AMITYVILLE, N.Y. — Marcus & Millichap has brokered the $4.6 million sale of a 15,120-square-foot retail building leased to Walgreens in the Long Island community of Amityville. The building was constructed on 2.6 acres in 2001, and Walgreens recently extended its lease through 2035. Derrick Dougherty and Nick Geaneotes of Marcus & Millichap represented the sellers in the transaction and procured the buyer. Both parties were locally based entities that requested anonymity. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
For more than seven months in 2024, the commercial real estate investment market remained on a sluggish path. High interest rates continued to not only challenge many asset owners who needed refinancing, but also buyers and sellers looking to make deals. For instance, some $174.7 billion in property investment sales during the first half of the year was 7 percent below a year earlier, according to MSCI Real Assets. In such uncertain times, it’s not unusual for the commercial real estate market to experience bouts of bifurcation. Typically, those are marked by trends such as rising demand for higher quality offices during economic slumps when tenants can fetch discounted rents. Early in the recovery phase, it’s not unusual for investment to flow into tech-oriented metros at the expense of other cities. The Federal Reserve’s aggressive hike of the federal funds rate has created another category of bifurcation, especially as it relates to floating-rate bridge debt and how lenders are managing their loan portfolios. That is, the difference between the performance of assets depending on when owners financed the properties, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. “It’s a question of vintage,” he explains. “Loans …
CARTERET, N.J. —DSV Global Transport & Logistics has signed a 355,000-square-foot industrial lease in the Northern New Jersey community of Carteret. The Danish freight company will occupy the entirety of the building at 300 Salt Meadow Road, which is located within the 1.2 million-square-foot Crow Holdings at Carteret development. Jules Nissim, Stan Danzig and Kimberly Bach of Cushman & Wakefield represented Crow Holdings in the lease negotiations. Mindy Lissner, also with Cushman & Wakefield, represented the tenant. The deal brings the development to roughly 45 percent occupancy following last fall’s 188,000-square-foot lease with Hong Kong-based Weida Freight Systems.
BOSTON — Locally based investment and management firm Capital Properties has received a $19 million loan for the refinancing of The S.S. Pierce Building, a 72,790-square-foot office and retail building located in the Brookline area of Boston. Originally constructed in 1898 for grocer S.S. Pierce, the building currently features street-level retail space and three levels of office space. Brookline Bank is a retail tenant, and the office component includes users in the financial services and behavioral health fields, among others. Patrick Boyle, Kevin Phelan and Rose Liu of Colliers arranged the fixed-rate loan through an undisclosed balance sheet lender on behalf of Capital Properties.
FAIRFIELD, CONN. — New Jersey-based intermediary Cronheim Mortgage has arranged a $5 million permanent loan for Fairfield Shopping Center in southern coastal Connecticut. The 72,000-square-foot center was built in 1955. Anchored by Restoration Hardware Outlet, which recently backfilled a 35,000-square-foot space formerly occupied by Bob’s Stores, the center is also home to tenants such as T-Mobile, The UPS Store, Village Bagels and HobbyTown USA. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim arranged the debt on behalf of the owner, the firm of late local developer Albert Phelps.
MANCHESTER, PA. — Marcus & Millichap has brokered the $3.8 million sale of a 6,129-square-foot gas station in Manchester, a southern suburb of Harrisburg, that is occupied by fuel station and convenience store operator Sheetz. The newly built facility sits on a 3.3-acre site next to East Manchester Village Centre shopping center. Derrick Dougherty and Nick Geaneotes of Marcus & Millichap represented the seller and procured the buyer, both of which were Pennsylvania-based entities that requested anonymity, in the transaction.
NEW YORK CITY — Hazen & Sawyer has inked a 44,000-square-foot office lease extension at 498 Seventh Ave. in Manhattan’s Times Square area. The engineering firm will continue to house its headquarters across the entire 11th floor of the 960,000-square-foot building through 2035. Curtis Dean of CD Commercial Real Estate Services represented Hazen & Sawyer, which has been a tenant at the building since 1999, in the lease negotiations. Matt Coudert and Andrew Conrad internally represented the landlord, George Comfort & Sons.
BRISTOL, R.I. — Developer DXD Capital has completed a 750-unit self-storage facility in Bristol, about 20 miles south of Providence. Extra Space Storage will operate the facility at 180 Mount Hope Ave., which has a gross square footage of 88,620 square feet and a net rentable square footage of 61,600 square feet. In addition, the property’s design elements mimic those of New England townhomes. Jayeff served as the general contractor for the project, which was financed by Centreville Bank. DXD Capital acquired the site in November 2022.
COLTS NECK, N.J. — New York City-based developer Kushner has broken ground on a 360-unit multifamily project in Colts Neck, about 50 miles south of Manhattan. Designed by Minno & Wasko Architects and Planners, Livana Colts Neck will consist of 15 three-story buildings that will house studio, one-, two- and three-bedroom units. Amenities will include a pool, fitness center, outdoor grilling and dining stations, clubroom, lounge, conference facilities and a dog park. Construction is expected to be complete in spring 2027.
NEWTON, MASS. — Marcus & Millichap has negotiated the $15.2 million sale of Curtis Arms Apartments, a 44-unit multifamily building located in the western Boston suburb of Newton. The property consists of four buildings that each house 11 two-bedroom units on a 1.8-acre site. The Curtis Family originally developed the property in 1969 and sold it to an undisclosed buyer. Tony Pepdjonovic and Evan Griffith of Marcus & Millichap brokered the deal.