PHILADELPHIA — Locally based brokerage firm Starkman Realty Group has negotiated the $29 million sale of Carlton Park Apartments, a 117-unit multifamily property in Philadelphia’s East Falls neighborhood. New Jersey-based AJH Management sold the garden-style property, which was originally built in 1958 and offers one-, two- and three-bedroom units, to an undisclosed buyer. Jason Starkman of Starkman Realty Group brokered the deal.
EAST RUTHERFORD, N.J. — Maryland-based industrial investment firm Realterm has acquired two buildings totaling 41,500 square feet in the Northern New Jersey community of East Rutherford. The adjacent buildings at 880 and 890 Paterson Plank Road sit on a combined 4.4 acres and respectively total 5,000 and 36,500 square feet. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented Realterm in the transaction. The seller was not disclosed.
DEDHAM, MASS. — Coworking concept Industrious has opened a 35,441-square-foot flexible workspace in Dedham, a southwestern suburb of Boston. Industrious Legacy Place will be a pet-friendly space with a total of 400 seats and 13 conference and meeting rooms, as well as lounges and a library. The space is the seventh in the Boston area for Industrious, which has more than 150 locations across 65 U.S. and international cities.
ALABAMA, N.Y. — Edwards Vacuum, a British-based manufacturer of vacuum and abatement equipment and part of the Atlas Copco Group, plans to develop a new $319 million manufacturing facility in Western New York. The 240,000-square-foot project will be situated within Western New York Science & Technology Advanced Manufacturing Park (STAMP), a 1,250-acre industrial park located in the Genesee County town of Alabama. The facility will house manufacturing, storage and administration for the production of dry pump equipment for the U.S. semiconductor industry. Edwards Vacuum will create 600 jobs for the larger Buffalo-Rochester Tech Corridor. The announcement builds on Micron’s recent $100 billion investment in Central New York, as well as the as New York’s recently signed Green CHIPS legislation and the federal CHIPS and Science Act, to make New York a central figure in the global semiconductor industry. “We are now seeing energy flow into Upstate’s manufacturing sector like never before, and this investment will further cement that the future of microchips will be built with American made products, crafted by New York workers,” says Senate Majority Leader Charles Schumer. As part of the agreement with Edwards Vacuum, New York’s chief economic development agency, Empire State Development, has offered up …
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Lee & Associates’ Third-Quarter 2022 Economic Rundown by Sector
Lee & Associates’ newly released 2022 Q3 North America Market Report examines third-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This sector-based review of commercial real estate trends for the third quarter of the year examines the difficulties facing each asset class and where opportunities in the commercial real estate landscape may be emerging. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the summaries below provide high-level considerations of the overall health and obstacles for the industrial, office, retail and multifamily sectors. Industrial Overview: High Rent, Low Vacancy Everywhere North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4 percent, up 10 basis points from second quarter 2022. Average rents increased 11.4 percent year over year with gains of 19 percent in Miami, 18.7 percent in Southern California’s Inland Empire, 16 percent in Phoenix and 14.6 percent in Atlanta. Since the COVID lockdown in March of 2020, developers of U.S. logistics space have been …
CAMBRIDGE, MASS. — San Diego-based REIT BioMed Realty has broken ground on 585 Kendall, a 600,000-square-foot life sciences facility in the Kendall Square area of Cambridge that will be a build-to-suit for Japanese pharmaceutical giant Takeda. CBT Architects designed the facility, which will include a 30,000-square-foot performing arts center with a 400-seat theater that will be open to the public. Completion of the project is slated for 2026.
GLASTONBURY, CONN. — Poag Shopping Centers has acquired The Shops at Somerset Square, a 113,422-square-foot retail center in Glastonbury, roughly 10 miles southeast of Hartford. The Tennessee-based investment firm has partnered with JLL to lease and manage the open-air center, which houses tenants such as Chipotle Mexican Grill, AT&T, Edward Jones, Francesca’s and Jos. A Bank. The seller and sales price were not disclosed.
JERSEY CITY, N.J. — Locally based brokerage firm B6 Real Estate Advisors has arranged the $15.1 million sale of a 67,158-square-foot development site in Jersey City. The transit-served parcel at 100 Forrest St. is located in the city’s Bergen-Lafayette neighborhood. Yanni Marmarou, Jack Drillock and Andrea Nestico of B6 Real Estate represented the undisclosed seller in the transaction. The buyer and plans for the site were also not disclosed.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $12.1 million sale of a 106-unit multifamily property in The Bronx. The rent-stabilized building at 725-737 Fox St. is located in the borough’s Longwood area and offers studio, one-, two- and three-bedroom units. Victor Sozio, Jason Gold, Shimon Shkury and Daniel Mahfar of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also not disclosed.
NEW YORK CITY — The IDEAL School of Manhattan, a K-12 independent learning institution, has signed a 63,000-square-foot lease at 5 Hanover Square in the borough’s Financial District. The IDEAL School will occupy floors two through five, as well as a portion of the ground floor, of the 25-story building. Eliza Gordon, John Wheeler and Mitch Konsker of JLL represented the landlord, Los Angeles-based CIM Group, in the lease negotiations. Brent Ozarowski and Leslie Harwood of Newmark represented the tenant, which plans to relocate to 5 Hanover Square from the Upper West Side in summer 2023.