LINDENWOLD, N.J. — Houlihan-Parnes Realtors has brokered the $27.3 million sale of the Stonington Court apartments, a 456-unit apartment community at 1800 Laurel Road in Lindenwold. The community is located approximately 16 miles southeast of Philadelphia. Robert V. Tiburzi Jr. of Houlihan-Parnes represented the seller, an investment company. The Kislak Co., represented the buyer, a New Jersey-based real estate investor.
NEWARK, N.J. — Paramount Assets has acquired 560 Broad Street in Newark. The property includes a 33,000-square-foot, four-story office building and an 18,000-square-foot café and theater. The seller and sales price were not disclosed. Located in the University Heights neighborhood of Newark, the property is nearby the Newark Museum, Newark Public Library, Prudential Center and the New Jersey Performing Arts Center as well as the Newark campuses of Seton Hall and Rutgers universities.
UNCASVILLE, CONN. — Marcus & Millichap has negotiated the sale of the Fairfield Inn & Suites in Uncasville. The recently renovated four-story, 105-room hotel sold for $11 million. The property was recently repositioned from a Best Western to a Fairfield Inn & Suites by Marriot. Jonathan S. Ruprai of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was not disclosed.
FLORHAM PARK, N.J. — Concordia Care Inc. has signed a 12,494-square-foot lease at 25 Hanover Road Corporate Center in Florham Park. Peter Shikar of CBRE arranged the transaction on behalf of property owner, The Silverman Group. At 134,458 square feet, 25 Hanover Road Corporate Center is located approximately 16 miles west of Newark. The Silverman Group recently completed capital improvements that included a new fitness center, conference center, a new café and renovated common areas.
CAMBRIDGE, MASS. — Nauset has started construction on additions to Crimson Galeria in Cambridge that will add 18,000 square feet of office space to the mixed-use property. Located at 57 JFK St. in Harvard Square, the redevelopment is being undertaken by Needham, Mass.-based Nauset Construction for owner Crimson Galeria LP. The Harvard Square submarket of Cambridge is experiencing lows of less than 2 percent in office vacancy, according to Nauset.
The office sector in Rhode Island’s commercial real estate market has seen a strong carryover and positive momentum from 2017, into 2018, which we continue to enjoy today. The market has seen positive absorption in most areas and with little speculative development on the horizon, lease rates are being affected accordingly. It’s safe to say, it is no longer a Tenant’s market. In Providence, vacancy rates are hovering in the 12 percent range, down from 16.5 percent just a few years ago. Recent projects include the redevelopment of South Street Landing, a $230 million dollar renovation of the former Narragansett Electric power station which is now home to the URI/CCRI Nursing School as well as some of the administrative offices of Brown University. Just a block away, construction is underway for the 191,000-square-foot Providence Innovation Center. This will be occupied by the Brown University School of Professional Studies, Johnson & Johnson and the Cambridge Innovation Center. The redevelopment of 75 Fountain Street, a 160,000-square-foot building, once fully occupied by the Providence Journal, has also enjoyed positive absorption. The redevelopment by Nordblom Company and Cornish Associates has attracted companies such as Tufts Healthcare, GE Digital and Virgin Pulse to join the Providence …
KEARNY, N.J. — Cushman & Wakefield has brokered the sale of Kearny Square, a 138,895-square-foot retail center in Kearny. The retail center was delivered in 2016 and is anchored by BJ’s Wholesale Club and ShopRite. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Seth Pollack, and Frank DiTommaso II of Cushman & Wakefield represented the seller, the original developer, in the transaction. Bentall Kennedy’s U.S. Core Fund purchased the property for an undisclosed amount. Kearny Square was 100 percent leased to 13 tenants at the time of the sale.
RAMSEY, N.J. — BHN Associates has acquired the Office Court of Ramsey, a 78,000-square-foot office park located at 500 Lake St. in Ramsey for $10.8 million. Ramsey is located approximately 28 miles north of Newark. The 8.5-acre property includes 11 buildings and is currently 95 percent leased to 100 tenants. Cushman & Wakefield represented the seller, a private ownership entity, in the transaction.
PLAINVIEW, N.Y. — Milvado Property Group has signed culinary equipment supplier JB Prince to a 21,000-square-foot industrial lease at 79 Express Street in Plainview. The length of the lease was not disclosed. 79 Express Street is a 72,000-square-foot industrial manufacturing building located 33 miles east of Manhattan. JLL represented JB Prince in the transaction. Milvado was represented in-house by Regional Property Director David Hercman.
MAHWAH, N.J. — Houlihan-Parnes Realtors has arranged the sale of the Mawah Business Park in Mahwah. The property consists of nearly 400,000 square feet of office and warehouse space. Robert V. Tiburzi, Jr. of Houlihan-Parnes represented the seller, a closely held investment group, in the transaction. A Rockland County, N.Y.-based real estate investment company purchased the property for an undisclosed amount. Attorney Doran Golubtchik of Goldberg Weprin Finkel Goldstein LLP provided legal counsel to the seller.
