Northeast

Colliers Brokers $2.7M Sale of Two Industrial Buildings in New Jersey

by Amy Works May 4, 2015

BELLMAWR, N.J. — Colliers has brokered the sale of two industrial/flex buildings at Korman’s Interstate Business Park in Bellmawr. Bellmawr Industrial and Technology Center LLC purchased the properties for $2.7 million from Korman Commercial Properties. The assets, which total more than 96,000 square feet, are located at 420 and 440 Benigno Blvd. The two-building property, called Kor-Center, is a multi-tenant complex. Current tenants are Show-n-Tell Media, an affiliate of the buyer; Dade Paper; Spectrum Show Services; and JDJ Construction; among others. Marc Isdaner of Colliers represented the seller in the transaction.

May 4, 2015

Industrial New York Northeast

PaperWorks Industries Leases 496,200 SF Industrial Space in Syracuse

by Amy Works May 4, 2015

SYRACUSE, N.Y. — Philadelphia Mills, Pa.-based PaperWorks Industries has signed a lease for 496,200 square feet of industrial space in Syracuse. PaperWorks has leased the space from Orangeball LLC through 2032. Dennis Hennessy of COR Brokerage represented the landlord, while Mark Rupprecht of CBRE/Syracuse represented the tenant in the transaction. Additional terms of the lease were not released.

May 4, 2015

Loans Northeast Office Pennsylvania

HFF Arranges $28.8M Financing for Two-Property Office Portfolio in Pittsburgh

by Amy Works May 1, 2015

PITTSBURGH — HFF has arranged $28.8 million in financing for a two-property office and flex warehouse portfolio consisting of 21 buildings totaling 371,773 square feet in Pittsburgh. The borrower, Burns & Scalo Real Estate Services Inc., used the loan proceeds to purchase the assets from an undisclosed seller. Constructed between 1985 and 2006, the portfolio includes the 19-building, 87.6-percent leased Abele Business Park located at 2559 Washington Road and the two-building Cedar Ridge Business Park at 200 Cedar Ridge Dr. Mark Popovich and Nick Unkovic of HFF secured the loan through M&T Bank.

May 1, 2015

Hospitality New York Northeast

Picone Construction Completes Wingate by Wyndham Hotel in Niagara Falls

by Amy Works May 1, 2015

NIAGARA FALLS, N.Y. — Picone Construction has completed the $10 million Wingate by Wyndham Hotel in Niagara Falls. Located at 333 Rainbow Blvd., the four-story 100,000-square-foot hotel features 110 rooms, an indoor pool, breakfast area, meeting and board space, a fitness center, a restaurant and retail space. The architect of record was Silvestri Architects and the project engineer was Studio T3 Engineering.

May 1, 2015

New Jersey Northeast Retail

Marcus & Millichap Brokers Sale of 34,573 SF Retail Property

by Amy Works May 1, 2015

CRANFORD, N.J. — Marcus & Millichap has brokered the sale of Cranford Square, a retail property located in Cranford. The 34,573-square-foot property sold for $7.5 million. The fully leased center is occupied by Dunkin Donuts, UPS and Dollar General, among others. Michael Lombardi, Robert Angus and Julienne Pape of Marcus & Millichap represented the seller, a private investor, in the transaction. Lombardi and Angus also represented the undisclosed buyer.

May 1, 2015

Industrial New York Northeast

NAI James E. Hanson Arranges 84,400 SF Industrial Lease in the Bronx

by Amy Works May 1, 2015

NEW YORK CITY — NAI James E. Hanson has facilitated a long-term lease for Plated, a weekly subscription-based service that provides boxes of fresh, seasonal, pre-portioned ingredients and chef-designed recipes. The company will occupy 84,400 square feet of industrial space at 511 Barry St. in the Bronx. Located off the Bruckner Expressway, the site provides easy access to several major highways, including the Major Deegan and Cross Bronx Expressways, as well as the Bronx River Parkway. Barry Cohorsky of NAI Hanson represented Plated, while John Reinertsen and Timothy Sheehan of CBRE Inc. represented the landlord, Baldor Specialty Foods Inc., in the transaction.

May 1, 2015

New Jersey Northeast Retail

Staples Opens at North Village Shopping Center in New Jersey

by Amy Works May 1, 2015

NORTH BRUNSWICK, N.J. — Staples has opened its newest New Jersey location at North Village Shopping Center in North Brunswick. With the opening of the 14,000-square-foot store, the shopping center is 100 percent occupied. Other tenants are Bed Bath & Beyond, Barnes & Noble, Michaels, Eastern Mountain Sports, Panera Bread, Smashburger, Chili’s, A&G Fine Foods and Rossopomodoro Ristorante. Levin Management serves as the exclusive leasing and managing agent for the 132,000-square-foot center.

May 1, 2015

Massachusetts Multifamily Northeast

Related Beal to Develop 239-Unit Affordable, Workforce Residential Project in Boston

by Amy Works April 30, 2015

BOSTON — Related Beal has unveiled its plans to develop a 239-unit affordable and workforce residential development in Boston’s Bulfinch Triangle neighborhood. The 14-story, 484,000-square-foot residential property will be part of a mixed-use development that will include a 220-key hotel, street-level retail space and on-site parking. The residential units will be restricted to and available for individuals, couples and families with qualified incomes ranging from 30 percent to 165 percent area median income. CBT Architects is providing architectural services for the project. Construction is expected to begin by December with completion slated for 2017.

April 30, 2015

New York Northeast Retail

RKF Arranges $11M Sale of Retail Condo in NYC

by Amy Works April 30, 2015

NEW YORK CITY — RKF has arranged the sale of a retail condominium located at 50 Bond St. in New York City’s NoHo district. Thor Equities purchased the 6,400-square-foot property from Stewart & Sons for $11 million. The property features seven units with 13-foot ceilings on the ground floor and more than 30 feet of frontage on Bond Street. Eva Scrivo Salon currently occupies the ground-floor retail space. Brian Segall of RKF represented both parties in the transaction.

April 30, 2015

Multifamily Northeast Pennsylvania Seniors Housing

NAI Mertz Brokers Sale of Pennsylvania Development Site for Assisted Living Project

by Amy Works April 30, 2015

HUNTINGDON VALLEY, PA. — NAI Mertz has brokered the sale of a 4.45-acre development site located on Lieberman Drive in Huntingdon Valley. First Baptist Church of Huntingdon Valley sold the parcel to Artis Senior Living for $850,000. The buyer plans to develop a 72-bed memory-care, assisted living residence on the site. Groundbreaking for the assisted living facility is slated for early summer. This facility will be the company’s fourth Artis community under construction or in operation. Jeffrey Licht and Adam Lashner of NAI Mertz represented the seller in the deal.

April 30, 2015

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