Northeast

Ariel Property Advisors Negotiates $29.5M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams September 21, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $29.5 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site at 125 Third St. can support 101,852 buildable square feet, and the buyer plans to construct a 14-story, 130-unit building with ground-floor commercial space. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel Property Advisors represented the undisclosed seller in the transaction. Daniel O’Brien and Caroline Hodes of Cushman & Wakefield represented the buyer.

September 21, 2023

Industrial Leasing Activity New Jersey Northeast

CBRE Secures 63,902 SF Industrial Lease in Kearny, New Jersey

by Taylor Williams September 21, 2023

KEARNY, N.J. — CBRE has secured a 63,902-square-foot industrial lease in the Northern New Jersey community of Kearny. The site at 20 Basin Drive is situated within the four-building Kearny Point Industrial Park. Kevin Dudley, Nicholas Klacik, Chad Hillyer and Kate Granahan of CBRE represented the landlord, New York City-based Hugo Neu Corp., in the lease negotiations. Jimo Liu with Avison Young represented the tenant, logistics firm Global Courier Express.

September 21, 2023

Leasing Activity New York Northeast Office

LaCoste USA Signs 18,364 SF Office Lease at 136 Madison Avenue in Midtown Manhattan

by Taylor Williams September 21, 2023

NEW YORK CITY — LaCoste USA has signed an 18,364-square-foot office lease at 136 Madison Avenue in Midtown Manhattan. The French apparel and accessories retailer will occupy the entire penthouse floor of the 17-story, 300,000-square-foot building. Eric Deutsch, Jared Freede and Anthony Manginelli of CBRE, in conjunction with internal agent Freddie Majid, represented Lacoste USA in the lease negotiations. Mac Roos, Andrew Roos, Michael Cohen and Jessica Verdi of Colliers represented the landlord, Williams Equities. The move-in is scheduled for the second quarter of next year.

September 21, 2023

Loans Multifamily Northeast Pennsylvania

Scope Capital Arranges $16M in Financing for Philadelphia Multifamily Complex

by Taylor Williams September 20, 2023

PHILADELPHIA — Scope Capital has arranged $16 million in bridge-to-HUD financing for The Washington, a newly built multifamily complex in Philadelphia’s Kensington neighborhood. The Washington will offer 72 units in one- and two-bedroom formats with an average size of 881 square feet. Amenities will include a fitness center, business center and a rooftop deck, as well as ground-floor commercial space. An undisclosed regional bank provided the three-year, interest-only loan to the borrower and developer, Philadelphia-based Trinity Realty Cos.

September 20, 2023

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $5.2M Sale of Boston Apartment Building

by Taylor Williams September 20, 2023

BOSTON — Marcus & Millichap has brokered the $5.2 million sale of Beals Street Apartments, a nine-unit multifamily building in Boston’s Brookline neighborhood. Constructed in 1909, Beals Street Apartments features six condo-style, two-bedroom residences and three studio apartments. Matthew Pierce of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction and procured the buyer, a limited liability company. Both parties requested anonymity.

September 20, 2023

Acquisitions Connecticut Multifamily Northeast Retail

CBRE Negotiates $5.1M Sale of Apartment, Retail Building in Greenwich, Connecticut

by Taylor Williams September 20, 2023

GREENWICH, CONN. — CBRE has negotiated the $5.1 million sale of a commercial building in Greenwich, located in southern coastal Connecticut, that consists of four apartments and two retail spaces. The building was constructed in 2016 and was fully occupied at the time of sale, with Club Pilates and Estate Treasures of Greenwich serving as the retail tenants. Jeffrey Dunne, David Gavin, Stuart MacKenzie, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller, Marx Realty, in the transaction. CBRE also procured the buyer, a Connecticut-based private investor.

September 20, 2023

Leasing Activity New York Northeast Office

Newmark Secures 31,916 SF Office Lease Expansion, Renewal in Manhattan’s Plaza District

by Taylor Williams September 20, 2023

NEW YORK CITY — Newmark has secured a 31,916-square-foot office lease expansion and renewal at 1350 Avenue of the Americas, a 35-story, 601,330-square-foot building in Manhattan’s Plaza District. The footprint of the tenant, reinsurance brokerage firm Howden Tiger, now includes its currently occupied 13,287 square feet on the entire 33rd floor and the addition of 18,629 square feet on the entire 34th and penthouse floors. Leo Paytas of Newmark represented Howden Tiger in the lease negotiations. Howard Tenenbaum and Gary Rosen internally represented the landlord, SL Green.

September 20, 2023

Industrial Leasing Activity Northeast Pennsylvania

Wellis USA Signs 22,000 SF Industrial Lease in Langhorne, Pennsylvania

by Taylor Williams September 20, 2023

LANGHORNE, PA. — Wellis USA, a manufacturer of luxury hot tubs, has signed a 22,000-square-foot industrial lease in Langhorne, a northeastern suburb of Philadelphia. The building at 181 Wheeler Court sits on 7.4 acres, totals 100,055 square feet and features a clear height of 24 feet. Frank Roddy of locally based brokerage firm Roddy Inc. represented the tenant in the lease negotiations. Andrew McGhee of Colliers represented the landlord, an affiliate of Los Angeles-based Ares Management Corp. (NYSE: ARES).

September 20, 2023

Acquisitions Northeast Retail Rhode Island

ShopOne, Pantheon Acquire 112,497 SF Shopping Center in Rhode Island

by Taylor Williams September 19, 2023

NORTH PROVIDENCE, R.I. — A joint venture partnership between ShopOne Centers REIT, Pantheon and an undisclosed global institutional investor has acquired North Providence Marketplace, a 112,497-square-foot retail center located in North Providence. Shaw’s Supermarket anchors the property, which was 88 percent occupied at the time of sale. Other tenants include Dollar Tree, Rainbow, H&R Block and Sally Beauty Supply. Shaw’s also features an in-store Starbucks Coffee. Justin Smith, Chris Peterson and Sam Koonce of Atlantic Capital Partners represented the undisclosed seller in the deal.

September 19, 2023

Acquisitions Massachusetts Multifamily Northeast

Cushman & Wakefield Brokers $20M Sale of Boston Apartment Building

by Taylor Williams September 19, 2023

BOSTON — Cushman & Wakefield has brokered the $20 million sale of a 16-unit apartment building located at 37-43 Temple Place in Boston. The five-story building, which was most recently renovated in 2008, houses two-, three- and four-bedroom units and 4,950 square feet of retail space that is fully leased. Bruce Lusa, Chris Sower, Jon Bryant, John Flaherty, Kevin Jones, Mary VanNatta and Julie Regan of Cushman & Wakefield represented the seller, 3MJ Realty LLC, in the transaction. The buyer was SC Alpha Inc.

September 19, 2023

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