DELRAN, N.J. — Monster Pets, a retailer that serves the Philadelphia area, has signed a 57,930-square-foot industrial lease in the Southern New Jersey city of Delran. The property, which is now fully leased, is located near U.S. Route 130 and Swedes Run Industrial Park. Scott Mertz of NAI Mertz represented the landlord, a partnership between Endurance Real Estate Group and PCCP, in the lease negotiations. The representative of the tenant was not disclosed.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital has provided a $5.6 million Freddie Mac permanent loan for the construction of a 71-unit affordable housing project located at 461 Alabama Ave. in Brooklyn. More than half the residences will be reserved for homeless renters. The financing was structured with a 35-year amortization schedule and a 4.63 percent fixed interest rate. Jim Gillespie and Ilya Weinstein of Bellwether Enterprise originated the loan on behalf of the borrower, a partnership between developer CB Emmanuel Realty and nonprofit Services for the Underserved.
The commercial real estate industry is still managing the COVID-19 pandemic and the heavy toll it has enforced on the national economy. The National Bureau of Economic Research declared in early June the U.S. economy was officially in a recession, less than three months after government-mandated shutdowns began en masse. Jay Olshonsky, president and CEO of New York-based NAI Global, says the sudden economic impact of the pandemic on the commercial real estate industry has already exceeded the global financial crisis. “The immediate magnitude of this is much greater than 2009,” says Olshonsky. “Some economists are predicting this could be 20 times as bad as far as the number of properties that are affected and could potentially go into default. The numbers are pretty staggering.” But Olshonsky is quick to point out that the current situation isn’t a doomsday scenario, nor is it permanent. “It will slowly get back to normal,” says Olshonsky. “There are a multitude of side effects. For every sell there’s a buy, for every loss there’s an opportunity. There will be opportunities that will be created.” Among those are distressed real estate assets, which can take the form of properties in foreclosure or mortgages that are …
FAIRLESS HILLS, PA. — Avison Young has brokered the sale of a 108,225-square-foot manufacturing and distribution facility at 200 Rock Run Road in Fairless Hills, located in Bucks County. Built in 1979 and renovated in 2016, the property offers proximity to several major interstates and has been fully occupied by CSC Sugar since 2012. Erik Foster, Mike Wilson Adam Gillespie, Paul French and Brian Hilger of Avison Young represented the seller, a partnership between Crestpoint Real Estate Investments, H&R REIT and PSP Capital Partners. The buyer was an undisclosed private investor.
CHAMBERSBURG, PA. — Sportsman’s Warehouse Holdings Inc. (NASDAQ: SPWH) will open a new store at 3285 Black Gap Road in Chambersburg, located roughly midway between Pittsburgh and Philadelphia in the southern part of the state. A grand opening celebration will take place Thursday, Sept. 24 through Friday, Sept. 26. The store will be the fourth Sportsman’s Warehouse in Pennsylvania and will offer more than 60,000 region-specific items including brand-name hunting, fishing, camping, shooting, apparel and footwear merchandise.
WESTBURY, N.Y. — Bloomingdale’s Furniture will open a 25,000-square-foot store at Samanea Mall in Westbury, located on Long Island, in spring 2021. Matthew Kucker and Jordan Baruch of Colliers International represented the landlord in the lease negotiations. Brian Schuster of Ripco Real Estate represented Bloomingdale’s. Samanea Mall originally opened in 1997 and is currently undergoing a multimillion-dollar renovation.
ROCHESTER, N.Y. — Blueprint Healthcare Real Estate Advisors, a brokerage firm specializing in seniors housing and healthcare assets, has brokered the portfolio sale of two assisted living communities located in the Upstate New York city of Rochester. A REIT sold the communities to a regional investor in an all-cash transaction. Further details were not disclosed.
BOSTON — Boston Financial Investment Management, a subsidiary of Orix Corp. USA, has agreed to acquire Boston Capital’s low-income housing tax credit (LIHTC) fund portfolio. The purchase of Boston Capital’s portfolio will nearly double Orix’s LIHTC platform to $15 billion in funds under management. (Boston Financial and Boston Capital are not affiliated.) Boston Financial is one of the leading syndicators in the LIHTC industry. The firm currently manages a $7.7 billion portfolio comprising more than 1,125 properties and 98,110 units. Boston Financial will service Boston Capital’s assets under management. According to a release from Orix, the firm views the LIHTC business as one that shows projected growth, even during the economic uncertainty of the COVID-19 pandemic. Because rent for LIHTC properties is often below comparable non-tax-credit properties and the government supports many LIHTC residents in the form of rental assistance, Boston Financial has seen occupancy rates remain stable during the pandemic. The closing of the transaction is subject to customary closing conditions and approvals. The acquisition price was not disclosed. Established by Congress in 1986, LIHTC is a tax incentive program designed to promote the supply of affordable rental housing for low-income households. LIHTC syndicators such as Boston Financial and …
NEW YORK CITY — Peloton Interactive Inc. (NASDAQ: PTON), a provider of subscription-based home exercise equipment and routines, reported a 172 percent increase in total revenue during the fourth quarter relative to that period in 2019. With many commercial gyms still operating at reduced capacities and numerous fitness centers at office and apartment buildings still closed, Peloton saw its connected fitness subscriptions and paid digital subscriptions grow by 113 and 210 percent, respectively. The New York City-based company now has a total membership base of more than 3.1 million people. In addition, Peloton operated 95 showrooms across the world at the end of its fiscal fourth quarter, which CNBC reports ended on June 30, up from 74 a year ago.
NEW YORK CITY — RAL Development Services, in partnership with the New York City Economic Development Corp., has topped out Zero Irving, a 240,000-square-foot office building located in the Union Square neighborhood of Manhattan. Designed by Davis Brody Bond, the 21-story building is located at 124 E. 14th St. and will ultimately feature 176,000 square feet of Class A office space and 10,000 square feet of ground-floor retail space that will house a food hall, event space and a fitness center. Completion is scheduled for early 2021.
