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DelawareIndustrialLeasing ActivityNortheast

CBRE Negotiates 128,000 SF Industrial Lease in Newark, Delaware

by Taylor Williams

NEWARK, DEL. — CBRE has negotiated a 128,000-square-foot industrial lease in Newark, Del. The tenant is an undisclosed medical technology group, and the space is located within Building F of First State Logistics Park, a three-building, 1 million-square-foot industrial development that sits on a 149-acre site. Paul Touhey and Dan Rattay of CBRE, along with internal agents Mark Glagola and Tim Shaw, represented the landlord, Chicago-based Logistics Property Co., in the lease negotiations. The deal brings the park to about 75 percent occupancy.

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DevelopmentIndustrialNew YorkNortheast

Robert Martin Co. Breaks Ground on 71,098 SF Industrial Flex Project in Hawthorne, New York

by Taylor Williams

HAWTHORNE, N.Y. — Locally based developer Robert Martin Co. has broken ground on a 71,098-square-foot industrial flex project in Hawthorne, located north of New York City in Westchester County. The site at 14-16 Skyline Drive is located within Mid-Westchester Executive Park, and the development will consist of two buildings totaling 34,738 and 36,360 square feet. Completion is scheduled for the third quarter of 2025.

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Leasing ActivityNew JerseyNortheastRetail

DXL Big + Tall Signs 6,170 SF Retail Lease in Raritan, New Jersey

by Taylor Williams

RARITAN, N.J. — Men’s apparel retailer DXL Big + Tall has signed a 6,170-square-foot retail lease at Somerville Circle Shopping Center in Raritan, located roughly midway between Trenton and Newark. Vanessa Kelty of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Alison Horbach of RIPCO Real Estate represented the tenant. The deal brings the 150,000-square-foot center to full occupancy.

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FeaturesHeartland Feature ArchiveIllinoisMidwestNortheastNortheast Feature ArchiveOhioPennsylvaniaSeniors Housing

Dual Appraisal Methods Improve Opportunities to Get Fair Taxation for Seniors Housing Properties

by John Nelson

By Phil Brusk and Caleb Vahcic of Siegel Jennings Co. L.P.A. The seniors housing sector can’t seem to catch a break. Owners grappling with staffing shortages and other operational hardships lingering from the pandemic are facing new challenges related to debt and spiraling costs. High interest rates and loan maturations loom over the industry, with $19 billion in loans coming due within the next 24 months, according to Cushman & Wakefield’s “H1 2024 Market Trends and Investor Survey” on senior living and care. Factors driving high costs include wage pressures, inflation and — incredibly — rising property taxes. Despite operational challenges and declining occupancy at many facilities during the COVID-19 pandemic, property tax relief for seniors housing was mixed. Many assessors resisted downward adjustments to taxable values, maintaining that recovery was around the corner. Now, seniors housing operators face property tax assessments that equal or exceed pre-pandemic levels. As in the hospitality sector, most seniors housing owners understand that their operating properties include more value components than real property alone. In evaluating whether a tax assessment is reasonable and fair, however, owners need to realize that how an assessor addresses their real estate, personal property and intangible assets can drastically …

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Lacey-Mall
AcquisitionsNew JerseyNortheastRetail

CBRE Brokers Sale of 376,462 SF Grocery-Anchored Retail Portfolio in Coastal New Jersey

by Taylor Williams

OCEAN COUNTY, N.J. — CBRE has brokered the sale of a portfolio of three grocery-anchored retail centers located in Ocean County. ShopRite anchors the centers, which include Bay Plaza in Toms River, Jackson Plaza in Jackson Township and Lacey Mall in Lacey Township. Bay Plaza was built in 1994. Tenants at the 87,721-square-foot center include Citizens Bank, Little Gym and Manhattan Bagel. Tenants at Jackson Plaza, which was built in 2002 and comprises 114,753 square feet, include AT&T, Advance Auto Parts and McDonald’s. Other tenants at Lacey Mall, which totals 173,988 square feet, include T.J. Maxx, Mattress Firm, Firestone, Hand & Stone, UPS, Dollar Tree, Dunkin’, Popeyes and Verizon Wireless. The portfolio was roughly 94 percent leased at the time of sale. Chris Munley, Colin Behr, Ryan Sciullo, Casey Smith, RJ Mirabile and Michael Pascavis of CBRE represented the seller, Pasbjerg Development Co., which developed the properties, in the transaction.

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Thrive-at-Montvale
LoansMultifamilyNew JerseyNortheastSeniors Housing

Mesa West Capital Provides $57M Loan for Refinancing of Seniors Housing Property in Montvale, New Jersey

by Taylor Williams

MONTVALE, N.J. — Mesa West Capital has provided a $57 million loan for the refinancing of Thrive at Montvale, a 203-unit seniors housing community in Northern New Jersey. Thrive at Montvale features 88 independent living, 83 assisted living and 32 memory care units. Amenities include resident lounges, a beauty salon, multiple dining rooms, courtyards, a fitness center, physician’s office, theater and a pickleball court. The loan carried a five-year term and a floating interest rate. The borrower is a joint venture between AEW Capital Management, Atlanta-based owner-operator Thrive Senior Living and New Jersey-based Pike Construction.

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AcquisitionsConnecticutNortheastRetail

Phillips Edison Buys 101,105 SF Shopping Center in Bethel, Connecticut

by Taylor Williams

BETHEL, CONN. — Phillips Edison & Co., a Cincinnati-based shopping center REIT, has purchased the 101,105-square-foot Bethel Center in Connecticut’s Fairfield County. Anchored by Big Y Supermarket, Bethel Center was 91 percent leased at the time of sale. Other tenants include Starbucks, Dollar Tree, Great Clips, Quest Diagnostics and Casa Tequila. Nat Heald, Jeffrey Dunne and David Gavin of CBRE represented the seller, a partnership between DRA Advisors and KPR Centers, in the transaction. The sales price was not disclosed.

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Leasing ActivityNew JerseyNortheastRestaurantRetail

Tropical Supermarket Opens 15,800 SF Store in South Plainfield, New Jersey

by Taylor Williams

SOUTH PLAINFIELD, N.J. — Ethnic grocer Tropical Supermarket has opened a 15,800-square-foot store at Clinton Corners, a retail center in South Plainfield, about 35 miles south of Manhattan. Vanessa Kelty of Levin Management Corp. represented the landlord in the lease negotiations. The tenant was self-represented. Kelty also recently arranged a 2,145-square-foot lease with Mexican restaurant Blue Habanero at Clinton Corners. Diomaris Rosado with Keller Williams Premier represented the tenant in that deal. Levin Properties owns Clinton Corners.

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ConnecticutLeasing ActivityNortheastOffice

Norseland Inc. Signs 11,353 SF Office Lease in Norwalk, Connecticut

by Taylor Williams

NORWALK, CONN. — Norseland Inc., a subsidiary of Norway’s largest dairy cooperative, has signed an 11,353-square-foot office lease in the coastal Connecticut city of Norwalk. The company is relocating its U.S. headquarters from nearby Darien to Merritt 7 Corporate Park. John Hannigan and James Riffice of locally based brokerage firm Choyce Peterson represented the tenant in the lease negotiations. Betsy Buckley, Ed Tonnessen and Gil Ohls of JLL, along with internal agent JoAnn McGrath, represented the landlord, a partnership between Clarion Partners and Marcus Partners.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers Sale of 284-Unit Apartment Portfolio in Boston

by Taylor Williams

BOSTON — CBRE has brokered the sale of the Joy Realty Portfolio, a collection of eight apartment buildings totaling 284 units in Boston. The four- and five-story buildings were constructed in the early 20th century and are located in the Fenway and Longwood Medical areas. The unit mix comprises studio through four-bedroom floor plans, and the portfolio has an average unit size of 550 square feet. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a private family that had owned some of the assets for more than 100 years, in the transaction. The team also procured two separate buyers; an affiliate of Cambridge-based Forest Properties purchased six buildings totaling 222 units, and an undisclosed investor acquired the other two buildings totaling 62 units.

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