READING, PA. — North Carolina-based South Atlantic Packaging Corp. has signed a 133,055-square-foot industrial lease at 1091 Arnold Road in the Eastern Pennsylvania city of Reading. CBRE represented the landlord, an affiliate of Link Logistics Real Estate, in the lease negotiations. Del Markward of Markward Group represented the tenant.
NEW YORK CITY — U.S. regional and superregional malls posted a record vacancy rate of 11.4 percent in the first quarter of 2021, up 90 basis points from 10.5 percent in the fourth quarter of 2020, according to a new report from New York City-based Moody’s Analytics. The total U.S. retail vacancy rate registered 10.6 percent in the first quarter of 2021, up 40 basis points from 10.2 percent during the same period a year ago, according to Moody’s Analytics. On a nationwide basis, retail vacancy was relatively unchanged between the fourth quarter of 2020 and the first quarter of 2021. In formulating the report, Moody’s Analytics sourced data from 77 U.S. metros, finding that 40 of those markets experienced declines in effective rent growth. However, the report noted that this data actually reflects improvement; of the 77 metros surveyed in the fourth quarter of last year, 60 reported declining rental rates. The average effective rent in the U.S. retail sector clocked in at $18.58 per square foot in the first quarter of 2021, down from $18.87 per square foot on a year-over-year basis.
WORCESTER, MASS. — Regional developer Trinity Financial has completed Worcester Courthouse Lofts, a 118-unit multifamily project in Central Massachusetts that is a redevelopment of the historic Worcester Courthouse. The building was originally constructed in the 1840s. Valued at $60 million, the project was partially financed with federal and state historic tax credit equity and features studio, one-, two- and three-bedroom units. Amenities include a fitness center, pet spa, lounge and a game room. MassHousing provided the majority of the construction debt. Tocci Building Corp. served as the general contractor for the project, and Bohler served as the civil engineer.
PARSIPPANY, N.J. — The Birch Group has announced plans to renovate 99 and 199 Cherry Hill Road, a two-building, 191,249-square-foot office complex in the Northern New Jersey community of Parsippany. The $1 million capital improvement program will upgrade the lobbies, conference rooms, hallways, bathrooms and common spaces. The Birch Group acquired the complex, which currently houses tenants such as Bayada Home Healthcare, Thermo Fisher Scientific and Scholls Wellness Co., in January 2020. Cushman & Wakefield leases the property.
NORWALK, CONN. — Car dealer Garavel Automotive will open a 34,502-square-foot Subaru dealership at the site of the former Best Friends Pet Hotel in Norwalk, located in the southern coastal part of the state. The dealer acquired the 2.3-acre site at 520 Main Ave. for $3.9 million. Jeffrey Gage and Robert Crane of CBRE represented the seller, Morganth Properties LLC, in the land deal. Dan DiBuono of Tower Realty Corp. represented Garavel Automotive.
NEW YORK CITY — Alpha Realty has brokered the $4.8 million sale of a 27-unit multifamily building located at 1580 Edison Ave. in The Bronx. The property, which includes retail space, traded at a cap rate of 6.3 percent and a price that equates to $209 per square foot. Lev Mavashev and Yehuda Leser of Alpha Realty represented the buyer and seller in the off-market deal. Both parties requested anonymity.
NEW YORK CITY — New York City-based institutional investment firm BentallGreenOak has closed on its acquisition of Metropolitan Real Estate Equity Management LLC, formerly a division of Washington, D.C.-based global private equity firm The Carlyle Group. The deal creates an entity with approximately $55 billion in assets under management. Moving forward, Metropolitan will operate under the name BGO Strategic Capital Partners.
LYNDHURST, N.J. — Colliers International has negotiated the sale of 1099 Wall Street West, a 118,465-square-foot office building in Lyndhurst, located outside of New York City. Originally built in 1971, the property recently received $1.2 million in capital improvements, including the upgrading of amenities such as a café, game room and lounge and a conference center. Locally based investment and management firm Bergman Real Estate Group sold the property to BHN Associates for an undisclosed price. Jackelene Chesler, Matthew Brown and Patrick Norris of Colliers brokered the deal.
PHILADELPHIA — Naftali Credit Partners, a debt fund and subsidiary of global investment firm Naftali Group, has provided a $10 million mezzanine loan for a multifamily project that is under construction at 4224 Baltimore Ave. in Philadelphia. The six-story property will be located in the University City neighborhood will consist of 132 units and 19,000 square feet of retail space. The borrower and developer is New York City-based Thylan Associates.
NEW YORK CITY — Locally based investment firm Conway Capital has purchased two multifamily and retail buildings in the Park Slope neighborhood of Brooklyn for $7.9 million. The 7,200-square-foot building at 155 Fifth Ave. was constructed in 1920 and consists of eight apartments and a ground-floor restaurant/jazz bar. The 4,900-square-foot property at 138 St. Marks Place was built in 1931 and includes 10 apartments and a pizzeria. The assets sold for $4.2 million and $3.7 million, respectively. Adam Lobel of BRG represented the seller of 155 Fifth Ave., and Eddie Setton and Adam Hess of Meridian represented the seller of 138 St. Marks Place.