WESTFIELD, N.J. — REDCOM Design & Construction has completed a 22-unit supportive housing project in Westfield, about 25 miles southwest of Manhattan. The building at 1003 N. Avenue W houses one-bedroom units that are reserved for formerly homeless and at-risk veterans, who as residents will have access to mental health and career training services. REDCOM partnered with The Foundation for Sustainable Veteran Housing and American Legion on the project, with the Westfield chapter of the latter entity being the owner.
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Lee & Associates Report: Final Quarter 2024 Net Absorption Trends in Industrial, Office Likely Temporary; Multifamily, Retail Net Absorption Trajectories Stickier
Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …
TINTON FALLS, N.J. — Inspired by Somerset Development has purchased the headquarters facility of cybersecurity firm Commvault in Tinton Falls, located near the Jersey Shore, with plans to implement a repositioning. The facility spans 276,900 square feet and was originally constructed in 2014. Inspired plans to emulate the repositioning practices and philosophies behind its Bell Works model in nearby Holmdel. This approach entails introducing a flexible office model, modern amenities and community-centric public spaces. Additional building amenities will include a selection of local restaurants, a Bell Market, coffee shop, retail spaces and a health club. JLL represented Commvault, which will retain a 75,000-square-foot office space at the property via a sale-leaseback, in the transaction. Greystone provided $30 million in acquisition financing for the deal. Inspired expects to complete the repositioning this fall.
NEW WINDSOR, N.Y. — Marcus & Millichap has brokered the sale of Lock Around The Clock, a 373-unit self-storage facility in New Windsor, about 50 miles north of New York City. The facility was built on a 3.3-acre site in 2012 and totals 32,725 net rentable square feet across 126 climate-controlled units, 213 non-climate-controlled units, 31 outdoor parking spaces, two apartments and one garage. Luke Dawley, Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap represented the seller, Sloop Hill Associates LLC, in the transaction. The buyer and sales price were not disclosed. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW PROVIDENCE, N.J. — New Jersey-based intermediary Cronheim Mortgage has arranged $5.8 million in financing for an 89,619-square-foot office and industrial building in New Providence, about 30 miles west of Manhattan. The facility, 60,000 square feet of which comprises office space, was constructed during the 1950s and 1960s and was fully leased at the time of the loan closing. Tenants include Atlantic Health Systems, Sensory Spectrum, Wharton Music Center and Creative Wallcoverings & Interiors. An undisclosed insurance company provided the loan to an entity doing business as RC-Central Ave Associates LLC.
NEW YORK CITY — Law firm Ellenoff Grossman & Schole LLP has signed a 19,000-square-foot office lease at 1345 Avenue of the Americas in Midtown Manhattan. The space spans the entire 11th and part of the 10th floors, and the lease term is 11 years. Tim Gibson, Bill Levitsky and John Cilmi Jr. of Newmark represented the tenant in the lease negotiations. Howard Fiddle, Peter Turchin, Gregg Rothkin, Ben Joseph, Bill Iacovelli and Charles Laginestra of CBRE, along with internal agents Marc Packman and Clark Briffel, represented the landlord, Fisher Brothers.
NEW YORK CITY — JLL has negotiated a 14,198-square-foot office lease expansion at 101 Park Avenue in Midtown Manhattan. The tenant, Pennsylvania-based Incline Equity Partners, is taking additional space on the 47th floor and now occupies 32,198 square feet within the 49-story, 1.3 million-square-foot building. Alexander Chudnoff, Nick Francic, Harrison Potter and Kate Roush of JLL represented the tenant in the lease negotiations. John Cefaly and Nicholas Dysenchuk of Cushman & Wakefield represented the landlord, H.J. Kalikow & Co.
NEW YORK CITY — Douglaston Development has broken ground on a 277-unit affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and is backed by $190 million in financing from a variety of sources. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive housing. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will construct the community. Construction is expected to be complete in 2027.
PHILADELPHIA — The Palomar Group, a Georgia-based brokerage firm, has negotiated the sale of a 221,157-square-foot shopping center in South Philadelphia. The grocery-anchored property is known as the South Philadelphia Shopping Center and is home to tenants such as ShopRite, Ross Dress for Less, Five Below, Burger King, Sherwin-Williams, Dunkin’ and Aaron’s. Palomar represented the seller, a publicly traded REIT, in the transaction. The buyer was a New York-based investor. Both parties requested anonymity.
WOBURN, MASS. — CBRE has brokered the sale of a 38,000-square-foot shopping center located at 99-103 Commerce Way in Woburn, a northern suburb of Boston. Known as MetroNorth Shopping Center, the property houses tenants such as Petco, The Vitamin Shoppe, Gardner Mattress, Pediatrics Urgent Care and Starbucks Coffee. Nat Heald and Jordana Roet of CBRE represented the undisclosed seller and procured the buyer, Calare Properties, in the transaction. Kyle Juszczyszyn and Matt Machiros, also with CBRE, arranged an undisclosed amount of acquisition financing for the deal.