Northeast

Richter + Ratner Continues Renovation, Redevelopment of Bow Tie Building in Times Square

by Amy Works July 26, 2016

NEW YORK CITY — Richter + Ratner, serving as construction manager, is completing a core-and-shell renovation and structural redevelopment of the 160,000-square-foot Bow Tie Building, located at 1514 Broadway in Times Square. The multimillion-dollar renovation began in February 2016 and will continue through early 2017. The project will create 25,000 square feet of additional floor space for new retail tenants by infilling the atrium space of the former Toys R Us flagship store. The new anchor tenants, Gap and Old Navy, will each occupy 31,000 square feet of the three-story building with additional retail tenants filling the remaining space. Bow Tie Partners has owned the building since 1977. Project team members include Carlton Architecture, Jack Green Associates and GMS Engineering.

July 26, 2016

New Jersey Northeast Retail

CBRE Brokers $5.5M Sale of New Jersey Retail Property

by Amy Works July 26, 2016

WESTWOOD, N.J. — CBRE has arranged the sale of a retail property located at 39 Kinderkamack Road in Westwood. An undisclosed buyer acquired the property for $5.5 million. The 9,300-square-foot building is triple net-leased to Goodyear for a 15-year term. Charles Berger, Mark Silverman, Elli Klapper and Samuel Bernhaut of CBRE brokered the transaction. The name of the seller was not released.

July 26, 2016

Northeast Pennsylvania Retail

PREIT Welcomes Primark to Willow Grove Park Mall in Philadelphia Suburb

by Amy Works July 26, 2016

WILLOW GROVE, PA. — PREIT has signed Primark, a European fashion retailer, to its Willow Grove Park Mall in Willow Grove, a suburb of Philadelphia. The European fashion retailer will occupy 58,300 square feet of space, which was previously occupied by Sears, on the second and third floors of the mall. The store will feature 59 fitting rooms, 47 registers, recharge areas and a trend room that elevates the shopper experience with added convenience and innovative experiences. The retailer offers a range of fashion products, including womenswear, menswear, children’s apparel, home goods and beauty products. The opening at Willow Grove supports PREIT’s commitment to diversifying its tenant mix. This Primark location is the second in the Philadelphia region and the fifth in the Northeast.

July 26, 2016

Massachusetts Multifamily Northeast

The Davis Companies Breaks Ground on 85-Unit Condo Building in Massachusetts

by Amy Works July 25, 2016

ALLSTON, MASS. — The Davis Companies has broken ground on Telford 180, a condominium building in Allston. The six-story building will feature 85 condos in a mix of studio, one-, two- and three-bedroom layouts. Each residence will include large windows, high ceilings, a washer/dryer, and a kitchen with an open layout. On-site amenities include a first-floor lobby; rowing room; bike storage area with lounge and dog wash; an outdoor courtyard with grills, a fire pit and green space; private conference rooms and a fitness center with an outdoor wellness retreat area. The project is slated for completion in early fall 2017. CUBE3 with Stantec is serving as project architect and Ryan Associates is providing landscape design services.

July 25, 2016

Connecticut Northeast Retail

CBRE Negotiates $45.3M Sale of Shopping Center in Connecticut

by Amy Works July 25, 2016

STAMFORD, CONN. — CBRE has arranged the sale of Newfield Green, a shopping center located in Stamford. Urstadt Biddle Properties acquired the property from Hoffman Investment Partners for $45.3 million. The 71,588-square-foot grocery-anchored center is more than 60 percent occupied by Grade A Market and CVS/pharmacy. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer in the deal.

July 25, 2016

Massachusetts Mixed-Use Northeast Office Retail

GLL Real Estate Partners Sells Mixed-Use Building in Boston for $42.1M

by Amy Works July 25, 2016

BOSTON — GLL Real Estate Partners has completed the disposition of a mixed-use building located at 70 Franklin St. in Boston. Deka acquired the 85,977-square-foot property for $42.1 million. At the time of sale, the building was 91 percent leased to eight tenants, including TIAA-CREF, Jos. A. Bank and Papyrus. Robert Griffin, Edward Maher and Matthew Pullen of Newmark Grubb Knight Frank represented the seller in the transaction.

July 25, 2016

Multifamily New Jersey Northeast

WinnCompanies Acquires 199-Unit Apartment Community in New Jersey

by Amy Works July 25, 2016

WEST DEPTFORD, N.J. — WinnCompanies has acquired and repositioned a market-rate apartment community located in West Deptford. Rebranded as Cove at RiverWinds, the property features 199 units for adults who are age 55 and older. Built in 2009, the two-building community features an underground parking garage, a community room, an outdoor courtyard, on-site management office and a mix of 74 one-bedroom apartments, 121 two-bedroom units and four penthouse suites. Managed by WinnResidential, the property was formerly known as Rivercove Apartments. WinnCompanies acquired the property in April for an undisclosed sum. The name of the seller was not released.

July 25, 2016

Connecticut Northeast Retail

CW Landmark Group Arranges Sale of 114,000 SF Retail Center in Connecticut

by Amy Works July 25, 2016

CROMWELL, CONN. — CW Landmark Group has brokered the sale of Cromwell Commons, a retail center located at 136 Berlin Road in Cromwell. The Nugent Organization and J&V Ventures acquired the 114,000-square-foot property from Cromwell Commons RSK and MBMB Cromwell for an undisclosed price. Price Rite anchors the shopping center. Ralph Lewis and Daniel Bernardini of CW Landmark Group represented the buyer and seller in the deal.

July 25, 2016

New Jersey Northeast Office

Mack-Cali Realty Sells Three-Building Office Portfolio in Parsippany for $15M

by Amy Works July 22, 2016

PARSIPPANY, N.J. — Mack-Cali Realty Corp. has completed the sale of three office buildings located at 4, 5 and 6 Century Drive within Mack-Cali Business Campus in Parsippany. A partnership between Bergman Real Estate Group and Time Equities Inc. acquired the properties, which total 280,000 square feet, for $15 million. Built in 1981, the campus features a full-service cafeteria, excess parking and a courtyard with a fountain and picnic areas. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the seller, while Michael Bergman and Michael Difede of Bergman Real Estate Group, along with Aaron Medeiros of Time Equities, represented the buyer in the transaction.

July 22, 2016

Industrial Massachusetts Northeast Office

Nordblom Co. Sells Two Flex Buildings in Massachusetts

by Amy Works July 22, 2016

MARLBOROUGH, MASS. — Nordblom Co. has completed the disposition of two high-tech flex buildings located at 450 and 500 Donald Lynch Blvd. in Marlborough. Atlantic – Fulcrum Realty LLC, a joint venture between Atlantic Management Corp. and Fulcrum Real Estate Partners, purchased the properties for an undisclosed price. At the time of sale, the properties were 92 percent leased with only 9,521 square feet left available for lease at the 59,667-square-foot building at 450 Donald Lynch Blvd. The facility at 500 Donald Lynch Blvd. totals 62,224 square feet. Tenants at the two buildings include New England Cryogenics Center, SENKO Advanced Components and WaterSep BioSeparations Corp. The buildings are part of the 50-acre Solomon Pond Park, a 1 million-square-foot mixed-use development.

July 22, 2016

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