Northeast

RK Centers Acquires 415,404 SF Retail Power Center in Attleboro, Massachusetts

by Taylor Williams October 2, 2023

ATTLEBORO, MASS. — RK Centers, an owner-operator with offices in New England and South Florida, has acquired Bristol Place, a 415,404-square-foot retail power center located south of Boston in Attleboro. The center sits on a 45.5-acre site along State Route 1A and is home to tenants such as grocer Market Basket, Home Depot, T.J. Maxx, Burlington, Hobby Lobby, Edge Fitness, Bob’s Discount Furniture and Party City. Nat Heald of CBRE represented the seller, an affiliate of Unison Realty Partners, in the transaction. RK Centers will rebrand the property, which was 96 percent leased at the time of sale, as RK Bristol Place.

October 2, 2023

Loans Massachusetts Northeast Office

JLL Arranges $27M Loan for Refinancing of Metro Boston Office Building

by Taylor Williams October 2, 2023

QUINCY, MASS. — JLL has arranged a $27 million loan for the refinancing of One Heritage Drive, a 172,849-square-foot office building located in the southern Boston suburb of Quincy. The building is fully leased to Granite Telecommunications. Jonathan Schneider led the JLL team that arranged the five-year, fixed-rate loan through Metro Credit Union on behalf of the borrower, regional development and investment firm FoxRock Properties. A portion of the proceeds will be used to fund capital improvements.

October 2, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Negotiates $5M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams October 2, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5 million sale of a multifamily development site in the Cobble Hill area of Brooklyn. The site at 232 Smith St. allows for 10,000 square feet of buildable space that will include retail usage. Sean Kelly, Nicole Daniggelis, Stephen Vorvolakos, Shimon Shkury and Victor Sozio of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also not disclosed.

October 2, 2023

Development Multifamily New Jersey Northeast

Paramount Assets Completes 35-Unit Adaptive Reuse Project in Plainfield, New Jersey

by Taylor Williams October 2, 2023

PLAINFIELD, N.J. — Paramount Assets, a Newark-based development and management firm that specializes in restoring historic buildings and urban redevelopment projects, has completed Frontier Flats in downtown Plainfield. The building is an adaptive reuse of the former Rosenbaum’s Department Store, which opened in 1927 and closed in the mid-1980s. Frontier Flats now offers 35 market-rate units, an interior courtyard and retail space. The community is currently more than 60 percent leased.

October 2, 2023

Leasing Activity New York Northeast Office

Canvas Worldwide Signs 18,000 SF Office Lease in Manhattan’s Hudson Square

by Taylor Williams October 2, 2023

NEW YORK CITY — Marketing and media agency Canvas Worldwide has signed an 18,000-square-foot office lease at One Hudson Square, a 1 million-square-foot building in Manhattan. The building was originally constructed in 1929 and offers a newly renovated lobby, outdoor amenity terrace and a coffee shop. Nick Farmakis of Savills represented the tenant in the lease negotiations. David Falk, Pete Shimkin, Jonathan Fanuzzi, Jon Franzel and Brittany Silver of Newmark represented the landlord, Hudson Square Properties.

October 2, 2023

Development New York Northeast Office

SL Green Completes Redevelopment of 1.4 MSF Office Building in Midtown Manhattan

by Taylor Williams September 29, 2023

NEW YORK CITY — A joint venture led by SL Green Realty Corp. (NYSE: SLG) has completed the redevelopment of One Madison Avenue, a 27-story, 1.4 million-square-foot office building in Midtown Manhattan. As part of the project, the development team demolished the existing office building down to the ninth floor and constructed 17 new floors above. One Madison Avenue now features oversized roof terraces with entertainment sky gardens and an 11,000-square-foot roof deck that connects to a 7,000-square-foot, tenant-only amenity space known as “The Commons.” The newly transformed office tower will also eventually house a steakhouse by Michelin-starred chef Daniel Boulud. Multiple tenants have already committed to the building, including Franklin Templeton (347,474 square feet), IBM (328,000 square feet) and Chelsea Piers Fitness (55,780 square feet).

September 29, 2023

Acquisitions New Jersey Northeast Office

American Equity Partners Acquires Jersey City Office Building for $46M

by Taylor Williams September 29, 2023

JERSEY CITY, N.J. — American Equity Partners has acquired Harborside 6, a 200,000-square-foot office building in Jersey City, for $46 million. The building is situated within a larger waterfront development known as Harborside that was originally developed by Veris Residential (NYSE: VRE), then known as Mack-Cali Corp. The building can support traditional office tenants as well as healthcare, studio production and creative office users. A Whole Foods Market also recently opened on the building’s ground floor. American Equity Partners has appointed Newmark as the leasing agent.

September 29, 2023

Development Industrial Loans Northeast Pennsylvania

CIT Provides $44M Construction Loan for Northeast Philadelphia Industrial Project

by Taylor Williams September 29, 2023

PHILADELPHIA — CIT, a division of First Citizens Bank, has provided a $44 million construction loan for a 287,218-square-foot industrial project that will be located at 2121 Wheatsheaf Lane in northeast Philadelphia. The facility will feature a clear height of 40 feet, 36 dock doors, two drive-in doors and parking for 65 trailers and 258 cars. The borrower and developer, Greek Real Estate Partners, acquired the site in spring 2021 and subsequently demolished the existing structure. Delivery of the new facility is slated for the first quarter of 2025. JLL has been tapped as the leasing agent.

September 29, 2023

Leasing Activity New Jersey Northeast Office

Sanofi Signs 16,903 SF Office Lease in Morristown, New Jersey

by Taylor Williams September 29, 2023

MORRISTOWN, N.J. — Sanofi has signed a 16,903-square-foot office lease at 21 South St. in the Northern New Jersey community of Morristown. The 43,691-square-foot building was constructed in 1911 as a bank. The move corresponds with the global pharmaceutical company relocating its headquarters to the nearby M Station West development. That larger relocation is expected to bring about 1,900 Sanofi employees to Morristown, while about 70 people within the consumer healthcare division will work in this newly leased space. The Hampshire Cos. owns 211 South Street.

September 29, 2023

Acquisitions Industrial New Jersey Northeast

Dalfen, Centerbridge Acquire Industrial Outdoor Storage Facility in Old Bridge, New Jersey

by Taylor Williams September 29, 2023

OLD BRIDGE, N.J. — Dallas-based development and investment firm Dalfen Industrial and private investment management group Centerbridge Partners have acquired a 6.9-acre industrial outdoor storage facility in Old Bridge, about 40 miles south of Manhattan. At the time of sale, the property was fully leased to two tenants that utilize the site for truck and trailer storage. Dalfen acquired the facility in conjunction with a 4.1-acre trailer storage yard in California’s Inland Empire. The seller and sales price were not disclosed.

September 29, 2023

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