WEST NEW YORK, N.J. — Marcus & Millichap has arranged the $1.9 million sale of a 3,500-square-foot net leased property in West New York. A Sleepy’s/Mattress Firm occupies the property. Michael Lombardi and Alexander Pildes of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor.
FRANKLIN, MASS — Garrett Quinn of SVN Parsons Commercial Group Boston has negotiated a 13,904-square-foot industrial lease in Franklin. Quinn represented the tenant, MGB USA, in the lease at 157 Grove St., a 76,268-square-foot flex building located near I-495. McKenna Teague of Transwestern RBJ represented the landlord, GRE Grove Street Two LLC. MGB USA is moving from its current facility located at 121 Flanders Road in Westborough. The company manufactures precision electrical components used in applications including aerospace, defense, medical, telecommunications, and automotive hybrid and electrical instrumentation.
SAYVILLE, N.Y. — Breslin Realty has brokered a long-term lease with Chipotle Mexican Grill at Sayville Plaza in Sayville. Chipotle will occupy 2,300 square feet of newly constructed space in a shopping center located at the northwest corner of Sunrise Highway and Johnson Avenue. Other tenants at Sayville Plaza include Kmart, Bed Bath & Beyond, OfficeMax, Babies R Us, Modell’s Sporting Goods, Old Navy, Pier 1 Imports, The Vitamin Shoppe, Chase Bank, Sprint and Panera Bread. Breslin’s Robert Delavale negotiated the transaction on behalf of the landlord.
NEW YORK CITY — Kimco Realty (NYSE: KIM) has signed its first round of retail leases at The Boulevard, a $180 million lifestyle center in the Staten Island borough of New York City. The project is a redevelopment of Hylan Plaza, which has been shuttering its existing retailers over the past several months. Situated on Ebbitts Street and Hylan Boulevard, The Boulevard will feature 50 stores in a 460,000-square-foot, multi-level format. The first retailers to sign onto the project include ShopRite (68,000 square feet), Alamo Drafthouse (41,000 square feet), Party City (13,000 square feet), PetSmart (23,500 square feet) and Chase Bank (5,100 square feet). Modell’s sporting goods store and Mandee will be relocating within the center, absorbing 16,000 square feet and 11,000 square feet, respectively. Construction at the redevelopment is scheduled to commence in early summer or late fall, with a grand opening scheduled for summer 2019. Existing Hylan Plaza tenants that have shuttered in anticipation of this redevelopment include United Artist movie theater, Toys “R” Us/Babies “R” Us, the Salvation Army, Kids Place and Subway. Rainbow Shops and Telco are scheduled to close by the end of this month. S9 Architecture is designing the redevelopment to feature ground-floor retail …
Business was brisk in 2016 for retail real estate brokers in Central and Northern New Jersey. As online shopping continued to impact which retailers fill brick and mortar spaces, several trends emerged at malls and along New Jersey’s highways. The shrinking list of retail categories in which customers prefer or need to visit a store in person includes quick-serve and sit-down restaurants. Chick-fil-A opened new stores in Woodbridge and Jersey City; Chipotle in Holmdel; and Habit Burger in Eatontown, West Windsor, River Edge and Parsippany. Also on the list are gas stations, coffee shops, and convenience stores, including Street Corner, WaWa, Tim Horton’s, Quick Check, and 7-Eleven, which have all recently opened new locations, are under construction or are planning to open new stores throughout the state. Creative and art businesses also draw customers to brick and mortar locations. One River School of Art & Design, currently open in Englewood, is opening a second location in Allendale, and plans a roll-out nationally including a strong look at the Bell Works project in Holmdel. This art school for kids and adults and other creative concepts, such as the paint and sip retailers, remain very strong. School of Rock is another creative …
NEW YORK CITY — Greystone has provided $82.3 million in Fannie Mae DUS loans for the refinance and acquisition of multifamily properties in Long Island and Queens. Avrom Forman of Greystone originated the loans on behalf of KRCM Astoria Portfolio Corp. and 590-600 Realty Corp. Total financing included two seven-year Fannie Mae loans with one year of interest-only payments and 30-year amortization schedules. The transactions included: The $47.6 million refinancing of Fulton Manor Apartments, a 337-unit property in Hempstead located near Hofstra and Adelphi universities. With the proceeds from the above transaction, the borrower acquired a multifamily portfolio in the Astoria neighborhood of Queens. Greystone financed three mixed-use, non-contiguous properties totaling 119 units, including retail space for $34.7 million. Prior to acquisition, the properties saw $10 million in renovations.
YORKTOWN HEIGHTS, N.Y. — James Houlihan of Houlihan-Parnes Realtors has secured a $17.5 million first mortgage for an office property located at 2649-2651 Strang Blvd. in Yorktown Heights. The current owners acquired the property in October 2014. The seven-year, fixed-rate loan features a 50 percent loan-to-value ratio and includes an option to extend for another five years. Elizabeth Smith of Goldberg, Weprin, Finkel, Goldstein LLP was the attorney representing the borrower at closing. The property includes two buildings consisting of 200,000 square feet along with 695 on-site parking spaces. Tenants include Putnam County Savings Bank, ENT & Allergy Associates, Mercy College and New York-Presbyterian Medical Group-Hudson Valley Hospital.
BRIDGEWATER, N.J. — HFF has brokered the sale of 1125 Route 22, a 95,620-square-foot office building in Bridgewater. HFF marketed the property on behalf of the seller, KBS Realty Advisors, and procured the buyer, a partnership of Atkins Cos. and Capital Solutions. 1125 Route 22 is located along Route 22 West just off of Interstate 287. The property consists of two separate wings and is occupied by Bank of America and MidJersey Health Corp. The HFF investment sales team representing the seller included Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Marc Duval.
BRIGHTON, MASS. — Northeast Private Client Group has arranged the $3 million sale of a 6,000-square-foot mixed-use property located at 270 Parsons St. in Brighton. Drew Kirkland and Francis Saenz of Northeast Private Client Group represented the seller and procured the buyer in the transaction. The property is a 100 percent-leased, multi-tenant industrial building near the Massachusetts Turnpike. Eastern Equity Partners was the seller and City Realty Group was the buyer.
HARTSDALE, N.Y. — Ariel Property Advisors has arranged a $1.3 million loan on an office property located at 210 N. Central Ave. in Hartsdale. Ariel arranged the 4.5-year recourse loan at 4.4 percent for the 17-unit, 46,000-square-foot office property. Situated near White Plains, the building — originally an elementary school — was owned free and clear by a family and leased to Empire State College as its anchor tenant. Currently 55 percent occupied, Ariel also negotiated the option for an additional $1.6 million in proceeds once the property reaches a predetermined occupancy threshold.
