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CVS Reports 35.2 Percent Revenue Increase in Second Quarter, Stock Up 20 Percent

WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) reported total revenue of $634 billion in the second quarter, a year-over-year increase of 35.2 percent. The company's net income also rose by 48 percent to roughly $5 billion during the period, suggesting that revenues are rising while costs are remaining relatively flat. The Woonsocket, Rhode Island-based pharmacy and convenience store chain, which acquired insurance giant AETNA in late 2018, saw its stock price open at $65.53 per share on …

Company News, Healthcare, Northeast, Retail, Rhode Island

Callahan Construction Completes 550,000 SF Mixed-Use Redevelopment in Malden, Massachusetts

MALDEN, MASS. — Callahan Construction Managers has completed a project in the northern Boston suburb of Malden that redeveloped the former Malden Center transit station into a 550,000-square-foot mixed-use destination. Rebranded J. Malden Center, the property now connects the Malden MBTA station with 25,000 square feet of retail and restaurant space, 320 residential apartments and a civic office condominium that now serves as Malden City Hall. CBT Architects designed the project. Jefferson …

Development, Massachusetts, Mixed-Use, Northeast

Lidl Opens 28,000 SF Grocery Store at Brunswick Shopping Center in New Jersey

NORTH BRUNSWICK, N.J. — German discount grocer Lidl has opened a 28,000-square-foot store at Brunswick Shopping Center, a 288,000-square-foot retail center located in North-Central New Jersey. Other tenants at the property include LA Fitness, Muscle Maker Grill, GNC, Dollar Tree, Sally Beauty, McDonald’s, Sherwin Williams and Community Dental. New Jersey-based Levin Management Corp. represented the landlord in the lease negotiations. The representative of the tenant was not disclosed. Lidl …

Leasing Activity, New Jersey, Northeast, Retail

CBRE Negotiates Two Office Leases Totaling 6,200 SF in Florham Park, New Jersey

FLORHAM PARK, N.J. — CBRE has negotiated two office leases totaling 6,200 square feet at 23 Vreeland Road in Florham Park, about 30 miles west of New York City. International export company Hockman-Lewis inked a 4,600-square-foot lease, while law firm Bakos & Kritzer committed to a 1,600-square-foot space. Jonathan Meisel, Dan Casey and Erin Wenzler of CBRE represented the landlord, Eastman Cos., in the lease negotiations. Dylan Tusinac and David DeMatteis of Cushman & Wakefield …

Leasing Activity, New Jersey, Northeast, Office

Avison Young Arranges Sale of 4,523 SF Retail Property on Long Island

CEDARHURST, N.Y. — Avison Young has arranged the sale of a 4,523-square-foot retail property located at 424 Rockaway Turnpike in the Long Island town of Cedarhurst. Todd Korren and Amanda Gorozdi of Avison Young represented the seller, Lighting Your Way LLC, in the transaction. The buyer was an undisclosed user that will also occupy the

Acquisitions, New York, Northeast, Retail

Manhattan Retail Rents Hit Lowest Mark Since 2011 in Second Quarter, Says CBRE

NEW YORK CITY — The average asking rent for retail spaces throughout Manhattan fell to $688 per square foot during the second quarter, the first time that figure has fallen below $700 per square foot since 2011, according to a new report from CBRE. The average asking rent represents a decline of 11.3 percent from that period in 2019 and a 3.6 percent decrease from the first quarter of this year. New York City is a month into Phase III of the state’s reopening plan, which allows outdoor …

New York, Northeast, Retail

NKF Negotiates $42.4M Sale of Office, Retail Building in Boston’s Back Bay Area

BOSTON — Newmark Knight Frank (NKF) has negotiated the $42.4 million sale of 8 Newbury Street, a 17,023-square-foot office and retail building located in Boston’s Back Bay area. A Rolex flagship store occupies the ground- and second-floor retail spaces of the property, which was originally built in the 1920s. Robert Griffin, Geoffrey Millerd and Paul Penman of NKF represented the seller, a joint venture between UrbanMeritage and L&B Realty Advisors, in the transaction. The trio also …

Acquisitions, Massachusetts, Northeast, Office, Retail

Skyline Development Tops Out 14-Story Multifamily Project in North Bergen, New Jersey

NORTH BERGEN, N.J. — Skyline Development Group, in partnership with Vasco Ventures and Mosaic Real Estate, has topped out Solaia, its 14-story multifamily project in North Bergen, located just across the Hudson River from Upper Manhattan. The property will offer one-, two- and three-bedroom condominiums ranging in size from 864 to 1,900 square feet. Amenities will include a fitness center, a spa, outdoor grilling areas, coworking spaces and resident lounges. Completion is scheduled for the …

Development, Multifamily, New Jersey, Northeast

WinnDevelopment, Soldier On to Develop $23M Apartment Complex in Tinton Falls, New Jersey

TINTON FALLS, N.J. — WinnDevelopment and nonprofit partner Soldier On Inc. have received financing for the development of The Gordon H. Mansfield Veterans Village, a $23 million apartment complex in Tinton Falls, located south of New York City across Sandy Hook Bay. The property will feature 70 units that will be reserved exclusively for veterans of the U.S. Armed Forces, including veterans who are transitioning from homelessness. The New Jersey Housing & Mortgage Finance Agency provided …

Development, Multifamily, New Jersey, Northeast

Maya Capital Partners Acquires 505-Unit Self-Storage Facility in Sparta, New Jersey

SPARTA, N.J. — New York City-based Maya Capital Partners has acquired Sparta Drive-Up Storage, a self-storage facility in Sparta, located in the northern part of the state near the New Jersey-Pennsylvania border. The purchase price was approximately $6.8 million. The 505-unit facility spans 58,000 square feet and offers a combination of indoor, drive-up and climate-controlled units. Evergreen Property Advisors, an affiliate of Maya Capital Partners, will manage the

Acquisitions, Industrial, New Jersey, Northeast, Self-Storage
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