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395-Pedricktown-Road-Logan-NJ
IndustrialNew JerseyNortheast

Kenco Logistics Leases 401,008 SF of Distribution Space in Logan, New Jersey, from Dermody Properties

by Amy Works

LOGAN TOWNSHIP, N.J. — Kenco Logistics has signed a lease to occupy space at 395 Pedricktown Road, a storage and distribution facility located at Dermody Properties’ LogistiCenter at Logan Industrial Park in Logan. The company, which specializes in distribution and fulfillment, transportation management, material handling, real estate management and information technology, will utilize 401,008 square feet of the facility for storage and distribution of its customers’ products. Ware Malcomb provided architectural services and Blue Rock is serving as contractor for the tenant improvements. Kenco is expected to move into the building in January. A remaining 80,750 square feet of the building is available for lease. LogistiCenter at Logan is a 1,100-acre, master-planned Class A industrial park. Marc Isdaner, Mark Chubb and Michael Zerbe of Colliers International represented Dermody Properties, while Vincent Ranalli and William Goodwin of CBRE represented Kenco in the lease transaction.

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301-Page-St-Stoughton-MA
IndustrialMassachusettsNortheast

Calare Properties Sells 119,000 SF Industrial Building in Stoughton, Massachusetts

by Amy Works

STOUGHTON, MASS. — Calare Properties has completed the disposition of an industrial property, located at 301 Page St. in Stoughton. An undisclosed buyer acquired the 119,000-square-foot property for $12 million. The property was built in 2004 as the corporate headquarters, retail and distribution space for long-term tenant Boston Interiors, a regional furniture brand. Situated on more than 17 acres, the property features 36-foot ceilings, 10,000 square feet of office space, 9,000 square feet of showroom and 100,000 square feet of high-bay warehouse space. Additionally, the fully heated and climate-controlled property features 16 dock-high doors, two trash dock doors and 113 surface-level parking spaces.

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Aura-240-East-Orange-NJ
LoansMultifamilyNew JerseyNortheast

KeyBank Arranges $21.3M in FHA Financing for New Jersey Multifamily Property

by Amy Works

EAST ORANGE, N.J. — KeyBank Real Estate Capital has arranged a $21.3 million FHA first mortgage loan for Aura 240, a multifamily property located in East Orange. Originally built in 2012 as a six-story office building, the property was expanded and converted into a 15-story, 96-unit multifamily property. Tom Peloquin of Key’s Commercial Mortgage Group arranged the fixed-rate financing with a 35-year amortization schedule. The loan was used to refinance existing debt.

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Houlihan-Parnes-Shrewsbury-NJ
LoansMultifamilyNew JerseyNortheast

Houlihan-Parnes Secures $13.5M in Financing for Multifamily Property in Shrewsbury, New Jersey

by Amy Works

SHREWSBURY, N.J. — Houlihan-Parnes Realtors has secured a $13.5 million non-recourse first mortgage for a multifamily property located in Shrewsbury. The garden-style apartment community features 160 residential units and one retail unit. Robert Tiburzi Jr. of Houlihan-Parnes arranged the financing for the undisclosed borrower. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal advice for the borrower.

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HospitalityNortheastPennsylvania

HREC Brokers Sale of Courtyard by Marriott in Wilkes-Barre, Pennsylvania

by Amy Works

WILKES-BARRE, PA. — HREC Investment Advisors has arranged the sale of the Courtyard by Marriott located at 879 Schechter Drive in Wilkes-Barre. Kingston Hotel Partners sold the 106-room hotel for an undisclosed price. Ketan Patel, Mark von Dwingelo and Mark Rousseau of HREC represented the seller in the deal. The name of the buyer was not released.

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LoansMultifamilyNew HampshireNortheast

NorthMarq Capital Arranges $1.7M in Refinancing for Multifamily Property in New Hampshire

by Amy Works

MANCHESTER, N.H. — NorthMarq Capital has arranged $1.7 million in refinancing for a multifamily property located on Pine Street in Manchester. Edward Riekstins and Michael Chase of NorthMarq’s Boston regional office secured the long-term, fixed-rate financing for the undisclosed borrower. Provided by a regional bank, the financing features a flexible prepayment structure.

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ConnecticutMarket ReportsNortheastNortheast Market ReportsRetail

Winners and Losers in Connecticut Retail

by Taylor Williams

The retail market in Connecticut is alive and well. Sure it’s changing but what industry doesn’t experience change? There are numerous retail categories that continue to post healthy sales while also keeping their new store counts in a growth trajectory. Other categories will adapt to consumer trends and stay relevant in the world of brick and mortar. As we close 2017, we see that traditional shopping centers, especially grocery-anchored centers, are the solid performers in the sector. The “services” or “daily needs” category of retail continue to flock to these centers mainly because of consumer routine. The “services/daily needs” category includes health/fitness, traditional sit-down restaurants, quick-service restaurants, pharmacies, pet supply retailers, wireless communications, medical (walk-ins) and banking. Traditional neighborhood centers are becoming more conscious about merchandising with this specific category while trying to avoid deals with the more risky retail categories, such as off-priced apparel. The big-box power centers and the centers with large chunks of vacancy are another story, and there will be winners and losers. Geography plays a big role here and it’s not the dead-end road that some suggest. Over the past 18 months, my team’s exclusive leasing portfolio has had two Kmart closures in two separate …

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Penn-Warner-Industrial-Park-Fairless-Hills-PA
IndustrialNortheastPennsylvania

Endurance Real Estate Buys 240,358 SF Warehouse Portfolio in Fairless Hills, Pennsylvania

by Amy Works

FAIRLESS HILLS, PA. — An affiliate of Endurance Real Estate Group and Thackeray Partners has acquired Penn Warner Industrial Park, a four-building warehouse and distribution portfolio located in Fairless Hills, for an undisclosed price. An undisclosed institutional seller sold the portfolio, which totals 240,358 square feet. Constructed between 1968 and 1970, the properties feature at least 24-foot clear ceiling heights and one dock door per 6,000 square feet. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE Northeast National Partners brokered the transaction.

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LoansMultifamilyNew YorkNortheast

Greystone Refinances $13.3M Multifamily Property in Brooklyn

by Amy Works

NEW YORK CITY — Greystone has provided $13.3 million in Freddie Mac refinancing for a multifamily building located in the Williamsburg section of Brooklyn. Anthony Cristi of Greystone originated the loan for the sponsor, Perl Weisz of CW Realty. Located at 319 Graham Ave., the 24-unit property was built in 2016. The property features a roof deck, a fitness center, a resident lounge and private parking. The new conventional Freddie Mac loan on the property represents a permanent exit from construction financing and carries a seven-year term, two years of interest-only payments and a 30-year amortization schedule.

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460-Milltown-Rd-Bridgewater-NJ
IndustrialNew JerseyNortheast

Avison Young Brokers Sale of 46,000 SF Industrial Building in Bridgewater, New Jersey

by Amy Works

BRIDGEWATER, N.J. — Avison Young has arranged the sale of an industrial property located at 460 Milltown Road in Bridgewater. FCI Properties sold the 46,000-square-foot building for an undisclosed price. The column-free facility was originally built for and used as an indoor tennis club. The undisclosed buyer intends to repurpose the space into a new and strategic high-level training center that will include soccer fields and other training facilities for its existing base and new young athletes. Matthew Turse, Timothy Cadigan and John Recchia of Avison Young represented the seller in the deal. The name of the buyer was not released.

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