ORANGE, CONN. — Locally based brokerage firm Pearce Real Estate has negotiated the sale of 70 percent of the medical condominium units at Springbrook Common, a 35,000-square-foot medical office complex in the New Haven suburb of Orange. The property was built in 2008 and is leased to tenants such as U.S. Renal Dialysis, Physical Therapy & Sports Medicine and the Connecticut Kidney Center. Carl Russell of Pearce Real Estate represented the seller, a partnership between Springbrook Common LLC and Lakehouse Properties LLC, in the transaction. Nick Mastrangelo and Tom Cavaliere of Coldwell Banker represented the buyer, Water Street Management LLC.
SOUTH BRUNSWICK, N.J. — Metro Storage LLC, a privately owned self-storage developer and manager, has opened a 688-unit facility at 3963 U.S. Route 1 in South Brunswick, a northern suburb of Trenton. The property features 75,000 net rentable square feet and consists of one climate-controlled building and three non-climate-controlled buildings. The facility is Metro Storage’s seventh in New Jersey.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a 121,188-square-foot residential development site in the Fieldston neighborhood of The Bronx. The property sold for $7.9 million, or $114 per buildable square foot. The site is zoned for the development of nearly 70,000 square feet of above-grade residential space and roughly 52,000 square feet of space for a community facility and parking garage. Jonathan Squires and Addison Berniker of Cushman & Wakefield represented the undisclosed seller in the transaction.
BENSALEM, PA. — California-based Adler Realty Investments Inc. has acquired Bensalem Crossing, a 67,215-square-foot retail center located on the northeastern outskirts of Philadelphia, for $11.5 million. The center is leased to three tenants: anchor and grocer ShopRite, CVS and a wireless telecommunications provider. Jim Galbally, Chris Munley and Colin Behr of JLL represented the New York City-based seller in the transaction. Chad Orcutt, Brian Halpern and Mike Pagniucci of JLL arranged $7.1 million in acquisition financing on behalf of Adler Realty.
BELLMAWR, N.J. — New Jersey-based Yada Property Management has purchased a 40,000-square-foot office property in Bellmawr, a southern suburb of Philadelphia. The two-story building is located at 211 Benigno Blvd. within Interstate Business Park, a 40-building office and industrial development that houses large corporate users such as Amazon, FedEx and Singer Equipment Co. Scott Mertz of NAI Mertz represented the seller, Choice Services International LLC, in the transaction.
STOUGHTON, MASS. — Stubblebine Co., a locally based brokerage firm and member of CORFAC International, has arranged the $4.2 million sale of a 78,000-square-foot industrial portfolio in the southern Boston suburb of Stoughton. The portfolio consists of three buildings that are primarily leased to Peak Party Rentals. David Stubblebine, James Stubblebine and David Skinner represented the buyer, Tosca Drive LLC, in the transaction. Mark Donahue of Donahue Associates represented the seller.
NEW YORK CITY — RTW Retailwinds Inc. (RTW), parent company of women’s apparel chains New York & Co., Fashion to Figure and Happy x Nature, has filed for Chapter 11 bankruptcy protection along with its subsidiaries. The filing came Monday in the U.S. Bankruptcy Court for the District of New Jersey. The company expects to close a significant portion, if not all, of its 378 brick-and-mortar stores and has launched a store closing and liquidation process. In the near term, however, New York City-based RTW will continue to operate its business and reopen stores that were previously temporarily closed due to the COVID-19 pandemic. As of July 13, 92 percent of its brick-and-mortar retail and outlet locations across 32 states had reopened. RTW, which was first incorporated in 1918, says that the bankruptcy will enable it to maintain operations in the ordinary course of business, including the payment of employee wages and benefits, payment of suppliers and vendors and the use of cash collateral.
NEW YORK CITY — Holt Construction Corp. has completed the $4 billion redevelopment of Terminal B at New York City’s LaGuardia Airport. The project to redesign and build-out the arrivals and departures hall began in June 2016. The new, 850,000-square-foot facility includes a new ground transportation center on the first floor; a new arrivals hall on the second floor; airline check-in areas on the third floor; and retail and restaurant outlets on the fourth floor. The structure also offers check-in kiosks and security checkpoints, as well as a new lighted water display to welcome travelers. Holt Construction worked alongside LaGuardia Gateway Partners and the Port Authority of New York & New Jersey to complete the project.
BLUE ANCHOR, N.J. — Innovative Industrial Properties (IIP), a publicly traded investment firm focused on the cannabis industry, has acquired a 111,000-square-foot facility in Blue Anchor for cultivation and processing. The sales price was $5.5 million. IIP has signed operator and grower Curaleaf to a long-term, triple-net lease at the property, which is located south of Philadelphia. New Jersey has taken steps in recent years to expand access to medical cannabis, such as introducing oil-based formulations and adding qualifying conditions. In addition, the prospective legalization of adult-use cannabis is on the ballot for residents via the New Jersey Marijuana Legalization Amendment in November.
UNION, N.J. — Connecticut-based developer RMS Cos. has acquired 6.4 acres for the construction of a 153-unit apartment community in the Northern New Jersey town of Union. Specific floor plans and amenities were not disclosed, but according to development team, the community will feature “generous-sized apartments, designer finishes and luxury amenities.” Jeffrey Dunne, Gene Pride, Jeremy Neuer, Eric Apfel, Zach McHale, Nat Gambuzza and Trevor Fiebel of CBRE represented Sherwood Group Associates in its sale of the land. The team also procured RMS Cos. as the buyer.