What comes to mind when you say the name “Hoboken” today? A thriving downtown area filled with young, hip residents, high-class retail and 24/7 traffic that rivals areas of downtown Brooklyn. However, that wasn’t the case 10 years ago. National and regional tenants seeking space would first — and in most cases only — look to the suburban centers that were the heart of New Jersey life. Downtown retail areas were seen as lunch-driven areas boasting only five-day foot traffic and not enough parking. Now mainstays like Starbucks, Chipotle and Panera Bread have all made a home for themselves in Hoboken. What has brought about this change — which has seen Hoboken thrive but also brought about a new era of downtown retail that can be seen in the emerging neighborhoods of Newark and Jersey City? A prime factor in these areas’ rise to prominence has been the massive swell of development, not only in office towers but in entertainment centers and residential hubs. The opening of the Prudential Center in Newark four years ago revitalized the area with more than 200 events each year, including home games for the New Jersey Devils. The project was truly the first …
NEWTON, MASS. — Bierbrier Development has received approval from Newton officials for Needham Street Village Shops, a 19,000-square-foot, small-shop development at located at 55 Needham St. The project is set to begin construction this summer and will be ready for tenant occupancy in late 2013, with a grand opening slated for March 2014. The Needham Street Village Shops site is a 1.5-acre assemblage of two properties previously occupied by International Bicycle and Skipjack’s Restaurant. Worcester, Mass.-based Commerce Bank provided construction and acquisition financing, which was arranged by Kyle Juszczyszyn and Carlos Febres of CBRE New England.
NEW YORK CITY — HFF has closed the sale of 166 W. 75th Street, a 207-unit multifamily property with 3,425 square feet of ground-floor retail on Manhattan’s Upper West Side. HFF marketed the property exclusively on behalf of the seller. The 16-story building is located near the intersection of Amsterdam Avenue and 75th Street close to Central Park, Riverside Park, Lincoln Center and the 72nd Street Subway Station. Simon Development Group purchased the asset and intends to renovate the property. Jeff Julien, KC Patel, Andrew Scandalios, Jose Cruz and Kevin O’Hearn led the HFF team representing the seller. The sales price was undisclosed.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 524 Lorimer Street, a six-unit mixed-use building located in Brooklyn, for $1.7 million. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor and the buyer, a fund manager, in the transaction.
BAYONNE, N.J. — Hollister Construction Services has completed the renovation of a 150,000-square-foot industrial facility in Bayonne, located about 10 miles south of New York City. CenterPoint Properties, a developer, owner and manager of industrial real estate, owns the property. Jersey City, N.J.-based Star Snacks Co., a snack nut products manufacturer, will relocate its distribution facilities to the renovated warehouse, located at 30 Pulaski St. Cortland Morgan Architects were the architects.
NEW YORK CITY — Cronheim Mortgage has secured $20.6 million in acquisition financing for an eight-building, 229-unit, multifamily portfolio located in the Manhattan neighborhoods of Washington Heights and Inwood. The funding was sourced from two banks, each of which financed four buildings for $10.6 million and $10 million on a nonrecourse basis. The combined facility provided 79 percent loan-to-cost financing for the $26 million multifamily purchase. The 10-year loans carry an average 4 percent fixed interest rate and features a 30-year amortization schedule. David Turley and Janet Proscia of Cronheim Mortgage secured the loans.
FEASTERVILLE, PA. — Coren-Indik Inc. has sold 915 Pennsylvania Blvd., a 50,000-square-foot industrial facility in Feasterville, located about 20 miles northeast of Philadelphia, for an undisclosed amount. The building, situated on 2.5 acres, was purchased by Oliver-Tolas Healthcare Packaging Inc. The new owner plans to renovate the building and use the facility to house its expanding operations. The location, near Street Road and U.S. Route 1, provides easy access for employees and trucks. Sidney Gable and Steven Gable of Sidney E. Gable Associates Inc. arranged the sale.
NEW YORK CITY — Risk Placement Services Inc., a national wholesale insurance brokerage, has signed a 4,366-square-foot lease at 100 Wall St., occupying a portion of the fifth floor for a seven-year term. Scott Cahaly and Mitchell Konsker of Jones Lang LaSalle represented the landlord, Savanna, in the transaction. Alex Jinishian of Colliers International represented the tenant.
OLD SAYBROOK, CONN. — O,R&L Commercial LLC has arranged the 5,000-square-foot lease of the former Pat’s Kountry Kitchen in Old Saybrook, about 40 miles south of Hartford. The building will be the second location for Terra Nostra Ristorante Italiano and Steak House. The property is located at the corner of Boston Post Road and Mill Rock Road East. Richard Gold and Tim McMahon of O,R&L Commercial represented the landlord, Pat Brink, in the transaction.
NEW YORK CITY — Vornado Realty Trust has entered into an agreement to sell Harlem Park, a parcel of land located at 1800 Park Ave. in New York City, for $65 million. Vornado says it may also receive Brownfields Tax credits for the property. Under the Brownfields Tax Incentive, environmental cleanup costs of a brownfield (an urban site that had previous development on it) are fully deductible in the year incurred, rather than capitalized and spread over time, according to the Environmental Protection Agency. The sale of the land will result in net proceeds of approximately $62 million and a net gain of approximately $22 million. The sale is expected to close this quarter.