Northeast

Mack-Cali Realty Signs Plymouth Rock to 12-Year, 130,000 SF Lease in Woodbridge, New Jersey

by David Cohen June 6, 2018

WOODBRIDGE, N.J. — Mack-Cali Realty Corp. has signed Plymouth Rock Insurance to a 12-year, 130,000-square-foot lease at Mack-Cali’s office complex in Woodbridge, located at 581 Main St. After the transaction, the eight-story, 200,000-square-foot property is now fully leased. Mack-Cali recently completed a capital improvements program at the property, which included upgrades to the entryway, lobby, fitness center, café, conference room and exterior landscaping. As an additional amenity, Mack-Cali recently partnered with Uber and will pay $10 towards rides for tenants to and from the complex during commuting hours. Toni Casiano of Mack-Cali represented the company in lease negotiations while Sam Horowitz of Colliers International represented Plymouth Rock. Cushman & Wakefield served as the exclusive leasing agent for the property.

June 6, 2018

Features Lee & Associates New York Northeast Northeast Feature Archive

Manhattan Sees Major Growth Spurt of Service-Oriented Retailers, Says Lee & Associates’ JP Sutro

by David Cohen June 6, 2018

LAS VEGAS— Since joining Lee & Associates in the New York City office in 2012, JP Sutro has closed over $200 million in retail lease transactions. The executive managing director specializes in representing both retail landlords and tenants throughout Manhattan and Brooklyn. REBusinessOnline caught up with Sutro during the RECon show in late May to get his take on the state of the retail market in New York City. The three-day deal making and networking event is the world’s largest global gathering of retail real estate professionals and typically attracts about 37,000 registrants. REBO:Nordstrom’s first foray into New York City has begun. A three-story, 47,000-square-foot men’s store opened at 57th Street and Broadway in April. How significant is it that Nordstrom has entered the market? Sutro:It’s fantastic. All the owners I know that have property on 57th Street have been waiting for this moment. They really think they are going to see an influx of more shoppers and more retailers playing off the Nordstrom’s idea — especially when you hear of other department stores not doing so well. It’s interesting to see Nordstrom having such confidence in the market, especially 57th Street, which has historically been a very strong shopping district. …

June 6, 2018

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Pent-Up Demand Spurs Growth in Pittsburgh’s Industrial Sector

by David Cohen June 6, 2018

The Pittsburgh industrial market has historically been a relatively small property sector due to several limiting factors, including difficult topography, infrastructure constraints and Pittsburgh’s location between two major industrial markets (Columbus to the west and Pennsylvania’s Central Valley to the east). However, with the emergence of e-commerce fulfillment centers, the growth of the Pittsburgh economy and major infrastructure improvements, we are starting to see strong demand for well-located industrial properties in the region. The size of the industrial market for the greater Pittsburgh metro is 185 million square feet. of which, 23.6 million square feet is flex and 161.1 million square feet is warehouse. Flex vacancy rate is currently 9.4 percent with 98,000 square feet under construction while warehouse vacancy is 5.8 percent with 263,000 square feet under construction. Based upon the tight vacancy and limited new construction in the warehouse space, there is believed to be significant pent-up demand, particularly for Class A users requiring 250,000 to 500,000 square feet. Accordingly, there are a number of planned speculative projects in this size range in the Airport, Butler County and Beaver County submarkets breaking ground in 2018. Lenders in the region are also bullish on the strength of the Pittsburgh …

June 6, 2018

Acquisitions New Jersey Northeast Retail

HFF Arranges $41.5M Sale of Wall Towne Center in New Jersey

by David Cohen June 5, 2018

WALL TOWNSHIP, N.J. — HFF has arranged the $41.5 million sale of Wall Towne Center, a 99,070-square-foot, grocery-anchored retail center in Wall Township. Jose Cruz, Kevin O’Hearn, Chris Munley Michael Oliver and Stephen Simonelli of HFF represented the seller, AEW Capital Management, on behalf of one of its account clients, in the transaction. The buyer was DWS. The fully leased retail center is anchored by ShopRite. Other tenants include Great Clips, AT&T, GNC, Allstate Insurance, Cherry Blow Dry Bar, OceanFirst Bank, Lubrano’s Trattoria and PetValu. Wall Towne Center was completed in 1997 and underwent renovations in 2017 when ShopRite expanded its space.

June 5, 2018

Acquisitions Industrial New Jersey Northeast

Colliers Brokers $2.5M Sale of Industrial Building in Blackwood, New Jersey

by David Cohen June 5, 2018

BLACKWOOD, N.J. — Colliers International has brokered the $2.5 million sale of a 44,800-square-foot industrial building located at 100 Freeway Drive in Blackwood. The property is situated on 3.7 acres and features 18-foot ceilings as well as 5,000 square feet of office space. Marc Isdaner of Colliers represented the buyer, FLCR LLC, in the transaction. The seller, Colfin Cobalt I-II LLC, was represented by David Ricci and Tony Rod of Flynn Co. Bank of Hope provided acquisition financing.

June 5, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates $1.7M Sale of Apartment Building in Bayonne, New Jersey

by David Cohen June 5, 2018

BAYONNE, N.J. — Marcus & Millichap has negotiated the $1.7 million sale of a 14-unit apartment building in Bayonne located at 1053-1057 Broadway. Jonathan Zamora of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. Brent Hyldahl, Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the buyer, also a private investor. The property, which also includes an attached lot, is located in the uptown neighborhood of Bayonne.

June 5, 2018

Acquisitions Industrial Northeast Pennsylvania

Markward Group Arranges Sale of 18,086 SF Industrial Facility in Allentown

by David Cohen June 5, 2018

ALLENTOWN, PA. — The Markward Group has arranged the sale of 211 Lloyd Street, an 18,086-square-foot industrial facility located on 2.26 acres in Allentown. The sales price was not disclosed. Chip Miers of Markward Group represented the seller, Kay Louise Krapf, in the transaction. The buyer, Serfass Development and Acquisitions, was represented by Ann Kline of Markward Group. The building has been in use as a truck terminal and service repair garage for Ransome CAT. Prior to the sale, the property was leased to ABLE Equipment Rental Inc. ABLE is a supplier of construction equipment rentals and plans to open the Lloyd Street facility in Allentown as its fifth location in the Northeast.

June 5, 2018

Acquisitions Connecticut Mixed-Use Northeast

Allied Property Group Orchestrates Sale of Mixed-Use Building in Greenwich for $6.5M

by David Cohen June 5, 2018

GREENWICH, CONN. — Allied Property Group has orchestrated the sale of a mixed-use building at 171-173 Greenwich Ave. in Greenwich for $6.5 million. The three-story property consists of a 3,700-square-foot retail storefront leased to Club Monaco and four apartment units. Thomas Torelli of Allied Property Group represented the undisclosed seller in the transaction and Matt Torrance of Cushman & Wakefield represented the buyer, Winter HPG.

June 5, 2018

Acquisitions Hospitality New York Northeast

MGM Resorts, MGM Growth Properties to Acquire Empire City Casino in Yonkers for $850M

by David Cohen June 4, 2018

YONKERS, N.Y. — MGM Resorts International and MGM Growth Properties LLC have announced plans to acquire the property and operations associated with the Empire City Casino’s race track and casino for $850 million. MGM Resorts will buy the property, then transfer it to its real estate subsidiary, MGM Growth Properties, and execute a sale-leaseback transaction to make MGM Resorts the tenant on the 97-acre site. The transactions are expected to close in the first quarter. MGM Resorts will pay $850 million, including the refinancing of Empire City’s outstanding debt, which is expected to be $245 million. MGM Resorts has also agreed to pay an additional $50 million if Empire City is awarded a license for live table games on or prior to Dec. 31, 2022 and MGM Resorts accepts such license by Dec. 31, 2024. Empire City serves approximately 16 million eligible gaming customers in southern New York and is located only 15 miles from Times Square in Manhattan. The casino offers gaming, dining, and entertainment as well as slots, electronic table games and live horse racing.

June 4, 2018

Loans Multifamily Northeast Pennsylvania Student Housing

Grandbridge Secures $35.8M Refinancing Through Freddie Mac for Student Housing Property in Philadelphia

by David Cohen June 4, 2018

PHILADELPHIA — Grandbridge Real Estate Capital has secured a $35.8 million refinancing for The Edge, a 602-unit, purpose-built student housing property near Temple University in Philadelphia. Gill Dolan and Blake Willeford of Grandbridge arranged the floating-rate, first mortgage loan for the undisclosed borrower through Freddie Mac. The financing was structured with an initial period of interest-only payments, followed by a 10-year term and 30-year amortization. The borrower requested a floating-rate loan to facilitate the refinancing of the existing CMBS mortgage, according to Grandbridge Vice President Gill Dolan. Built in 2006, the property is situated on a 1.7-acre site just south of Temple University’s main campus. The 12-story student housing community contains 1,067 beds across 602 units. Amenities include a two-story fitness center, study rooms, grilling stations and on-site laundry facilities.

June 4, 2018

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