NEW YORK CITY — Yaupon Capital Management has signed a 6,917-square-foot office lease at 340 Madison Avenue in Manhattan. The investment management firm is taking space on the third floor of the 750,000-square-foot building. Ben Friedland and Hugh McDonald of CBRE represented the tenant in the lease negotiations. Paul Glickman, Matt Astrachan, Cynthia Wasserberger, Dan Turkewitz and Harrison Potter of JLL, along with internal agents William Elder and Andrew Ackerman, represented the landlord, RXR.
Sometimes smaller is better. “Sometimes” is of course the operative term in that controversial and wholly non-salacious statement. But in the context of industrial real estate, it’s becoming increasingly clear that at this point in the cycle, smaller buildings make more sense for developers to deliver as e-commerce and distribution users actively consolidate their footprints. “Most leases in New Jersey and Pennsylvania over the last 12 months were for less than 500,000 square feet, with 50,000 to 200,000 square feet being the ‘sweet spot,’ for leasing,” says Anthony Amadeo, executive vice president at New Jersey-based developer Woodmont Industrial Partners. “There is strong demand [for that product type], but other developers are now building it too, so we’re going to see some elevated competition in that space.” This activity is occurring across the country in varying degrees. But in markets like New Jersey and Eastern Pennsylvania, where sites that can support large-scale developments are extremely scarce and entitlement and permitting processes tend to be long and arduous, the trend is perhaps even more pronounced. Yet those longstanding characteristics of the Garden State and Lehigh Valley industrial markets are only partial reasons as to why new developments and deals are effectively downsizing. …
WEBSTER, N.Y. — The Coca-Cola Co. (NYSE: KO) has broken ground on a $650 million production facility for its dairy brand Fairlife in the Central New York community of Webster, located just west of Rochester. About 250 people are expected to work at the 745,000-square-foot facility, which will source from local milk co-operatives to produce its line of dairy-based beverages before distributing them to retailers across the region. Completion is slated for the fourth quarter of 2025. Empire State Development provided $21 million in assistance for the project through the performance-based Excelsior Jobs Tax Credit Program in exchange for job creation commitments. The Atlanta-based soft drink giant acquired Fairlife in 2020.
REVERE, MASS. — A partnership between National Real Estate Advisors, Cathexis and The HYM Investment Group has begun leasing Amaya, a 475-unit multifamily project located in the northeastern Boston suburb of Revere. Designed by ICON Architecture, the project is part of the redevelopment of the 161-acre former Suffolk Downs racetrack and houses 24,000 square feet of ground-floor retail space. Units come in studio, one- and two-bedroom floor plans. Amenities include a pool, landscaped courtyards, an outdoor kitchen with grilling stations, fitness center and a game room with an arcade. Ullico, a Washington, D.C.-based insurance company, financed construction of the project. Rents start at roughly $2,400 per month for a studio apartment.
NASHUA, N.H. — Can-One USA has opened a 180,000-square-foot beverage container manufacturing plant in Nashua, located near the New Hampshire-Massachusetts border. The facility will provide cans for an array of beverage types, including beer, soft drinks, juices and sparkling waters, allowing the company to reach production outputs of more than 2 billion aluminum beverage cans annually. Locally based design-build firm PROCON handled architectural and general contracting duties for the project. The Kane Co. developed the property.
ASTON, PA. — Walker & Dunlop Investment Partners has provided $6.2 million in equity for a 100,000-square-foot industrial project that will be located at 48 Chichester Ave. in Aston, a western suburb of Philadelphia. According to LoopNet Inc., the project will feature a clear height of 36 feet, 10 exterior dock doors and 2,500 square feet of office space. The name of the developer was not disclosed.
Four Food-and-Beverage Users, Two Retailers to Join Roster at Tuscan Village in Salem, New Hampshire
SALEM, N.H. — Four new food-and-beverage users and two retailers have joined the tenant roster at Tuscan Village, a mixed-use destination in Salem that is a redevelopment of the former Rockingham Park horseracing complex. Shake Shack, Tavern in the Square, Sweetgreen and The Capital Grille, as well as retailers Drybar and West Elm, have all chosen Tuscan Village for their first locations in New Hampshire. Tentative opening dates were not disclosed.
HOBOKEN, N.J. — Madison Realty Capital has provided $97 million in financing for a project in the Northern New Jersey community of Hoboken that will convert a five-story industrial building into a 110-unit multifamily complex. The new multifamily building will rise nine stories, feature for-sale units and include 50,000 square feet of retail space and a 300-space parking garage. Units will come in one- through five-bedroom floor plans, and amenities will include a pool, fitness center, clubroom, lounge and grilling areas. Construction is underway and slated for a third-quarter 2025 completion. The borrower is Taurasi Group.
WHITE RIVER JUNCTION, VT. — CBRE has brokered the $19 million sale of two adjacent hotels in White River Junction, located along the Vermont-New Hampshire border. The 77-room Holiday Inn Express & Suites and the 110-room White River Inn & Suites are both located at the intersection of Interstates 89 and 91. The Larkin Family Partnership sold the properties to Giri Hotel Management LLC. Dave McElroy, Scott Hutchinson and Tyler Black of CBRE brokered the deal on behalf of both parties.
NORWOOD, N.J. — Locally based brokerage firm Resource Realty has arranged a 71,870-square-foot industrial lease in the Northern New Jersey community of Norwood. Locally based firm Alfred Sanzari Enterprises owns the building at 335 Chestnut St., which totals 111,424 square feet and was built in 1969, according to LoopNet Inc. Dan Whitehead of Resource Realty negotiated the deal on behalf of the tenant, footwear products manufacturer OrthoFeet Inc.