Northeast

DOLLAR GENERAL, PETSMART PURCHASE 197 ACRES AT BERKS PARK 78

by admin September 4, 2012

BETHEL, PA. — Dollar General Corp. and PetSmart will build their first Pennsylvania distribution centers at Berks Park 78 in Bethel. Dollar General acquired 109 acres from Berks County Industrial Development Authority (BCIDA) for $12.5 million, which will accommodate a 906,919-square-foot regional distribution center. Set to open in 2014, the operation will employ 500 people. Jack Shepley of NAI CIR represented Dollar General in the transaction. PetSmart purchased 87.8 acres at Berks Park 78 for $9.7 million. The company will construct an 870,000-square-foot distribution center that can be expanded by 200,800 square feet. The center will also open in 2014 and employ 500 people. Bill Wolf, Tyson Vallenari and Blake Rasmussen of CBRE represented PetSmart in the deal. Jeffrey Williams and Stephen Cooper of Cushman & Wakefield represented BCIDA in the transactions.

September 4, 2012

ECOTECH MARINE INKS WAREHOUSE LEASE IN ALLENTOWN

by admin September 4, 2012

ALLENTOWN, PA. — EcoTech Marine, a company that designs and manufactures reef aquarium equipment, has signed a lease for 35,465 square feet of warehouse space at 999 Postal Road in Allentown. The company plans to use the building for distribution and assembly. Michael Adams of NAI Summit represented the tenant in the transaction.

September 4, 2012

Northeast Retail

ADVANCE AUTO NETS $2.3M IN BARNEGAT

by admin September 4, 2012

BARNEGAT, N.J. — R&R Barnegat has acquired a 6,124-square-foot, single-tenant property at 860 W. Bay Ave. in Barnegat for $2.3 million. The property is occupied by Advance Auto, which has 15 years remaining on its lease. Bob Horvath and Todd Tremblay of Marcus & Millichap procured the buyer in the transaction. Richard Geisenfeld of Capital Commercial Partners represented the seller, Primax Properties LLC.

September 4, 2012

Industrial Northeast

PET SUPPLY DISTRIBUTOR RENEWS LEASE

by admin September 4, 2012

LYNDHURST, N.J. — Machioro USA has renewed its 17,790-square-foot lease at 1050 Valley Brook Ave. in Lyndhurst. The company manufacutures and distributes pet supplies. Louis Tapia of NAI Hanson represented the tenant in the transaction.

September 4, 2012

Northeast Office

ROTHSCHILD RENEWS LEASE AT AVENUE OF AMERICAS PROPERTY

by admin August 31, 2012

NEW YORK CITY — Rothschild North America, a financial services firm, has renewed its 70,000-square-foot lease at 1251 Avenue of Americas in New York City. Rothschild has been a tenant of the building since 1993 and will remain in the property through 2028. Michael Goldman of Studley represented the tenant. David Falk, Peter Shimkin and Nick Berger of Newmark Grubb Knight Frank represented the landlord, Mitsui Fudosan America Inc.

August 31, 2012

Northeast Retail

COLLIERS ARRANGES $11.2M REO SALE

by admin August 31, 2012

MOUNT OLIVE, N.J. — Colliers International has arranged the $11.2 million real estate owned (REO) sale of ITC Crossing, a 179,775-square-foot shopping center in Mount Olive. Colliers represented the undisclosed seller and the buyer, Lamar Cos. The center is anchored by a 132,023-square-foot Sam's Club. Additional tenants include Staples and Subway. The property is located approximately 35 miles from Newark, N.J.

August 31, 2012

Hospitality Northeast

DEWEY BEACH RESUMES WORK ON RUDDERTOWNE DEVELOPMENT

by admin August 31, 2012

DEWEY BEACH, DEL. — Dewey Beach Enterprises (DBE) has resumed construction on phase one of its Ruddertowne redevelopment project, following years of legal battles. According to local reports, several property owners took issue with the height of some of the proposed buildings and the approval process Dewey Beach undertook in granting permits for the project. A Chancery Court ruled in favor of the developer in August. DBE is constructing a Hyatt Place Hotel and luxury condominiums, known as The Residences of Ruddertowne. The first phase of the project is expected to be complete prior to the 2013 summer season.

August 31, 2012

Civic Northeast

RENOVATIONS BEGIN AT YMCA'S NEW AQUATIC CENTER

by admin August 31, 2012

BARRINGTON, R.I. — New England Construction has started renovation on the Bayside YMCA in Barrington, as well as the addition of a new 24,430-square-foot Aquatics Center. New England will renovate 36,000 square feet of existing space for the Greater Providence YMCA. The Aquatics Center will feature a six-lane, in-ground pool, as well as a shallow swimming pool for families. The project will also include a new front desk area, locker rooms and upgrades to the gym. Vision 3 Architects designed the project.

August 31, 2012

Market Reports Northeast Market Reports Rhode Island

Leasing on the rise in several markets.

by admin August 31, 2012

In Providence, 100 Westminster and One Financial Plaza still have ample true Class A space available, but GTECH Center has arguably produced the best return on its tenant investment, essentially leasing up all of its available space to four or five tenants. Consequently, the GTECH Building just sold for more than $50 million. In addition, the new Blue Cross tower was successful in leasing half of its 20,000 square feet of available space. This activity has pushed rental rates for Class A space back over the $30 per square foot mark on new deals. The vacancy rate will dip just below 17 percent as Hasbro officially announced that it has leased approximately 135,900 square feet in the capital city. Finally, it looks like Ameriprise Financial will be moving from Cranston into One Citizens Plaza, which will help the Class A absorption. However, the recent failure of game developer 38 Studios will negatively impact occupancy rates; the company occupied space at One Empire Plaza, a 104,000-square-foot office building in Providence. Looking forward, Bank of America announced that it will vacate its headquarters located at 111 Westminster in April 2013. It is expected that 100 Westminster will absorb employees leaving this 340,000-square-foot …

August 31, 2012

Industrial Northeast

526,050 SF DISTRIBUTION AND TRAINING CENTER BREAKS GROUND IN FLORENCE

by admin August 30, 2012

FLORENCE, N.J. — NFI Real Estate has broken ground on a 526,050-square-foot distribution and training center for Subaru of America in Florence. The project is under construction at NFI Park at Florence Crossing, located at 2020 Route 130 North. It is less than a mile from the New Jersey Turnpike and Pennsylvania Turnpike extension. The building is expected to be completed by June 1, 2013.

August 30, 2012

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