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The 68,400-square-foot lot is zoned for a transit-oriented mixed-use residential development with up to 800 units and street-level retail.

The portfolio includes 106 industrial warehouse buildings that are located in 16 markets across the Southeast, Southwest, and Midwest.

The firm will occupy more than 160,000 square feet of space at the new 24-story mixed-use tower to be developed by Buccini/Pollin Group at the corner of Washington Place and Bedford Avenue in the historic Lower Hill District.

Concurrent with the closing of the sale, Cresco has agreed to enter into a long-term, triple-net lease agreement with GreenAcreage and will continue to operate the property as a licensed medical and recreational cannabis cultivation and processing facility.

The agreement puts the two health care institutions on a path toward reaching a Definitive Agreement, which they expect to reach within the coming months. The LOI follows a Request for Proposal released by Saint Peter's in October 2018 that it was considering a strategic partner.

New York City-based Square Mile Capital Management provided the $200 million in financing to joint venture partners Somerset Development Group and Adarsan Holdings for the redeveloped former Bell Labs scientific research center.

The firm has commenced construction on a 122-unit adaptive reuse multifamily project, and has additionally acquired a 939-unit residential community.

The transactions presented Square Mile an opportunity to partner with well-known New York and New Jersey developers on projects across different asset classes.