NEW YORK CITY — Moda Operandi has signed a 30,000-square-foot industrial lease in Queens. The online fashion retailer is taking space on the third floor of the 157,000-square-foot, newly renovated building at 58-30 Grand Ave. in the Maspeth neighborhood, which is known locally as the Pearl Building. Rico Murtha, Helen Paul, Joe Hentze Jr. and Sonny Singh of Cushman & Wakefield represented the landlord, The Davis Cos., in the lease negotiations. Owen Hane of JLL represented the tenant.
COMMACK, N.Y. — Kids Empire will open a 21,000-square-foot indoor playground in the Long Island community of Commack. The facility will be located within a portion of a former grocery space at the 222,000-square-foot Mayfair Shopping and will be the brand’s first location on Long Island. Center E.J. Moawad of Levin Management Corp. represented the landlord in the lease negotiations. Melissa Naeder of Cushman & Wakefield represented Kids Empire.
PITTSBURGH AND NEW YORK CITY — DICK’S Sporting Goods Inc. (NYSE: DKS) has entered into a definitive merger agreement with footwear and apparel retailer Foot Locker Inc. (NYSE: FL). Under the agreement, sporting goods retailer DICK’S will acquire Foot Locker for an equity value of roughly $2.4 billion and an enterprise value of $2.5 billion. Foot Locker operates approximately 2,400 retail stores across 20 countries in North America, Europe, Asia, Australia and New Zealand. Foot Locker’s portfolio of brands also includes Kids Foot Locker, Champs Sports, WSS and atmos. DICK’S plans to operate Foot Locker as a standalone business unit and maintain the various Foot Locker brands. This acquisition will mark the first international expansion for the Pittsburgh-based sporting goods retailer. Upon completion of the merger, which has been unanimously approved by the boards of directors of the two companies, Foot Locker shareholders will choose to receive either $24 in cash or 0.1168 shares of DICK’S common stock for each share of Foot Locker common stock. The $24 value represents a premium of roughly 66 percent to Foot Locker’s 60-trading day volume weighted average price. “We have long admired the cultural significance and brand equity that Foot Locker and its …
HOPEWELL, N.J. — Locally based developer KRE Group has begun leasing The Hopewell Chapter, a 270-unit multifamily project in Central New Jersey. The property consists of six four-story buildings that house one- and two-bedroom units, 54 of which are reserved as affordable housing. Specific income restrictions were not disclosed. Amenities include a 6,500-square-foot clubhouse, resort-style pool, outdoor dining areas, a playground, dog park and walking trails. Monthly rents start in the mid-$2000s for a one-bedroom apartment.
HOPKINTON, MASS. — JLL has arranged the refinancing of a 198,336-square-foot manufacturing facility in the western Massachusetts suburb of Hopkinton. The loan amount was not disclosed. The two-building facility sits on 19 acres at 68-78 Elm St. and was fully leased at the time of the loan closing to life sciences and diagnostics company Revvity. Andrew Gray, Ryan Parker and Brooke Howard of JLL arranged the loan through an undisclosed commercial bank on behalf of the borrower, locally based investment firm NorthBridge Partners.
FLORHAM PARK, N.J. — A partnership between two New Jersey-based firms, The STRO Cos. and KRE Group, is nearing completion of an industrial redevelopment project in the Northern New Jersey community of Florham Park. The project converted a former office building that sits on a 14.4-acre site at 19 Vreeland Road into a 136,714-square-foot warehouse with a clear height of 36 feet, 26 loading docks, one drive-in door and parking for 108 cars and 36 trailers. Construction began in June 2024. Cushman & Wakefield has preleased the entirety of the building to Johnstone Supply (42,000 square feet) and PIMS Inc. (94,714 square feet).
CANTON, MASS. — Marcus & Millichap has brokered the $7.1 million sale of a 39,687-square-foot warehouse in Canton, a southern suburb of Boston. The building sits on a 2.6-acre site at 40 Hudson Road and was fully leased at the time of the loan closing to an electrical manufacturing company. Harrison Klein of Marcus & Millichap represented the buyer, Seyon Group, in the transaction. The seller, an entity doing business as Canton II JB Capital LLC, was self-represented.
NEW YORK CITY — Whole Foods Market will open an 8,500-square-foot store in Manhattan’s Hell’s Kitchen neighborhood on Wednesday, June 4. The small-format store will be located at 301 W. 50th St. and will offer a bakery and a prepared foods section. The opening of this store follows today’s opening of a 10,000-square-foot store within the StuyTown development in the East Village.
NEW YORK CITY — A partnership between Triangle Equities and The Michaels Organization has begun leasing a 40-story apartment building located at 111 Willoughby St. in downtown Brooklyn. Designed by GF55 and known as Maxwell Downtown Brooklyn, the building offers 227 units, 69 of which are designated as affordable for renters earning 130 percent or less of the area median income. Residences come in studio, one- and two-bedroom floor plans and are furnished with stainless steel appliances, quartz-stone countertops, tile backsplashes and in-unit washers and dryers. Amenities include multiple lounging areas, a coworking zone, gaming area, private dining and party room and a resident-only coffee bar, as well as a landscaped roof deck with dining and lounge seating, a viewing bar and grilling stations. The partnership, which also includes financiers Geolo Capital and Helaba Bank, developed the property via a ground lease with The Roman Catholic Archdiocese of Brooklyn. Information on starting rents was not disclosed.
NEW ROCHELLE, N.Y. — Locally based owner-operator BRP Cos. has completed The Leaf, a 477-unit multifamily project located north of New York City in New Rochelle. The 26-story building is located in the city’s downtown area and offers one- and two-bedroom units, 119 of which are dedicated as affordable housing. Specifically, 20 units are reserved for households earning 50 percent or less of the area median income (AMI), while 99 residences are earmarked for renters earning 60 percent or less of AMI. The community also features approximately 20,000 square feet of amenity space that includes a pool, fitness center, coworking lounge, rooftop deck and dog run, as well as 3,000 square feet of ground-floor retail space. Construction began in early 2022.