LEVITTOWN, N.Y. — Advance Auto Parts has signed a 7,000-square-foot retail lease at Levittown Mews Shopping Center on Long Island. Robert Delavale of Breslin Realty represented the landlord in the lease negotiations. The representative of the tenant was not disclosed. Other tenants at Levittown Mews include Walmart Neighborhood Market, Ulta Beauty, America’s Best Contacts & Eyeglasses, Lane Bryant and European Wax Center.
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Multifamily Developers Must Find Balance Between Density, Amenities
Finding a balance between density and amenities has never been simple for residential developers, but rising interest rates, density restrictions and an increased desire to solidify multifamily projects within the community mean that there is much to be gained from creative approaches to this old problem. Starting the process of planning early, using zoning to the developer’s advantage and creating an adaptable, sustainable and welcoming place for tenants can allow for a successful project with a lower overall price tag. This method can solve some of the trickier problems faced by multifamily developers, including density, parking and zoning considerations. Starting Off Right — Creating a Master Site Plan Success in multifamily is easier to achieve if the project starts with a shared team vision from the outset, says Bill Rearden, principal at Bohler, a land development design and consulting firm. Rearden explains that Bohler has its own planning, landscape architecture and survey teams and works with many industry partners for environmental and geotechnical due diligence. “We work with these teams in the very early stages to understand what the configuration of a property is and what its constraints are. We know upfront any underlying zoning a property might have, so …
NEW YORK CITY — Brookfield Real Estate Financial Partners has provided a $272.5 million construction loan for a project that will convert a 530,000-square-foot office building at 160 Water Street in Manhattan’s Financial District into a 588-unit apartment community. The redevelopment, a tentative completion date for which was not disclosed, will add six levels to the 24-story building. The new apartment building will feature units with stainless steel appliances, quartz countertops and individual washers and dryers, as well as amenities such as a lobby lounge, coffee bar, fitness center and rooftop deck. Gideon Gil, Adam Spies, Kempton Coady and Alex Lapidus of Cushman & Wakefield arranged the loan on behalf of the borrower, Vanbarton Group.
VINELAND, N.J. — California-based investment firm Provender Partners has purchased a 217,540-square-foot food production and distribution facility located in the Southern New Jersey community of Vineland for $22.5 million. Built in the mid-1990s, the facility features clear heights of 28 feet, 23 dock-high doors, ample trailer parking and both freezer and cooler space. The 18-acre site also has the potential to be expanded. Provender Partners acquired the facility from the tenant, Safeway, in a sale-leaseback. Ryan Guittare and Kurt Montagano of Newmark brokered the deal.
WOBURN, MASS. — JLL has brokered the sale of the 126-room Fairfield Inn Boston Woburn/Burlington hotel, located north of the state capital. The property underwent a renovation in 2015-2016 and offers a business center, fitness center, outdoor pool and a sundry store. Alan Suzuki, Matthew Enright, Emily Zhang and Miranda Guajardo of JLL represented the seller, a joint venture between funds managed by Contrarian Capital Management and Waramaug Hospitality, in the transaction. The buyer was not disclosed.
BLAKESLEE, PA. — NAI Summit has negotiated a 52,800-square-foot industrial lease at 196 Commercial Blvd. in Blakeslee, located roughly midway between Scranton and Allentown. According to LoopNet Inc., the property comprises three buildings on an 8.3-acre site. Mike Adams and Sarah Finney Miller of NAI Summit represented the tenant, international freight firm Ally Global Logistics, in the lease negotiations. The duo also represented the landlord, an entity doing business as 196 Commercial LLC.
WESTERLY, R.I. — Marcus & Millichap has arranged the sale of Spindrift Village, a 42,200-square-foot retail property located in the coastal Rhode Island city of Westerly. The sales price was $3.4 million. The property consists of two adjacent parcels totaling four acres that house a multi-tenant strip center and a pad site. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
NEW YORK CITY — Newmark has arranged a $260 million loan for the refinancing of 75 Rockefeller Plaza, a 627,000-square-foot office building located within Midtown Manhattan’s Plaza District. Office users at 75 Rockefeller Plaza, which was originally constructed in 1947, include WeWork and Bank of America, and American Girl anchors the ground-floor retail space. Jordan Roeschlaub, Dustin Stolly and Nick Scribani of Newmark arranged the financing through Bank of America and Carlyle Group. The borrower, RXR Realty, originally acquired the leasehold interest in the asset in 2013 and has subsequently invested $150 million in capital improvements. RXR Realty also operates its New York City headquarters out of the building.
BOSTON — Cushman & Wakefield has brokered the $107.5 million sale of Yard 5, a 196,000-square-foot industrial property in Boston’s Hyde Park neighborhood. The three-building property, which features clear heights of 28 feet and includes two undeveloped parcels totaling seven acres, was fully leased at the time of sale. Dave Pergola, Brian Doherty, Pete Rogers, Rob Byrne and Jim Murphy of Cushman & Wakefield represented the seller, First Highland Management & Development, in the transaction. Intercontinental Real Estate Corp. purchased the asset.
EASTON, PA. — Los Angeles-based e-commerce firm GOAT Group has signed a 341,400-square-foot, full-building industrial lease in the Lehigh Valley city of Easton. The space is situated within First 33 Commerce Center and features a clear height of 32 feet, 140 car parking spaces, 75 trailer parking stalls and 3,950 square feet of office space. Mark Chubb, Michael Zerbe and Summer Coulter of Colliers represented the landlord, Chicago-based First Industrial Realty Trust, in the lease negotiations. The representative of the tenant was not disclosed.