Northeast

Pittsburgh Development Landscape Favors More Multifamily, Adaptive Reuse Projects

by Taylor Williams May 11, 2021

By Mark Fogel, president and CEO, ACRES Capital As the state’s second-most populous metro, the Pittsburgh MSA is the anchor of western Pennsylvania. Over the last 20 years, Pittsburgh has pivoted and evolved into a hub for the healthcare, education and technology industries, thus attracting an influx of young, high-earning millennials. Over the last 10 years, Pittsburgh has undergone an economic resurgence. Firms such as Google and Uber have opened regional headquarters in the city, lured by the strong base of talent graduating from Carnegie Mellon University’s (CMU) computer science and robotics programs. In fact, Pittsburgh has been the epicenter for autonomous vehicles (AVs) since the mid-1980s, when CMU’s Robotics Department developed the world’s first self-driving car. AV research, development and testing are expected to be catalysts of growth for the city in the coming years. In addition, the cutting-edge research at the University of Pittsburgh School of Medicine and the associated University of Pittsburgh Medical Center, which operates eight hospitals within the MSA and plans to build three more over the next several years, is attracting medical professionals from around the world. These factors, combined with a low cost of living and proximity to high-end amenities, have helped Pittsburgh …

May 11, 2021

Development Mixed-Use New York Northeast Office Retail Top Stories

Macy’s Proposes Overhaul of Herald Square Store in Manhattan, Including New Office Tower

by John Nelson May 11, 2021

NEW YORK CITY — Macy’s Inc. (NYSE: M) has unveiled plans to overhaul its flagship Herald Square store at the corner of 34th Street and Seventh Avenue in Midtown Manhattan. The plan would add a commercial office tower atop the store. The size and design features of the office component were not disclosed. The plan includes a private investment totaling $235 million by Macy’s that would modernize the public spaces around the flagship store, including upgraded subway access, improved transit connections and pedestrian-friendly and car-free streetscapes at Broadway Plaza and Herald Square. Macy’s would improve Herald Square Subway Station’s entrances and add publicly accessible elevators at Seventh Avenue, Broadway, 34th Street and 35th Street that are compliant with Americans with Disabilities Act (ADA). The renewal plan is expected to generate $269 million annually in new tax revenues for New York City, support 16,290 annual jobs and spark $4.29 billion in annual economic output, according to Macy’s. “Today’s announcement is a resounding vote of confidence for Manhattan and the entire state, and a strong indication that New York’s retailers and consumers will drive this economic recovery,” says Melissa O’Connor, president and CEO of the Retail Council of New York State, the …

May 11, 2021

Development Multifamily New Jersey Northeast

LeFrak Organization Begins Leasing 336-Unit Multifamily Community in Newport, New Jersey

by Taylor Williams May 10, 2021

NEWPORT, N.J. — The LeFrak Organization, a family-owned development firm, has begun leasing The Beach, a 336-unit multifamily community in Newport, located across the Hudson River from Lower Manhattan. Designed by HLW Architects, the waterfront property offers studio, one-, two-, three- and four-bedroom units with private terraces or balconies. Amenities include a pool, fitness center, coworking lounge, dog park, package lockers, children’s play area, library, game room and a rooftop lounge with a wet bar. Rents start at $2,450 per month for a studio apartment.

May 10, 2021

Acquisitions Industrial Northeast Pennsylvania

Endurance Real Estate Acquires 191,979 SF Industrial Facility in Hazelton, Pennsylvania

by Taylor Williams May 10, 2021

HAZELTON, PA. — Endurance Real Estate Group has acquired 360 Maplewood Drive, a 191,979-square-foot manufacturing and distribution facility in Hazelton, located roughly midway between Allentown and Scranton. The property was built in 1993, expanded in 1995 and features a clear height of 30 feet, 11 dock doors and rail access. Endurance plans to upgrade the facility’s roof, lighting and sprinkler system. Endurance acquired the property from an undisclosed seller in an off-market sale-leaseback transaction. Mike Hess of CBRE arranged that deal. CBRE will also market the building for lease upon completion of the capital improvements program in the third quarter.

May 10, 2021

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $17.8M Sale of Two Multifamily Assets in Manhattan

by Taylor Williams May 10, 2021

NEW YORK CITY — Ariel Property Advisors has arranged the $17.8 million sale of a pair of multifamily assets totaling 32 units and three commercial spaces in Manhattan’s Nolita neighborhood. Shimon Shkury, Victor Sozio, Howard Raber, Michael Tortorici and Jack Moran of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

May 10, 2021

Acquisitions New Hampshire Northeast Retail

JLL Negotiates $11.5M Sale of Retail Building in Franklin, New Hampshire

by Taylor Williams May 10, 2021

FRANKLIN, N.H. — JLL has negotiated the $11.5 million sale of a 51,230-square-foot retail building leased to Hannaford Supermarket in Franklin, located north of Manchester. The grocer has occupied the 11.5-acre property, which has the capacity to support 13,000 square feet of new development, for 30 years and recently extended its lease. Nat Heald and Chris Angelone of JLL represented the undisclosed seller in the transaction. The buyer was also not disclosed.

May 10, 2021

Leasing Activity Northeast Pennsylvania Retail

ShopRite to Open 73,000 SF Grocery Store in Matamoras, Pennsylvania

by Taylor Williams May 10, 2021

MATAMORAS, PA. — ShopRite will open a 73,000-square-foot grocery store within the former Kmart building at Westfall Town Center in Matamoras, located along the New Jersey-Pennsylvania border. The opening is slated for this fall. Metro Chicago-based CenterPoint Properties owns Westfall Town Center. Derek Zerfass and Scott Horner of Colliers International brokered the deal. An undisclosed user is also set to occupy 25,000 square feet within the former Kmart store beginning this fall.

May 10, 2021

Central-Logistics-Park-Bethel-Pennsylvania

Acquisitions Development Industrial Northeast Pennsylvania

Dalfen Industrial Acquires Land in Bethel, Pennsylvania, for 1.2 MSF Project

by Taylor Williams May 7, 2021

BETHEL, PA. — Dallas-based Dalfen Industrial has acquired 149 acres in Bethel, located in the Lehigh Valley region, for the development of Central Logistics Park, an industrial facility that will total approximately 1.2 million square feet. Dalfen plans to develop three buildings on the site, which is located just off Interstate 78. Construction is scheduled to be complete in the first quarter of 2023.

May 7, 2021

Development Industrial New Jersey Northeast

Black Creek Group to Develop 508,200 SF Spec Industrial Project in Florence, New Jersey

by Taylor Williams May 7, 2021

FLORENCE, N.J. — Denver-based Black Creek Group will develop Florence Turnpike Crossings – West, a 508,200-square-foot speculative industrial project in the Southern New Jersey city of Florence. The Class A property will feature a clear height of 36 feet, 95 trailer parking stalls and 434 car parking stalls. Peak Construction Corp. will be the general contractor for the project, and Avison Young is serving as construction manager. Other project partners include architect Ware Malcomb and Menlo Engineering Associates Inc. Site work is underway, and the project is slated for a January 2022 completion.

May 7, 2021

Acquisitions Northeast Pennsylvania

Marcus & Millichap Arranges Sale of 269-Unit Self-Storage Facility in Brodheadsville, Pennsylvania

by Taylor Williams May 7, 2021

BRODHEADSVILLE, PA. — Marcus & Millichap has arranged the sale of Brodheadsville Self Storage, a 269-unit facility located on a 4.4-acre site about 30 miles north of Allentown. Built in 2003, the facility spans 38,550 net rentable square feet of non-climate-controlled space and includes 24 rentable parking spaces. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, and procured the undisclosed buyer in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.

May 7, 2021

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