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.
BRAINTREE, MASS. — Locally based developer Onshore Properties will develop Banner Park, a 326,000-square-foot industrial project located on a 130-acre site in the southern Boston suburb of Braintree. Both of Banner Park’s two buildings will total approximately 163,000 square feet and feature clear heights of 40 feet. Combined, the facilities will offer 19 loading docks and parking for up to 560 vehicles. Colliers is marketing the development for lease.
NEW YORK CITY — Locally based investment firm Davean Holdings has purchased a portfolio of three multifamily buildings totaling 19 apartments in Manhattan’s East Village area for $25.5 million. The portfolio includes seven commercial spaces. The buildings were completed between 1900 and 1920 and comprise 15 market-rate units and four rent-stabilized apartments. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of local brokerage firm Rosewood Realty Group represented both Davean Holdings and the seller, the Halegua Family, in the off-market deal.