Northeast

Retail Sites LLC Breaks Ground on 155,000 SF Shopping Center in Brookhaven, PA

by Amy Works January 4, 2016

BROOKHAVEN, PA. — Maple Shade, N.J.-based Retail Sites LLC has broken ground on The Shoppes at Brookhaven, a 25-acre shopping center located in Brookhaven. The 155,000-square-foot center will be occupied by a 67,000-square-foot Giant Food, as well as LA Fitness, Starbucks Coffee, Smashburger, Pet Valu, Hair Cuttery, Mavis Tire, Sport Clips and a Pennsylvania Wine and Spirits Store. The $33 million shopping center is slated to open in fall 2016. As part of the development, the Borough of Brookhaven will receive more than 10 acres of new public recreation land and will receive a new baseball field valued at more than $700,000. The project will generate in excess of 235 new full-time jobs and 225 additional jobs during the development and construction of the site.

January 4, 2016

Northeast Pennsylvania Retail

New York Life Real Estate Investors Acquires 299,634 SF Shopping Center in Pennsylvania

by Amy Works January 4, 2016

CLIFTON HEIGHTS, PA. — New York Life Real Estate Investors has acquired Home Depot Plaza, a shopping center located in Clifton Heights, an infill suburban submarket of Philadelphia. The property sold for an undisclosed price. The 299,634-square-foot grocery-anchored center was 98 percent occupied at the time of sale. Tenants include The Home Depot, Acme Supermarket, Modell’s and Petco.

January 4, 2016

Northeast Pennsylvania Retail

Bennett Williams Realty Brokers $1.4M Sale of Retail Property in Pennsylvania

by Amy Works January 4, 2016

CLINTON TOWNSHIP, PA. — Bennett Williams Realty Inc. has arranged the sale of a retail property located at 2020 State Route 54 in Clinton Township. SRI Gopal Properties LLC purchased the 9,100-square-foot property from MDC Development LP for $1.4 million. Chad Stine, Brad Rohrbaugh and Adam Hagerman of Bennett Williams Realty represented the seller in the transaction.

January 4, 2016

New Hampshire Northeast Office

Brady Sullivan Properties Signs Two New Office Tenants in New Hampshire

by Amy Works January 4, 2016

BEDFORD, N.H. — Brady Sullivan Properties has arranged the leases for two office tenants at 2 Commerce Drive in Bedford. PeopleNet Communications Group, a subsidiary of Trimble, leased 5,253 square feet of office space, and SnapDragon Associates has leased 2,300 square feet of office in early 2016. Charles Panasis and Benjamin Kelley of Brady Sullivan arranged the transactions. Terms of the leases were not disclosed.

January 4, 2016

Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Despite Naysaying, Boston Remains Attractive to Millennials and Developers

by Jaime Lackey December 30, 2015

Despite the clichés and naysayers, Boston’s apartment fundamentals continue to trend at the top of U.S. cities’ forecasts. For developers, investors and borrowers, Boston truly is that city on a hill. Clichés heard often in the commercial real estate community: Interest rates have no place to go but up. Who is going to pay $4.50-per-square-foot rents? Wait until the next wave of units is delivered. Valuation and yield don’t make sense. The facts: Economists have been predicting interest rate increases for the past five years. Market vacancy has been sub-5 percent for more than five years. Every major apartment player owns or is currently building in Boston, averaging $1.2 billion in product for past three years. Boston is a premier gateway city and buyers want in. The Investor Outlook Simplified When cap rates for the most desired real estate class — in a gateway city, in the safest country for investment in the world — average 4.25 percent, it’s a great time to invest. The 2006 cap rates were just 100 basis points above the 10-year risk-free rate. Today they are 2.0 to 2.25 percent. Half of the deals are cash transactions. Locals can only shake their heads at the …

December 30, 2015