BRISTOL, PA. — Bensalem, Pa.-based Roddy Inc. represented Salem Steel NA LLC in the lease of 13,500 square feet of space at 2101 Green Lane in Bristol. Salem Steel NA leased the space, which located within the 70,000-square-foot Bristol Commerce Center, from Green Lane Properties LLC. The tenant plans to use the space as a warehouse/distribution center. Sean Durkin of Roddy Inc. represented the tenant, while Andrew McGhee of Colliers International represented the landlord in the transaction.
It’s no longer a secret that Brooklyn is booming, particularly the borough’s retail scene. Retail rents have climbed continuously over the last five years. Retail density has increased almost exponentially. A recent study by CPEX of Brooklyn’s notable retail corridors (meaning areas with rents averaging more than $35 per square foot) found the number of these corridors has increased 80 percent in just two years. But what’s driving Brooklyn’s record pace of retail growth? Several market factors have created a perfect storm for Brooklyn’s retail resurgence. Development in the borough has peaked over the past two years, with permits for new residential developments up 116 percent in that timespan. Nearly 20,000 new units are in the pipeline, almost twice the number of permits in Manhattan and 149 percent more than the other outer boroughs combined. The office vacancy rate has dropped to 4.2 percent in Brooklyn, the lowest in the United States. Tourism continues to spike thanks to the borough’s noteworthy parks, the year-round arts and cultural events in the Brooklyn Academy of Music (BAM) Cultural District, and the Barclays Center’s sporting and concert events. In the meantime, hotel developments are trying to keep pace with the influx of tourists …
SCARSDALE, N.Y. — Developer Amba P. Sharma has opened The Ambassador of Scarsdale, an assisted living community located at 9 Saxon Wood Road in Scarsdale. The 115-unit property features studio, one-bedroom and two-bedroom residences, a secure on-site memory care program, a fitness center, fully equipped medical offices, a restaurant, fine arts studio, full-service beauty salon and spa, a living room and lounge with fireplaces, and a business center. The project team includes Stamford, Conn.-based Perkins Eastman Architects, Jasper Design and Solutions-Advisors.
WILLOW GROVE, PA. — CBRE has brokered the sale of Willow Grove Self Storage, a self-storage facility located in Willow Grove. Metro Storage LLC purchased the 628-unit facility for an undisclosed price. Built in 2005, the 92,250-square-foot property features six single-story non-climate controlled buildings and three fully climate-controlled buildings. Michael Howard, Steve Marzullo and Justin Marlowe of CBRE represented the undisclosed seller in the transaction.
WAYNE, PA. — Avison Young has acquired Remington Group Inc., a project management company with offices in Wayne as well as San Antonio, Texas. The purchase expands Avison Young’s business-line coverage in the Philadelphia area and commences the company’s project management services offerings in San Antonio. William Connor, founder of Remington Group, will become a principal of Avison Young and leader of the firm’s project management teams in Philadelphia and San Antonio. Additionally, Stephanie Hernandez, Adrienne Piselli, Michelle Flowers, Kate Milgrim, Bridgette Henner, Chris Rinnier, Steve Frederick, Jacy Bracaliello and Patricia Poe will join Avison Young.
HAMMONTON, N.J. — Marcus & Millichap has brokered the sale of Colonial Court Apartments in Hammonton. The 72-unit apartment building sold for $5.1 million. Located at 748 Bellevue Ave., the property consists of 12 buildings with 24 one-bedroom and 48 two-bedroom apartments. Nat Gambuzza of Marcus & Millichap represented the seller, a private investor, and the undisclosed buyer in the transaction.
PARAMUS, N.J. — Valley Hospital has signed a 10-year lease for 73,978 square feet of space at Mack-Cali Centre III in Paramus. Located at 140 East Ridgewood Ave., the property features two towers joined by a seven-story atrium, an on-site café with outdoor seating and advanced building systems. Robert Rudin of Cushman & Wakefield represented the tenant, while Chris DeLorenz of Mack-Cali represented the landlord. Additional terms of the transaction were not disclosed.
PHILADELPHIA — National Real Estate Development has closed on a $141 million construction loan for 1100 Market Street, a mixed-use development at National’s East Market in Philadelphia’s Center City. The loan, which was provided by Ullico Inc., will allow for vertical construction of 1100 Market Street. National has also tapped Tutor Perini Building Corp. as general contractor for the $260 million mixed-use project. The project will feature an 18-story, 500,000-square-foot mixed-use complex, including a 16-story 322-unit residential tower; a 19,000-square-foot amenity level and outdoor deck above a two-story, 105,000-square-foot split retail podium; and 187 below-grade parking spaces and centralized loading. East Market is owned by National Real Estate Advisors, JOSS Realty Partners LLC, Young Capital LLC and SSH Real Estate.
NEW YORK CITY — CIT Group Inc., through CIT Real Estate Finance, has provided a $57.5 million senior secured loan to a joint venture between RedSky Capital LLC, JZ Capital Partners and other investors. The joint venture will use the loan to acquire a property along the Brooklyn waterfront. Located in the Greenpoint neighborhood, the property includes 112,226 square feet of land and 19,820 square feet of pier space. The partnership plans to develop a 40-story residential tower on the site when leases for the existing industrial buildings expire in the next two years. The project plans include both market-rate and affordable rental apartments and 100,000 square feet of ground-level retail space. The financing was provided by CIT Bank.
NEW YORK CITY — Eastern Consolidated has arranged the off-market sale of a development site located at 207 West 79th St. on the Upper West Side. Anbau Enterprises purchased the 6,600-square-foot site for $39 million from 79th Street Associates LLC. The site offers 60,000 buildable square feet. The buyer plans to demolish the existing five-story building and develop a 13-story luxury condominium project on the site. George Moss of Eastern Consolidated procured the buyer, while Deborah Gutoff, also of Eastern Consolidated, represented the seller in the transaction.
