NEW YORK CITY — Regional brokerage firm Adirondack Capital Partners (ACP) has arranged the $16 million sale of a 36,000-square-foot industrial complex in the Long Island City area of Queens. Built in 1960, the two-story building at 11-40 Borden Ave. was fully leased at the time of sale to Distribution International, which specializes in construction supplies. Wickersham Realty sold the property to San Francisco-based Terreno Realty Corp. (NYSE: TRNO). Chad Sinsheimer of ACP brokered the deal, which traded at a cap rate of 4.4 percent, on behalf of both parties.
NEW YORK CITY — Life Time will open a 52,000-square-foot fitness club at 10 Bryant, a 30-story office building located at 452 Fifth Ave. in Midtown Manhattan. The facility will feature a cold plunge pool and a steam room, a spa with red light therapy service, coworking and library spaces, barre and yoga studios and personal training space. JLL represented the landlord, Property & Building Corp., in the lease negotiations.
KEARNY, N.J. — JLL has negotiated the sale of a multifamily development site in the Northern New Jersey community of Kearny that is fully approved for the development of 136 market-rate townhomes. The site is located at 55 Passaic Ave., adjacent to a community park that is also under construction. Jose Cruz, Ryan Robertson, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce of JLL represented the locally based seller, Russo Development, in the transaction. The buyer, PulteGroup Inc., will continue the development as Bridgeview by Pulte Homes.
CAMBRIDGE, MASS. — Fashion retailer Zara has opened a 44,000-square-foot store in CambridgeSide, an approximately 1 million-square-foot, mixed-use development located across the Charles River from Boston in Cambridge. The two-level store includes an online order pickup silo and an assisted self-checkout area. New England Development owns CambridgeSide, which originally opened as a regional mall in 1990 and recently launched a food hall.
PHILADELPHIA — Hogan Lovells has signed a 34,752-square-foot office lease extension in downtown Philadelphia. The law firm will continue to occupy space on the 22nd and 23rd floors of 1735 Market Street, a 54-story, 1.3 million-square-foot building, for an additional 10-plus years. Perry Kaplan and Tim Monahan of Savills represented Hogan Lovells in the lease negotiations. Mitch Marcus, Tom Weitzel and Jake Marcus of JLL, along with internal agents Keith Cody and Gordon Hough, represented the landlord, Silverstein Properties.
BRISTOL, R.I. — Marcus & Millichap has brokered the sale of a 21,570-square-foot warehouse in Bristol, about 20 miles south of Providence. Built in 1986 and fully renovated in 2023, the building at 66 Tupelo St., which was fully leased at the time of sale, features two overhead doors, a loading dock and 62 surface parking spaces. Harrison Klein and Michael Grant of Marcus & Millichap represented seller, an undisclosed private investor, in the transaction and procured the buyer, Colorado-based Playground Properties.
NEW YORK CITY — International development and construction firm Skanska has completed the renovation of the Hospital for Special Surgery Sports Medicine Institute West Side in Midtown Manhattan. The project transformed the fourth floor of the facility into an outpatient clinic and introduced 15 new exam rooms, offices and a storage area. Skanska, working with Batska Consulting Group, also upgraded the building’s mechanical, electrical and plumbing systems to accommodate the new operations. Additional improvements included the integration of a new X-ray room and an ultrasound-guided injection exam room. Construction began in August 2024.
MIDDLETOWN, N.Y. — Marcus & Millichap has brokered the sale of Storage Solutions USA and Bay Wash Car Wash in Middletown, about 75 miles north of New York City. The site spans 4.2 acres, and the property consists of 30,475 net rentable square feet of storage space across 288 units and a self-service car wash with five self-service bays and one in-bay automatic wash. Andreas Makris, Kevin Bledsoe, Alan Cafiero and Matt Junkin of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Manas Equities.
NORWELL, MASS. — Regional investment firm Marcus Partners has purchased an approximately 100,000-square-foot industrial property in Norwell, about 25 miles southeast of Boston. Built in 1983, the property at 77 Accord Park Drive consists of four light industrial buildings that were 78 percent leased to 13 tenants at the time of sale. Marcus Partners purchased the property in partnership with Boston-based Rhino Capital, with Middlesex Savings Bank financing the acquisition. The seller was the original developer.
PLYMOUTH, MASS. — Boston-based investment firm The Mount Vernon Co. has purchased an 80-room historic hospitality property in Plymouth, located south of the state capital, with plans to implement a repositioning. Opened in 1969 and renovated in 2021, The John Carver Inn & Spa features a full-service spa, indoor pool, meeting and event space, fitness center, game room and onsite dining options. The repositioning will cover the property’s interiors, amenities, and the food-and-beverage program. Alan Suzuki and Matthew Enright of JLL represented the undisclosed seller in the transaction.