BANGOR, MAINE — Marcus & Millichap has brokered the $12.4 million sale of a 91,828-square-foot retail building in Bangor, Maine. BJ’s Wholesale Club occupies the building at 110 Longview Drive, which sits on a 13-acre site and was originally constructed in 2002 and renovated in 2015, according to LoopNet Inc. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $8.5 million sale of an eight-unit apartment building in the Williamsburg neighborhood of Brooklyn. According to LoopNet Inc., the building at 150 N. Ninth St. rises four stories and was originally constructed in 1910. Units at the property also recently underwent gut renovations and now feature modern finishes. Alan Stenson of Brax Realty brokered the deal. The buyer and seller were not disclosed.
FARMINGDALE, N.Y. — Chicago-based investment firm Venture One Real Estate has purchased a 50,043-square-foot industrial building in Farmingdale, located on Long Island. The building at 220 Sherwood Ave. features suites that range in size from 11,373 to 25,383 square feet, as well as four exterior docks, four drive-in doors and a 155-foot truck court. David Pennetta, Stephen Cadorette and Tom DeLuca of Cushman & Wakefield represented the undisclosed seller in the transaction.
MADISON, N.J. — Riker Danzig LLP has signed a 45,500-square-foot office headquarters lease in the Northern New Jersey community of Madison. The law firm is relocating from nearby Morristown to Giralda Farms, a 1.3 million-square-foot corporate campus. Marc Rosenberg of Cushman & Wakefield represented the tenant in the lease negotiations. Joshua Cohen and Bill Brown, also with Cushman & Wakefield, represented the landlord, a partnership between Bergman Real Estate Group and Eightfold Real Estate Capital.
NEW YORK CITY — Walker & Dunlop has arranged a $158 million construction loan for an 83-unit multifamily project in Manhattan’s Turtle Bay neighborhood. The 26-story building at 401 E. 51st St. will feature for-sale condominium residences, with units to be offered in studio, one-, two-, three-and four-bedroom floor plans. The building will also house a five-bedroom penthouse. Amenities will include a fitness center, resident lounge and a private dining area. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Reimer and Sean Bastian of Walker & Dunlop arranged the financing through TYKO Capital on behalf of the borrower, CBSK Developers.
MONROEVILLE, PA. — CBL Properties, a shopping center REIT based in Tennessee, has sold Monroeville Mall, a 1.2 million-square-foot, 186-acre regional shopping and dining destination located roughly 20 miles east of Pittsburgh. According to the Pittsburgh Post-Gazette, the buyer was Walmart. The sales price was $34 million. Macy’s, Dick’s Sporting Goods and JCPenney anchor Monroeville Mall, which is also home to tenants such as Barnes & Noble, Cinemark Theatres, Guitar Center and Best Buy. Dallas-based Cypress Equities will manage and lead redevelopment efforts for the property on behalf of Walmart. JLL represented CBL in the transaction, and Tom Flynn of CBRE represented Walmart.
LANGHORNE, PA. — Florida-based investment firm ESJ Capital Partners has purchased a portfolio of nine medical office buildings totaling 152,310 square feet in Langhorne, located northeast of Philadelphia, for $16 million. The portfolio was roughly 70 percent leased at the time of sale to tenants such as Quest Diagnostics, DaVita, LabCorp and the American Red Cross. The new ownership plans to invest in capital improvements across the portfolio, including upgrading HVAC systems, adding new roofing, updating wayfinding signage and modernizing vacant spaces. Michael Margolis, David Dolan and Angelo Brutico of Newmark represented the seller, SkyREM, in the transaction.
PHILADELPHIA — FS Investments has signed a 117,000-square-foot office headquarters lease in the Schuylkill Yards mixed-use development in Philadelphia. The locally based alternative asset manager will relocate and expand from an 80,000-square-foot space at the Philadelphia Navy Yard, where it has been a tenant since 2015, to the mixed-use building at 3025 JFK Blvd. Tactix Real Estate Advisors represented FS Investments in the negotiations for the 16-year lease. The landlord, locally based REIT Brandywine Realty Trust, was self-represented.
NORTH ANDOVER, MASS. — Marcus & Millichap has brokered the $4.8 million sale of a 30,855-square-foot industrial flex building located outside of Boston in North Andover. Completed in 1997, the building at 45 Beechwood Drive features 11,500 square feet of office space and 19,355 square feet of warehouse space, as well as two loading docks, one drive-in bay and a clear height of 14 feet. Mattias Edenkrans, Harrison Klein and Luigi Lessa of Marcus & Millichap represented the seller and procured the buyer, both of which were private entities that requested anonymity, in the transaction..
They may not be ready to do cartwheels and pop champagne, but when it comes to business expectations for 2025, commercial real estate professionals in the Northeast have a decidedly brighter outlook than in recent years. The last two years have been defined by barriers to economic growth on numerous levels. Pick your post-COVID geopolitical or macroeconomic poison — stubborn inflation, crushing interest rate hikes, multiple wars, restarting of global supply chains — all culminating with an incredibly heated U.S. presidential election. Is it any wonder that “survive till ’25” became the rallying cry of the commercial real estate industry? And while 2025 has arrived, the election has been decided and the Federal Reserve has strung together a series of small, yet meaningful cuts to short-term interest rates, the hangover from the aforementioned disruptors has not fully evaporated. Donald Trump’s return to the Oval Office brings a fresh slate of questions about how certain policies — namely tariffs and mass deportations, will impact business at both the national and local levels. And the expectation-smashing December jobs report proved sufficient to immediately pause the Fed’s would-be pattern of rate cuts. And it’s only been one month. As such, cautious optimism is …