CANTON, MASS. — A joint venture between Jumbo Capital and Apollo Global Management has purchased a 79,000-square-foot office building in the southern Boston suburb of Canton for $21 million with plans to convert the property into a life sciences facility. The development team plans to redevelop the existing building and add a 46,460-square-foot manufacturing space. Jeff Black, Bryan Koop and Sean Burke of Colliers arranged $57.7 million in acquisition and construction financing through Cambridge Savings Bank on behalf of the joint venture. Frank Petz, Matt Sherry, Brooke Howard and Rob Schlesinger, also with Colliers, brokered the sale of the property.
WESTPORT, CONN. — CBRE has brokered the $16.5 million sale of a 42,432-square-foot office building located at 33 Riverside Ave. in the southern coastal Connecticut city of Westport. The waterfront building rises five stories and was 91 percent leased at the time of sale. Jeffrey Dunne, Steve Bardsley, Jeremy Neuer, David Gavin and Travis Langer of CBRE represented the seller, an entity doing business as Abbey Road Riverside LLC, in the transaction. The team also procured the buyer, The Feil Organization.
CHERRY HILL, N.J. — Federal Realty Investment Trust has signed leases with three new tenants at Ellisburg Shopping Center, a 260,000-square-foot retail destination located outside of Philadelphia in Cherry Hill. Wren Kitchen will open a 14,346-square-foot store and showroom this winter. Childcare franchise Adventure Kids Playcare will debut its 8,564-square-foot facility this fall, and fast casual eatery BurgerFi will open a 3,000-square-foot restaurant in early September. Other tenants at Ellisburg Shopping Center include Whole Foods Market, Buy Buy Baby and Restoration Hardware Outlet.
DEPTFORD AND TOMS RIVER, N.J. — New Jersey-based brokerage firm Jeffery Realty has negotiated two retail leases totaling 3,400 square feet in the Southern New Jersey communities of Deptford and Toms River. Shane Wierks and Alan Walker of Jeffery Realty represented the tenant, health supplements provider GNC, in both sets of lease negotiations. Joe Allegro, Giorgio Vasilis and Justin Goodman of Sitar represented the landlord in the Deptford deal. Shane Hart and Joe Dougherty of Metro Commercial represented the landlord in the Toms River deal.
UNION, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) announced this morning that it will close approximately 150 of its lower-producing stores across the country. The Union-based home goods retailer also revealed that it is cutting its workforce by about 20 percent across its corporate and supply chain staff. Additionally, the company has secured more than $500 million in new financing, including the expansion of an existing credit line and a new $375 million loan. Bed Bath & Beyond says that these moves are in effort to meet demand of customers, drive growth and profitability, and improve its balance sheet and cash flows. “We are embracing a straightforward, back-to-basics philosophy that focuses on better serving our customers, driving growth and delivering business returns,” says Sue Gove, director and interim CEO. Bed Bath & Beyond has retained national firm Russell Reynolds in its search for a permanent CEO. The retailer is also readjusting its inventory, bringing back popular national brands. The company will discontinue three of its nine private brands, including Haven, Wild Sage and Studio 3B. In its second fiscal quarter that ended Saturday, Aug. 27, Bed Bath & Beyond reported comparable sales decline of approximately 26 percent compared …
NEW YORK CITY — A partnership between two privately owned firms, William Macklowe Co. and Senlac Ridge Partners, will develop a 180-unit multifamily project in Brooklyn’s Park Slope neighborhood. The complex will include 45 affordable housing units and a parking garage, as well as 67,000 square feet of commercial space that is now partially leased to CVS and German discount grocer Lidl. Construction is slated for a late 2024 completion. RIPCO Real Estate represented the developer in the retail lease negotiations.
CHERRY HILL, N.J. — Marcus & Millichap has brokered the $21.4 million sale of Cherry Hill Office Center, a five-building campus located outside of Philadelphia in Southern New Jersey. The buildings were constructed between 1968 and 1975 and total 183,731 square feet. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Cherry Hill Office Center was 90 percent leased at the time of sale.
YONKERS, N.Y. — Los Angeles-based Parkview Financial has provided an $18.3 million construction loan for a self-storage conversion project in Yonkers, a northern suburb of New York City. The borrower, KCT Inc., plans to demolish a 9,820-square-foot industrial building at 1060 Nepperhan Ave. and to construct a facility that offers 77,000 square feet of net rentable space across 949 units. CubeSmart will operate the facility, completion of which is slated for late 2023. The general contractor for the project is JCT Development, and the architect of record is ELEVEN18 Architecture.
MARLBOROUGH, MASS. — Lifeline Systems Co., a provider of medical alert devices and technology, has signed a 41,375-square-foot office lease in Marlborough, a western suburb of Boston. The tenant will relocate from nearby Framingham to the third floor of a 116,786-square-foot building at 200 Donald Lynch Blvd. in 2023. Kelleher & Sadowsky represented the landlord, Minardi Ltd., in the lease negotiations.
WEST CALDWELL, N.J. — Locally based brokerage firm Jeffery Realty has negotiated the sale of a 3,800-square-foot retail building in the Northern New Jersey community of West Caldwell. The property at 559 Bloomfield Ave. currently houses an AAMCO auto repair shop. Bill Farkas of Jeffery Realty represented the seller in the transaction. Jon Corbiscello of Keller Williams represented the buyer, a private investor. Both parties requested anonymity.