Northeast

Bally’s Divests of Two Rhode Island Casino Resorts to GLPI in $1B Sale-Leaseback Transaction

by Taylor Williams July 1, 2022

LINCOLN AND TIVERTON, R.I. — Bally’s Corp. (NYSE: BALY) has agreed to sell two of its casino resorts in Rhode Island to an affiliate of Gaming & Leisure Properties Inc. (NASDAQ: GLPI) for $1 billion. The properties in question are Bally’s Twin River Lincoln Casino Resort in Lincoln and Bally’s Tiverton Casino & Resort in Tiverton. A timeline for the closing of the sale-leaseback deal was not disclosed. Under the terms of the agreement, Rhode Island-based Bally’s will continue to operate the gaming operations and will pay a $9 million transaction fee at closing. GLP Capital, the acquiring entity of the Pennsylvania-based REIT, has agreed to pre-fund a deposit of up to $200 million that will be credited or repaid either at closing or on Dec. 31, 2023, whichever comes first. Ballly’s Twin River Lincoln features 136 hotel rooms and suites and a total of 162,000 square feet of gaming space, including 4,100 slot machines, 125 table games and a sportsbook. In addition, the resort houses four restaurants, three food courts, nine bars, three live entertainment venues, two VIP lounges and a retail store. Bally’s Tiverton comprises an 83-room hotel and 33,600 square feet of gaming space with 1,000 slot …

July 1, 2022

Market Reports New York Northeast Northeast Market Reports Retail

Luxury Retail Along Manhattan’s Madison Avenue Shifts from Rebounding to Thriving

by Taylor Williams July 1, 2022

By Joe Aquino, president, JAACRES When Barneys New York department store closed in 2020, we saw a dramatic relocation of luxury retail on Madison Avenue to the south, apparently with a common goal of establishing better proximity to East 57th Street. Prior to that event, many luxury brands enjoyed a shop within a shop at Barneys, plus another store on the corridor, usually further uptown. Prior to the COVID-19 pandemic, this stretch of Madison Avenue was so tight for space that we saw East 59th Street, a major side street, securing tenants like Dior, Bathing Ape and Balmain. During the pandemic’s lockdown phases, retail vacancy rose dramatically, even in the most desirable areas. Now, post-pandemic, we see spaces along Madison Avenue getting filled by new and established luxury retailers ready to make a statement. Here are some of the key transactions that have either been recently completed or are in progress: Givenchy just left its cozy quarters at 749 Madison Ave. at the southeast corner of 65th Street to take the southeast corner at 625 Madison Ave. Versace will open in Givenchy’s place this fall. Wolford, a maker of luxury seamless tights, took the Lalique store at 607 Madison Ave. …

July 1, 2022

Development Life Sciences Massachusetts Northeast

Bayer Opens $140M Research, Innovation Center in Boston’s Kendall Square

by Taylor Williams June 30, 2022

BOSTON — German pharmaceutical giant Bayer has opened a $140 million research and innovation center within Kendall Square, located on the Boston-Cambridge border. About 100 employees will work at the two-story, 61,200-square-foot facility, which houses a molecular oncology research center with labs and offices. In addition, the center employs a newly established research team focused on leveraging chemical biology techniques to further propel the company’s oncology drug development process.

June 30, 2022

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $59.2M Sale of Orchard Apartments in Marlborough, Massachusetts

by Taylor Williams June 30, 2022

MARLBOROUGH, MASS. — CBRE has brokered the $59.2 million sale of The Orchard Apartments, a 156-unit multifamily community located in the western Boston suburb of Marlborough. Built in 2002, the property comprises 17 two- and three-story buildings that house lofts, one- and two-bedroom units with an average size of 1,121 square feet. Amenities include a pool, fitness center and a clubhouse. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of metro Boston-based National Development, in the transaction. The team also procured the buyer, an affiliate of global investment management firm Nuveen Real Estate.

June 30, 2022

Development Northeast Office Pennsylvania

KBS Completes Renovation of 205,424 SF Office Building in Metro Philadelphia

by Taylor Williams June 30, 2022

KING OF PRUSSIA, PA. — California-based development and investment firm KBS has completed the renovation of 1000 Continental, a 205,424-square-foot office building located in the northern Philadelphia suburb of King of Prussia. The building was originally constructed in 2007. Renovations included the addition of a conference center with casual gathering spaces, as well as upgrades to the elevators, lobbies and common corridors. KBS plans to implement further improvements to 1000 Continental as part of a strategic multi-year plan. Avison Young provided construction management services for the project.

June 30, 2022

Acquisitions Northeast Office Pennsylvania

Colliers Negotiates Sale of 98,555 SF Office Building in Wilkes-Barre, Pennsylvania

by Taylor Williams June 30, 2022

WILKES-BARRE, PA. — Colliers has negotiated the sale of 2 Public Square, a 98,555-square-foot office building in the downtown area of Wilkes-Barre, located south of Scranton. At the time of sale, the six-story building was 99 percent leased to tenants such as The Pennsylvania Department of Environmental Protection and Luzerne County Community College. Jeff Algatt of Colliers represented the locally based private seller in the transaction. The buyer and sales price were not disclosed.

June 30, 2022

Leasing Activity New York Northeast Office

XOMOX Jewelry Signs 13,500 SF Office Lease in Midtown Manhattan

by Taylor Williams June 30, 2022

NEW YORK CITY — XOMOX Jewelry has signed a 13,500-square-foot office lease at 240 W. 40th St. in Midtown Manhattan. The fine jewelry manufacturer is expanding from a 6,500-square-foot space at 151 W. 46th St. and will occupy the entire ninth floor of the building for a term of 10 years. Michael Nazarian and Matt Kashani of Norman Bobrow & Co. represented the tenant in the lease negotiations. Daniel Lolai, Joel Kubie and Eric Siegel of LSL Advisors represented the landlord, The Sioni Group.

June 30, 2022

74-Middlesex-Avenue-Somerville-Massachusetts

Development Life Sciences Massachusetts Northeast

Greystar Underway on 465,000 SF Life Sciences Project in Somerville, Massachusetts

by Taylor Williams June 29, 2022

SOMERVILLE, MASS. — South Carolina-based developer Greystar is underway on vertical construction of 74 Middlesex Avenue, a 465,000-square-foot life sciences project in Somerville, a northern suburb of Boston. The site is located within the Assembly Square mixed-use district. Designed by Elkus Manfredi Architects, the transit-oriented, 15-story building will feature ground-floor retail space, a health and wellness center, conference rooms and a 2,000-square-foot rooftop deck. Completion is scheduled for spring 2024. The project marks Greystar’s initial foray into the life sciences sector.

June 29, 2022

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $35.2M Sale of Apartment Complex in Westwood, Massachusetts

by Taylor Williams June 29, 2022

WESTWOOD, MASS. — CBRE has brokered the $35.2 million sale of Residences at Highland Glen, a 102-unit apartment complex in Westwood, a southwestern suburb of Boston. Constructed in 2006, the age-restricted property comprises two four-story buildings with one- and two-bedroom units, 60 of which were recently renovated. Amenities include a fitness center and a clubroom. Simon Butler, Biria St. John, John McLaughlin, Aron Will and John Sweeny of CBRE represented the locally based seller, National Development, in the transaction. The buyer was Massachusetts-based Claremont Cos.

June 29, 2022

Loans Massachusetts Multifamily Northeast

Eastern Union Arranges $44.8M Agency Loan for Refinancing of Multifamily Property in Amherst, Massachusetts

by Taylor Williams June 29, 2022

AMHERST, MASS. — New York-based Eastern Union has arranged a $44.8 million Fannie Mae loan for the refinancing of The Boulders, a 256-unit multifamily property in Amherst, located in the central part of Massachusetts. The market-rate property was built in 1974 and offers two-bedroom units with an average size of 844 square feet. Michael Muller of Eastern Union arranged the floating-rate loan, which carries four years of interest-only payments on behalf of the undisclosed borrower. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.

June 29, 2022

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