Recent news: Several large transactions have taken place recently: pet supply retailer PetEdge signed a new 215,000-square-foot lease in Billerica, Dealer Tire took approximately 100,000 square feet in Mansfield, and Harvey Industries signed a new lease for 55,000 square feet in Southborough. A number of new prospects are also looking to capitalize on aggressive rental rates. These include Sonepar, in the market for 180,000 square feet; Horizon Beverage, in the market for 400,000 square feet; and New England Sheets and Horn Packaging, each in the market for 150,000 square feet. Major industrial users leaving the market include General Motors which will vacate 400,000 square feet in Norton and Adidas/Reebok which will vacate an additional 500,000 square feet in Lancaster and Stoughton. Submarket update: Overall, the Metro South industrial market has been hit the hardest, recording its worst metrics in 10 years and posting a 22 percent availability rate at the close of 2009. The strong-performing Metro West Market, which saw nominal adjustments in vacancy rates, absorption and average asking rents, managed to capture several large transactions in 2009, including Genzyme, Verizon and FedEx Smart Post. The Metro North Market posted lower vacancy and lower tenant velocity. Predictions for the next …
STAFFORD TOWNSHIP, N.J. — ULTA Beauty is opening a 10,800-square-foot beauty retail store at Barnegat, N.J.-based Walters Group’s Stafford Park in Stafford Township. Construction is currently under way and completion is scheduled for this fall. Current tenants of the mixed-use development include Dick’s Sporting Goods, PetSmart, Costco, Target and Best Buy.
HARRISBURG, PA. — AMB Property Corp. has leased 202,200 square feet of industrial space to an undisclosed tenant. The space is located at AMB I-85 Distribution Center in Harrisburg. Terms of the transaction were not released.
BOSTON — Boston real estate veterans Mark Dufton and Scott Oran have formed Dinosaur Capital Partners. The partnership plans to invest private equity in real estate. Dinosaur’s investment strategy emphasizes acquiring core assets with underlying cash flow, opportunistic assets requiring value enhancement and performing or non-performing loans as well as taking preferred taking preferred equity positions to recapitalize real assets. The company will invest in office, industrial, retail, multifamily, hospitality, mixed-use and parking properties from $3 to $100 million primarily in the Northeast and Mid-Atlantic markets.
NEW HAVEN, CONN. — The law firm Kennedy Johnson D’Elia & Gillooly has signed a lease for 7,000 square feet of office space at 555 Long Wharf Drive in New Haven. Terms of the lease transaction were not disclosed. Joel Nesson of Press/Cuozzo Commercial Services represented the tenant in the transaction. The landlord is the Fusco Family.
SAYREVILLE, N.J. — DCT Industrial Trust Inc. has agreed to acquire a bulk distribution facility, which is located at 400 Kennedy Drive in Sayreville. The Class A property offers 150,000 square feet of industrial space and provides immediate access to major highways, distribution routes, three major airports and the Port of New York and New Jersey. Currently, the facility is 100 percent leased to three long-term tenants. The acquisition brings DCT Industrial’s New Jersey portfolio to nine building totaling 1.1 million square feet. Terms of the acquisition agreement were not released. The transaction is expected to close in the second quarter of 2010.
ELIZABETH, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has recently completed three multifamily transactions totaling 105 units in Elizabeth. In the most recent transaction, Gebroe-Hammer’s Stephen Tragash brokered the sale of 204 Westfield Avenue, a 21-unit apartment property, to an undisclosed buyer for $1.55 million. In the second transaction, the 62-unit multifamily property at 516 Cherry St. sold in an all-cash transaction for $4.8 million. Joel Schwartz of Gebroe-Hammer represented the private buyer in the transaction. Finally, Tragash and Schwartz represented the sellers in the disposition of a 22-unit residential property located at 511 North Ave. The mid-rise building sold to an undisclosed buyer for $1.54 million.
WESTBROOK, CONN. — The Geenty Group, Realtors has brokered the sale of a three-story office building located at 1160 Boston Post Road in Westbrook. A Norwich, Conn.-based development company acquired the property for $316,000 and plans to use it as a satellite office for its real estate operations. Kristin Geenty of The Geenty Group represented the seller, Douglas Payette.
JERSEY CITY, N.J. — Marcus & Millichap has arranges the sale of a nine-unit apartment building located in Jersey City for $595,000. The property was vacant at the time of closing. Maz Radwan, Steven Matovski and Christopher Rizzolo of Marcus & Millichap's New Jersey office represented the seller, a private investor. The trio also secured the buyer, a New Jersey-based investor/developer.
WOODCLIFF LAKE, N.J. — Advantage Sales & Marketing has signed a lease for 37,000 square feet of office space at a Class A office building located in Woodcliff Lake. The company is expanding its operations, which were previously located in Ramsey, N.J. Advantage will occupy the third floor and serve as the lead tenant for the 118,358-square-foot building, which is located at 123 Tice Blvd. James Scancarella and Ed English of Paramus, N.J.-based CresaPartners represented the tenant in lease negotiations. Geoffrey Schubert and Garrett Rioux of CB Richard Ellis represented the landlord, Behringer Harvard Holdings.