Parsippany, N.J. — Holliday Fenoglio Fowler (HFF) arranged the sale of 1 Gatehall Drive, a 114,000-square-foot, four-story, Class A office building in Parsippany, to Lincoln Property Company. HFF represented the seller in the transaction. The property was 63 percent leased at the time of sale; tenants include software, consulting, communications, staffing and foodservice companies. The property is situated along Route 202, in close proximity to Route 10 and Interstates 287 and 80. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver.
WATERTOWN, CONN. — Island Associates and EXP Realty have arranged the $4.3 million sale of a CVS/pharmacy in Watertown. Roger Delisle of Island Associates represented the buyer, while Daniel de Sa’ of EXP Realty Advisors represented the seller. The 13,000-square-foot net-leased property is located on 1.7 acres at 26 Davis St. More than 20 years remain on the lease. The unnamed buyer purchased the property utilizing a 1031 tax-deferred exchange.
NEW YORK CITY — Cushman & Wakefield has negotiated a 25,000-square-foot office lease in New York. C&W’s represented Callen-Lorde Community Health Center in securing a 20-year lease at 40 Flatbush Extension in downtown Brooklyn. Callen-Lorde, which is dedicated to meeting the healthcare needs of the LGBTQ community and those living with HIV/AIDS, will open its Brooklyn location in 2019. Carri Lyon and Mitzi Flexer of Cushman & Wakefield represented Callen-Lorde in the lease. Joseph Jemal of ISJ Management represented the landlord, 40 Flatbush Realty Associates.
POMPTON PLAINS, N.J. — HFF has arranged the $51 million sale of Plaza 23, a 161,000-square-foot, grocery-anchored shopping center located in Pompton Plains. HFF marketed the property on behalf of the unnamed seller. Phillips Edison Grocery Center REIT II purchased the asset free and clear of existing debt. Anchored by Stop & Shop, Plaza 23 is the only grocery-anchored shopping center in Pompton Plains. Other tenants include T.J. Maxx, HomeGoods, GNC, Moe’s Southwest Grill and Sally Beauty Supply. Smashburger will also be opening soon. The property has a potential pad development site on its 18.8 acres. Each day, more than 54,000 vehicles pass by the development, which is located at 500 Route 23 N.,. The HFF investment sales team representing the seller included Jose Cruz, Thomas Didio, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Robert Borny.
SOMERVILLE, MASS. — NGKF Capital Markets has completed the recapitalization of 200 Inner Belt Road, a four-story office asset in Somerville. The NGKF Capital Markets Boston team of Robert Griffin, Edward Maher and Matthew Pullen oversaw the recapitalization of the property with North Colony Asset Management on behalf of North River Co. Totaling 190,096 square feet, 200 Inner Belt Road is 97 percent leased to tenants including Harvard University’s Somerville research facility, which includes the Harvard Art Museums Archives, the Archaeological Exploration of Sardis and the museum’s communications division.
NEW YORK CITY — Nobu Downtown will open in April at L&L Holding Co.’s 195 Broadway office tower. Located between Fulton and Dey Streets, the 12,500-square-foot restaurant includes a 4,500-square-foot street-level bar and lounge, subterranean dining and a private sake table. David Rockwell of Rockwell Group designed the restaurant space.
STRATFORD, CONN. — Cushman & Wakefield has brokered a 10-year lease extension totaling 100,968 square feet for Yale New Haven Health (YNHH) and North East Medical Group (NEMG) at 99 Hawley Lane in Stratford. Jay Hruska of Cushman & Wakefield led the leasing efforts on behalf of the tenants, while Joseph Codi internally represented building owner Mountain Development. YNHH and NEMG will house multiple office and support functions at the location. 99 Hawley Lane, also known as Merritt 8 Corporate Park, is a Class A office building with recently renovated common areas. Amenities include a cafeteria, corporate conference center, fitness center, lobby concierge and structured parking.
BOSTON — Wheelock Street Capital and The Seyon Group have formed a joint venture to acquire industrial real estate assets in prime Northeast markets. The joint venture commenced with the acquisition of three assets totaling $32 million along the Route 128 corridor in Greater Boston. The Seyon Group, recently formed by Bryan Blake, Andrew Iglowski and John Meador, pursues real estate investment opportunities varying in size and scope. The Wheelock/Seyon partnership was formed to take advantage of market forces increasing the demand for flex/industrial assets located in close-in suburban markets. Wheelock is targeting an allocation of $100 million from its current investment vehicle, Wheelock Street Real Estate Fund V, for equity investments in the industrial sector. The partnership has been active in the investment market since the start of 2017.
FLORHAM PARK, N.J. — CitiBank and Goldman Sachs & Co. have provided $124.5 million in acquisition financing for three Class A office properties in Florham Park, N.J., a city approximately 20 miles west of Newark. HFF arranged the 10-year, fixed-rate loan on behalf of Mack-Cali Realty Corp. (NYSE: CLI), a REIT specializing in office and multifamily properties throughout the Northeast and mid-Atlantic. RXR Realty, a New York City-based developer and property manager, sold the three buildings, which are part of a six-property portfolio, to Mack-Cali for an undisclosed price. Jon Mikula of HFF represented Mack-Cali in the loan placement transaction. All three buildings are located on John F. Kennedy Parkway in the city’s Short Hills neighborhood. The building at 51 JFK Parkway was built in 1988, spans approximately 250,000 square feet and is currently leased to tenants such as Merrill Lynch’s Wealth Management division, Wells Fargo Advisors and accounting firm KPMG. The six-story property at 101 JFK Parkway was constructed in 1981, clocks in at roughly 190,000 square feet and is currently leased to tenants such as Investors Savings Bank. The date of completion and square footage of 103 JFK Parkway were not available, but the property is currently leased to …
Syracuse, N.Y. — Aptitude Development, a new partnership between BLVD Equities, Rosen Property Group and Westerleigh Property Group, is set to break ground on a 287-bed mixed-use development near Syracuse University in New York. The property will feature 20,000 square feet of retail space and community amenities including a fitness center and study rooms.