Recovery was the name of the game in 2011 for many major retail corridors in Manhattan. SoHo and the Flatiron District were among the most significant rebounding areas. SoHo has benefited from international retailers’ expansion into New York and the city’s record-breaking tourism. New York City welcomed more than 50 million tourists in 2011, including 10.1 million international visitors — more than any other year in its history. The city generated $32 billion in visitor spending and $48 billion in economic impact, according to Mayor Michael Bloomberg and NYC & Company. And SoHo is a major stop on any tourist’s path. Broadway, Spring and Prince streets have long been the market’s primary retail corridors, and rents on these streets are nearly back to 2008 peaks, with very limited vacancy. In 2011, more tenants, especially European retailers, saw value and opportunity on the interior streets — Mercer, Greene and Wooster — which are one-third to half the rent of Broadway, Prince and Spring streets. The interior streets had suffered from higher-than-normal vacancy levels during the recession; now, they are flush with some of the biggest names in retail and are commanding higher rents than ever before. The Mercer Hotel and early …
NEW YORK CITY — Naftali Group has purchased a development site at 93 3rd Ave. in Brooklyn for $6.7 million. The 15,000-square-foot site contains three contiguous, vacant lots at the corner of 3rd Avenue and Bergen Street. The new owner plans to construct an 85-unit rental building on the site. Brian Leary, Sean Kelly, Cengiz Sendogdular and Matthew Dzbanek represented the seller, Goldport Properties, in the transaction. They also procured the buyer.
KUTZTOWN, PA. — Village Square, a 39,612-square-foot retail strip center in Kutztown, has sold to a Pennsylvania-based partnership for $4 million. Village Square is located at 45 Constitution Blvd. Tenants include CVS/pharmacy and Dollar Tree. Brad Nathanson of Marcus & Millichap's Philadelphia office represented the seller, a New Jersey-based shopping center operator. He also represented the buyer.
CRANBERRY, PA. — Developers of Cranberry Crossroads will break ground on the mixed-use project on May 23. Plans call for the construction a 90,000-square-foot office building on Route 228 in Cranberry, which will include 360 parking spaces. The building is expected to be completed later this year. The developer, Elmhurst Group, also plans to build a new Dick's Sporting Goods, a GetGo Ga Station and space for additional retailers adjacent to the property. Elmhurst Group has contracted with CBRE to represent the company in the leasing of Cranberry Crossroads.
FRAMINGHAM, MASS. — Jumbo Capital Management has acquired an office building at 125 Newbury St. in Framingham for $6.4 million. The 33,700-square-foot property is located off Route 30. Doug Jacoby, Scott Dragos, Sean Ryan and Mitchell Levey represented the seller, Colony Realty Partners, in the transaction. They also procured the buyer.
NEW YORK CITY — Penrod Ricard USA has signed a lease for 82,300 square feet of office space at 250 Park Ave. in New York City. Penrod, a producer and importer of spirits and wines, will use the space for its U.S. headquarters. The company plans to relocate all employees from its Manhattan office and some employees from its Purchase, N.Y. office to the new building. David Hoffman, Robert Billingsley and Wendy Miller of Cassidy Turley represented the building owner, AEW Capital Management, in the transaction. Snezana Anderson, Michael Geoghegan and Christopher Corrinet of CBRE represented the tenant.
BOSTON — Linear Retail Properties has purchased a 4,497-square-foot retail condominium at 727-731 Boylston St. in Boston for $4.9 million. The condominium unit is located on the ground level of a six-story retail and office building.The space is currently occupied by Uno Chicago Grill, which has operated at the location since 1979. Nick Herz of Colliers International represented Linear Retail in the transaction. Spencer Family LLC was the seller.
SECAUCUS, N.J. — The Children's Place (TCP), an apparel retailer, has completed a $2 million renovation of its national headquarters at 500 Plaza Dr. in Secaucus. The 28,000-square-foot project included expanding the design department to the second floor. The space will be used to create retail products for TCP and house private offices. River Drive Construction served as the general contractor for the project, which took approximately 8 weeks to complete. The building owner is Secaucus-based Hartz Mountain Industries.
PROSPECT PARK, PA. — NorthMarq Capital has arranged a $1.5 million loan for the first mortgage refinancing of 800 Chester Pike, a 3,560-square-foot retail property in Prospect Park. Tenants include BP Gas Station and McDonald's. Matthew Kohlhoss of NorthMarq's Washington, D.C. office arranged the 15-year loan through a correspondent life insurance company. The borrower was 800 Chester Pike Realty LLC.
ELMWOOD PARK, N.J. — Freeman Products Worldwide has signed a 44,000-square-foot lease at 71 Walsh Dr. in Elmwood Park. The trophy manufacturer plans to use the space for its headquarters and regional warehouse. Bonni Heller of Cushman & Wakefield represented the tenant in the transaction. Howard Weinberg and Andrew Houston of Cassidy Turley represented the owner, Walsh Drive Associates. Freeman Products will relocate to the new facility this spring.