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.
CINNAMINSON TOWNSHIP, N.J. — Capitol Seniors Housing has acquired Siena, an upscale active adult community in Cinnaminson Township, located across the Delaware River from Philadelphia. The price was not disclosed. Capitol plans to continue an existing master plan for the community, which includes the construction of a new clubhouse and seven residential buildings offering a total of 119 new units. The project will more than double the existing 85 units. The community sits on a 15-acre plot across the street from a large retail development. Residents must be age 55 or older to live at Siena. The expansion project is scheduled to begin this summer. The clubhouse will open in early 2019, followed by the residential buildings in mid-2019. Cove Property Management will operate the community. This is Capitol’s fourth seniors housing property in New Jersey, with three more currently under construction.
PERTH AMBOY, N.J. — HFF has brokered the sale of a 260,046-square-foot industrial cold storage facility in Perth Amboy. Broadstone Net Lease Inc. purchased the asset for an undisclosed price. The facility is currently triple-net leased to Preferred Freezer Storage and features 24 loading doors and clear heights of up to 42 feet. The building also features a super freezer with temperatures that reach negative 60 degrees Celsius. Preferred Freezer Services is the third largest refrigerated warehouse operator in North America, according to HFF. Scott Pertel, Jose Cruz, Jordan Avanzato and Marc Duval of HFF represented the undisclosed seller in the transaction.
NEW YORK CITY — Fisher Brothers has signed GoldPoint Partners to a 29,768-square-foot lease at 299 Park Ave. in Midtown Manhattan. The property is one of Fisher Brothers’ signature buildings. GoldPoint Partners, a global financial firm, signed a 15-year lease to occupy the entire 37th floor of the 42-story building. The tower was constructed in 1967 and occupies the full block between 48th and 49th streets. Richard Bernstein, Steve Braun and Christine Colley of Cushman & Wakefield represented GoldPoint Partners in the transaction. Fisher Brothers was represented in-house by Marc Packman and Clark Briffel, as well as by Andrew Sachs and Pete Shimkin of Newmark Knight Frank.
DARIEN, CONN. — Normandy Real Estate Partners has sold Darien Green, a 79,287-square-foot, two-building office campus in Darien for $4.9 million. Darien is located five miles east of Stamford. Fletcher Development and Silver Heights Development acquired the property and, following a capital improvement project, will rebrand the campus as Darien Crossing. The campus was built between 1976 and 1978 and consists of a 50,182-square-foot office building at 320 Boston Post Road and a 29,105-square-foot office building at 330 Boston Post Road. Stamford-based commercial real estate firm RHYS has been appointed as the exclusive leasing agent for the property.