Northeast

Cushman & Wakefield Arranges $30M Loan for Refinancing of Queens Office Complex

by Taylor Williams July 31, 2023

NEW YORK CITY — Cushman & Wakefield has arranged a $30 million loan for the refinancing of Brewster LIC, a 700,000-square-foot office complex located at 27-01 Queens Plaza North in the borough’s Long Island City area. The property, which is currently undergoing a capital improvement program, was 72 percent leased at the time of the loan closing to JetBlue and Amaris. Amenities include a fitness center, conference center, terraces and a designated food-and-beverage facility. Gideon Gil, Lauren Kaufman and Dale Braverman of Cushman & Wakefield arranged the debt through Apple Bank on behalf of the borrower, Brause Realty.

July 31, 2023

Acquisitions New Hampshire Northeast Restaurant Retail

Marcus & Millichap Brokers Sale of Two Net-Leased Retail Properties in Bedford, New Hampshire

by Taylor Williams July 31, 2023

BEDFORD, N.H. — Marcus & Millichap has brokered the sale of two retail properties in Bedford, located outside of Manchester in the southern part of the Granite State. The buildings total 17,301 square feet and are net leased to grocer Trader Joe’s and restaurant Friendly Toast. Jim Koury and Alex Quinn of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer. Both parties requested anonymity. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.

July 31, 2023

Connecticut Leasing Activity Northeast Retail

Central Rock Gym Signs 22,000 SF Retail Lease in Hartford

by Taylor Williams July 31, 2023

HARTFORD, CONN. — Central Rock Gym, a fitness concept centered on indoor rock climbing, has signed a retail lease to open a 22,000-square-foot facility at 99 Shield St. in Hartford. Phil Gagnon of Colliers represented the undisclosed landlord in the lease negotiations. David Dumeer of locally based brokerage firm Goman York represented Central Rock Gym. A tentative opening date was not disclosed.

July 31, 2023

Development New York Northeast Retail Top Stories

Wegmans to Open 87,500 SF Grocery Store in Manhattan’s East Village Neighborhood

by Katie Sloan July 31, 2023

NEW YORK CITY — Wegmans Food Market has announced plans to open an 87,500-square-foot store at 770 Broadway in Manhattan’s East Village neighborhood. The market, dubbed Wegmans Astor Place, will be located at the base of an office building that Vornado Realty Trust owns. Meta, formerly known as Facebook, occupies the office portion of the property. The store, which is set to open on Oct. 18, will offer made-to-order and packaged foods; ready-to-eat and ready-to-heat options, including a selection of entrees and sides for individuals and families; and a ‘restaurant foods’ section with fresh sushi, salads, sandwiches, soups, pizza and wings. The location will also include an onsite dining room with sushi and oyster bars, which are set to open in early 2024. This store will be Wegman’s second in New York City, following the opening of Wegmans Brooklyn in 2019. “We know our customers can’t wait to come see what we have in store and our employees have been training, in some cases, for over a year to get ready for this day,” says Matt Dailor, the new store’s manager. “Wegmans is a celebration of food and people, and we can’t wait to open the doors on October 18 …

July 31, 2023

Acquisitions Life Sciences Massachusetts Northeast Office

Newmark Brokers $58M Sale of Two Office, Life Sciences Buildings in Andover, Massachusetts

by Taylor Williams July 28, 2023

ANDOVER, MASS. — Newmark has brokered the $58 million sale of two office and life sciences buildings totaling 273,662 square feet in Andover, a northern suburb of Boston. The building at 50 Minuteman Road totals 145,262 square feet and serves as the headquarters of Mercury, a provider of technology solutions for the aerospace and defense industries. The facility at 6 Technology Drive spans 128,400 square feet and serves as a design, development and manufacturing hub for Dräger, a supplier of medical and safety technology products. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, California-based REIT Peakstone Realty Trust, in the transaction. The team also procured the buyer, Boston-based Rhino Capital Advisors.

July 28, 2023

Loans Massachusetts Net Lease New York Northeast Retail

Fantini & Gorga Arranges $10M in Acquisition Financing for Northeast Retail Portfolio

by Taylor Williams July 28, 2023

NEEDHAM, MASS. — Fantini & Gorga, a mortgage banking firm based in metro Boston, has arranged $10 million in acquisition financing for a portfolio of four retail properties occupied by Walgreens in the Northeast. Three of the properties are located in Massachusetts, and the fourth is in New York. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through multiple banks on behalf of the borrower, Union Station LP, which acquired the portfolio via a 1031 exchange.

July 28, 2023

Acquisitions Hospitality Northeast Pennsylvania

JLL Negotiates Sale of 125-Room Holiday Inn Express & Suites Hotel in Pittsburgh

by Taylor Williams July 28, 2023

PITTSBURGH — JLL has negotiated the sale of a 125-room Holiday Inn Express & Suites hotel in Pittsburgh. The six-story hotel sits on a 1.7-acre site on the city’s south side and offers an indoor pool, fitness center, business center and 600 square feet of meeting and event space. Ketan Patel and Phil White of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The sales price was also not disclosed.

July 28, 2023

Leasing Activity Massachusetts Northeast Restaurant Retail

Seven New Tenants to Join Arsenal Yards in Metro Boston

by Taylor Williams July 28, 2023

WATERTOWN, MASS. — Seven new tenants have committed to spaces at Arsenal Yards, a mixed-use development in Watertown, located roughly 10 miles outside Boston. Tea One Tea House, Skin Laundry, Restore Hyper Wellness and GNC have recently opened stores, and Blackbird Doughnuts is scheduled to open this fall. Chip City and Medium Rare have also signed leases at the development, with Chip City scheduled to open later this year. A partnership between Wilder Cos. and Boylston Properties owns Arsenal Yards.

July 28, 2023

Leasing Activity New York Northeast Office

GTS Securities Signs 30,094 SF Office Lease Extension at 545 Madison Avenue in Manhattan

by Taylor Williams July 28, 2023

NEW YORK CITY — Trading and technology firm GTS Securities has signed a two-year lease extension for its 30,094-square-foot office space at 545 Madison Avenue, a 17-story, 140,000-square-foot building in Manhattan’s Plaza District. The tenant’s footprint includes spaces on the 9th, 15th, 16th and 17th floors of the building, which is owned by Marx Realty. No third-party brokers were involved in the deal. Other tenants at 545 Madison Avenue include private equity firm Snow Phipps and Vialto Partners, a spinoff of PwC.

July 28, 2023

301-Bartlett-St.-Northborough-Massachusetts

Acquisitions Industrial Massachusetts Northeast

Colliers Brokers $79M Sale of Two Industrial Facilities in Northborough, Massachusetts

by Taylor Williams July 27, 2023

NORTHBOROUGH, MASS. — Colliers has brokered the $79 million sale of two industrial facilities totaling 387,544 square feet in Northborough, located outside of Worcester in central Massachusetts. According to LoopNet Inc., the warehouse at 301 Bartlett St. was built in 2018 and totals 220,106 square feet, and the facility at 150 Hayes Memorial Drive was constructed in 2020 and spans 167,438 square feet. Frank Petz, Matthew Sherry and Jack Barrett of Colliers represented the seller, Boston-based TA Realty, in the transaction. The buyer was industrial investment firm LBA Realty.

July 27, 2023

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