EASTON, PA. — A partnership between Pennsylvania-based developer Benchmark Real Estate and New York City-based investment firm Regal Ventures has purchased an 85,053-square-foot industrial building in Easton, located in the Lehigh Valley. Constructed on 12.4 acres in 1972, the building at 100 Kuebler Road is located within Forks Industrial Park and houses the global headquarters of Human Active Technology (HAT), a designer and manufacturer of ergonomic workspace solutions. The seller and sales price were not disclosed. The new ownership plans to expand the facility by 70,000 square feet.
EAST WINDSOR, N.J. — Cushman & Wakefield has brokered the $4.7 million sale of a 27,992-square-foot industrial and life sciences building in East Windsor, located outside of Trenton in Central New Jersey. The building at 55 Lake Drive was constructed in 1974 (renovated in 2013) and was vacant at the time of sale. Dan Bottiglieri, Deb Boucher, Jordan Sobel, Andrew Schwartz, Andre Balthazard, Mike Dean and Kate Boyle of Cushman & Wakefield represented the seller, Danish biotechnology company Novonesis, in the transaction. The team also procured the undisclosed buyer.
AVON, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $42 million sale of Avon Woods, a 189-unit apartment complex located on the western outskirts of Hartford. The site spans 47 acres, and the property offers one-, two- and three-bedroom units that range in size from 925 to 1,300 square feet. Residences feature newly renovated kitchens, bathrooms, flooring, lighting and finishes, and amenities include a pool, tennis courts and walking trails. Rick Chozick, Tom Boyle and Steve Pappas of Chozick Realty represented the buyer and seller, both of which requested anonymity, in the transaction.
BINGHAMTON, N.Y. — A subsidiary of Dallas-based Leon Capital Group has provided an equity investment for The Marshall Binghamton, a 516-unit student housing project in upstate New York. The amount was not disclosed, but Leon Capital provided the funds in conjunction with another equity investment in a multifamily property in Nashua, New Hampshire. Combined, the two equity investments total roughly $19 million. The project, which is under construction and slated for a May 2027 delivery, is adjacent to the State University of New York Binghamton campus. The sponsor is Aptitude Development.
NASHUA, N.H. — Colliers has brokered the $6.8 million sale of a 45,650-square-foot industrial flex building in Nashua, located near the Massachusetts-New Hampshire border. According to LoopNet Inc., the building at 4 Bud Way was completed in 1978 and offers a clear height of 16 feet and four exterior dock doors. Andrew Robbins of Colliers represented the seller, Kelley Family Properties, in the transaction. Tyler Ewing of Hunneman represented the buyer, Sticks Investment Group.
Center for Justice Innovation Signs 34,300 SF Office Lease Expansion, Extension in Midtown Manhattan
NEW YORK CITY — The Center for Justice Innovation has signed a 34,300-square-foot office lease expansion and extension at 520 Eighth Avenue in Midtown Manhattan. The nonprofit organization has been a tenant at the 26-story building since 1999 and is relocating from three non-contiguous floors to a portion of the 18th floor and the entire 19th floor via a 20-year extension. Stephen Powers and Jake Cinti of OPEN Impact Real Estate represented the tenant in the lease negotiations. Matthew Mandell represented the landlord, GFP Real Estate, on an internal basis.
By Taylor Williams “People are still spending money.” That’s what Nick Skeparnias, principal at Agora Commercial Realty Partners, a full-service advisory and development firm, identifies as the single-biggest point of optimism about the state of the greater Philadelphia retail market. According to data from the U.S. Commerce Department, U.S. retail sales totaled roughly $774 billion in August, a 1.2 percent increase over the previous month. The Wall Street Journal also reports that spending in discretionary categories of retail, namely electronics and appliances, rose by 1.6 percent in August versus July. And according to both The Journal and Breitbart, the actual volume of retail sales in August exceeded economists’ expectations by anywhere from 40 to 70 basis points. Within Skeparnias’ simple, five-word declarative statement, there’s no question that “still” is the operative term. “Retail is only as good as the money that people have to spend on it,” he elaborates. “So when you consider the biggest concerns for this asset class, there’s nothing specific to retail itself, but issues that are more global. There’s always going to be something at the retail level; first it was e-commerce, then COVID-19. Now we have AI [artificial intelligence], and if that starts taking people’s …
PERTH AMBOY, N.J. — Kurv, the industrial development and investment firm formerly known as Bridge Industrial, is underway on construction of a 471,231-square-foot project in the Northern New Jersey community of Perth Amboy. Kurv Perth Amboy III will feature a clear height of 40 feet, 69 exterior docks, two drive-in doors, 2,550 square feet of office space and parking for 243 cars and 120 trailers. The groundbreaking took place over the summer, and the space is expected to be available for occupancy early next year. CBRE is marketing the building for lease.
NEW YORK CITY — JLL has negotiated the $31 million sale of Kingswood Center, a 226,130-square-foot mixed-use property in Brooklyn’s Midwood neighborhood. Kingswood Center is a three-story building that includes retail space that is anchored by T.J. Maxx in addition to a 257-space parking garage. Ethan Stanton, Michael Mazzara and Brendan Maddigan of JLL represented the seller, Midland Loan Services, in the transaction. Scott Aiese and Alex Staikos, also with JLL, arranged acquisition financing on behalf of the buyer, Bridges Development Group.
NEW YORK CITY — Marcus & Millichap has brokered the $16.6 million sale of 312 Bowery, a 22-unit apartment building in Manhattan’s NoHo neighborhood. The five-story building, which includes a 3,900-square-foot commercial space that is leased to an art gallery, was originally constructed in 1920 and converted to residential use in 2004. John Stewart and Dylan Torey of Marcus & Millichap represented the seller, Bremen House Inc., in the transaction and procured the buyer, Allied Realty & Development Corp.