NEW YORK CITY — Cushman & Wakefield has brokered the $10 million sale of a 50-unit multifamily building in The Bronx. Built in 1955, the six-story, 57,558-square-foot building is located at 1150 Pelham Parkway near Albert Einstein College of Medicine, The Bronx Zoo and Fordham University. The building includes six four-bedroom units, 18 two-bedroom units and 21 one-bedroom units, as well as a 22-space parking garage. The surrounding area offers proximity to major hospitals and private medical facilities. Robert Shapiro, Jonathan Squires and Michael Fioravanti of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.
PARSIPPANY, N.J. — North Jersey Dermatology Center (NJDC) has signed a 1,343-square-foot medical office lease in Parsippany, approximately 35 miles west of New York City. The space is situated within Parsippany Commons, a three-story, 54,000-square-foot office building located at 3219 Route 46 East. The lease at Parsippany Commons marks NJDC’s fourth office location, joining its Rockaway, Clifton and Newfoundland offices. The company worked closely with Core Enterprises, the landlord’s in-house design and construction team, as well as Cerminara Architects, to design and execute the build-out of its new office space. Stephen Graziano of Colliers International represented the landlord, Larken Associates, in the lease negotiations.
NEW YORK CITY — SL Green has agreed to sell a 126-unit multifamily building in the Sutton Place neighborhood of Manhattan for $62 million. Located at 400 E. 58th St., 16-story property also includes approximately 3,800 square feet of commercial space. The transaction is expected to close during the third quarter and generate net cash proceeds to SL Green of approximately $20 million. SL Green and an undisclosed joint venture partner acquired the building in 2012 as part of an eight-building portfolio of retail and multifamily properties. SL Green owns 90 percent interest in the joint venture. At the time of sale, the rental units were approximately 97 percent leased. Simon Ziff and Marc Sznajderman of Ackman-Ziff Real Estate Group represented SL Green in the transaction.
LEVITTOWN, PA. — Colliers International has arranged the sale of a 40,000-square-foot warehouse in Levittown, a southern suburb of Trenton, for an undisclosed price. The Class C building is located at 1901 Hartel St. and was constructed in 1969. The property offers immediate access to the Pennsylvania Turnpike and Interstate 95. Jim Scott of Colliers represented the buyer, family-owned tire service company McCarthy Tire. Scott also represented the undisclosed seller.
NEW YORK CITY — JLL has brokered the $19.8 million sale of a vacant, 19,991-square-foot residential development lot in the Dumbo neighborhood of Brooklyn. Located at 251 Front St., the property includes 39,982 square feet of developable land and is zoned for a boutique condominium or townhouse project. The space also includes 400 feet of retail visibility on three streets. Stephen Palmese and Brendan Maddigan led a JLL team that represented the seller, a private investor, in the transaction. The team also represented the buyer, CW Realty.
SOUTH WHITEHALL, PA. — Newmark Knight Frank (NKF) has negotiated a 15,499-square-foot retail lease renewal for Grocery Outlet Inc. in South Whitehall, a western suburb of Allentown. Located at 4680 Broadway Road, the property is part of the 248,533-square-foot Tilghman Square shopping center, which offers convenient access to State Routes 22 and 309 and Interstates 78 and 476. Other tenants include New Vision Theaters, Dollar Tree and Staples. Grocery Outlet Inc. had previously leased the space for 14 years. Michael LaRue of NKF represented Grocery Outlet in the lease negotiations. Larken Associates is the landlord.
PHILADELPHIA — Charlie’s Pizza has signed a 2,000-square-foot retail lease at Morrell Plaza, a 103,000-square-foot shopping center that is located at the intersection of Frankford Avenue and State Route 13 in Philadelphia. A 63,000-square-foot ShopRite supermarket anchors the center. Other tenants include Northeast Cycle, Wingstop, Freedom Credit Union, Rite Aid, T-Mobile, Supercuts, Dunkin’ and Yamato Sushi & Hibachi. Sidney Singer of Levin Management Corp., which serves as the property’s exclusive leasing and managing agent, negotiated the lease on behalf of the landlord.
PHILADELPHIA — Independence Blue Cross has acquired 1901 Market Street, a Class A office tower in Center City Philadelphia, for $360 million. The 45-story, 800,000-square-foot building has served as the health insurance company’s headquarters since construction was completed in 1989. Atlanta-based Piedmont Office Realty Trust (NYSE: PDM) was the seller. The property has received more than $110 million in capital improvements over the last eight years. Upgrades included a new lobby, outdoor plaza and mechanical systems, as well as renovations throughout the interiors for a more modern look. The building is the eighth-tallest office tower in Philadelphia and houses nearly 2,500 Independence associates. Independence is the sole occupant of the building. In addition to 1901 Market Street, Independence’s campus includes a customer service call center and Independence LIVE, a customer experience center. Both connect to the company’s headquarters via a courtyard that is open to the public. Prior to the purchase, Independence was in a long-term lease. But the company found the purchase attractive because low interest rates enabled Independence to lower its annual cost of occupancy, according to Donna Farrell, vice president of corporate communications. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE Capital Markets marketed …
DOVER, DEL. — Lululemon Athletica Inc., a provider of athletic apparel that is based in Vancouver, British Columbia but incorporated in Delaware, has acquired digital exercise platform Mirror for $500 million. The startup fitness concept, which launched in 2018, sells a digital mirror with a camera, speakers and virtual metrics that allow users to participate in live fitness classes from home. Mirror will bolster Lululemon’s digital offerings and bring personalized in-home workouts to customer, according to Lululemon. Mirror instructors will also wear the company’s workout apparel. Lululemon reopened 60 percent of its stores and reported net revenue of $652 million in its fiscal first quarter, which ended May 3. That figure represents a 17 percent decline from $785 million during the same period a year ago. Lululemon’s stock price opened at $294.35 per share on Monday, June 29, up from $180.21 per share a year ago.
ALBANY, N.Y. — Some outdoor and indoor entertainment businesses, including aquariums, zoos and professional sports venues without fans, have reopened in the West New York region, according to a statement from New York Gov. Andrew Cuomo’s office on Tuesday, June 30. New York has gradually reopened businesses on a region-by-region basis according to a multi-phased reopening plan, but Cuomo has decided to remove shopping malls, gyms and movie theaters from the phase after observing recent spikes in virus cases in other states. Other businesses cleared to reopen as part of Phase IV of the plan include higher education, film and movie production and botanical gardens. As of June 29, the Centers for Disease Control and Prevention reported more than 394,000 confirmed cases of COVID-19 across the state of New York and more than 31,700 deaths.