The New Jersey retail marketplace is finally showing signs of modest recovery for the first time since the recession. Retail is on somewhat stable ground, but not as solid as we would hope. We expect continued bumps caused by the harsh winter we have experienced, the closing of stores by some major national and regional retailers nationwide, and the fact that consumer confidence is still not in a fully stable position. Retail closings and bankruptcy filings continue to remind us that nothing is certain. For example, RadioShack recently announced it will close 1,100 stores nationwide; Pathmark and A&P supermarkets continue to close underperforming stores; and some other retailers such as Loehmann’s, and more recently, Dots women’s apparel chain have filed Chapter 11. But all is not so bleak. There are some new trends in retail that show how the sector continues to reinvent itself in an effort to thrive in this new economy. We saw the economy start to come out its doldrums, especially this past year, with many furniture and home furnishing stores opening in New Jersey for the first time. Paramus — which is one of the strongest retail markets in the U.S. — had several out-of-state furniture …
Northeast
PHILADELPHIA — Liberty Property Trust and Synterra Partners are breaking ground for the development of a Class A, flex building at the Navy Yard Commerce Center in Philadelphia. Located at 4000 S. 26th St., the 75,000-square-foot building is slated for completion in December. The building is 100 pre-leased to a variety of tenants, including Australia-based EcoSave, United Kingdom-based Clinigen and WuXi AppTec Inc.
NEW YORK CITY — SL Green Realty Corp. plans to acquire the fee interest at 635 Madison Ave. in New York. The $145 million, off-market transaction, which is subject to customary closing conditions, is expected to be completed during the third quarter of 2014. Designed by Emery Roth & Sons, the 19-story, 176,530-square-foot office tower is occupied by office and medical tenants, including Raymond Weil, Baccarat, Molton Brown and Camper. A ground lease through April 2030 with one 21-year renewal extension option encumbers the property.
HOBOKEN, N.J. — Marcus & Millichap has arranged the sale of an apartment property in Hoboken. A private investor sold the property to an undisclosed buyer for $4 million. Located at 834 Hudson St., the four-story, walk-up building offers 18 one-bedroom units. The property recently underwent capital improvements that included upgraded windows, hot water heaters, fire pump and equipment, and laundry equipment. Nat Gambuzza and Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller and buyer in the transaction.
MELVILLE, N.Y. — Rechler Equity Partners has leased space at 10 Hub Drive in Melville to Ferrellgas, a propane supplier. The company will occupy 31,000 square feet of the 95,671-square-foot property, which features 20-foot ceilings and quick access to the Long Island Expressway. The property is part of Rechler’s 13-building Melville portfolio, which totals 1 million square feet of office, R&D, manufacturing and warehouse space. Ted Trias of Rechler Equity Partners provided in-house representation for the ownership in the lease negotiations. Terms of the lease were not disclosed.
NEW YORK CITY — Datagram has signed a lease for 5,200 square feet of conventional office space at Intergrate.Manhattan, which is located at 375 Pearl St. in Manhattan. The 1 million-square-foot facility is owned by Seattle-based Sabey Data Center Properties. Datagram plans to relocate its entire executive team, sales force and its network operations center to the new space from 33 Whitehall St. in Lower Manhattan in July. The company specializes in dedicated and managed hosting, colocation, Internet access and disaster recovery. Michael Morris of Newmark Grubb Knight Frank represented the landlord in the lease transaction.
MELROSE, MASS. — Wood Partners LLC is developing 2 Washington, an apartment community located on 2.4 acres of infill property at 2 Washington St. in Melrose. The five-story, 130,000-square-foot property will offer 49 one-bedroom units, 45 two-bedroom units, a clubhouse, a fitness center, a roof deck and an outdoor lounge area with grilling stations. The apartment units will feature stainless steel appliances, vinyl plank flooring in kitchens and baths, granite countertops, and washers and dryers. Additionally, the community will offer residents 133 parking spaces, 38 of which will be covered. Construction will break ground in June, and the project is slated for completion by September 2015. Bargmann Hendrie + Archetype designed the property, and Wood Partners is serving as general contractor and developer.
NEW YORK CITY — Besen & Associates has completed the sale of 1530 Sheridan Ave. in the Claremont neighborhood of the Bronx. The six-story, 84-unit apartment building sold for $10.5 million. Built in 1927, the 96,000-square-foot building offers 18 three-bedroom units, 35 two-bedroom units, 28 one-bedroom units and three studios. Amit Doshi of Besen & Associates represented the seller, Prana Investments, and the buyer, a local private investor, in the transaction. Mark Mandell of Mandell, Mandell LLP provided legal representation for the seller, and Mark Winston of Lazarus, Lazarus & Winston LLP provided legal services for the buyer.
NEW YORK CITY — Delshah Capital has completed the disposition of 163 West 80th Street on Manhattan’s Upper West Side to Yu Far Realty, a group of Chinese investors. The five-story, 9,624-square-foot residential brownstone, which has been converted into five luxury residential units, sold for $7.65 million. The units feature high ceilings, oversized windows and high-end finishes, including open kitchens with stainless steel appliances and modern bathrooms. Howard Raber, Randy Modell and Scot Hirschfield of Ariel Property Advisors in Manhattan represented the seller in the transaction.
MANSFIELD, CONN. — Orchard Acres Apartments LLC has purchased Orchard Acres Apartments in Mansfield for $5.9 million. The 96-unit, student-oriented apartment community is located adjacent to the University of Connecticut. Constructed in 1962, the property offers one-bedroom units in 24 four-plex buildings — 88 units at Orchard Acres I and eight units at Orchard Acres II. Rick Chozick and Tom Boyle of Chozick Realty represented the buyer and the seller, 157-35 OAP Holding LLC, in the transaction.