ALLENTOWN, PA. — Florida-based investment and development firm DLP Capital has opened Grand Plaza, a 254,782-square-foot office building located in the Lehigh Valley city of Allentown. DLP Capital acquired the building, which is located in the downtown area, via auction in 2021 and implemented a capital improvement program. Grand Plaza now features open, full-floor and multi-tenant floor plans, with office spaces ranging in size from 5,000 to 33,600 square feet. Additionally, Grand Plaza offer energy-efficient workspaces, winter gardens and a landscaped roof.
LEWISBERRY, PA. — New Jersey-based investment firm Larken Associates has acquired Fairview Industrial Park, a 137,404-square-foot complex in Lewisberry, a southern suburb of Harrisburg. The three-building complex was close to fully leased at the time of sale to tenants such as LeafGuard, Best Dressed Associates, Precision Pulley, Eastern Surfaces and Paul Davis Restoration. Buildings range in size from 16,800 to 61,714 square feet and feature clear heights of 18 feet. Gerry Blinebury and Brendan McGeary of Cushman & Wakefield represented the undisclosed seller in the transaction. Larken Associates was represented by its in-house brokerage division, Raider Realty.
NEW YORK CITY — Los Angeles-based Thorofare Capital has provided a $16.8 million acquisition loan for a 42,500-square-foot office and retail building located at 69-30 Austin St. in Queens. Ross Cumming of Ackman-Ziff Real Estate Capital Advisors placed the financing with Thorofare Capital. The borrower, a partnership between LTNG, Crown Acquisitions and Forest Hills Real Estate Group, plans to use a portion of the proceeds to fund capital improvements.
MAHWAH, N.J. — NAI James E. Hanson has brokered the sale of a 54,000-square-foot industrial building in Mahwah, located on the New York-New Jersey border. The building sits on six acres and features a clear height of 16 feet. Russ Verducci and Eric Demmers of NAI Hanson represented the seller, Hendon Realty Associates LLC, in the transaction. The name and representative of the buyer were not disclosed.
SAYREVILLE, N.J. — A joint venture between Trammell Crow Co. (TCC) and CBRE Investment Management will develop Arsenal Trade Center, a roughly 1 million-square-foot industrial project in the Central New Jersey community of Sayreville. The site spans 74 acres and is located four miles from the New Jersey Turnpike. Arsenal Trade Center will consist of three rear-load buildings spanning 284,341, 341,833 and 451,602 square feet. Each building will feature clear heights of 40 feet and ample car and trailer parking. KSS Architects is designing the project, and RC Anderson is the general contractor. Construction is slated to begin later this summer and to be complete in late 2023.
MIDDLETOWN, R.I. — CBRE has brokered the $37 million sale of Northgate Apartments, a 179-unit multifamily complex in Middletown. Built in phases between 1969 and 1972, the property offers one-, two- and three-bedroom units with an average size of 888 square feet. Amenities include a pool, fitness center and a leasing office. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based Eden Properties, in the transaction. The team also procured the buyer.
EAST ORANGE, N.J. — Hudson Atlantic Realty has arranged the $15.6 million sale of a portfolio of four multifamily properties totaling 96 units in the Northern New Jersey community of East Orange. The sales price equates to $162,500 per unit. All four properties are located near the city’s downtown area and recently received renovations to their unit interiors, including new floors, upgraded kitchens and onsite laundry facilities. The buyer and seller were not disclosed.
SALEM, N.H. — Tuscan Brands has welcomed new tenants to Tuscan Village, its 170-acre flagship shopping, dining and entertainment destination located north of Boston in Salem, New Hampshire. Nike (15,000 square feet) and Chick-fil-A (5,000 square feet) both recently opened, and Mass General Brigham will open a primary and specialty care medical facility later this summer. The Container Store will launch a 15,000-square-foot store this winter. Other tenants that have committed to Tuscan Village include T-Mobile, Xfinity, Crumbl Cookies, Banfield Pet Hospital, LensCrafters and Bennett’s Sandwich Shop.
NEW YORK CITY — Shawmut Design & Construction has signed a 27,015-square-foot office lease at 488 Madison Avenue in Midtown Manhattan. The lease term is 15 years. The 23-story building was originally designed in 1949 and was known as the “The Look Building” for the defunct magazine that was its primary tenant until 1971. David Hollander and Jared Freede of CBRE represented the tenant represented the tenant in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.
What should potential landlords know about leasing space for cell towers or renegotiating their legacy leases? “Landlords need to understand what economic opportunity they have available to them,” says David Moore, CEO and principal at NAI Global Wireless. Involving cell tower lease consultants, especially for existing leases, and considering cell site buyouts are two powerful tools available to cell site landlords today. For decades, Moore explains, property owners have been willing to sign less-than-ideal agreements with carriers and tower companies. Over the years, landlords, thinking that just because these cell tower sites are small and out of the way or because they did not want to turn down “free money,” were willing to sign disadvantageous lease agreements. Landlords often do not understand the impact of signing a lease agreement with a potential term of 30 years (made up of five-year terms), especially when tenants might use leases to constrain certain real estate negotiations (including rights like tenant approval for buyers, rights of first refusal and noncompetition clauses). In many cases, tenants have the unilateral right to terminate their lease without notice, a right about which landlords frequently aren’t aware. Rent escalations, terms and conditions, inflation and more need to be …