NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $2.9 million sale of an 11,000-square-foot residential development site in the Cypress Hills neighborhood of Brooklyn. The site is located within a Qualified Opportunity Zone and can support development of 43,700 buildable square feet. Peter Matheos, Mike Rafter, Andrew Manasia and Jourdon Delerme-Brown of TerraCRG represented the seller, an entity doing business as 2771 Atlantic Realty LLC, in the transaction. The buyer was not disclosed.
WHITE PLAINS, N.Y. — Hudson Hill Partners has acquired Somers Strip Shopping Mall, a 10,578-square-foot retail property located in Westchester County, for roughly $2.7 million. The sale included an adjacent development parcel. Matthew Torrance, Al Mirin, Bill Eisenhut and Kate Schwartz of Cushman & Wakefield represented the seller, a locally based family that developed the property 40 years ago, in the deal.
EAST ORANGE, N.J. — A joint venture between Boston-based investment firm The Davis Cos., New York City-based Spaxel and Atalaya Capital Management has acquired a 718-unit workforce housing portfolio in East Orange, about 15 miles west of Manhattan. The portfolio consists of 11 buildings that were 96 percent occupied at the time of sale. Steven Kohn, John Alascio, Brian Whitmer, Chuck Kohaut, Jessica Ke and T.J. Sullivan represented Spaxel and Atalaya Capital Management in structuring a joint venture with The Davis Cos. The new ownership will implement a value-add program.
DEDHAM, MASS. — RPT Realty (NYSE: RPT) is under contract to purchase a 510,000-square-foot, grocery-anchored shopping center in Dedham near Boston for $131.5 million. Stop & Shop is the anchor tenant. Other tenants at the property, which is nearly 92 percent occupied, include TJ Maxx, Dick’s Sporting Goods, Starbucks and Chipotle. The acquisition is expected to close in the fourth quarter. R2G Venture LLC, RPT’s joint venture platform focused on grocery-anchored assets, will be utilized to acquire the property.
PARSIPPANY, N.J. — Regional office owner and manager Signature Acquisitions has begun the renovation of 100 Kimball, a 175,000-square-foot office building in Parsippany, located in the northern part of the Garden State. The building is currently leased to accounting giant Deloitte, which will be vacating the premises next year. Designed by Studio 1200, the project will include a revitalization of the lobby, a redesign of the café to feature more culinary options and upgrades to the fitness center and conference facilities. Avison Young has been tapped to lease the building following completion of the project, which is scheduled for August 2022.
EAST HANOVER, N.J. — New Jersey-based developer CHA Partners is nearing completion of LIVIA, a 123-bed senior living community in East Hanover, about 30 miles west of New York City. The 100,000-square-foot facility will offer skilled nursing, memory care, assisted living and long-term care/rehabilitation services. Amenities will include restaurant-style dining options, outdoor courtyards, a theater, game room, full-service bar/lounge, beauty salon, and a café. CHA Partners expects the facility to be operational before the end of the month.
PISCATAWAY, N.J. — LIXIL, a provider of water and housing products, has signed a 60,000-square-foot lease for its new headquarters at Middlesex Science Center, a 685,000-square-foot office and life sciences campus in the Northern New Jersey community of Piscataway. Keystone Property Group owns the campus, which formerly served as an office and data center for AT&T. Scott Lesh and Scott Stange of JLL represented the tenant in the lease negotiations. CBRE represented Keystone.
By Matthew Harding, CEO, Levin Management Corp. Serving as one-stop destinations to meet consumers’ daily needs, open-air shopping centers — especially those with grocery anchors — have long been a fan favorite of shoppers, tenants and investors. Over the past 18 months, this asset class has again proven its ability to adapt and serve in any market climate — and under the most challenging of circumstances. Operational Flexibility Is Key By their nature, neighborhood, community and power centers provide a higher level of operational flexibility than other commercial product types. For example, during pandemic-fueled business interruptions, open-air environments enabled tenants to be more creative and accommodate new or expanded uses. This included increasing outdoor space for dining or fitness classes and expanding fulfillment options by setting up curbside pick up. Levin Management’s own mid-year survey of store managers within our leased and managed portfolio, which is comprised largely of open-air product, showed that many of the changes that were made out of necessity last year are now being kept as best practices. For the most part, tenants are responding to stepped-up prioritization of customer convenience. We have seen how quickly shoppers came back out once they could. Ultimately, people like …
NEW JERSEY — Evans Senior Investments (ESI) has arranged the sale of a 120-bed skilled nursing community in New Jersey for $24 million. The property, the name and location of which were not released, was built in the last 20 years with multiple renovations since. ESI represented the seller, an independent owner-operator that sought to exit the long-term care industry. The buyer was an East Coast-based owner-operator of skilled nursing communities that wanted to grow its presence in New Jersey.
BOSTON — Developer MG2 Group is nearing completion of 319 & Park, a 38-unit apartment project in East Boston. The luxury rental community will feature one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, slab cabinetry and hardwood flooring. Private outdoor spaces will also be available in select units. Elevated Cos. is leasing the property. Full completion is slated for early 2022.