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Hellenic-Classical-Charter-School
CivicDevelopmentNew YorkNortheast

Hellenic Classical Charter to Open 36,000 SF School in Staten Island

by Taylor Williams

NEW YORK CITY — Hellenic Classical Charter School (HCCS) will open a 36,000-square-foot academic institution for students in grades 3-8 at 1641 Richmond Ave. in Staten Island. HCCS has entered into a ground lease with the owner of the land, Holy Trinity Greek Orthodox Community, to develop the project. Marty Cottingham, Michael Gottlieb and Patrick Steffens of Avison Young represented HCCS in the ground lease negotiations. HCCS also secured $44 million in bond financing from youth empowerment organization Build NYC to help finance construction of the new building.  

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Leasing ActivityNew JerseyNortheastRetail

R.J. Brunelli Negotiates Two Retail Leases Totaling 18,660 SF for Dollar Tree in New Jersey

by Taylor Williams

RIVERDALE AND MANASQUAN, N.J. — R.J. Brunelli & Co. LLC has negotiated two retail leases for Dollar Tree in New Jersey. In the first deal, the discount retailer leased 9,200 square feet at Riverdale Crossing, a Walmart-anchored power center in Morris County. Dollar Tree will backfill a space formerly occupied by Pier 1 Imports. In the second transaction, Dollar Tree committed to a 9,460-square-foot endcap space at The Orchards at Wall, a 22,504-square-foot center in Manasquan that was also formerly occupied by Pier 1. Both stores are slated to open in the second quarter. Danielle Brunelli and Pete Nicholson of R.J. Brunelli represented Dollar Tree in both sets of lease negotiations. Ryan Starkman of Pierson Real Estate represented the landlord in the Riverdale Crossing deal.

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11-Centennial-Drive
IndustrialMarket ReportsMassachusettsNortheastNortheast Market Reports

Strong Fundamentals Drive Capital into Boston Industrial Market

by Taylor Williams

By Brian Pinch, managing director, Newmark On a national level, the industrial market continues to perform well amidst the coronavirus-induced market correction that has impacted other asset classes. Industrial fundamentals ended 2020 on solid footing, with outsized demand, rising rents and a healthy supply pipeline. Despite the impacts of COVID-19, key logistics hubs like Los Angeles and the Inland Empire are doing well, as are smaller metros like Boston. The continued shift towards e-commerce and online shopping, as well as a greater emphasis on strong distribution networks and supply chains, are driving activity within tertiary markets as well. Combined with sustained cap rate compression, such positive fundamentals have led to increased investor interest in the industrial asset class. Capital that was previously allocated for other property types is now flowing into the industrial market, and low interest rates are giving buyers increased purchasing power. As a result, pricing for industrial product continues to climb across many metros, including greater Boston. In fact, greater Boston’s industrial market maintains one of the most dynamic investment landscapes in the country, as historically tight vacancies and rapidly rising rents attract record levels of capital. Though the metro-wide vacancy rate is below 6 percent — …

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Affordable HousingBuild-to-RentFinance InsightLoansMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasVideoWestern

NorthMarq: 2021 Capital Markets Environment

by Sarah Daniels

  NorthMarq executives recently connected with nearly 50 correspondent lenders and more than 150 debt experts in an effort to better understand the capital markets environment in 2021 and to share information about opportunities within the market. Jeff Erxleben, executive vice president and executive managing director, Debt & Equity, with NorthMarq, shares some of the insights from those conversations, and he discusses changes in the market, ranging from new loan programs by life companies to the impact of FHA/HUD’s new MAP guide implemented this month. He also talks about the growing interest in single-family rental and build-for-rent properties, and he mentions trends in affordable housing development and value-add strategy for buyers of affordable and workforce housing. “Overall, we’ve seen strong volume at the beginning of 2021, and I would expect that to continue throughout the year as the liquidity in the debt and equity markets remains strong,” Erxleben notes. “Transaction volume is up; there is a large sentiment that there is pent-up demand to get deals done.” He adds, “We’re seeing the fastest rebound and largest amount of activity in high-growth, business-friendly Sunbelt states — Texas, Florida, Arizona and the Carolinas. Other states, like California, where activity has been more …

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345-Park-Avenue-Manhattan
Leasing ActivityNew YorkNortheastOffice

Blackstone Signs 80,000 SF Office Lease Expansion at 345 Park Avenue in Manhattan

by Taylor Williams

NEW YORK CITY — Global asset management firm Blackstone has signed an 80,000-square-foot office lease expansion at 345 Park Avenue in Midtown Manhattan. Blackstone’s footprint at the 44-story, 1.9 million-square-foot building now spans 12 full floors and five partial floors for a total of 720,000 square feet. Other tenants at 345 Park, which is owned by Rudin Management Co., include accounting firm KPMG and the National Football League. Tom Keating represented building ownership in the lease negotiations on an internal basis.

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110-Chauncy-St.-Boston
AcquisitionsMassachusettsNortheastOffice

MC Real Estate Buys 76,000 SF Historic Office Building in Downtown Boston

by Taylor Williams

BOSTON — MC Real Estate Partners LLC, in partnership with an undisclosed capital source, has purchased a 76,000-square-foot historic office building located at 110 Chauncy St. in downtown Boston. The property was originally built in the 1890s and will serve as the new headquarters for global design firm Sasaki, which has signed a 64,000-square-foot lease. MC Real Estate will work with Sasaki to redesign and renovate the space, which will house approximately 250 employees.

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CivicDevelopmentMassachusettsNortheast

Finegold Alexander Unveils New Design, Renovation of Eliot Innovation School in Boston

by Taylor Williams

BOSTON — Locally based design firm Finegold Alexander Architects has unveiled the new design and renovation of the Eliot Innovation School in Boston. The school is part of a three-building campus in the city’s North End neighborhood and will serve students in grades 5-8. The building formerly served as an FDA testing facility and an office property before its latest conversion to a school. Construction of the $15 million project was completed in September 2019, but the coronavirus outbreak delayed the school’s opening.

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AcquisitionsIndustrialNew YorkNortheast

Ariel Property Advisors Negotiates $4.3M Sale of Commercial Building in The Bronx

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $4.3 million sale of a 26,787-square-foot commercial building at 1414-1424 Cromwell Ave. in the Mount Eden neighborhood of The Bronx. The property is currently leased to a parking operator but is also zoned for warehouse use. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

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AcquisitionsIndustrialNew JerseyNortheast

Kislak Arranges $3.9M Sale of 44,300 SF Industrial Property in Northern New Jersey

by Taylor Williams

WHITEHOUSE STATION, N.J. — Locally based brokerage firm Kislak Commercial Real Estate Services Inc. has arranged the $3.9 million sale of a 44,300-square-foot industrial property in the Northern New Jersey community of Whitehouse Station. Peter Wisniewski of Kislak represented the seller, Palumbo Realty LLC, in the transaction. Wisniewski also procured the buyer, 27 Ridge Road LLC

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DevelopmentFinance InsightLoansMidwestNortheastSoutheastTexasVideoWestern

TSB Capital Advisors: Student Housing Finance Versus Conventional Multifamily Finance

by Sarah Daniels

  Student housing lending faces a number of uncertainties as 2021 begins: agency policies affecting available sources of lending, the availability of distressed properties, special considerations for Tier 2 and 3 schools and the difficulties of obtaining construction and permanent financing under certain circumstances. Timothy S. Bradley, founder of TSB Capital Advisors and a principal of TSB Realty, explains his outlook on 2021 for the student housing industry, including some of the intricacies in student housing finance versus conventional multifamily. While the two classes did not face vastly different outcomes before COVID, “Post-COVID is a completely different story. There is a significant delta when you are looking at permanent financing for student housing right now versus conventional. The agencies [have enacted] COVID reserves that have been instituted in new loan originations — and most new loan originations are for acquisitions versus refinancing right now. We are starting to see them reduce the reserves, but they were doing it for both multifamily and student.” Bradley explains, “However the interest rates that, over the past three to four months, you could get for conventional housing versus student ranged anywhere from 50 to 75 basis points better for conventional. This allows the conventional market cap rates to keep compressing …

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