Northeast

Endurance, Thackeray Sell 240,358 SF Industrial Complex in Fairless Hills, Pennsylvania

by Taylor Williams July 24, 2020

FAIRLESS HILLS, PA. — A partnership between Pennsylvania-based Endurance Real Estate Group and Texas-based Thackeray Partners has sold Penn Logistics at Bucks, a 240,358-square-foot industrial complex in Fairless Hills, located in between Philadelphia and Trenton. The sales price was $18 million. The four-building property was built between 1968 and 1970 and features 24-foot clear heights, 42 dock doors and proximity to Interstates 295 and 95. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller and procured the undisclosed buyer in the transaction.

July 24, 2020

Leasing Activity New Jersey Northeast Office

Brother International Signs 101,724 SF Office Lease Extension in Bridgewater, New Jersey

by Taylor Williams July 24, 2020

BRIDGEWATER, N.J. — Brother International Corp., a provider of home office and business products, has signed a 101,724-square-foot office lease extension at 200 Bridgewater Crossing on the western outskirts of New York City. Atlanta-based Piedmont Office Realty Trust owns the 299,000-square-foot building, which was built in 2002 and offers a café, fitness center, conference center and an onsite helipad. Andrew Zezas, Scott Lesh and Brian Davidson of JLL represented Brother International in the lease negotiations. William McCaffrey of Avison Young represented the landlord.

July 24, 2020

Development New York Northeast Office

Elijah Equities Begins Leasing 98,000 SF Office Building in Manhattan

by Taylor Williams July 24, 2020

NEW YORK CITY — Elijah Equities has begun leasing The Warehouse, a 98,000-square-foot office building located at 520 W. 20th St. in Manhattan’s Chelsea neighborhood. The four-story property is a redevelopment of a former textile mill and features floor-to-ceiling windows, central heating and cooling on each floor and 18,000 square feet of outdoor terraces. Newmark Knight Frank is the exclusive leasing agent for the building.

July 24, 2020

Industrial Leasing Activity New Jersey Northeast

CBRE Negotiates 95,808 SF Industrial Lease in Jersey City

by Taylor Williams July 24, 2020

JERSEY CITY, N.J. — CBRE has negotiated a 95,808-square-foot industrial lease at 79 Thomas McGovern Drive in Jersey City, a western suburb of New York City. The property sits on five acres and offers 36-foot clear heights, 87 parking spaces, 2,000 square feet of office space and an ESFR sprinkler system. Thomas Monahan, Stephen D’Amato, Larry Schiffenhaus, Anastasia Lazarides, Lauren Hageman, Gerard Monahan and Brian Fiumara of CBRE represented the landlord, California-based CT Realty, in the lease negotiations. The tenant, an undisclosed international e-commerce firm, will occupy the entirety of the building.

July 24, 2020

Acquisitions Industrial New Hampshire Northeast

Best Line Equipment Acquires Industrial Complex in Keyport, New Jersey for $5M

by Taylor Williams July 24, 2020

KEYPORT, N.J. — Pennsylvania-based automotive parts supplier Best Line Equipment has acquired a 73,468-square-foot industrial complex in Keyport, located in coastal New Jersey, for $5 million. The property spans 14 acres and offers proximity to the Garden State Parkway and Newark Liberty International Airport. The seller was Fragrance Resources Inc.

July 24, 2020

Company News New Jersey Northeast Retail Top Stories

Clothing Store Giant Ascena Retail Group Files for Bankruptcy, Plans to Close ‘Significant’ Number of Stores

by Alex Tostado July 24, 2020

MAHWAH, N.J. — Ascena Retail Group (NASDAQ: ASNA), the parent company of clothing brands Ann Taylor, Justice, Loft, Lane Bryant, Catherines and Lou & Grey, has filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Virginia. The Mahwah-based company has reopened 95 percent of its stores since the COVID-19 outbreak, though Ascena cited the pandemic as “severely” disrupting the company’s financial foundation. The exact number of permanent store closings was not disclosed, but the company said it will close a “significant” number of Justice stores, as well as a select number of Ann Taylor, Loft, Lane Bryant and Lou & Grey stores. Additionally, the company will permanently close all stores across all brands in Puerto Rico, Mexico and Canada. “The meaningful progress we have made driving sustainable growth, improving our operating margins and strengthening our financial foundation has been severely disrupted by the COVID-19 pandemic,” says Carrie Teffner, interim executive chair of Ascena. “As a result, we took a strategic step forward today to protect the future of the business for all of our stakeholders.” Ascena also announced it will close all Catherines stores and has entered into an agreement with City Chic …

July 24, 2020

Acts-Retirement-Fort-Washington-Pennsylvania

Loans Multifamily Northeast Pennsylvania Seniors Housing

Ziegler Arranges $199.4M Bond Financing for Pennsylvania-Based Seniors Housing Owner

by Taylor Williams July 23, 2020

FORT WASHINGTON, PA. — Ziegler has arranged $199.4 million in bond financing for Acts Retirement-Life Communities, a seniors housing owner-operator based in Fort Washington, Pa. Acts is the country’s third-largest nonprofit seniors housing operator in the country with a portfolio of 26 communities in nine states totaling 9,671 total units. The portfolio involved in this specific financing includes 20 communities in seven states, with eight locations in Pennsylvania, four locations in Florida, three locations in Delaware, two locations in North Carolina, one location in South Carolina, one location in Georgia and one location in Alabama. The bond issue includes $115.1 million in tax-exempt bonds issued through the Public Finance Authority (Wisconsin), Palm Beach County Health Facilities Authority (Florida) and the Montgomery County Industrial Development Authority (Pennsylvania). The remaining $84.3 million in taxable bonds were issued through the Montgomery County Industrial Development Authority (Pennsylvania). The proceeds of the bonds will be used to finance or refinance costs associated with the 20 communities, while refinancing bonds from 2012 and two revolving lines of credit from Bank of America and Truist.

July 23, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $30.3M in Loans for Refinancing, Renovation of Boston Apartments

by Taylor Williams July 23, 2020

BOSTON — MassHousing, an independent public agency that funds affordable housing projects in Massachusetts, has provided a $30.3 million in loans for the refinancing, renovation and preservation of affordability of Newcastle Saranac in Boston’s South End neighborhood. The borrower, a partnership between Fenway Community Development Corp. and Schochet Cos., acquired the property in 2018 when its 97 affordable housing units were at risk of being converted to market-rate residences. The financing package consists of a $17.6 million tax-exempt construction and permanent loan, a $10.5 million tax credit equity bridge loan and $2.25 million in Section 13A preservation financing. The latter piece of the capital stack preserves the affordability of units, 38 of which are reserved for renters earning 30 percent or less of the area median income (AMI); 31 of which are for households earning 60 percent or less of AMI; 13 of which are restricted for tenants earning 90 percent or less of AMI; and 15 of which are earmarked for renters earning 100 percent or less of AMI.

July 23, 2020

Acquisitions Data Centers Industrial Massachusetts Northeast

Rhino Capital Buys 200,000 SF Data Center in Southern Massachusetts

by Taylor Williams July 23, 2020

FALL RIVER, MASS. — Boston-based investment firm Rhino Capital Advisors has purchased a 200,000-square-foot data center located in the southern Massachusetts city of Fall River. Rhino Capital is acquiring the center in a sale-leaseback deal in which the seller has committed to a new 10-year lease at the newly built property. Brett Paulsrud and Madeline Joyce of JLL arranged a $10.3 million acquisition loan through Cambridge Savings Bank on behalf of the new ownership.

July 23, 2020

Acquisitions New York Northeast Office

CBRE Negotiates $32M Sale of Leasehold Interest in Long Island Office Building

by Taylor Williams July 23, 2020

MELVILLE, N.Y. — CBRE has negotiated the $32 million sale of the leasehold interest in a 202,225-square-foot office building located on Long Island in the city of Melville. The property is currently 87 percent leased. Jeff Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Gene Pride, Travis Langer and Philip Heilpern of CBRE represented the seller and building owner, RXR Realty, in the transaction. The team also procured The Feil Organization as the buyer.

July 23, 2020

Newer Posts

Older Posts