Northeast

Stafford Smith Realty Arranges $5.5M Sale of 75,000 SF Office/Warehouse Building in Eatontown, N.J.

by Haisten Willis March 9, 2017

EATONTOWN, N.J. — Ray Smith of Stafford Smith Realty has arranged the $5.5 million sale of 40 Christopher Way, Block 3901, Lot 46 in Eatontown to Victory International. The building formerly served as the headquarters of DSCI, a government defense contractor. Victory International is a distributor of cosmetics and perfumes and is relocating from Edison, N.J. Stafford Smith Realty was the broker for both the seller and the buyer. Stafford Smith marketed the property with Keen Associates for Bank of America. The building sits on seven acres and consists of 45,000 square feet of offices and 30,000 square feet of warehouse space.

March 9, 2017

Industrial New York Northeast

Cushman & Wakefield Brokers $4.5M Sale of Land in Brooklyn

by Haisten Willis March 9, 2017

NEW YORK CITY — On behalf of Li & Associates Development, Cushman & Wakefield has brokered the sale of a 16,500-buildable-square-foot development site at 296-300 St. Nicholas Ave. in Bushwick, Brooklyn to 300 St. Nicholas LLC. The all-cash transaction was valued at $4.5 million or approximately $273 per buildable square foot.

March 9, 2017

Industrial Northeast Pennsylvania

Ridgeline Property Group to Develop 1.5 Million SF Logistics Campus in Allentown, Pa.

by Haisten Willis March 8, 2017

ALLENTOWN, PA. — Ridgeline Property Group (RPG) will redevelop a former Kraft facility site located at 7352 Industrial Boulevard into a Class A rail-accessible logistics campus. RPG has acquired the 92-acre site and will build two distribution facilities totaling up to 1.5 million square feet. The project, known as Park 100 Logistics Center, will be located approximately one mile from the Route 100/I-78 Interchange. Demolition of the Kraft facility has commenced. The initial phase of Park 100 Logistics Center, a 730,080-square-foot distribution facility, is slated for completion in the first quarter of 2018. Jake Terkanian, Joe McDermott and Vincent Ranalli of CBRE’s Philadelphia office will market the property. Park 100 Logistics Center will feature 36-foot clear heights, a cross-docked loading configuration, four drive-in doors per building, 56-foot by 50-foot column spacing, 70-foot speed bays, early suppression fast response (ESFR) fire sprinklers, parking for 982 cars/light trucks and 376 trailer storage stalls.

March 8, 2017

New York Northeast Office

Rauxa Expands, Relocates New York Office to Brookfield Place in Lower Manhattan

by Haisten Willis March 8, 2017

NEW YORK CITY — Brookfield Property Partners and JLL today announced that Rauxa, an independent advertising agency, will expand and relocate its New York operations with a move to 225 Liberty St. at Brookfield Place New York in Lower Manhattan. The company has signed a 50,000-square-foot, 11-year lease at the Class A, 2.7 million-square-foot office tower. The agency will relocate its New York office from SoHo. JLL’s Paul Glickman, John Wheeler, Michael Berman and Clayton Kline represented Brookfield Properties in the transaction. JLL’s Steven Rotter, Justin Haber and Richard Miller represented Rauxa. Rauxa will occupy part of the 43rd floor and the entire 44th floor at 225 Liberty St., which is located at the intersection of Liberty and West streets. The 44-story building was constructed in 1987.

March 8, 2017

Massachusetts Northeast Office

Colliers Arranges 33,000 SF Lease for CuraHealth Hospital in Stoughton, Mass.

by Haisten Willis March 8, 2017

STOUGHTON, MASS. — Colliers International – Boston, the exclusive agent for CuraHealth Hospital at 909 Sumner St. in Stoughton, has arranged a 26,000-square-foot lease with Bay Cove Human Services, headquartered on Canal Street in Boston. Bay Cove will immediately occupy the space and will relocate its addiction services program, which was previously located on Boston’s Long Island. The program was uprooted in 2014 when the bridge connecting to Boston collapsed. David Ellis of Conway Commercial represented the tenant. The campus consists of a medical office building and a hospital building, connected by a recently renovated lobby. In addition to a full-service cafeteria, the building boasts a new HVAC system, piped oxygen, medical gas, steam sterilization and emergency generators.

March 8, 2017

Connecticut Northeast Office

Avison Young Secures Lease for Western Connecticut Medical Group in Wilton, Conn.

by Haisten Willis March 8, 2017

WILTON, CONN. — Avison Young’s Fairfield/Westchester office has secured a long-term, 15,000-square-foot office lease with Western Connecticut Medical Group Inc., an affiliate of the Western Connecticut Health Network. The health network company will serve as anchor tenant for the new Wilton Wellness Center under construction at 249 Danbury Road in Wilton. Avison Young Fairfield/Westchester’s Sean McDonnell and Lori Baker represented the owner, Cambridge Hanover, a New Canaan, Conn.-based real estate investment firm, in the transaction. Gerry Lees and Maureen O’Boyle of Cushman & Wakefield represented the tenant. Western Connecticut Medical Group will provide primary care services at the new location including internal medicine, family care, women’s services and urgent care.

March 8, 2017

New Jersey Northeast Restaurant Retail

Pastosa Ravioli Opens New Location in Florham Park, NJ

by Haisten Willis March 8, 2017

FLORHAM PARK, N.J. — A new Pastosa Ravioli restaurant has opened in Regency Plaza at 186 Columbia Turnpike in Florham Park. With stores already open in New York City, Cranford and Manalapan, N.J., the Florham Park location became Pastosa’s 11th overall. Pastosa is a family-owned business specializing in ravioli and specialty Italian products, sauces, mozzarella cheese and prepared foods. Alison Horbach of Ripco Real Estate identified the location and brokered the transaction on behalf of Pastosa. Florian Suserman, also of Ripco, represented the owners of Regency Plaza.

March 8, 2017

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Philadelphia Continues to Be One of the Top Performing Industrial Markets in U.S.

by Camren Skelton March 8, 2017

Philadelphia is well positioned in the Northeast to flourish in the industrial sector in 2017. With a centralized position in the Boston-New York-Washington, D.C. corridor, Philadelphia has capitalized on its superb location to firmly establish itself as a distribution hub leading to sustained positive momentum in all key market sectors. The e-commerce market has been experiencing significant growth and the demand for near immediacy in delivery has been the driving force behind the strong performance of the industrial sector nationwide over the past few years, especially in the Northeast. In 2016, the industrial sector in greater Philadelphia had a banner year for absorption with a net positive of 9.27 million square feet absorbed. That represents the largest growth in occupancy since the onset of the Great Recession and places Philadelphia among the top performing markets in the U.S. for net absorption in 2016. Vacancy rates for the region have fallen to 6.9 percent — the lowest they’ve been since 2008. Asking rental rates rose steadily throughout 2016 and stood at $4.77 per square foot at year-end – the highest they’ve been since 2008. Following a record year for industrial sales in 2015, sales volume remained strong in the greater Philadelphia …

March 8, 2017

Mixed-Use New York Northeast

Interior Fit-Out Completed for 45,000 SF Fernandez-Duminuco Hall Addition in Manhattan

by Haisten Willis March 7, 2017

NEW YORK CITY – Construction manager Richter+Ratner (R+R) and architect Beyer Blinder Belle have completed the interior fit-out of Xavier High School’s 45,000-square-foot Fernandez-Duminuco Hall. The project is located on six floors and the cellar level of a 25-story mixed-use building at 35 W. 15th St. Xavier is a Jesuit college preparatory school for young men founded in 1847 in the Chelsea neighborhood of Manhattan. The school’s campus includes six buildings located alongside the Church of Saint Francis Xavier. Fernandez-Duminuco Hall is Xavier’s first campus expansion in more than 90 years. The $11.7 million, nine-month project called for the construction of a science, technology, engineering, arts and math (STEAM) classroom, music facilities, a recording studio, student project space and a multi-use area that hosts theater productions and major assemblies. Fernandez-Duminuco Hall is located within a larger 170,000-square foot, 330-foot tall luxury residential condominium tower named 35XV, which was designed by FXFowle. The developer, Alchemy Properties, obtained the air rights for the new building from Xavier High School in exchange for locating the hall inside the new development. In addition to R+R, Beyer Blinder Belle and McLaren Engineering, the project team included owner’s representative Sterling Project Development; structural engineer for the …

March 7, 2017

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $18M First Mortgage Loan for Mixed-Use Portfolio in Brooklyn

by Haisten Willis March 7, 2017

NEW YORK CITY – Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments, has provided an $18 million first mortgage loan to finance the acquisition of an eight-property, 64,438-square-foot mixed-use portfolio in Greenpoint, Brooklyn. The portfolio consists of 3 Sutton St., 5 Sutton St., 657 Meeker Ave., 661 Meeker Ave., 667 Meeker Ave., 669 Meeker Ave., 673 Meeker Ave. and 164-166 Kingsland Ave. The buyer contributed $11 million of cash equity to complete the acquisition, and plans to maximize value through renovation and repositioning. In total, there are 73 market rate residential units and 14 commercial units in the portfolio. Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Mike Kerwin brokered the deal.

March 7, 2017

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