HARRISON, N.J. — A partnership between two local firms, Ironstate Development Co. and Pegasus Group, has completed the renovation of the 138-room Element Harrison-Newark hotel in Northern New Jersey. The hotel, which operates under the Marriott family of brands, now features redesigned guestrooms with kitchenettes, rainfall showers and windows that maximize natural light. In addition, the renovation involved equipping meeting/event spaces with new furnishings and technological infrastructure and upgrading the fitness center. The project team also added a new food-and-beverage concept.
HAINESPORT, N.J. — New Jersey-based developer Walters is underway on construction of a 73-unit affordable housing project in Hainesport, located outside of Philadelphia. Cornerstone at Hainesport will consist of six buildings that will house one-, two- and three-bedroom units that will be reserved for households earning 60 percent or less of the area median income. Amenities will include a basketball court, children’s play area and a clubhouse with computer workstations. The first units are expected to be available for occupancy by December.
NEW YORK CITY — Gymshark has signed a 15,000-square-foot retail lease in Manhattan’s NoHo district. The British fitness apparel and accessories retailer will occupy the entirety of the building at 11 Bond St., which was originally constructed in 1913, for its flagship U.S. store. Joel Stephen of CBRE represented Gymshark, which plans to open later this year, in the lease negotiations. Brandon Singer of Retail by MONA represented the landlord, RFR.
Sycamore Partners Agrees to Acquire, Privatize Drugstore Giant Walgreens in Multibillion-Dollar Deal
DEERFIELD, ILL. AND NEW YORK CITY — Walgreens Boots Alliance (Nasdaq: WBA) has entered into a definitive agreement to be acquired by an entity affiliated with private equity firm Sycamore Partners. The total value of the transaction is $23.7 billion, according to WBA, including an equity value of $10 billion, as well as debt, capital leases and potential future payouts from the opioid and Everly Health Solutions COVID-19 testing settlements. Upon completion of the transaction, which is expected to close in the fourth quarter of 2025, WBA common stock will be delisted from the Nasdaq Stock Market. WBA will continue to operate as a private company under Walgreens, Boots and its portfolio of consumer brands, and also will maintain its headquarters in Deerfield. The per-share price is valued at $11.45, which represents a premium of up to 63 percent over the WBA closing share price of $8.85 on Dec. 9, 2024, the day before reports came out about a potential sale. Under the terms of the agreement, WBA shareholders will also receive one non-transferable divested asset proceed right (i.e. DAP right) to receive up to $3.00 per WBA share from the future monetization of WBA’s debt and equity interests in …
NEW YORK CITY — A partnership between airline JetBlue (NASDAQ: JBLU), The Port Authority of New York & New Jersey and aviation facilities and operations manager Fraport USA has unveiled plans for the redevelopment of Terminal 5 at JFK International Airport in New York City. The redevelopment, which is part of a larger $19 billion overhaul of the airport, will include the addition of more than 40 new concessions and new amenities, such as art installations. The project team will also redesign the center concourse to pay homage to New York parks via greenery, benches and concrete chess tables. The redesigned center concourse will also feature a dedicated space for pop-up experiences, interactive events and live performances. The first new concessions are expected to open throughout 2025, with terminal improvements slated for full completion by the end of 2026. Today, about 165 JetBlue flights and 35,000 travelers pass through Terminal 5, which opened in 2008 and was expanded in 2014. The project follows the redevelopment of Terminal 6, which carries a price tag of $4.2 billion.
NASHUA, N.H. — Las Vegas-based gaming operator ECL Entertainment has opened the 130,000-square-foot Nash Casino in Nashua, located near the Massachusetts-New Hampshire border, according to reports from local publications such as The Boston Globe and Sentinel & Enterprise. The Globe reports that the Nash Casino is housed within the former Sears building at Pheasant Lane Mall and features 1,000 gaming machines, three restaurants, two additional bars and a four-bay Topgolf Swing Suite simulator. Project partners included general contractor Dimeo Construction Co., architect Perkins Eastman, FEA Consulting Engineers and Wayne J. Griffin Electric.
EAST STROUDSBURG, PA. — Marcus & Millichap has brokered the $12.6 million sale of a 40,000-square-foot healthcare building in East Stroudsburg, located about 100 miles north of Philadelphia. The building at 125 Smithfield Lane is an outpatient facility for St. Luke’s Health System and is located within the 120-acre Smithfield Gateway mixed-use development. The tenant has invested more than $3 million in the build-out of the space since taking occupancy, and the lease includes 13.5 years of remaining term with two five-year renewal options. Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEWARK, N.J. — Eastern Union has arranged an $11 million loan for the refinancing of The BLVD, a 71,000-square-foot mixed-use building in Newark. The BLVD is an adaptive reuse of a former office building and is currently under construction. The borrower, Mid-Atlantic Investment Alliance, is converting the property into a 40-unit multifamily building with ground-floor commercial space, with eight units to be designated as affordable housing. Residential amenities will include a rooftop deck, party and game room and a fitness center. Chaim Greenfield, Joseph Sasson and Alex Jaffa of Eastdil Secured arranged the 24-month loan through an undisclosed lender.
MILLBURN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4 million sale of a 15-unit apartment complex in the Northern New Jersey community of Millburn. The three-story building at 357 Millburn Ave. was originally constructed in 1927 and houses 11 one-bedroom units and four two-bedroom units that were fully occupied at the time of sale, as well as four retail spaces. Jeff Squires of Kislak represented the seller, P&D Partners LP, in the transaction and procured the buyer, an entity doing business as Walton Millburn LLC.
ELMWOOD PARK, N.J. — MLB Network has signed a 207,000-square-foot, full-building lease in the Northern New Jersey community of Elmwood Park. The baseball broadcasting company will relocate its entire operation from nearby Secaucus, where it has operated for the past 16 years, to the newly constructed building at 25 Market Street, with plans to take occupancy before the 2028 season. Scott Gottlieb, Brendan Herlihy, Greg Barkan and Elliot Bok of CBRE represented MLB Network in the lease negotiations. Rob Kossar, David Knee, Ignatius Armenia, Chris Hile and Ryan Milanaik of JLL represented the owner, Crow Holdings Development.