The property, located in a qualified opportunity zone in the Bergen-Lafayette neighborhood, was sold by a partnership between Alpine Development, Fields Development Group and Grade Development Co.
The four governors announced indoor portions of retail shopping malls, amusement parks and bowling alleys in the four states will close by 8 p.m. Thursday—an expansion of the guidance that the three governors from the tri-state area issued Monday.
The moratorium was imposed on Wednesday and is in effect until further notice. The action by Cambridge comes a day after Boston Mayor Martin Walsh instituted a construction ban in the City of Boston. To date, Massachusetts Gov. Charlie Baker has not called for a construction work stoppage statewide.
The deals were announced on Wednesday by the three major automakers. Following Thursday evening shifts, Ford is temporarily suspending production at its manufacturing sites in North America to March 30 to thoroughly clean its facilities to protect its workforce and boost containment efforts for the COVID-19 coronavirus.
The 278,879-square-foot portfolio represents one the largest single sales of mixed-use properties along on the New Jersey waterfront, according to Newmark Knight Frank.'
Allegiance Retail Services, a current subtenant, signed a direct long-term lease for 18,928 square-feet at the property. In addition, Office Evolution, an existing tenant, signed a long-term lease extension and expanded its total square footage to 14,500 square-feet.
New projects cannot be started at this time unless it meets certain criteria. Any currently permitted and active construction project must be in a secure situation by Monday, March 23.
The school will support up to 1,200 students and create up to 120 staff and faculty positions in the St. Louis area. Ponce Health Services University stated that construction is set to begin later this year or in early 2021.
"Today is day one of life in New Jersey under the measures we've put in place to ensure social distancing, help 'flatten the curve,' and slow the spread of coronavirus," says Gov. Murphy.
In total, the Golden Peak Portfolio is comprised of 13 buildings located at seven properties in West New York, five properties in Union City and one in North Bergen.