WHITEHALL, PA. — Philadelphia-based brokerage firm SCOPE Commercial Real Estate has negotiated the $11.8 million sale of Aspen Apartments, an 80-unit multifamily building located in the Lehigh Valley city of Whitehall. The three-story building offers one-, two- and three-bedroom units that range in size from 1,080 to 1,600 square feet. The undisclosed buyer purchased the asset via a 1031 exchange following its disposition of two multifamily assets totaling 52 units in nearby Allentown. Zeke Rotter led the SCOPE team led that handled those sales as well as the purchase of Aspen Apartments.
PEABODY, MASS. — Dick’s Sporting Goods will open a store at Northshore Mall in Peabody, located north of Boston, that will be operated under the Pittsburgh-based retailer’s ‘House of Sport’ brand. The square footage was not disclosed. Nordstrom currently occupies the space. Simon Property Group owns Northshore Mall, which is home to about 140 specialty stores, dining and entertainment venues and recently underwent a multimillion-dollar repositioning. The opening is scheduled for summer 2026.
TARRYTOWN, N.Y. — The Cookware Co. has signed a 17,368-square-foot office lease in Tarrytown, a northern suburb of New York City. The space is located at 560-580 White Plains Road, a two-building, 306,475-square-foot development. Matthew Lisk, Tara Long and Steve Baker of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Craig Ruoff of Colliers represented the tenant.
By Maya Khan, managing director, CBIZ Between the pandemic and the advent of hybrid work, it’s been a challenging stretch for the New York City office market. But savvy investors see skies clearing as interest rates come down and more employers call workers back to the office. The stabilizing market also offers new opportunities for office-to-residential conversions, thanks to recently enacted state and city incentives. In fact, office buildings sold for such purposes accounted for 50 percent of all development sales in Manhattan in the first half of 2024, according to data from Ariel Property Advisors. In what follows, we’ll take a deeper dive into those trends and look at how some New York real estate leaders who spoke at CBIZ’s “Manhattan to Main Street” panel are taking advantage of the current environment. The event, held in the fall of 2024, focused on the trillions of dollars in commercial real estate debt that is set to mature before 2028 and broader economic factors influencing the New York real estate market; it drew 85 attendees from the local real estate community. Opportunity on the Upswing It’s no secret that the Big Apple’s office sector has taken a beating in the past …
JERSEY CITY, N.J. — KeyBank has provided a $75 million bridge loan for the acquisition of a portfolio of two contiguous apartment buildings totaling 362 units in Jersey City. Known as the Rivet Portfolio, the properties include a 163-unit building with 9,580 square feet of retail space and a 199-unit building with 9,972 square feet of retail space. Both buildings house studio, one- and two-bedroom units and share 75,000 square feet of indoor and outdoor amenities, as well as parking. Alan Isenstadt and Joseph Tinti of KeyBank originated the financing on behalf of the owner, SMY Investments. Niko Nicolaou, Ryan Dowd JP Hohl, Peter Welch and Alexandria Ebers of Cushman & Wakefield represented the sellers, a partnership between The Hampshire Companies and Claremont Development, in the $121 million disposition of the portfolio.
WINDHAM, N.Y. — CooperWynn Capital, a Utah-based firm that provides capital advisory services for the hospitality industry, has arranged a $19.5 million loan for the refinancing of Wylder Windham Resort, a 110-room hotel located about 50 miles southwest of Albany. Built in the 1880s and most recently renovated in 2022, the hotel offers various lodge-style accommodations and amenities such as a heated outdoor pool, fitness center, pickleball courts, onsite food-and-beverage options and both indoor and outdoor meeting/event spaces. CooperWynn Capital arranged the nonrecourse, floating-rate loan through Formida Capital on behalf of the owner, Wilder Hotels.
NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Orange Gardens, a 175-unit apartment complex in New Haven. The property comprises 13 buildings that were constructed on a 6.2-acre site between 1963 and 1969. According to Apartments.com, units come in studio, one- and two-bedroom formats. Wes Klockner, Eric Pentore, Victor Nolletti and Ross Friedel of IPA represented the undisclosed seller in the transaction and procured the buyer. Both parties were limited liability companies that requested anonymity.
PARK RIDGE, N.J. — Marcus & Millichap has brokered the $17 million sale of Ridgemont Shopping Center, a 71,650-square-foot shopping center in Park Ridge, located near the New Jersey-New York border. German discount grocer Lidl anchors the center, which is also home to tenants such as Staples, Chase Bank and Starbucks. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap, along with Bill Farkas of Jeffery Realty, represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
HAUPPAUGE, N.Y. — Premier Care Industries has signed a 56,500-square-foot industrial lease in the Long Island community of Hauppauge. The provider of wet wipes will use the space at 100 Marcus Blvd., which according to LoopNet Inc. was constructed in 1971 and totals 151,847 square feet, as its new logistics warehouse. JLL represented Premier Care Industries and the landlord, BEB Capital, in the lease negotiations.
WALLKILL, N.Y. — Crow Holdings Development is underway on construction of an 834,800-square-foot industrial project in Wallkill, about 70 miles north of New York City. Golden Triangle Logistics Center will be a 92-acre development with two buildings that will total 535,600 and 299,200 square feet. The first building, which is slated for a summer delivery, will feature a clear height of 36 feet, 88 dock doors and parking for 83 trailers and 422 cars. JLL originally brokered the land sale behind Golden Triangle Logistics Center and has also been retained as the leasing agent.