Northeast

Harrison Street, LCB Acquire 90-Unit Seniors Housing Community Near Boston

by Taylor Williams February 17, 2021

WATERTOWN, MASS. — A joint venture between Harrison Street Real Estate Capital and LCB Senior Living has acquired The Residence at Watertown Square, a 90-apartment senior living community located in the western Boston suburb of Watertown. Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units. Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano arranged an undisclosed amount of acquisition financing for the transaction. The seller was also undisclosed.

February 17, 2021

Leasing Activity New Jersey Northeast Retail

Harbor Freight Tools Opens 16,000 SF Store in Wayne, New Jersey

by Taylor Williams February 17, 2021

WAYNE, N.J. — Discount hardware and equipment retailer Harbor Freight Tools has opened a 16,000-square-foot store in Wayne, located outside of New York City. Lew Finkelstein, C.J. Huter and Roy Paret of The Goldstein Group represented the Landlord, Glen Eagle Shopping Center LLC, in the lease negotiations. Marcus Bourn and Andrew Connolly of Newmark represented the tenant.

February 17, 2021

Acquisitions Life Sciences Massachusetts Northeast Office Top Stories

Newmark Arranges $1.5B Recapitalization of Life Sciences, Office Campus in Boston

by Kristin Harlow February 17, 2021

BOSTON — Newmark has arranged the $1.5 billion recapitalization of 401 Park Drive and 201 Brookline Ave. in Boston’s Fenway submarket. The 1.5 million-square-foot campus sits on nearly nine acres. Concurrent with the financing transaction, Alexandria Real Estate Equities Inc. acquired a majority stake in the campus. The seller is a joint venture between institutional investors advised by J.P. Morgan Global Alternatives and Samuels & Associates. Boston-based Samuels will retain a minority interest in the campus and continue to operate, lease and lead development activities for the property in conjunction with the new majority owner. The asset at 401 Park Drive is an existing 973,145-square-foot office and retail tower. It is currently 93 percent occupied. The second property, 201 Brookline Ave., is a 510,116-square-foot laboratory and office tower that is currently under construction. It is 17 percent pre-leased with tenants expected to take occupancy in 2022. There is also potential for an additional phase of commercial development at the site. Located next to an MBTA Green Line station, the campus incorporates a recently created 1.1-acre park that provides direct access to new retailers Time Out Market and Trillium Brewing Co. The park also features an ice-skating rink in the winter. …

February 17, 2021

Company News Healthcare Northeast Retail Rhode Island

CVS Reports $69.5B in Fourth-Quarter Revenue, Beats Analysts’ Expectations

by Taylor Williams February 16, 2021

WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) reported fourth-quarter revenue of $69.5 billion, exceeding the $68.7 billion projected by analysts, as the Rhode Island-based drugstore and pharmacy expanded its COVID-19 testing and vaccination services. CVS also reported quarterly net income of $975 million, down from $1.7 billion in the fourth quarter of 2019. In addressing the earnings report, CEO Karen Lynch said that the company expects to roll out a wider range of healthcare services in 2021. The stock price of CVS, which operates about 10,000 stores across the United States, opened at $73.57 on Tuesday, Feb. 26, up from $71.19 per share a year ago.

February 16, 2021

Acquisitions Mixed-Use New York Northeast

SL Green Agrees to Sell 25 Percent Interest in Manhattan Mixed-Use Building for $275M

by Taylor Williams February 16, 2021

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to sell its 25 percent interest in Tower 46, a mixed-use building located at 55 W. 46th St. in Manhattan, for $275 million. SL Green acquired its stake in the building, which includes office, retail and multifamily uses, in 2014. The buyer is a fund backed by Brookfield Asset Management. Paul Gillen, Anthony Ledesma and Kyle van Buitenen of Hodges Ward Elliott represented SL Green in the transaction, which is expected to close before the end of the first quarter.

February 16, 2021

Development Multifamily New York Northeast Seniors Housing

Chelsea Living Opens Residences at Plainview Active Adult Community in Plainview, New York

by Taylor Williams February 16, 2021

PLAINVIEW, N.Y. — Chelsea Living has opened The Residences at Plainview, an active adult community in the Long Island hamlet of Plainview. The community features newly renovated studio, one-bedroom and two-bedroom apartments with full kitchens, a custom wellness program and amenities reminiscent of a luxury hotel. Chelsea operates a full-service assisted living and memory care community, Somerset Gardens, in Plainview less than a mile from the new property. The number of units at the property was not disclosed.

February 16, 2021

Acquisitions Multifamily New York Northeast Seniors Housing

Blueprint Arranges Sale of 80-Bed Skilled Nursing Facility in Rensselaer, New York

by Taylor Williams February 16, 2021

RENSSELAER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Rosewood Rehabilitation & Nursing Center in Rensselaer, located just across the Hudson River from Albany. The 80-bed skilled nursing facility was originally developed in the mid-1970s. Prior to the sale, the private ownership group completed capital investments including interior renovations, operational equipment upgrades and technological enhancements. The property was above 90 percent occupied at the time of sale. The buyer and seller were not disclosed.

February 16, 2021

Leasing Activity New York Northeast Retail

Newmark Negotiates 8,718 SF Retail Lease for Valentino in Manhattan’s Soho Area

by Taylor Williams February 16, 2021

NEW YORK CITY — Newmark has negotiated an 8,718-square-foot retail lease for luxury accessories provider Valentino at 135 Spring St. in the Soho area of Manhattan. The new store spans 4,424 square feet on the ground floor and 4,294 square feet on the second level. Newmark’s Ariel Schuster, Ross Berkowitz and Brandon Miller represented the landlord, Invesco Real Estate, in the lease negotiations.

February 16, 2021

Acquisitions New Jersey Northeast Retail

JLL Brokers $16.4M Sale of Retail Building Leased to Home Depot in Bloomfield, New Jersey

by Taylor Williams February 15, 2021

BLOOMFIELD, N.J. — JLL has brokered the sale of a 128,715-square-foot, single-tenant retail building in the Northern New Jersey community of Bloomfield that is triple-net leased to The Home Depot (NYSE: HD) on a long-term basis. Home Depot has occupied the property, which sits on an 11-acre tract adjacent to the Garden State Parkway, since 1994. Benderson Development purchased the asset from New York-based Acadia Realty Trust for $16.4 million. Jose Cruz, J.B. Bruno, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Jordan Altman of JLL brokered the deal

February 15, 2021

Acquisitions Multifamily New York Northeast

Kempner Properties Acquires Multifamily Property in New Paltz, New York, for $7.6M

by Taylor Williams February 15, 2021

NEW PALTZ, N.Y. — Kempner Properties, an investment firm based in metro New York City, has acquired Paltz Commons, a 36-unit multifamily property in New Paltz, located roughly midway between Albany and New York City. Built in 1966, the garden-style property consists of three buildings and was fully occupied at the time of sale. The new ownership plans to implement a value-add program focused on improving the unit interiors, common areas, building exteriors and landscaping.

February 15, 2021

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