Northeast

PCD Development Begins Leasing 303-Unit Apartment Community in Bogota, New Jersey

by Taylor Williams November 5, 2020

BOGOTA, N.J. — New Jersey-based PCD Development has begun leasing The Atwater, a 303-unit luxury apartment community located in the Northern New Jersey city of Bogota. The property features studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, smart locks, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling areas, an outdoor theater, game room, resident lounge, fitness center, arcade room, business center, coffee bar, Amazon package lockers and a dog park. Rents start at $2,020 per month for a one-bedroom unit.

November 5, 2020

Acquisitions New Jersey Northeast Office

JLL Negotiates $50M Sale of Office Building in Morristown, New Jersey

by Taylor Williams November 5, 2020

MORRISTOWN, N.J. — JLL has negotiated the $50 million sale of a 232,000-square-foot office building located at 44 Whippany Road in the Northern New Jersey city of Morristown. The property spans 20 acres and features a fitness center, café, outdoor patio and picnic area and access to walking trails. Jose Cruz, Kevin O’Hearn, Steve Simonelli and Michael Oliver of JLL represented the seller, an affiliate of Marcus Partners, in the transaction. The team also procured the buyer, Liberty Properties LLC. The three-story building also recently underwent an $18 million capital improvement program.

November 5, 2020

Loans Multifamily New York Northeast

Greystone Provides $6.5M Fannie Mae Loan for Refinancing of Multifamily Asset in Queens

by Taylor Williams November 5, 2020

NEW YORK CITY — Greystone has provided a $6.5 million Fannie Mae loan for the refinancing of Madrid Towers, a 58-unit multifamily asset located in the Astoria neighborhood of Queens. The nonrecourse loan was structured with a 10-year term and a fixed interest rate. Jason Yuen of Greystone originated the financing on behalf of the borrower, a family that has owned the six-story property for 35 years, with George Eliopoulos of Velios Capital acting as correspondent.

November 5, 2020

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers Sale of 20,986 SF Retail Property in Middlesex, New Jersey

by Taylor Williams November 5, 2020

MIDDLESEX, N.J. — Marcus & Millichap has brokered the sale of a 20,986-square-foot retail property in Middlesex, about 40 miles southeast of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, an individual/personal trust. Both parties requested anonymity.

November 5, 2020

Company News Northeast Pennsylvania Retail Top Stories

Pet Valu Winding Down Operations, Closing All 358 Stores and Warehouses in the United States

by John Nelson November 5, 2020

WAYNE, PA. — Pet Valu Inc., a specialty retailer of pet food and supplies, has opted to wind down its U.S. operations. The retailer will close all 358 stores in the Midwest, Northeast and Mid-Atlantic, as well as its warehouses and its U.S. headquarters office in Wayne. No timeline for closures was disclosed, but Pet Valu is currently doing final liquidation sales for all its merchandise. Additionally, the retailer is marketing all of its store fixtures, furniture and equipment for sale. Pet Valu Inc. licenses its name from Pet Valu Canada, which is a separate, unaffected entity that will retain its 600 Canadian stores and corporate headquarters office in Markham, Ontario, as well as its e-commerce site. Roark Capital, an Atlanta-based private equity group, purchased Pet Valu in 2009 and merged the retailer with Pet Supermarket in 2016 to form Pet Retail Brands, though the combined company continued to operate its stores under the original brand names of Pet Valu and Pet Supermarket. Pet Valu cites severe impact from the COVID-19 pandemic in the United States in its decision to wind down operations. According to Johns Hopkins University, the number of confirmed COVID-19 cases since March has totaled nearly 9.5 …

November 5, 2020

Company News Massachusetts Northeast

Wayfair Reports 66.5 Percent Revenue Growth in Third Quarter, Stock Rises 13 Percent

by Taylor Williams November 4, 2020

BOSTON — Wayfair Inc. (NYSE: W), a Boston-based e-commerce firm specializing in home furniture, reported an increase of 66.5 percent in total net revenue during its third-quarter earnings call on Tuesday, Nov. 3. The company’s impressive year-over-year revenue growth from $1.5 billion to $3.8 billion caused its stock price to shoot up about 13 percent in early-hours trading before closing at $274.11 per share on Tuesday, up from $87.43 per share a year ago. Wayfair reported similar levels of revenue growth in both its domestic and international markets, noting that the size of its customer base had also grown by about 50 percent year-over-year. Wayfair now lists the number of active customers in its direct retail business as 28.8 million. Lastly, the company said that it completed about 15.8 million deliveries during the third quarter, a 72.8 percent increase from that period in 2019.

November 4, 2020

Stauffer-Industrial-Park-Taylor-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

Cushman & Wakefield Brokers $30M Sale of 711,200 SF Industrial Building Near Scranton

by Taylor Williams November 4, 2020

TAYLOR, PA. — Cushman & Wakefield has brokered the $30 million sale of a 711,200-square-foot industrial building located at 22 Stauffer Industrial Park Drive in Taylor, a southern suburb of Scranton. One of three buildings in Stauffer Industrial Park, the property features 179 dock doors and 35-foot clear heights and was fully leased at the time of sale. Gerry Blinebury, Gary Gabriel and Daniel Walsh of Cushman & Wakefield represented the seller, SK Realty, in the transaction. The buyer was undisclosed.

November 4, 2020

Acquisitions Multifamily Northeast Pennsylvania

Broadshore Capital Acquires 338-Unit Apartment Community in Pittsburgh

by Taylor Williams November 4, 2020

PITTSBURGH — Los Angeles-based investment firm Broadshore Capital Partners has acquired Liberty Pointe, a 338-unit apartment community in Pittsburgh. Situated on 10.5 acres in the Bethel Park area, the property offers a mix of one- and two-bedroom units with individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, outdoor grilling and picnic area, pet park, cybercafé and a clubhouse. The seller was not disclosed.

November 4, 2020

Acquisitions Industrial Northeast Pennsylvania

TSW Alloy Wheels Buys 105,840 SF Industrial Facility in Lehigh Valley

by Taylor Williams November 4, 2020

EASTON, PA. — TSW Alloy Wheels, a provider of custom staggered wheels, has purchased a 105,840-square-foot industrial facility situated on a 9.6-acre site in the Lehigh Valley city of Easton from developer J.G. Petrucci & Co. TSW Alloy Wheels will use the newly built property, which features 36-foot clear heights and an ESFR sprinkler system, as a new regional distribution center. Paul Weiss of PF Weiss Realty brokered the deal.

November 4, 2020

Acquisitions Multifamily New York Northeast

Rosewood Realty Group Arranges $5.3M Sale of Multifamily Building in The Bronx

by Taylor Williams November 4, 2020

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5.3 million sale of a 33-unit multifamily building in the Pelham Bay area of The Bronx. The property was originally built in 1929 and spans 27,000 square feet. Aaron Jungreis of Rosewood Realty represented the seller, Morgan Group, in the transaction. Jungreis and Alex Fuchs of Rosewood Realty procured the buyer, locally based investment firm Arber Realty LLC. The building consists of 29 one-bedroom units and four two-bedroom units and sold at a cap rate of 5.85 percent.

November 4, 2020

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