office, Life Sciences Campus in Bedford, Massachusetts

by Taylor Williams

BEDFORD, MASS. — A joint venture between Anchor Line Partners and Alloy Properties has refinanced The Core at Crosby, a 615,305-square-foot office and life sciences campus in Bedford, a northwestern suburb of Boston. Berlin Hyp, the commercial real estate finance arm of LBBW, provided the debt for the nine-building campus, which is anchored by software provider AspenTech. Robert Griffin, David Douvadjian Sr., David Douvadjian Jr., Timothy O’Donnell, Edward Maher and Matthew Pullen of Newmark arranged the debt on behalf of the joint venture.

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Eastpoint-at-Exit-8A-Monroe-Township-New-Jersey
AcquisitionsIndustrialNew JerseyNortheast

CBRE Brokers Sale of 450,330 SF Industrial Building in Monroe Township, New Jersey

by Taylor Williams

MONROE TOWNSHIP, N.J. — CBRE has brokered the sale of Eastpoint at Exit 8A, a 450,330-square-foot industrial building in Monroe Township, located in Central New Jersey. Built in 2018, the facility features a cross-dock configuration, clear height of 36 feet and 11,000 square feet of office space. Brian Fiumara and Brad Ruppel of CBRE represented the seller, Morgan Stanley, in the transaction, and procured the buyer, Property Reserve Inc. The building was fully leased at the time of sale to Iron Mountain Information Management.

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2121-Wheatsheaf-Lane-Philadelphia
IndustrialLoansNortheastPennsylvania

JLL Arranges $46M Loan for Refinancing of Northeast Philadelphia Industrial Facility

by Taylor Williams

PHILADELPHIA — JLL has arranged a $46 million loan for the refinancing of a 287,218-square-foot industrial facility in northeast Philadelphia. The facility sits on a 21.3-acre site at 2121 Wheatsheaf Lane and features a clear height of 40 feet, 36 dock doors, two drive-in doors and parking for 65 trailers and 258 cars. An undisclosed life insurance company provided the three-year, fixed-rate loan to the owner, Greek Real Estate Partners, which broke ground on the facility in late 2023.

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AcquisitionsNew JerseyNortheastOffice

Kislak Negotiates $10M Sale of Northern New Jersey Office Building

by Taylor Williams

PARSIPPANY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $10 million sale of a 131,346-square-foot office building in the Northern New Jersey community of Parsippany. The building sits on an eight-acre site at 959 U.S. Route 46. Tom Scatuorchio and Matt Weilheimer of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

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ConnecticutLoansMultifamilyNortheast

Newmark Provides $115.6M Agency Loan for Refinancing of Southern Connecticut Multifamily Properties

by Taylor Williams

EAST LYME, CONN. — Newmark has provided a $115.6 million Freddie Mac loan for the refinancing of The Cove at Gateway Commons and Sound at Gateway Commons, two multifamily properties located in the southern coastal Connecticut city of East Lyme. The number of units was not disclosed. Both properties offer one-, two- and three-bedroom units, while Sound at Gateway Commons also has studio apartments. Avi Kozlowski of Newmark originated the 10-year, fixed-rate loan. The sponsor was not disclosed, but both communities are listed on the website of Berkley Properties.

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AcquisitionsIndustrialNortheastPennsylvaniaSelf-Storage

North Palisades Partners Buys 2,298-Unit Self-Storage Portfolio in Philadelphia

by Taylor Williams

PHILADELPHIA — North Palisades Partners, a California-based investment firm, has purchased a portfolio of two self-storage facilities in the Northern Liberties neighborhood of Philadelphia. The properties are located at 40 Spring Garden St. and 510 N. Christopher Columbus Blvd. and total 199,288 net rentable square feet of space. The portfolio also includes 6,907 square feet of retail space. The seller and sales price were not disclosed. One property was roughly 90 percent occupied at the time of sale, and the other is in lease-up. Extra Space Storage will manage the facilities. Luke Elliott and Anthony Licari of Cushman & Wakefield represented the undisclosed seller in the transaction.

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