PARSIPPANY, N.J. — Linemart NJ, an e-commerce fulfillment vendor for Amazon, has signed a 67,430-square-foot industrial lease at 60 E. Halsey Road in Parsippany, about 30 miles west of New York City. Scott Peck of New Jersey-based brokerage firm Resource Realty represented the tenant in the lease negotiations. Tom Consiglio and Bill Pastuszak, also with Resource Realty, represented the landlord, Longpoint Realty Partners.
NEW YORK CITY — Alpha Realty has arranged the sale of a 48-unit apartment building located at 1675 Ocean Ave. in the Midwood area of Brooklyn. The property also houses two office spaces for a total of approximately 54,000 square feet of commercial space. Lev Marshev and Yehuda Leser of Alpha Realty brokered the off-market transaction between a local family that sold the asset to a private investor for $8.5 million.
NEW YORK CITY — Facebook (Nasdaq: FB) has signed a lease to fully occupy the office portion of The Farley Building, a mixed-use project under construction in Manhattan. The landlord, Vornado Realty Trust (NYSE: VNO), is redeveloping the historic property, which was formerly the James A. Farley Post Office Building. The social media giant will occupy 730,000 square feet in the building. A timeline for the move-in and the number of employees moving into Farley was not disclosed. “The Farley Building will further anchor our New York footprint and create a dedicated hub for our tech and engineering teams,” says Robert Cookson, Facebook’s vice president of real estate and facilities. The Farley Building spans a double-wide city block between 31st and 33rd streets and 8th and 9th avenues. The property is part of Vornado’s Penn District development. Vornado owns more than 10 million square feet in Penn District, which is undergoing a $2 billion redevelopment, not including infrastructure and transit improvements by City of New York totaling $3 billion. Penn District includes the Farley Building, Penn 1 and Penn 2, all of which are under construction. Penn 1 and 2 are redevelopments of One Penn Plaza and Two Penn Plaza, …
PENNSAUKEN, N.J. — Colliers International has negotiated the sale of Twinbridge Industrial Park and Veterans Industrial Park, a pair of industrial developments totaling 32 buildings and approximately 1.1 million square feet in Pennsauken, located east of Philadelphia. The properties are situated immediately off State Highways Route 73 and 130 and were fully leased to 49 tenants at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was a joint venture between Wharton Industrial and Walton Street Capital.
ASTORIA, N.Y. — JLL has arranged $55 million in joint venture equity for a multifamily project in the Astoria neighborhood of Queens. The project will be constructed on a 2.5-acre site at 30-77 Vernon Blvd and will consist of 534 units across three buildings. Stephen Palmese, Rob Hinckley, Jeffrey Julien, Nicco Lupo and Steven Rutman of JLL worked on behalf of the developer, Cape Advisors, to secure the undisclosed equity partner.
MOUNT OLIVE, N.J. — Progress Capital has arranged an $18 million acquisition loan for a 132,000-square-foot industrial facility in Mount Olive, about 50 miles west of New York City. The property served as a warehouse for Sam’s Club until 2018 and will now be leased to Amazon as a fulfillment center. Kathy Anderson of Progress Capital arranged the loan through Lakeland Bank on behalf of the buyer, Asset Realty & Construction Group.
SECAUCUS, N.J. — Burlington has open a 47,000-square-foot store at a space formerly occupied by Sports Authority at Mill Creek at Harmon Meadow in Secaucus, located just across the Hudson River from Manhattan. New Jersey-based Levin Management Corp. represented the landlord in the lease negotiations. The representative of the tenant was not disclosed.
MERRICK, N.Y. — Marcus & Millichap has brokered the $2.1 million sale of a 2,431-square-foot retail asset net leased to Wendy’s in the Long Island city of Merrick. Michael Tuccillo and Matthew Klang of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. Wendy’s has 14 years remaining on its lease.
NEW YORK CITY AND FREMONT, CALIF. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads. Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of Virginia. Tailored Brands, the Fremont-based parent company of Men’s Wearhouse and Jos. A. Bank, filed in a district court in Texas. Le Tote acquired Lord & Taylor about a year ago for $100 million from Hudson’s Bay Co. At that time, Lord & Taylor operated about 40 department stores around the country. Approximately half of those stores will now close. In mid-March, Hudson’s Bay Co., the Canadian firm that also owns Saks Fifth Avenue, also sold a 660,000-square-foot office building in Manhattan that had served as Lord & Taylor’s office hub. Amazon bought the property for $1.15 billion to serve as its New York City headquarters. Just two weeks ago, Tailored Brands unveiled a corporate restructuring plan that …
CANTON, MASS. — Dunkin’ Brands Group (NASDAQ: DNKN) reported a total decrease in revenue of 20 percent during the second quarter and announced that it will close about 350 stores worldwide during the second half of the year. These closures follow the company’s announcement to shutter about 450 stores that are housed in Speedway gas stations and convenience marts. Canton, Mass.-based Dunkin’, which also owns Baskin-Robbins, reported that approximately 90 percent of its international locations for both Dunkin’ and Baskin-Robbins were open as of July 25. Dunkin’s stock price opened at $68.61 per share on Friday, July 31, down from $81.58 per share a year ago.