In the last nine months, we’ve seen a re-energized national retailer base in the Connecticut market that’s seeking new opportunities and absorbing prime retail space. The national retailers never completely disappeared; however, from late 2008 through the spring of 2011 there was little momentum from this sector. This newfound activity has served to restore the confidence of both the landlord and the local retailer base, effectively stabilizing rents and reducing vacancy rates in prime retail corridors. There was a great deal of talk about the “flight to quality” during the economic downturn and that trend continues. We are seeing especially enlivened activity in the upscale retail main streets in Connecticut including Greenwich Avenue in Greenwich, Main Street in Westport and Elm Street in New Canaan. This is not only a local trend, but a global one, as rental rates on high street retail corridors around the globe experienced a 4.8 percent increase year-over-year and luxury goods have made a strong comeback with year-over-year growth of 8.5 percent for the 12 months ending in August 2011. This trailed only the wholesale clubs segment in terms of overall performance. U.S. luxury retailers are also the beneficiaries of a weak U.S. dollar that …
NEW YORK CITY — Amazon Corporate LLC has expanded at 1350 Avenue of Americas, increasing its space to 92,493 square feet at the 35-story tower on the corner of West 55th St. The expansion includes 24,707 square feet. 1350 Avenue of Americas has recently undergone renovations that include a new lobby, upgraded security and new common corridors. Justin Halpern and Marcus Reyner of Cresa Partners represented the tenant in the transaction. Howard Tenenbaum and Gary Rosen represented the building owner, SL Green.
NORTHFORD, CONN. — GFI Realty Services has arranged the $2.3 million sale of a freestanding Rite Aid property in Northford. The property, which also has drive-thru service, totals 10,445 square feet. Marc Alper of GFI Realty represented the seller in the transaction. Roni Abudi, also of GFI, represented the buyer.
LYNDHURST, N.J. — A partnership between Area Property Partners and Priderock Capital Partners has acquired The Heritage at Lyndhurst, an apartment and retail complex in Lyndhurst. The seller and financial terms of the transaction were not disclosed. Constructed in 2006, the property is located 10 miles west of Manhattan along the Passaic River. The residential portion is fully occupied and includes 160 units. The property also includes five street-level retail stores.
ELMWOOD PARK, N.J. — A joint venture between Prism Capital Partners and The Davis Cos. has acquired 41 Slater Drive a 180,000-square-foot industrial building in Elmwood Park. The seller was an affiliate of paper products manufacturer Marcal. Constructed in 1972, the property is situated on 11 acres at the intersection of I-80 and River Road. The property consists of 145,000 square feet of warehouse space that is leased to Marcal Paper and 35,000 square feet of office space that is leased by Bio-Reference Laboratories.
BOSTON — Dana-Farber Cancer Institute has signed a 154,100-square-foot lease at Longwood Center in Boston. The leasing agreement places Dana-Farber as the anchor tenant of the 11-story building, which will be located at 360 Longwood Ave. Construction of the building has begun and Dana-Farber anticipates a 2014 move-in date. The new locations will be designed to allow Dana-Farber to expand its translational research initiatives, which are focused in part on accelerating the pace of laboratory discoveries that are converted into clinical uses. Robert Richards and Chris McCauley of Richards Barry Joyce & Partners represented the tenant in the lease. The building developers were represented in-hous
NEW YORK CITY — Marcus & Millichap has arranged the $1.7 million sale of 452 Atlantic Ave., an eight-unit apartment building in Brooklyn. Matthew Rosenzweig of Marcus & Millichap's Brooklyn office represented the seller, a local investor. He also secured the buyer, a local investor.
DEVENS, MASS. — Saint-Gobain has signed a lease for 200,000 square feet of industrial space at 112 Barnum Road in Devens. The French multinational corporation plans to invest $31 million in the facility and hire 90 new employees to manufacture a component of LEDs (light emitting diodes) for one of its divisions, Saint-Gobain Crystals. Production is expected to begin in early 2013. Robert Gibson and Ed Jarosz of CBRE Group represented the owners, Hackman Capital and Calare Properties, in the transaction.
QUINCY, MASS. — Berkshire Property Advisors has acquired Highpoint Apartments, a 394-unit apartment community in Quincy. Built in 2004 by Roseland Property Co. and The Congress Group, Highpoint is located on 22 acres. The property includes an 8,000-square-foot clubhouse, a health and fitness facility, a community lounge and heated swimming pool. Richard Robinson and Terence Scott represented the seller, Highpoint Apartments LLC, in the transaction. They also procured the buyer.
PHILADELPHIA — NorthMarq Capital has arranged a $29.5 million construction loan for Bakers Square Shopping Center, a 220,000-square-foot shopping center that will be built at Fox Street and Roberts Avenue in Philadelphia. Major tenants at the center are Shop Rite and Ross Dress for Less. Joseph Sweeney of NorthMarq Capital arranged the 20-year loan for the borrower, TKMG Associates LP, through a regional bank. The loan has a 30-year amortization schedule.