BOSTON — A partnership between locally based investment firm Oliver Street Capital and Bain Capital Real Estate has purchased a 113,000-square-foot industrial building located at 44-48 Garden St. near downtown Boston. The sales price was $15 million. The property is situated on 3.4 acres near Encore Casino and Boston-Logan International Airport and contains both warehousing and light industrial space. The seller was not disclosed.
CARLSTADT, N.J. — Sitex Group, an investment and development firm focused on the Tri-State area, has acquired a 30,000-square-foot warehouse in the Northern New Jersey city of Carlstadt. The property, which is currently vacant, features 20-foot clear heights, two loading docks and 3,000 square feet of office space. Jeff Chaus of Chaus Realty brokered the deal and has been retained to lease the building.
Bed Bath & Beyond Agrees to Sell Cost Plus World Market to Private Equity Firm, Including 243 Stores
UNION, N.J. AND LOS ANGELES — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has agreed to sell Cost Plus World Market, a specialty retail chain that sells home furniture, décor and international food products. The buyer, Los Angeles-based private equity firm Kingswood Capital Management, expects to continue operations under the Cost Plus World Market banner. The purchase agreement includes 243 brick-and-mortar locations, the World Market digital business, two distribution facilities and a corporate office located in Alameda, Calif. Both companies have agreed to a transition services agreement (TSA) following the close of the transaction to help ensure business continuity. The sales price was not disclosed. Cost Plus World Market opened its first store in 1958 on San Francisco’s famous Fisherman’s Wharf. Today the company operates stores in 39 states coast to coast, as well as one in Washington, D.C. Bed Bath & Beyond acquired Cost Plus World Market in 2012. The transaction is scheduled to close prior to the end of Bed Bath & Beyond’s fiscal year on Feb. 27, 2021, and is subject to customary closing conditions. Advisors to Bed Bath & Beyond on this transaction included B. Riley Securities Inc. and Bryan Cave. In addition to the sale …
NEW YORK CITY — Black Bear Capital Partners has arranged a $25.5 million agency loan for the refinancing of three apartment buildings totaling 146 units in The Bronx. The properties are located at 2320 Aqueduct Ave., 2828 Valentine Ave. and 2885 Valentine Ave. PGIM Real Estate provided the loan through Fannie Mae’s Green Rewards program. The borrower was an undisclosed private investor. Bryan Manz, Emil DePasquale, Phil Bowman, and Jack Cohen of BBCP arranged the financing package. The loan was structured with a fixed interest rate of 3.14 percent for 12 years with five years of interest-only payments followed by a 30-year amortization schedule.
NEW HAVEN, CONN. — Greystone has provided $18.6 million in Fannie Mae acquisition financing for two multifamily properties in New Haven. In the first transaction, Greystone provided a $5.3 million loan for a 57-unit complex at 511 Main St. that was built in 1926. That loan was structured with a 10-year term, a 30-year amortization schedule and five years of interest-only payments. In the second deal, Greystone provided a $13.3 million loan for Hemingway Place, a property built in 1962 that features one- and two-bedroom units. That loan carried a 12-year term, a 30-year amortization schedule and six years of interest-only payments. Dan Sacks of Greystone originated both loans. Russ Drebin and Jake Weinstein of Meridian Capital Group placed the debt. The borrower was CSRE Group.
WORCESTER, MASS. — JLL has negotiated the $14.5 million sale of a 333,302-square-foot historic office building located at 340 Main St. in Worcester, located in the central part of the state. The property was built in 1897 and is currently leased to a roster of legal, financial services and government tenants. Adam Dunn, Mike Restivo and Chris Phaneuf of JLL represented the seller, Commerce Associates LLC, in the transaction. The buyer, Silverbrick Group, plans to convert the nine-story building into a mixed-use development with office, retail, multifamily and self-storage uses.
UPPER MACUNGIE, PA. — New Jersey-based Woodmont Properties has completed the lease-up of Woodmont Ridge in Upper Macungie, located in the Lehigh Valley area. The property consists of 36 carriage homes in two-bedroom formats that feature open floor plans, modern plank floors and quartz countertops. Amenities include a pool, resident lounge, game room, theater room and a fitness center. The majority of the units also feature attached garages.
NEW YORK CITY — Locally based firm Alpha Realty has brokered the $5.1 million sale of a 33-unit apartment building located in the Wakefield area of The Bronx. The seller, a private family that owned the asset for 45 years, sold the property to LAL-Roughlock Fund I. Lev Mavashev, Yehuda Leser and Shai Egison of Alpha Realty represented both parties in the transaction.
CAMBRIDGE, MASS. — Blackstone (NYSE: BX) has acquired a 2.3 million-square-foot life sciences portfolio in Cambridge, located across the Charles River from Boston, for approximately $3.4 billion. The seller was Brookfield Asset Management. The majority of the properties in the portfolio are located in East Cambridge, adjacent to the Massachusetts Institute of Technology (MIT) campus, and are leased to investment-grade tenants with both traditional office and lab requirements. Following the closing of the deal, which is scheduled for the first quarter of 2021, Blackstone will be the largest owner of life sciences space in Cambridge. Blackstone is acquiring the portfolio through BioMed Realty, its $20 billion subsidiary that launched in 2018 and is focused on life sciences properties. “This transaction illustrates Blackstone’s continued conviction in the life sciences space, both broadly and within real estate, and in investing in best-in-class assets located adjacent to top-tier research and education institutions,” says Nadeem Meghji, head of real estate in the Americas for Blackstone. Cambridge continues to be a hub for development and leasing of life sciences properties. In November, locally based developer King Street Properties partnered with California-based Healthpeak Properties to break ground on a $170 million life sciences facility that will …
CRANBURY, N.J. — Duke Realty, an Indianapolis-based REIT, has secured two industrial leases totaling 950,000 square feet in Cranbury, located in the north-central part of the state. Cooper Electric signed a lease for 650,000 square feet at 315 Half Acre Road, and logistics firm Comptree inked a deal for 300,000 square feet at the adjacent facility at 311 Half Acre Road. Both buildings feature 38-foot clear heights and two drive-in doors. Mindy Lissner, William Waxman, David Gheriani, Robert Pine and Kevin Dudley of CBRE represented Duke Realty in the lease negotiations. Jules Nissim of Cushman & Wakefield represented Cooper Electric, while Richard Marchisio and Drew Maffey of Lee & Associates represented Comptree.