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Construction of 120 Frontage Road is expected to be completed later this year. The new warehouse will offer a 36-foot clear ceiling height, 19 loading dock doors, one drive-in door and 46 parking spaces.
The acquisition includes Bloomfield Business Park, which consists of 16 multi-tenant warehouse/flex buildings and five multi-tenant buildings along Commerce Lane in the Commerce Lane Business Park.
Real estate investment management firms Thor Equities Group and United American Land have partnered to acquire the retail condominium of Flushing Commons in Flushing, Queens, for $42 million.
Fortress Investment Group, a real estate investment firm, has brought the loan on 125 Greenwich Street in the Financial District for approximately $230 million from BH3, a South Florida and New York City-based real estate investment management firm.
The $165.5 million purchase price is a high number because Park Tower is one of the larger towers in downtown, but on a price per square basis, it was actually lower than the last class-A building sold, 400 Capital Mall.
Private REITs own a variety of real estate assets, and as a result, investors are becoming increasingly interested in the nuances of acquiring a private REIT.
The name change to Cascade Yard corresponds with the opening of The Yard, the project's new 3,700-square-foot amenity center with indoor/outdoor seating, fitness center, training/conference facilities and cafe.