Northeast

Developer BLT Underway on Renovation of 500,000 SF Office Building in Stamford, Connecticut

by Taylor Williams November 18, 2020

STAMFORD, CONN. — Building and Land Technology (BLT), a Connecticut-based developer, is underway on the renovation of 1 Elmcroft, a 500,000-square-foot office building in Stamford. The project includes numerous design and engineering upgrades to promote health and wellness, including increased air ventilation and circulation and more efficient air filtration, as well as heightened sanitation features such as ultraviolet lighting and bipolar ionization. The latter features allow cleaner, safer passage through elevators and common areas, and BLT will also introduce touchless entry mechanisms and other technologies throughout the building. Users will also enjoy access to outdoor amenity spaces, including walking trails and water features, as well as a cafeteria, fitness center and collaboration areas that are separate from individual workstations.

November 18, 2020

Acquisitions Industrial Massachusetts Northeast

Nuveen Real Estate Buys Industrial Facility in Metro Boston for $52M

by Taylor Williams November 18, 2020

MILFORD, MASS. — Nuveen Real Estate has purchased One National, a 300,000-square-foot industrial facility located in the southwestern Boston suburb of Milford for $52 million. According to LoopNet Inc., the property is located at 1 National Drive, was built in 1973 and renovated in 2019. The seller was not disclosed. The property was fully leased to an undisclosed e-commerce tenant at the time of sale.

November 18, 2020

Development Hospitality New York Northeast

TLG Investment Opens 93-Room Hotel, Resort in Upstate New York

by Taylor Williams November 18, 2020

SARANAC LAKE, N.Y. — TLG Investment Partners has opened Saranac Waterfront Lodge, a 93-room hotel and resort located in the Adirondack High Peaks in Upstate New York. The waterfront property houses two food and beverage concepts, a pool, lakeside fire pit, a private marina with 24 boat slips and 30,000 square feet of meeting and event space. Skyward Hospitality is managing the property.

November 18, 2020

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Kislak Brokers $16.4M Sale of Active Adult Community in Hamilton Township, New Jersey

by Taylor Williams November 18, 2020

HAMILTON TOWNSHIP, N.J. — The Kislak Company Inc. has brokered the $16.4 million sale of Twin Ponds, a 75-unit active adult community in Hamilton Township, located outside Trenton. Justin Lupo and Jason Pucci of Kislak represented the sellers, Crestwood Ventures LLC and Crestwood Ventures II LLC, in the transaction. The buyer, an affiliate of The Kamson Corp., plans to expand the property with a 69-unit third phase. Twin Ponds was fully occupied at the time of sale.

November 18, 2020

Loans New York Northeast Office Retail

Empire State Receives $180M Loan for Refinancing of Manhattan Office, Retail Building

by Taylor Williams November 17, 2020

NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has received a $180 million loan for the refinancing of 250 W. 57th St., a 542,000-square-foot office and retail building in Manhattan. The 26-story tower, which houses retailers such as HSBC Bank, Bank of America, AT&T and T.J. Maxx, recently received a capital improvement program that updated storefronts, windows and mechanical systems. The interest-only loan bears a fixed interest rate of 2.83 percent and matures in December 2030. Estreich & Co. originated the loan for ESRT, which will use the proceeds to bolster its liquidity and balance sheet flexibility.

November 17, 2020

Acquisitions Industrial Northeast Pennsylvania

CBRE Negotiates Sale of 283,500 SF SoPhi Logistics Center in Philadelphia

by Taylor Williams November 17, 2020

PHILADELPHIA — CBRE has negotiated the sale of SoPhi Logistics Center, a 283,500-square-foot industrial property located at 2400 Weccacoe Ave. in Philadelphia. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Wharton Industrial Partners, which acquired the asset in 2019 and implemented a capital improvement program. The property was originally built in 1970 and was fully occupied at the time of sale. The buyer was not disclosed.

November 17, 2020

Leasing Activity New Jersey Northeast Retail

Newmark Arranges $34M Sale of Retail Property Leased to Home Depot in Paterson, New Jersey

by Taylor Williams November 17, 2020

PATERSON, N.J. — Newmark has arranged the $34 million sale of a 120,000-square-foot retail building leased to Home Depot in the Northern New Jersey city of Paterson. The property is situated on 10 acres at 75 McLean Blvd. Matt Berres, Samer Khalil and Steven Schultz of Newmark represented the seller, a private family office, in the transaction. The name and representative of the institutional buyer were not disclosed.

November 17, 2020

Leasing Activity New Jersey Northeast Retail

Target to Open 101,000 SF Store in Somers Point, New Jersey

by Taylor Williams November 17, 2020

SOMERS POINT, N.J. — Target will open a 101,000-square-foot store at Somers Point Plaza, a 279,026-square-foot retail power center in Southern New Jersey. The Minneapolis-based retailer will backfill a space formerly occupied by Kmart. Richard Soloff of Soloff Realty & Development Inc. represented the landlord, Philadelphia-based Brahin Properties Inc., in the lease negotiations. Other tenants at Somers Point Plaza include CME Markets, PetSmart, West Marine, Big Lots, Verizon Wireless and Chipotle Mexican Grill.

November 17, 2020

Acquisitions Industrial New Hampshire Northeast

Venture One, Kovitz Acquire 30,300 SF Industrial Building in Carlstadt, New Jersey

by Taylor Williams November 17, 2020

CARLSTADT, N.J. — A partnership between Illinois-based Venture One Real Estate and Kovitz Investment Group has acquired a 30,300-square-foot industrial building located at 178 Commerce Road in the Northern New Jersey city of Carlstadt. The single-tenant building was constructed on 1.4 acres in 1968. Richard Abdy of Emily Abdy Realty Group represented the undisclosed seller in the transaction. The new ownership will implement a value-add program that includes roof replacement, parking lot overlay, office renovation and LED lighting installation.

November 17, 2020

Acquisitions Company News Northeast Pennsylvania Texas Top Stories

PNC Agrees to Acquire US Operations of BBVA in $11.6B Bank Merger

by John Nelson November 17, 2020

PITTSBURGH AND HOUSTON — PNC Financial Services Group Inc. (NYSE: PNC) and Spanish financial institution Banco Bilbao Vizcaya Argentaria S.A. (NYSE: BBVA) have signed a definitive agreement for PNC to acquire BBVA’s American operations, BBVA USA Bancshares Inc., for $11.6 billion. The transaction, which has been approved by both companies’ boards of directors, is expected to close in mid-2021, subject to customary closing conditions, including regulatory approvals. The transaction will bolster PNC’s national presence and create the fifth-largest bank in the United States, according to the Pittsburgh Post-Gazette. PNC will move beyond Charlotte-based Truist, the newly formed merger of equals between BB&T and SunTrust Bank. Houston-based BBVA USA Bancshares manages $104 billion in assets and provides commercial and retail banking services through its banking subsidiary BBVA USA. The bank operates 637 branches in Texas, Alabama, Arizona, California, Colorado and New Mexico. PNC operates 2,300 bank branches and nearly 18,000 partner ATMs nationwide. As of Sept. 30, 2020, PNC had $300 billion of assets under administration. When combined with PNC’s banking footprint, the expanded company will have a coast-to-coast franchise with a presence in 29 of the 30 largest markets in the United States. “Our acquisition of BBVA USA will accelerate …

November 17, 2020

Newer Posts

Older Posts