WOBURN, MASS. — M&K Engineering has purchased 166 New Boston St., a single-story industrial building in Woburn, for $2.1 million. M&K will use the building to expand its precision machining business. James and David Stubblebine of The Stubblebine Co./CORFAC International represented the seller and procured the buyer in the transaction.
NEWINGTON, CONN. — Inland Real Estate Acquisitions has acquired Newington Fair, a 186,205-square-foot shopping center in Newington for $17.2 million. The center is fully occupied and anchored by Sam's Club and L.A. Fitness, both on long-term leases. The transaction also includes a parcel of land suitable for the development of an additional retail building. Lou Quilici of IREIT Business Manager & Advisor facilitated the sale. Concurrent with the deal, Inland also acquired a portfolio of Dollar General stores in Alabama, Georgia and Tennessee for $8.3 million.
PHILLIPSBURGH, N.J. — Pennsylvania Real Estate Investment Trust has completed the sale of Phillipsburgh Mall for $11.5 million. The 547,000-square-foot mall is anchored by Kohl's, Sears, Bon Ton and JC Penney. As of Sept. 30, 2012, sales at the center were approximately $235 per square foot and non-anchor occupancy was 66.1 percent. Mason Asset Management was the buyer.
NEW YORK CITY — The Skowhegan School of Painting and Sculpture, a nonprofit visual arts and design school, has acquired a 5,200-square-foot retail condominium at 136 W. 22nd St. for $2.1 million. The property is a ground-floor, two-unit retail space, which is located two blocks from Madison Square Park. The space is currently vacant. Peter Carillo and Alexander Erdos of Eastern Consolidated represented the seller, Spyro Avdoulos. Adelaide Polsinelli and Robert Khodadadian of Eastern Consolidated represented the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the $5.5 million sale of 157 Bleecker St., a 5,100-square-foot mixed-use property in New York City. Barbara Dansker and Zach Ziskin of Marcus & Millichap represented the seller, a limited liability company. They also secured and represented the buyer, a developer.
NEW YORK CITY — Hair Club, the hair restoration company, has opened its 100th center with a new flagship location in New York City. The company signed a lease for 16,400 square feet on the 5th and 6th floors of 551 Madison Ave. Hair Club began construction of its center in May 2012, which includes 25 styling and treatment rooms and a two-story employee lounge and cafe. The center also features environmentally sustainable elements, including LED lighting and Energy Star-rated HVAC systems and equipment. Cassidy Turley is the property management.
The dense markets of northern and central New Jersey are showing some encouraging signs of momentum. Over the past 18 months, retailers have flocked to places like Paramus, Millburn, Wayne, Totowa, Springfield/Union, Livingston, East Hanover and Jersey City/Secaucus, to name a few. They are well aware that the major malls and retail corridors of Northern New Jersey, in particular, draw lots of traffic from nearby New York City. The pace of new construction has been sluggish in part because lenders now demand equity stakes of around 40 percent on projects that used to be financed at 70 or 80 percent. Therefore new supply is limited, which is helping to push up rents and drive down vacancies. In the northern and central parts of the state, in fact, the vacancy rate now stands at about 10 percent—a big improvement over the 20 percent average of 2010. Paramus, the state’s top retail market, has seen quite a nice recovery. Here, rents of smaller stores of less than 3,000 square feet now range from $35 to $60 per square foot. At stores of 5,000 to 10,000 square feet, space is leasing for between $30 and $40 per square foot. Paramus’ medium boxes, which …
WOODBRIDGE, N.J. — A joint venture between Bergman Real Estate Group and Gottesman Real Estate Partners has purchased Aspen Corporate Park, a 91,700-square-foot, two-building office park in Woodbridge. The property is located at 1460 and 1480 Route 9 North, opposite the Woodbridge Center Mall. Andrew Merin, Gary Gabriel, David Barnhart and Jared Zimmel of Cushman & Wakefield represented the seller, a partnership between Ivy Equities and Meritage Properties, in the transaction. They also represented the buyer.
NEW YORK CITY — A development site at 152-154 Leroy St. has sold for $10.2 million in Manhattan. The site, which is currently used as a parking lot, has approximately 27,980 buildable square feet. A development project could have potential water views and is near Hudson River Park. James Nelson of Massey Knakal represented the seller in the transaction and Elaine Tross of Halstead Property represented the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the $3.6 million sale of 16-18 Bedford Ave., a seven-unit apartment building in Brooklyn. Matthew Fotis, Shaun Riney and Michael Salvatico of Marcus & Millichap represented the seller, a private investor. They also represented the buyer, a fund manager.
