MATAMORAS, PA. — Discount retailer T.J. Maxx has opened a 25,000-square-foot store at Westfall Town Center, a 115,360-square-foot shopping center in Matamoras, located near the confluence of the New Jersey-New York-Pennsylvania border. A 73,000-square-foot ShopRite grocery store anchors the center. Derek Zerfass and Scott Horner of Colliers represented the landlord, Chicago-based CenterPoint Properties, in the lease negotiations. The representative of the tenant was not disclosed.
PHILADELPHIA — Rittenhouse Realty Advisors, a member of GREA, has brokered the $23.5 million sale of Diamond Green, a 350-bed student housing community located near Temple University in Philadelphia. Orens Brothers Real Estate developed the 92-unit property using modular construction. The community features six retail spaces on the ground floor and a 28-stall parking garage. Apex Student Living, a joint venture between Alexandra Capital and Axela Group, acquired the property.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $9.9 million sale of a mixed-use building located in the Mount Hope area of The Bronx. The property comprises five market-rate apartments, 10,600 square feet of vacant office/community space and ground-floor retail space that is leased to T-Mobile and a regional pharmacy. Vanbarton Group sold the asset to an undisclosed buyer. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors brokered the deal.
NEW YORK CITY — Chicago-based investment firm Syndicated Equities has acquired a 110-space parking garage located at 58 W. 58th St. in Manhattan’s Midtown East neighborhood. The structure house both ground-level and underground parking space. Syndicated Equities acquired the property, which is leased to Icon Garages, in partnership with Centerpark Realty, a locally based investment firm that specializes in the product type. The seller and sales price were not disclosed.
BROCKTON, MASS. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Connemara Senior Living, an 86-unit independent living, assisted living and memory care community located in the southern Boston suburb of Brockton. The community was originally built in 1990. Elevation Financial Group acquired the property and plans to convert it to an affordable seniors housing complex. The seller and price were not disclosed.
NEW YORK CITY — Elara Caring Group, a provider of home-based care services, has signed a 14,039-square-foot office lease in The Fordham area of The Bronx. The tenant will occupy space at The Poe Building on Grand Concourse, which was originally constructed in 1929 and renovated in 1989. The lease term is seven years. Kathy Zamechansky of KZA Realty Group represented the landlord, Poe Affiliates LP, in the lease negotiations. Alex Foley of Swearington Realty Group represented the tenant.
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Which Way is the Retail Pendulum Swinging?
Although the pandemic wreaked havoc on the retail sector in general, the culling of weak concepts has left space for strong retailers to flourish. The retail industry is seeing an explosion in experiential retail, medical/dental space is ubiquitous and non-traditional tenants are jumping at opportunities to secure prime locations. As a result, shopping centers have proven very resilient, says George Macoubray, vice president of retail brokerage with NAI Elliott in Portland, Oregon. “Today’s centers continue to evolve and to address what consumers need in terms of a place for people to congregate and participate in the activities that are important to them.” The entertainment sector was hit hard by the pandemic, he notes. “But now those operators seem to be out looking for locations, and they’re seeing the light at the end of the tunnel. People want to gather. They want to be entertained. They want to go out and do activities. Those kinds of experiences are happening more and more often in shopping centers — and you can’t buy those activities on Amazon.” Exciting new in-person experiences are helping to elevate shopping centers. “There’s an influx of experiential retail. From golf simulator experiences to ping-pong places to axe-throwing activities, …
BROCKTON, MASS. — MassHousing has provided $38.5 million in financing for Pine Commons and Pine Gardens, two affordable housing properties totaling 188 units in Brockton, a southern suburb of Boston. Pine Commons consists of 138 two-bedroom apartments and 30 three-bedroom units across 19 three-story buildings. Pine Gardens comprises 114 two-bedroom apartments and six three-bedroom apartments in 13 three-story buildings. Both properties are part of a larger residential development known as Pine Estates that includes a daycare, pool, basketball court, community room, playground and a computer center. The borrower, Beacon Communities, will use the proceeds to fund capital improvements and preserve the community’s affordability.
HARTFORD, CONN. — Northeast Private Client Group has arranged the $16.5 million sale of two multifamily portfolios totaling seven buildings and 182 units in Hartford. The South End Portfolio comprises four buildings and 131 units, and the West End Portfolio consists of three buildings totaling 51 units. Taylor Perun and Alex Burr of Northeast Private Client Group represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
ISLIP, N.Y. — Chicago-based Venture One will develop a 121,270-square-foot industrial facility in the Long Island community of Islip. The site spans 9.7 acres. Building features will include a clear height of 36 feet, 130-foot truck court depths, 131 car parking spaces and 119 trailer parking stalls. Construction is scheduled to begin in the third quarter and to last about a year. Cushman & Wakefield will be responsible for lease-up of the development.