BROOKLAWN, N.J. — SRS Real Estate Partners has brokered the $8.8 million sale of a 1.5-acre retail property in the Southern New Jersey community of Brooklawn. The site houses a 4,950-square-foot structure that was built in 2019 and is leased to convenience store operator Wawa. Britt Raymond, Kyle Fant and Sabrina Kortlandt of SRS represented the seller, a New York-based hotelier, in the transaction. Winston Guest, also with SRS, represented the buyer, a California-based 1031 exchange investor.
By Taylor Williams As an exceptionally dense, compact market that’s only bordered by land on three sides, metro Boston and its brick-and-mortar retail sectors have long been subject to shortages of quality retail space. Even during the height of the pandemic, when some retailers and restaurants went under and sent vacated space back to the market, prime locations were quickly reabsorbed. As it did nationally during the shutdown of the U.S. economy, rent growth in Boston’s retail market subsided temporarily, only to rebound quickly via pent-up demand. Now, the economy is seemingly on the verge of recession, and consumers’ disposable incomes are being severely stretched by 40-year inflationary highs. Yet Boston’s healthy proportion of young people and strong growth in high-paying industries like tech, healthcare and life sciences still have numerous retail users and brokers feeling bullish on the market. But even the most aggressive and well-thought-out expansion plans can fall flat in the absence of good physical space in which to grow. A Tight Market According to data compiled by Newmark, there is roughly 500,000 square feet of pure-play retail space currently under construction throughout the Boston area. While construction timelines are fluid, the full-service real estate firm estimates …
UNIONDALE, N.Y. — California-based brokerage group JRW Realty has negotiated the $24.5 million sale of a 61,916-square-foot retail property in the Long Island community of Uniondale. Grocer ShopRite occupies the property, which is also adjacent to a Walmart Supercenter. Aaron Bush of JRW Realty represented the undisclosed, institutional buyer in the transaction. Prodigy Real Estate Group represented the seller, New Jersey-based First National Realty Partners.
CROTON-ON-HUDSON, N.Y. — Northmarq has provided a $22 million Fannie Mae loan for the refinancing of Springvale Apartments, a 524-unit active adult community in Croton-on-Hudson, about 30 miles north of Manhattan. The 31-building property was built on a 35-acre site overlooking the Hudson River between 1956 and 1959 and is reserved for renters age 55 and above. Robert Ranieri of Northmarq originated the loan, which carried a 10-year term and a 30-year amortization schedule. The borrower was not disclosed.
WEEHAWKEN, N.J. — JLL has arranged a $19 million loan for the refinancing of 231WHK, a 60-unit, newly built multifamily project located in the Northern New Jersey community of Weehawken. The property offers studio, one- and two-bedroom units that are furnished with stainless steel appliances and individual washers and dryers. Amenities include a gym, terrace and a common room. Matthew Pizzolato and Gerard Quinn arranged the five-year, fixed-rate loan through Columbia Bank on behalf of the undisclosed borrower.
MANCHESTER, N.H. — Metro Boston-based RK Centers has acquired a 74,935-square-foot retail property in Manchester, located in the southern part of the Granite State, for $13.8 million. The property at 777 S. Willow St. sits on 11.8 acres and houses tenants such as Burlington and Michaels. Justin Smith of Atlantic Capital Partners represented the seller, an entity doing business as South Willow EDF LLC, in the transaction.
HACKETTSTOWN, N.J. — A partnership between Kayne Anderson Real Estate and Remedy Medical Properties has purchased Patriot Plaza, a 65,658-square-foot medical office building in the Northern New Jersey community of Hackettstown. Brannan Knott, J.B. Bruno and Craig Parcells of JLL represented the undisclosed seller in the transaction. The property, which also houses conventional retail space, was 95 percent leased at the time of sale.
BAYONNE, N.J. — A joint venture between Cypress Equity Investments and Winter Properties has broken ground on Avenue G, a 354-unit multifamily project that will be located in the Northern New Jersey community of Bayonne. Residences at the transit-oriented community will feature stainless steel appliances, quartz countertops, tile backsplashes, walk-in closets and individual washers and dryers. Amenities will include a fitness center, coworking areas, private courtyards and outdoor entertainment spaces. Minno & Wasko is the project architect, and ARC Building Partners is the general contractor. Completion is slated for the second half of 2024.
NEW YORK CITY — Los Angeles-based lender PCCP LLC has provided a $43.5 million senior construction loan for a 58,950-square-foot industrial project in The Bronx. The facility at 1100 Leggett Ave. in the Hunts Point neighborhood will be a build-to-suit for a subsidiary of Brambles, an Australian manufacturer of pallets, crates and containers. Chris Peck and Pete Rotchford of JLL placed the loan with PCCP on behalf of the borrower, Innovo Property Group.
NEW YORK CITY — Global communications firm Edelman has signed a 173,618-square-foot office lease renewal at 250 Hudson Street in Manhattan’s Hudson Square neighborhood. The company will continue to occupy six floors, as well as a penthouse level that includes private outdoor space, at the 400,000-square-foot building for the next 15 years. Mary Ann Tighe, Ken Meyerson, Todd Lippman and Adele Huang of CBRE represented Edelman in the lease negotiations. Adam Rappaport and Brett Greenberg represented the locally based landlord, Jack Resnick & Sons, on an internal basis.