NEW JERSEY — The Goldstein Group has completed nine leases in New Jersey on behalf of convenience store chain 7-Eleven. The leased locations range in size from 2,400 to 3,200 square feet. The addresses of the new stores are 11-13 Tenafly Rd. in Englewood, Route 17 and Essex Street in Lodi, 150 Main St. in Lodi, 114 Bloomfield Ave. in Montclair, 287 Bloomfield Ave. in Verona, 533 Sayre Ave. in Perth Amboy, 6004 Bergenline Ave. in West New York, 17 Franklin Turnpike in Mahwah, and 158 Woodbury Rd. in Hicksville. The leases are part of an aggressive expansion campaign 7-Eleven has launched in New Jersey.
Northeast
MT. KISCO, N.Y. — Scarsdale, N.Y.-based Goldschmidt & Associates has brokered several sale and lease transactions in Mt. Kisco. First, the company completed the sale of 19 East Main Street, which contains 12 apartments and two retail stores. The property was fully occupied at the time of closing. It was purchased by a local investor for $3.2 million. In addition, a local operator acquired 117 Smith Avenue, a 3,000-square-foot, commercially zoned house, for $500,000. The property had formerly been used as a pediatrician’s office and will be converted to a non-medical use by the new owner. Community Mutual Savings Bank also leased 3,000 square feet at 16 S. Bedford Ave. Finally, Q Restaurant and Mt. Kisco Liquor & Wine leased a total of 5,300 square feet at 487 Main St. Eric Goldschmidt of Goldschmidt & Associates was the sole broker in the first three transactions. Joshua Jacobs, also of Goldschmidt & Associates, represented the landlord in Q Restaurant and Mt. Kisco Liquor & Wine’s leases.
KING OF PRUSSIA AND EXTON, PA. — Philadelphia-based BPG Properties has leased 89,817 square feet of office space at Executive Terrace, the company’s Class A office building located in King Of Prussia, to Fiserv Automotive Services. The long-term lease almost doubles the amount of space Fiserv occupies within the four-story, 131,057-square-foot building. The occupancy rate for Executive Terrace is now 91 percent. Phil McCarthy and Kevin McShea of Transwestern represented the tenant. The landlord was represented by John Perkins of Grubb & Ellis. As part of the transaction, an affiliate of BPG will acquire 1250 Drummers Lane, a three-story, 58,000-square-foot office building located in Exton. The Class A building is currently owned and occupied by USERS, a division of Fiserv. USERS plans to relocate to Executive Terrace in the fourth quarter of this year. Perkins will handle leasing for this property as well.
NEW YORK CITY — One Brooklyn Bridge Park, a 438-unit residential building located in Brooklyn, New York City, that was completed in March, has received a 2-year loan extension. In a statement, R.A.L. Companies & Affiliates, the developer of the project, said the extension will allow the company to meet its obligations to its residents, and to fund common charges and real estate taxes on unsold units within the project. R.A.L. has also announced a new pricing structure for the residences. The listing price has been lowered as much as 20 percent, with studio loft units now starting at $545,000. In addition, up to 25 percent of the project’s residences will be marketed as rental units, and some of them will be marketed as rent-to-own. Monthly rents will start at $1,875 for studios and $2,800 per month for one-bedroom units. One Brooklyn Bridge Park is located at 360 Furman St. It comprises the redevelopment of the former Brooklyn Heights distribution center into a residential community. The project is located within the 85-acre Brooklyn Bridge Park, a waterfront public park that is currently under construction along the East River.
MAHWAH, N.J. — NAI James E. Hanson has negotiated a major land lease for the construction of a 111-room Hampton Hilton Hotel in Mahwah. Anthony Cassano of NAI James E. Hanson represented both the landlord, Barn Village Music, and the lessee, OTO Development / Palmetto Hospitality of Mahwah in the negotiations. The leased space is located at 280 D Route 17 South and sits on a 123,816-square-foot lot. NAI Hanson's Peter Cohen also assisted in the deal. Construction has already begun on the hotel.
RHAWNHURST, ORANGE, RAHWAY AND UNION CITY, N.J. — Gebroe-Hammer has closed multiple multifamily sales in New Jersey totaling $6.4 million. In Rhawnhurst, Eli Rosen of Gebroe-Hammer represented both the buyer and seller in the sale of Loretta Arms Apartments. Sold for $1.43 million, the two-and-a-half-story apartment complex features 30 units comprised of a mix of studio and one-bedroom units. David Oropeza, David Jarvis and Greg Pine of Gebroe-Hammer closed the $1.18 million sale of 245 Reynolds Terr. in Orange. Situated in close proximity to the Garden State Parkway, the 17-unit facility features 11 two-bedroom units and six one-bedroom units. In Rahway, Avi Oren and Steven Tenenbaum, also of Gebroe-Hammer, brokered the $600,000 sale of 1300 Fulton St. in Rahway. The new owner plans to upgrade the kitchens and bathrooms throughout the property. In addition, the firm closed three sales totaling $3.2 million in Union City. The sale comprised a combined total of 47 units.
NEW YORK CITY — Perkins + Will has expanded its lease at 215 Park Avenue South in Manhattan, New York City, to 40,260 square feet. The firm was operating from 16,500 square feet on the fourth floor with an additional 7,260 on the 18th floor. It has now subleased an additional 16,500 square feet on the entire sixth floor from immigration attorneys Binder & Binder until 2015 (following which it will become a direct lease), and extended its fourth floor lease to become co-terminus with the expiration of the sixth floor. Howard Tenenbaum and Gary Rosen represented both the landlord, SL Green, and Perkins + Will in the transaction. Situated in the heart of Union Square at 18th Street, 215 Park Avenue South is a 300,000-square-foot property that spans 20 stories.
NEW YORK CITY — Faris Lee Investments has opened a new office at 711 3rd Avenue in Manhattan, New York City. The expansion is a move to increase its presence on the East Coast and grow its market share. Richard Berlinghof will head up the new office as principal. In his new position, Berlinghof will help build relationships with financial institutions on the East Coast, as well as analyze and advise on distressed assets, portfolios and loans. Berlinghof has more than 23 years of commercial real estate experience encompassing lending, acquisitions, investment sales and mortgage banking.
JERSEY CITY, N.J. — Hasbrouck Heights, N.J.-based DMR Architects has been selected for an interior rehabilitation project at Mercury, the second phase of the Beacon mixed-use project, located in Jersey City. DMR’s work at Mercury will convert the interior of the 17-story building into 25 live/work artist’s lofts. The luxury units will take up between a half floor and full floor of the building in sizes that range from 3,000 to 6,000 square feet. The exterior restoration work for Mercury has already been completed. In addition, DMR will provide design services for the adjacent Paramount building project. The 22-story building will include 208 residential units, a gym spanning the entire basement level of the building, and a historically preserved theater. Beacon consists of the historic redevelopment of the former Jersey City Medical Center. The project, which is being undertaken by New York City-based Metrovest Equities, will ultimately include 1,200 residential units, parks, retail shop space, screening rooms and a museum devoted to the former medical center.
NEW YORK CITY — San Francisco-based Shorenstein Properties has selected New York City-based Aragon Properties to complete nine pre-built office suites totaling 47,000 square feet at two of its midtown Manhattan office buildings. The majority of work will take place at 850 Third Avenue, Shorenstein’s 21-story office tower. Aragon will build out five units on the 16th floor that will total 23,400 square feet and range in size from 3,300 to 6,900 square feet. Completion is scheduled for July. In April, Shorenstein delivered three built-out suites on floors 10 and 21 of the same building. Each of the pre-built suites will feature a reception area, an open area for workstations, at least one conference room and a minimum of four private offices. The spaces are designed to appeal to a wide range of tenants and when leases are signed, Shorenstein will order modifications of the spaces to suit the tenant’s needs.