BEVERLY, MASS. — JLL has negotiated the $8.5 million sale of a 60,666-square-foot grocery building in Beverly, a northeastern suburb of Boston, that is fully leased to regional operator Stop & Shop. The freestanding building sits on a 4.9-acre site that originally served as the site of the first Marshalls store in the United States (circa 1956). Alex Quinn, Zach Nitsche, Sam Wiesman and Joe Marinaro of JLL represented the seller and procured the buyer in the transaction.
NORWOOD, MASS. — Corbus Pharmaceuticals has signed a 36,471-square-foot office lease renewal in Norwood, a southern suburb of Boston. The space is located within the building at 500 River Ridge Drive, which according to LoopNet Inc. was constructed in 1988 (renovated in 2016) and totals 100,261 square feet. Curtis Cole, Sean Hannigan and Tim Allen of Colliers represented the tenant in the lease negotiations. Nat Kessler led a JLL team that represented the landlord.
WHITE PLAINS, N.Y. AND SUNNY ISLES BEACH, FLA. — Mavis Tire Express Services Corp. and Icahn Enterprises LP (NASDAQ: IEP) have entered into a definitive agreement under which a subsidiary of Mavis will acquire Pep Boys from Icahn Automotive Group LLC for approximately $700 million in cash. IEP will retain the owned real estate previously transferred to IEP from Pep Boys, as well as the AAMCO Transmissions and Precision Tune Auto Care businesses. Formally named The Pep Boys-Manny, Moe & Jack Holding Corp., Pep Boys is an automotive service company offering tires, repairs, oil changes and maintenance services from nearly 800 retail locations nationwide. Navy veterans Emanuel “Manny” Rosenfeld, Maurice “Moe” Strauss and Graham “Jack” Jackson founded the company in 1921. According to Mavis, the acquisition expands its presence in new and existing markets, particularly across the Western United States where Pep Boys maintains a significant retail footprint. The deal grows Mavis’ network to more than 4,400 service center locations across the United States and Canada. “Pep Boys brings a loyal customer base, deep-rooted market presence across the United States and a distribution network that will meaningfully enhance our supply chain nationwide,” says David Sorbaro, co-CEO of Mavis. “As part …
BUFFALO, N.Y. — Pennrose has broken ground on North Aud Block, a $225 million mixed-use project in Buffalo’s historic Canalside district. Plans call for 251 affordable and market-rate apartments, 18,000 square feet of commercial space, 20,000 square feet of open community space and 137 parking spaces. Developed in partnership with New York State Homes and Community Renewal, the multifamily component will feature one-, two- and three-bedroom floor plans, with 75 percent (187 units) of the residences to be reserved for households earning 80 percent of less of the area median income. The 20,000-square-foot public plaza will include event space with seating, as well as landscaped features, and will connect to KeyBank Center, home to the Buffalo Sabres and Buffalo Bandits. Tentative completion dates for various phases of development were not announced.
NEW YORK CITY — Cushman & Wakefield has arranged a $26.3 million loan for the refinancing of The Bridgeline, a 91-unit apartment building in The Bronx. The 12-story building was completed in 2018 and offers amenities such as a fitness center, a resident lounge and a rooftop terrace. Brad Domenico, Frank Stanislaski and Ethan Thompson of Cushman & Wakefield arranged the two-year, fixed-rate loan through Webster Bank on behalf of the borrower, JCAL Development.
NEW YORK CITY — Nashville-based brokerage firm Matthews has negotiated the $15.2 million sale of a 19,873-square-foot mixed-use building in Lower Manhattan. The five-story building at 158 Lafayette St., which was originally constructed in 1915 and renovated in 2017, was vacant at the time of sale and is zoned to support residential redevelopment. Stephen Dadourian, Brock Emmetsberger and Matthew Gavin of Matthews represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEW YORK CITY — HDR has signed a 74,500-square-foot office lease at 7 Penn Plaza in Midtown Manhattan. The architecture and engineering firm will occupy the 15th, 16th and 17th floors of the 18-story, 357,000-square-foot building, which is located at 370 Seventh Ave. Andrew Wiener and Kyle Young represented the landlord, The Feil Organization, in the lease negotiations on an internal basis.
NEW YORK CITY — Walker & Dunlop has arranged a $228.9 million loan for the refinancing of the Textile Building, a 19-story, 707,181-square-foot office building located at 295 Fifth Ave. in the Midtown South submarket of Manhattan. Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer, Michael Brown, Christopher de Raet and Jack Krentzman of Walker & Dunlop Capital Markets Institutional Advisory arranged the financing on behalf of the owners, a joint venture between PGIM, Tribeca Investment Group and Meadow Partners. A joint venture between Rialto Capital Management LLC and Hines provided the floating-rate, interest-only bridge loan. The Textile Building is more than 100 years old and was originally the heart of New York City’s textile district. In 2019, the building was purchased by the joint venture of PGIM, Tribeca Investment Group and Meadow Partners, which then invested approximately $350 million to convert it into an office building. The redevelopment included adding new 40,000-square-foot flexible floor plates, renovating the lobby, inserting an additional five elevators while modernizing the existing 10, placing a two-story penthouse on top of the original 17 stories and integrating amenities such as a coffee bar, fitness center and bike parking. The Textile Building reopened in 2023 and has since …
NEW YORK CITY — Investment management firm Axonic Capital has arranged a $72 million senior loan for the refinancing of the leasehold interest of 430 Park Avenue, a 19-story office building in Midtown Manhattan. The floating-rate loan was funded through Axonic’s affiliated insurance business. The 295,000-square-foot building occupies a full city block between 55th and 56th streets and was 99 percent leased at the time of the loan closing. Ackman-Ziff Real Estate Group arranged the debt on behalf of the borrower, a joint venture between Oestreicher Properties, Midwood Investment & Development and Marx Realty. Ownership will use a portion of the proceeds to fund future tenant rollover and repositioning costs and renovate the lobby.
ATLANTIC CITY, N.J. — Regional affordable housing owner-operator WinnCos. has begun the $33 million renovation of Garden Court Apartments, a 177-unit affordable housing property in Atlantic City. WinnCos. acquired the 20-building property, which houses 135 one-bedroom units and 42 two-bedroom apartments, in February in partnership with New Jersey-based nonprofit organization Gateway Community Action Partnership. Capital improvements will include upgraded kitchens, bathrooms and flooring in all apartments; new windows, siding, balconies and roofs for all buildings; the installation of new energy-efficient HVAC systems and electrical panels; and new security features. All common areas and amenity spaces will also be upgraded. Completion is slated for next fall.