EDISON, N.J. — Performance Team Freight Systems Inc. has renewed its lease at 145 Talmadge Road in Edison. The company will continue to occupy 193,000 square feet of the 656,255-square-foot warehouse and distribution facility. Situated on 50 acres, the property features refrigerated storage space, shelving and an ESFR sprinkler system. Scott Belfer, Nick Nitti, Mindy Lissner and Bill Waxman of CBRE Group represented the landlord, NJIND Talmadge Road LLC, in the transaction. Terms of the lease were not disclosed.
Northeast
Rhode Island’s economy continues to struggle with unemployment that is above the national average. As a result, it has been difficult to get new ground-up development projects started with only a few exceptions. In Johnston, Saletin Real Estate Group has completed construction on the first phase of Johnston Towne Center on Hartford Avenue. The 95,000-square-foot shopping center is anchored by a 40,000-square-foot Price-Rite grocery store. BankRI has also opened a new free-standing facility on the site. In order to make the development a reality, the mayor and town council worked with the developer and issued tax increment bond financing. The project is considered a major redevelopment victory for the town of Johnston, as the construction of Johnston Towne Center required the demolition of the former Stuart’s Plaza shopping center — which had been 100 percent vacant for many years, and had become an eyesore along Hartford Avenue, one of Johnston’s busiest streets. Johnston Towne Center serves as the second victory for the rejuvenation of Hartford Avenue. The former Shaw’s grocery store, which had been vacant for several years and shares the same traffic signal as Johnston Towne Center, is now fully leased to Ocean State Job Lot and Planet Fitness. …
NEW YORK CITY — Brookfield Logistics Properties has created a new brand for its $3.5 billion global logistics property platform. The new brand, IDI Gazeley, is a consolidation of Brookfield’s logistic assets — Industrial Development International (IDI) and Gazeley. IDI Gazeley is part of Brookfield Logistics Properties, and all IDI and Gazeley sites will be rebranded as IDI Gazeley. Brookfield and its institutional partners acquired IDI through two transactions in December 2012 and August 2013; additionally, the company acquired Gazeley in June 2013. The new brand will collectively own and operate a global industrial portfolio of approximately 58 million square feet across nine countries: the United States, Canada, United Kingdom, France, Germany, Italy, Spain, Mexico and China. IDI Gazeley also has an additional 68 million square feet of distribution facilities in the pipeline, with 17 million square feet scheduled for 2014.
MIDDLETON, MASS. — New York-based Sovereign Partners has acquired Ferncroft Corporate Center, which is located at 35 Village Road in Middleton. The Davis Companies (TDC) sold the Class A office building for $24.3 million. The eight-story, 230,554-square-foot building was a former headquarters facility for Verizon. TDC originally acquired the property in early 2011 from Miami-based LNR Partners, and completed significant upgrades and renovations throughout the building after acquisition. The tenant roster now includes SAS Institute, Morgan Stanley and Appleseeds. David Pergola and Brian Doherty of Cassidy Turley represented TDC in the transaction.
MOON TOWNSHIP, PA. — Homewood Suites by Hilton has opened Homewood Suites by Hilton Pittsburgh Airport/Robinson Mall Area; it is the company’s second hotel in the Pittsburgh area. Located at 2000 GSK Drive in Moon Township, the four-story hotel features 117 suites with fully equipped kitchens, and separate living and sleeping spaces. The property is located minutes from Pittsburgh International Airport and downtown Pittsburgh. Concord Moon Associates LP owns the hotel, which is managed by Concord Hospitality.
NEW YORK CITY — KiDS Creative LLC has signed a lease for 34,755 square feet of office space at One World Trade Center. The 15-year lease is for the entire 87th floor of the 104-story, 3 million-square-foot building. One World Trade Center is being developed as a joint venture of The Durst Organization and The Port Authority of New York and New Jersey. Durst is marketing the building along with the Cushman & Wakefield team of Tara Stacom, Alan Stein, James Searl and Justin Royce, and Jodi Pulice of JRT Realty.
NEW YORK CITY — New York-based New Street Realty Advisors has brokered three retail leases in New York City. In the first transaction, Gregorys Coffee has signed a 15-year lease for 1,100 square feet of ground-floor retail space at 350 Hudson Street in New York’s Hudson Square district. Joshua Gettler, Matthew Gorman and Joshua Kaufman of New Street Realty Advisors represented the tenant, while Sinvin Real Estate represented the landlord, Trinity Realty Estate. In the second transaction, Hale and Hearty leased 1,800 square feet of space at 369 Lexington Avenue, a 120,000-square-foot office building in New York, from Atlas Ventures. Gettler and Gorman of New Street Realty Advisors represented the tenants and worked directly with the landlord representatives. Lastly, Bank Street College of Education has leased 3,195 square feet at 2791 Frederick Douglass Blvd. from Ellington 18 LLC. The tenant will take occupancy immediately. Gorman, Kaufman and Gettler represented both parties in the transaction.
STAMFORD, CONN. — Mesa West Capital and RCG Longview have provided $90 million in debt financing to a venture controlled by an affiliate of George Comfort & Sons. The loan will refinance High Ridge Park Corporate Center, a 580,000-square-foot office campus located off Merritt Parkway in Stamford. The borrower acquired the property in 2003 and completed a multi-million dollar renovation that included new lobbies and common areas, as well as other upgraded amenities. The office complex is currently 83 percent occupied by a variety of national and regional tenants. The financing included $77.5 million in short-term senior debt from Mesa West and a $12.5 million mezzanine loan from RCG Longview. A portion of the proceeds will go toward leasing costs associated with further stabilizing the property.
NEW YORK CITY — Time Inc. has signed a lease for 700,000 square feet of office space at 225 Liberty Street in Lower Manhattan. The company will relocate its global headquarters from Midtown Manhattan. The property is one of the five office towers of Brookfield Place complex, which is owned by Brookfield Office Properties (NYSE: BPO). Brookfield Place is currently undergoing a $250 million renovation of its retail and common areas, which will be fully completed in 2015. Mitch Steir, Michael Colacino, Matthew Barlow and Howard Nottingham of Studley represented the tenant, while Jerry Larkin, David Cheikin and Alex Liscio represented Brookfield in-house.
NEW YORK CITY — A joint venture between The Kalikow Group and Steelpoint Property Group has acquired a pre-war, four-story mixed-use building located at 517 Second Avenue in Manhattan’s Kips Bay/Gramercy neighborhood. Rana Associates sold the property for $5.1 million. The building features an existing ground-floor restaurant and apartments on the other floors. The apartments are currently vacant.