ALLENDALE, N.J. — NAI James E. Hanson has negotiated a 32,895-square-foot lease at 1 Pearl Court, an industrial flex building in the Northern New Jersey community of Allendale. The building is one of seven within the 370,000-square-foot Allendale Industrial Park, which is owned by Camber Real Estate Partners and Advance Realty Investors. Thomas Vetter and Jeff Demagistris of NAI Hanson represented the tenant, a medical equipment manufacturer, in the lease negotiations. Kenneth Lundberg, Patrick Lennon and Lorenzo Lambiase, also with NAI Hanson, represented the landlord.
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Tax-Efficient Investment Strategies Open New Opportunities Despite High Interest Rates
The recent Silicon Valley Bank and Signature Bank collapses — and the takeover of First Republic Bank — have revived regulatory scrutiny on bank risk to a degree that is reminiscent of the financial crisis 15 years ago. Suddenly, it seems, everyone is concerned about the trillions of dollars in commercial real estate debt held at banks — and regional and community banks in particular — and whether it can be refinanced at higher interest rates as it matures over the next couple of years. The same holds for hundreds of billions of dollars of commercial mortgage-backed securities. The conditions are exacerbating a pullback in credit that started last year, which, along with the elevated interest rate environment, has depressed commercial real estate investment sales. In February, property sales dropped 51 percent, from $54.9 billion to $26.9 billion from a year earlier, according to MSCI Real Assets. Taken together, the wall of maturities, higher interest rates, bank collapses and a slumping economy have largely spooked the investment market, suggests Spencer Lund, chief investment officer with NAI Legacy in Minneapolis, Minn. (which also serves Chicago, Denver and Scottsdale, Ariz.) Still, it’s also the type of environment that breeds opportunity as prices …
NEW YORK CITY — IAC, a holding company of media and digital assets whose brands include The Daily Beast and Investopedia, has acquired the land on which its 10-story headquarters office at 555 West 18th St. in Manhattan is situated. The sales price was $80 million. Designed by architect Frank Gehry, the building was completed in 2007. Eric Michael Anton and Steven Siegel of Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. The name of the entity that sold the land was not disclosed.
YORKTOWN HEIGHTS, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Shoppes at Jefferson Valley Mall, a 153,151-square-foot shopping center in Yorktown Heights. Built in 1983, the center is located about 40 miles north of Manhattan on a 12-acre site that is adjacent to Jefferson Valley Mall. Formerly anchored by Sears and now anchored by 24 Hour Fitness, the property was 24 percent leased at the time of sale. Joseph French Jr. and Kodi Traver of IPA represented the undisclosed seller and procured the buyer, a New York-based private investor, in the transaction.
NEW YORK CITY — New Jersey-based intermediary Cronheim Mortgage has arranged a $47 million loan for the refinancing of Hyatt House New York, a 150-room hotel in Manhattan’s Chelsea neighborhood. Beau Williams of Cronheim’s hospitality capital markets group led a team that arranged the five-year, fixed-rate loan on behalf of the borrower, locally based investment firm Lexin Capital. An undisclosed, New York-based bank provided the debt.
MEDFORD, N.Y. — Cushman & Wakefield has brokered the $4 million sale of a 552,341-square-foot commercial development site in the Long Island community of Medford. The 12.6-acre site comprises two lots that can support a range of uses, including industrial or storage. Daniel Abbondandolo and Rob Cullen of Cushman & Wakefield represented the sellers, Mary Spina Realty Inc. & Philip Spina Realty Inc., in the transaction. David Pennetta and Stephen Cadorette, also with Cushman & Wakefield, represented the buyer, Blue Sky Endeavors.
NEW YORK CITY — Golfzon Social, an entertainment concept that centers on golf simulation, will open an 18,000-square-foot center at 11 Hoyt, a 57-story residential development in Brooklyn by Tishman Speyer. The venue will offer 16 hitting bays, screens for watching live sports, a chef-driven menu, craft cocktails and beers and an onsite professional for private lessons. Don Cafero of JLL represented Golfzon Social in its site selection and lease negotiations. Tishman Speyer was self-represented. The opening is scheduled for the fall.
JERSEY CITY, N.J. — Locally based developer Halpern Real Estate Ventures has topped out a six-story, 337-unit multifamily project located at 49 Fisk St. in Jersey City’s West Side neighborhood. Designed by Minno & Wasko Architects & Planners, the property will feature studio, one- and two-bedroom units and roughly 50,000 square feet of indoor and outdoor amenity space. Other project partners include JRM Construction Management and The Corcoran Group, which is marketing the property for lease. Completion is slated for the fourth quarter.
INDEPENDENCE, N.J. — New Jersey-based developer Woodmont Properties has begun leasing the first phase of Woodmont Liberty at Independence, a 120-unit multifamily project that is located on an 11-acre site about 60 miles west of Manhattan. The property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Rents start at $2,440 per month for a one-bedroom apartment.
NEW YORK CITY — Locally based brokerage firms Stav Equities LLC and Invictus Property Advisors have arranged the $3.7 million sale of a multifamily development site at 48 Somers St. in the Bedford-Stuyvesant area of Brooklyn. The site is approved for the construction of a seven-story building that will house 24 apartments, a community center and a retail space. Jacob Stavsky of Stav Equities and Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus, represented both undisclosed parties in the transaction.