RUNNEMEDE, N.J. — CBRE has arranged the $29.3 million sale of Runnemede Corporate Center, a seven-building, 304,077-square-foot light industrial portfolio in Runnemede, located outside Philadelphia in Southern New Jersey. The sale included four development parcels with the capacity to house 125,000 square feet of new product. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Richards & Robbins, in the transaction. The buyer was industrial investment firm Faropoint. Tenants at the property include Stryker Orthopaedics, Cintas Corp., Scotts Lawn Service, GardaWorld and United Rentals Realty.
BUFFALO, N.Y. — Locally based developer Sinatra & Co. has completed the redevelopment of Mid-City Apartments, a $15 million project that added 50 units and 12,000 square feet of commercial space to the supply in downtown Buffalo. The property was originally constructed as a storage building in 1916 and was subsequently renovated to allow for commercial and residential uses. Sinatra & Co. originally acquired the building in 2014.
UNION, N.J. — Bed Bath & Beyond (NASDAQ: BBBY) reported 2 percent comparable sales growth for its fiscal third quarter that ended on Nov. 30, an increase that was fueled largely by 77 percent growth in digital sales compared with the same period a year ago. Despite this growth, the New Jersey-based retailer will continue with its plan that was announced in July of last year to close some 200 stores by mid-2022. According to CNBC, this includes the closing of 43 stores by the end of February. Bed Bath & Beyond also agreed in December agreed to sell its Cost Plus World Market brand to Los Angeles-based private equity firm Kingswood Capital Management. The company’s stock price closed at $21.03 per share on Wednesday, Dec. 6, up from $16.60 per share a year ago. CNBC also reports that as of late August, Bed Bath & Beyond operated about 1,500 stores across the country.
BOSTON — Jamestown LP has sold a 50 percent interest in The Innovation & Design Building, a 1.4 million-square-foot office and life sciences property in Boston’s Seaport District. Jamestown originally purchased the building in 2013 and has since invested more than $200 million in its revitalization, with construction of additional office and lab space scheduled to begin later this year. The property now serves as a business hub for companies including Reebok and Autodesk, as well as life sciences users like Ginkgo Bioworks and Living Proof. The buyer was Related Fund Management, the investment management affiliate of Related Cos. and its Boston office, Related Beal. Robert Griffin, Edward Maher, Samantha Hallowell and Dominick Romano of Newmark brokered the deal, which represents a $710 million recapitalization.
HICKSVILLE, N.Y. — JLL has brokered the $74.5 million sale of Lincoln Logistics @ Hicksville, a 195,610-square-foot distribution center in the Long Island hamlet of Hicksville that is fully leased to The Home Depot. The seller and developer, Lincoln Equities Group, completed the property in December 2020. Building features include 36-foot clear heights, 29 dock-high doors and 4,185 square feet of office space. Jose Cruz, Marc Duval, Jordan Avanzato, Tyler Peck, Rob Kossar, Leslie Lanne and Tom DiMicelli of JLL represented Lincoln Equities Group in the transaction. The buyer was an undisclosed institutional investor.
COHASSET, MASS. — CBRE has negotiated the sale of Avalon Cohasset, a 220-unit apartment community located about 25 miles southeast of Boston. The property consists of 34 buildings on 61 acres and features 14 different floor plans with an average unit size of 1,333 square feet. Amenities include a pool, fitness center and a resident clubhouse. Simon Butler, Biria St. John and John McLaughlin represented the seller, Avalon Bay Communities, in the transaction. The team also procured the buyer, TruAmerica Multifamily, in its first acquisition in the greater Boston market.
NEW YORK CITY — Three apparel companies have signed office leases totaling 35,458 square feet at 463 Seventh Ave., a 22-story building in Manhattan’s Garment District. Sensual Inc. signed a lease for 23,785 square feet, A.W. Chang Corp. renewed its lease for 8,936 square feet and Blue Duck Trading Ltd. signed a 2,737-square-foot renewal. David Levy of Adams & Co. Real Estate represented the landlord, Arsenal Co., in all three sets of lease negotiations. Built in 1925, 463 Seventh Ave. is located within Penn Plaza and recently underwent a multimillion-dollar renovation.
BOSTON — BioMed Realty has acquired the former headquarters of John Hancock Life Insurance Co. in Boston and plans to convert the 14-story building into a life sciences facility. The building, which is located at 601 Congress St. in the Seaport District, features floor plates ranging from 19,000 to 50,000 square feet, 11 elevators, 14-foot ceilings on the second and third floors, 12-foot ceilings on the fifth through 14th floors, a fitness center, six-story atrium, two rooftop decks, conference center and a café. The property has sat vacant since 2018 when John Hancock consolidated its Boston offices to its building in the Back Bay district. BioMed, a Blackstone subsidiary, acquired the 485,000-square-foot property from an affiliate of Manulife Investment Management for an undisclosed price. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark brokered the deal. BioMed says the building is ideal for the planned conversion due to its mechanical and structural infrastructure, collaborative meeting areas and strong visual identity. BioMed is yet to select a general contractor for the conversion project, which the San Diego-based company expects to deliver in the second half of 2022. The Seaport District is situated along the Boston Main Channel and is …
MASSAPEQUA, N.Y. — Urban Edge Properties (NYSE: UE) has acquired Sunrise Mall, a 1.2 million-square-foot regional shopping and dining destination in the Long Island city of Massapequa. Urban Edge acquired the mall from Unibail-Rodamco-Westfield for $29.7 million. At the time of sale, the 77-acre property was 65 percent occupied, with Macy’s, Sears and Dick’s Sporting Goods serving as the anchor tenants. A JLL team of Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson represented the seller in the transaction. The new ownership is planning a redevelopment plan, details of which were not disclosed.
WYOMISSING, PA. — Philadelphia-based Equus Capital Partners has sold a three-building, 262,615-square-foot life sciences portfolio in Wyomissing, located just outside Reading in Berks County. An affiliate of Miami-based Kawa Capital Management purchased the portfolio for an undisclosed price. The buildings are located within the 53-acre Knitting Mills campus and house office and lab space that is leased to tenants such as UGI Energy Services, Teleflex and Tower Health. The site was originally built in the early 20th century as a manufacturing hub for The Berkshire Knitting Mills. Equus bought the site in 2016 with plans to redevelop it into a life sciences campus.