NEW YORK CITY — Red Bull has signed a 17,585-square-foot office lease at 5 Little West 12th St. in Manhattan’s Meatpacking District for its new East Coast headquarters. The energy drink provider plans to relocate from 218 West 18th Street to the 82,000-square-foot building in the third quarter. David Falk, Daniel Levine and Jason Greenstein of Newmark represented the landlord, British investment firm EPIC, in the lease negotiations. Cushman & Wakefield’s David Mainthow represented Red Bull.
MORRISTOWN, N.J. — Berkadia’s New Jersey office has expanded its investment sales team with the addition of six professionals. Nat Gambuzza, Spencer Beriont, Trevor Fiebel, Tim Blashford, Brian Antognini and Mike O’Reilly all join Berkadia from CBRE. The team will specialize in handling portfolio sales, distressed property deals, note sales and 1031 tax exchange transactions for private investors, partnerships, lenders and institutions of varying net worth.
By Becky Bedwell, vice president of development, Cottonwood Group As one of Boston’s fastest-growing and most dynamic areas, the Seaport District has gotten a lot of attention as it has undergone a multitude of transformations over the past 150 years. The area has evolved from a bustling railyard and shipping area in the early 20th century to a no-man’s land of parking lots in the 1990s to its most recent iteration: The Innovation District. While the spotlight is only growing brighter as several high-profile residential and mixed-use projects come on line in this distinctive and in-demand neighborhood, the headlines tell only part of the story. The Seaport District’s seemingly sudden emergence is the result of more than a decade of development and over $22 billion in public funding — efforts that have helped draw hundreds of new businesses and support a growing list of noteworthy developments. The challenges faced and opportunities realized by developers in this part of town reveal some important truths about what it takes to create great civic spaces and successful multifamily developments — not just in this city and this area, but in urban communities around the country. What follows are some best practices, consideration and …
BOSTON — On behalf of Boston Global Investors, JLL has arranged $542.5 million in financing for 10 World Trade, a 555,250-square-foot speculative life sciences project in Boston’s Seaport District. The financing package consists of a $382.5 million construction loan from an undisclosed life insurance company and $160 million in joint venture equity contributions from PGIM Real Estate and Wheelock Street Capital. Designed by Sasaki, the 17-story building will house office and life sciences users on floors three through 17, while the ground floor will feature a two-story public atrium with a 45-foot domed ceiling, a food hall and a garden lounge. Sitework began recently, and completion of the project is slated for late 2024. Anthony Cutone and Andrew Gray of JLL structured the financing on behalf of the borrower. JLL has also been retained to lease the building.
BILLERICA, MASS. — Design-build firm PROCON has broken ground on the redevelopment of Billerica Mall on the northern outskirts of Boston. The main piece is the demolition of an 84,000-square-foot structure that was vacated by Kmart several years ago and the new construction of a 43,000-square-foot grocery store at that site. In addition, the development team, which is led by an entity doing business as F.B. Billerica Realty Investors LLC, will deliver 18,000 square feet of new restaurant space and upgrade the property’s signage, landscaping and utility systems. Lastly, the project team will develop a 200-unit apartment community on the Tower Farm Road section of the site that will include 20 affordable housing units and Class A amenities. Upon completion, a tentative date of which was not disclosed, the project will be branded The Shoppes and Residences at Billerica.
FAIR LAWN, N.J. — Regional healthcare provider Summit Health has signed a 70,594-square-foot lease at 17-17 Route 208, an office and healthcare building located in the Northern New Jersey community of Fair Lawn. Marc Rosenberg of Cushman & Wakefield represented the tenant in the lease negotiations. Sam Horowitz and Michael Tesser of Colliers represented the landlord, Keystone Development + Investment, which acquired the building in 2014 from Mack-Cali. The building is now fully leased.
HOBOKEN, N.J. — Locally based brokerage firm Katz & Associates has arranged the $13 million sale of the 20,000-square-foot former Bow Tie Cinemas building in Hoboken, located across the Hudson River from Manhattan. Jonathan Greenberg of Katz & Associates represented the seller, Hoboken Theaters LLC, in the transaction. Jon Compitello and Dan Spero of JLL represented the buyer, Hoboken Grace Community Church, which will use the buildings as its new headquarters and community center.
ALLENDALE, N.J. — Azarian Realty Co. has signed fast casual restaurant concept Primo Hoagies to a 2,008-square-foot lease at the 90,000-square-foot Allendale Town Center, located in Bergen County in Northern New Jersey. Kevin Pelio and James Azarian of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Jason Brooke of MSC Retail represented the tenant. Primo Hoagies currently operates 85 franchised locations across seven states and is underway on expansion plans.
Where do people go to “get away from it all” — especially when the world shuts down? Many seek relaxation and recreation in the great outdoors. Interest in camping — especially the subset of high-end camping often referred to as “glamorous camping” or “glamping” — grew steadily in the years before the pandemic. The arrival of COVID and the desire for socially distanced vacations created a rapid increase in demand and revenue. The result for commercial real estate has been a large increase in the number of investors interested in outdoor hospitality properties. “Before 2020, the trend was already very strong; the pandemic just accelerated it,” says Sean Wood, associate broker at NAI Outdoor Hospitality Brokers. Wood cites the Kampgrounds of America (KOA) 2021 Annual North American Camping Report: “From 2014 to 2018, there was consistent growth of about 2 million new households per year getting into camping across North America. From 2018 to 2019, we saw a jump from 39.2 million to 41.9 million households that went camping. And then in 2020, we saw an explosion in interest: from 41.9 million households to 48.2 million households camping each year.” The specialists at NAI Outdoor Hospitality Brokers expect this renewed …
ORCHARD PARK, N.Y. — The Buffalo Bills have reached an agreement with New York State and Erie County for a new $1.4 billion football stadium in Orchard Park, a southeast suburb of Buffalo that is also home to the team’s current arena, Highmark Stadium. According to New York State, the new stadium represents the largest construction project in the history of Western New York. The National Football League (NFL) and the Bills have committed to providing a combined $550 million for the project, while New York Gov. Kathy Hochul plans to advance a $600 million proposal to the state budget. Erie County will contribute $250 million. NFL owners on Monday approved the deal, which keeps the team in Buffalo for another 30 years. “While there are a few more yards to go before we cross the goal line, we feel our public-private partnership between New York State, Erie County led by county executive Mark Poloncarz and the NFL will get us there,” say Terry and Kim Pegula, owners of the Buffalo Bills. The agreement details the construction of a new stadium with a minimum of 60,000 seats in Orchard Park to be designed and constructed by the Bills. The team …