TEANECK, N.J. — Alfred Sanzari Enterprises, a family-owned and operated commercial and residential real estate firm, has negotiated three office lease renewals totaling 25,000 square feet at Glenpointe, the firm’s flagship office property in the Northern New Jersey community of Teaneck. The deals include a 10,600-square-foot renewal and expansion with Treetop Development, a 7,300-square-foot renewal and expansion with The Russell Berrie Foundation and a 7,100-square-foot renewal and expansion with Eastern Fish Co. Newmark’s team of Jeff Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson represented Alfred Sanzari Enterprises in all the transactions.
BRIDGEWATER, MASS. — Massachusetts-based design/build firm Dacon has completed a 23,500-square-foot cannabis cultivation facility in Bridgewater, located south of Boston. The project is a build-to-suit for Theory Wellness, a provider of medical and recreational cannabis products with operations in Maine and Massachusetts. The space includes two climate-sensitive growth labs, two extraction labs and a manufacturing area.
SHORT HILLS, N.J. — The Birch Group has acquired a four-building office portfolio in the Short Hills submarket of Northern New Jersey for $255 million. The 843,300-square-foot portfolio comprises four Class A buildings located at 51, 101, 103 and 150 JFK Parkway. The properties are currently 80 percent leased to 22 tenants, including Citibank, Investors Bank, KPMG, Bank of America, UBS, Dun & Bradstreet, Morgan Stanley and Wells Fargo. “During the pandemic, there has been a demographic shift to the suburbs, and the migration of this talent pool represents an extraordinary opportunity to meet the demand for high-quality office assets in prime New Jersey markets,” says Mark Meisner, CEO and founder of Birch. “Short Hills is among one of the most prestigious suburban locales and it has consistently achieved above-average rents in New Jersey, while maintaining the highest occupancy rates within the market.” David Bernhaut led a Cushman & Wakefield team that represented the seller, Mack-Cali Realty Corp. (NYSE: CLI). The buyer has also retained Cushman & Wakefield as the leasing agent for the properties. Birch says it views the acquisition as a repositioning opportunity and plans to employ a value-add strategy. Birch will complement $15.2 million of recently completed …
STAMFORD, CONN. — CBRE has negotiated the $84.3 million sale of The Fairfield Apartments, a 263-unit multifamily community in the southern coastal Connecticut city of Stamford. Built in 1996, the property offers amenities such as a clubroom, caterer’s kitchen, three private courtyards, a pool, fitness center and outdoor grilling areas. The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the institutional seller in the transaction, while also procuring San Francisco-based FPA Multifamily as the buyer.
WEST ORANGE, N.J. — Thorofare Capital has provided a $13 million bridge loan for the acquisition of a 70,000-square-foot medical office building in the Northern New Jersey community of West Orange. The property is located within a mile of a 577-bed hospital. The loan was structured with a five-year term and includes proceeds for tenant improvements and other capital expenditures. The borrower was an undisclosed institutional owner-operator.
NEW YORK CITY — Radancy, a staffing agency that serves the tech sector, has signed a 15,622-square-foot office lease at One Battery Park Plaza, a 35-story office tower in Lower Manhattan. Radancy plans to relocate to the 870,000-square-foot building from its current office at 125 Broad St. this summer. Gerry Miovski, Chris Mansfield and Masha Dudelzak of CBRE represented the tenant in the lease negotiations. Kevin Daly represented the landlord, Rudin Management Co., on an internal basis.
WILLOW STREET, PA. — Black Bear Capital Partners has arranged an $11 million acquisition loan for The Villas at Willow Run, a 72-unit multifamily asset in Willow Street, located roughly midway between Philadelphia and Harrisburg. The 12-building property was completed in 2019. Emil DePasquale, Brandon Harris and Phil Bowman of Black Bear Capital Partners arranged the loan, which carried a 3.74 percent fixed interest rate and 10 years of interest-only payments, through Morgan Stanley. The borrower was Laub Realty, an owner-operator with more than 2,000 multifamily units and 1 million square feet of commercial space in its portfolio.
SOMERSET, N.J. — CustomPictureFrames.com, a manufacturer of picture and other framing solutions, has acquired a 45,300-square-foot industrial building at 6 Shirley Ave. in Somerset, located in Northern New Jersey. Bill Waxman and Christopher Griffith of CBRE represented the buyer, which will relocate from nearby South River, in its site selection and negotiations. Bussel Realty Corp. represented the seller, Emby Hosiery Corp.
In the past year, COVID-19 has impacted how and where people work, and the future of the U.S. office workplace is a major unknown. Landlords are grappling with how to maximize their physical work spaces as many employees continue to work from home full-time or at least a few days per week. This shift is leading some business owners to look for alternative forms of workplaces. ƎDEN, a flexible workplace and meeting space provider, allows for users to rent out space to fulfill their everyday working needs, including in-person meetings. ƎDEN users can download the brand’s app and then reserve an array of workplaces: work lounges, private offices and conference rooms, among other offerings. Standard rates for renting out the spaces starts at $99 a month per person, according to the firm’s website. ƎDEN currently operates from several different markets, but most locations are concentrated in the New York area. These include a location in Queens at Parker Towers and another in Brooklyn at Box Factory. The firm also has a location in Northern Virginia at Tysons Corner and three upcoming locations in Detroit. Brandon Singer, CEO of MONA and ƎDEN’s commercial real estate advisor and broker, says ƎDEN utilizes …
PHILADELPHIA — NAI Mertz has negotiated a 200,000-square-foot industrial lease in the Port Richmond neighborhood of northeast Philadelphia. The building at 225 Castor Ave. features clear heights of 15 and 16 feet, 14 loading docks and 1,512 square feet of office space. Jonathan Klear and Fred Meyer of NAI Mertz represented the landlord in the lease negotiations. The tenant is Dependable Distribution Services Inc., the largest cocoa bean storage company in North America that also recently signed a 71,445-square-foot lease in nearby Camden, New Jersey.