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The ground leases are improved with eight single-tenant net-lease retail properties, totaling approximately 44,000 square feet, with tenants including a Chase Bank, a WaWa, five national restaurant brands including Cheddar's and Chuy's, and a car wash.

Scape USA is targeting 20,000 beds nationwide and is prepared to invest $1 billion in Boston over the next five years.

Another law firm, Fish & Richardson PC, is occupying 60,000 square feet in the building.

But the luxury market is struggling across much of the state.

The new platform— Logistics Property Company, LLC— has partnered with Macquarie Capital Real Estate Investments on the formation of the platform. LPC seeks to grow its business to more than $5 billion of properties under management over the next five years.

"Retail assets offer competitive risk-adjusted returns in today's commercial real estate climate, and more capital is entering the space," says HFF's Chris Munley.

The NJEDA also announced a second round of Innovation Challenge funding for municipalities.

"Praedium will rebrand the property and seek to enhance the tenant experience through a modernization of the clubhouse and amenity space," says Kelsey Durels, a Praedium associate.