REBusinessOnline

CBRE Brokers $3.9M Sale of Multifamily Building in The Bronx

NEW YORK CITY — CBRE has brokered the $3.9 million sale of a 35-unit multifamily building at 215 McClellan St. in The Bronx. The property offers one- and two-bedroom units and includes three retail spaces totaling 35,000 square feet. Elli Klapper and Charles Berger of CBRE represented the seller, 215 McClellan Realty LLC, in the transaction. Mike Fusco and Seth Glasser of Marcus & Millichap represented the buyer, Minford

Retail REIT Kimco Realty to Acquire Weingarten Realty Investors for $3.9B

JERICHO, N.Y. AND HOUSTON — Kimco Realty Corp. (NYSE: KIM) has announced plans to acquire fellow retail REIT Weingarten Realty Investors (NYSE: WRI) for roughly $3.9 billion. The combined company is expected to have a pro forma equity market capitalization of $12 billion and a pro forma total enterprise value of $20.5 billion.The merger will create a national operating portfolio of 559 open-air, grocery-anchored shopping centers — one of the darlings of commercial real estate during the …

PCCP, Lincoln Equities Acquire 260,855 SF Industrial Portfolio in Valley Cottage, New York

VALLEY COTTAGE, N.Y. — A joint venture between Los Angeles-based investment firm PCCP LLC and New Jersey-based Lincoln Equities Group has acquired a portfolio of three industrial buildings totaling 260,855 square feet in Valley Cottage, located north of New York City. The sale included a 23-acre neighboring parcel for future development. The properties were built between 2001 and 2007 and were fully leased to 21 tenants at the time of sale. The seller was not

Olshan Properties, O’Connor Capital Break Ground on 221-Unit Senior Living Project in The Bronx

NEW YORK CITY — A joint venture between development and investment firm Olshan Properties and New York City-based O’Connor Capital Partners has broken ground on Parkchester Gardens, a 221-unit affordable senior living project in the Parkchester area of The Bronx. Units will be reserved for renters earning 50 percent or less of the area median income. Wells Fargo is financing the project in conjunction with the New York City Housing Development Corp. and the Department of Housing …

Fleet Financial Group to Develop 104,000 SF Healthcare Facility in Queens

NEW YORK CITY — New York-based Fleet Financial Group will develop Eastern Mirage Medical Center, a 104,000-square-foot healthcare facility in the Flushing neighborhood of Queens. The facility will be located within an 18-story building that will also house a 208-room hotel with amenities including a pool, spa, fitness center and meeting rooms. The healthcare facility is slated to open in the third quarter, the same time that Fleet Financial expects to deliver the

JK Equities Receives Municipal Approval for 54-Unit Apartment Project in Roslyn, New York

ROSLYN, N.Y. — Locally based developer JK Equities has received approval from the Village of Roslyn, located on Long Island, to proceed with construction of a 54-unit apartment project at 281-301 Warner Ave. The site is zoned for commercial use and currently houses vacant retail space; the new building will also feature retail space on the ground floor. Mojo Stumer Associates is the architect for the project, which will also feature 104 parking spaces. Construction is scheduled to begin in …

Ready Capital Closes $78.7M Bridge Loan for Multifamily Portfolio in New York’s Hudson Valley

NEW YORK CITY — New York City-based Ready Capital has closed a $78.7 million bridge loan for the acquisition, renovation and stabilization of a portfolio of four multifamily properties totaling 540 units in New York’s Hudson Valley region. Christopher Peck, Scott Aiese, Rob Hinckley, Marko Kazanjian, Alex Staikos, Nicco Lupo and Andrew Cohen of JLL arranged the funds, a portion of which will be used to fund capital improvements to the unit interiors and amenity spaces. The borrower was …

Dick’s Sporting Goods Opens 100,000 SF House of Sport Store at Eastview Mall in Victor, New York

VICTOR, N.Y. — Dick’s Sporting Goods (NYSE: DKS) has opened a 100,000-square-foot store known as House of Sport at Eastview Mall in Victor, located in western New York. The store features a 17,000-square-foot outdoor turf field and running track, a rock-climbing wall, batting cage, golf driving bays and a health and wellness area for customers dealing with athletic injuries. The Pittsburgh-based retailer plans to open a second House of Sport store in Knoxville, Tenn., later this

Helmsley Spear Negotiates 43,542 SF Office Lease at 48 Wall Street in Manhattan

NEW YORK CITY — Locally based landlord Helmsley Spear LLC has negotiated a 43,542-square-foot office lease with Quest Workspaces at 48 Wall Street in Manhattan’s Financial District. The flexible workspace provider will occupy the entire 10th, 11th and 12th floors. Andrew Simon, James Emden and Randy Sherman represented Helmsley Spear on an internal basis. Laura Kozelouzek represented Quest Workspaces, also on an internal

Moody’s: American Malls Post Record 11.4 Percent Vacancy in First Quarter

NEW YORK CITY — U.S. regional and superregional malls posted a record vacancy rate of 11.4 percent in the first quarter of 2021, up 90 basis points from 10.5 percent in the fourth quarter of 2020, according to a new report from New York City-based Moody’s Analytics. The total U.S. retail vacancy rate registered 10.6 percent in the first quarter of 2021, up 40 basis points from 10.2 percent during the same period a year ago, according to Moody’s Analytics. On a nationwide basis, retail …

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