Northeast

CBRE Brokers Sale of 180,000 SF Industrial Facility in Lyndhurst, New Jersey

by Alex Patton June 30, 2020

LYNDHURST, N.J. — CBRE has brokered the sale of a 180,000-square-foot industrial facility in Lyndhurst, a northwestern suburb of New York City. Located at 1201 Valley Brook Ave., the facility features 11 loading docks, parking for 162 cars and a clear height of 26 feet. The property is located less than 30 miles from Newark Liberty International, La Guardia and John F. Kennedy International Airports and 14 miles from the Port Newark Container Terminal. The building formerly served as a distribution center for apparel retailer Barney’s but was vacant at the time of sale. Thomas Monahan, Brian Fiumara and Steven D’Amato of CBRE represented the seller, a private investor, in the transaction. The team also procured the buyer, Sitex Group.

June 30, 2020

Affordable Housing New York Northeast

Greystone, Lappin Form Joint Venture to Lend on Affordable Housing Renovation Projects in New York City

by Alex Patton June 30, 2020

NEW YORK CITY — Commercial mortgage lender Greystone and developer Lappin Associates have formed a joint venture to deploy billions in capital for the financing, preservation and stabilization of affordable multifamily housing in New York City. The joint venture will originate long-term agency loans that will enable owners of affordable multifamily projects to complete renovations in order to prolong the lives of their properties. Lappin Associates is led by Michael Lappin, former CEO of the Community Preservation Corp. who has over 35 years of expertise in navigating federal, state and local regulatory and tax requirements.

June 30, 2020

Acquisitions Multifamily New York Northeast

Conway Capital Acquires Multifamily Portfolio in Brooklyn for $11.5M

by Alex Patton June 30, 2020

NEW YORK CITY — Locally based investment firm Conway Capital has acquired a four-property multifamily portfolio in Brooklyn for $11.5 million. The portfolio consists of 14 residential units and two commercial spaces, one of which was vacant at closing. The portfolio includes 74 First Place, a 5,324-square-foot, four-story building with five units; 228 Livingston Street, a 4,904-square-foot, four-story building with two residential units and two retail spaces; 710 DeGraw Street, a 3,938-square-foot, four-story building with four residential units; and 302 East 5th Street, a 2,772-square-foot, three-story building with three residential units. Urban Standard Capital provided an $8.8 million acquisition loan for the transaction. The seller was undisclosed.

June 30, 2020

Acquisitions California Company News Development Mixed-Use New York Northeast Office Top Stories Western

Hudson Pacific, Blackstone Form Joint Venture to Grow Movie Studio and Office Platform in Hollywood

by John Nelson June 30, 2020

LOS ANGELES AND NEW YORK — Hudson Pacific Properties Inc. and Blackstone have formed a joint venture to expand the film and TV production platform for both publicly traded companies. Hudson Pacific is bringing on Blackstone as a partner to help capitalize a portfolio of studios and offices in Hollywood that have been used sparingly since the outbreak of COVID-19 and the subsequent stay-at-home directives in Los Angeles. As part of the deal, Blackstone (NYSE: BX) will buy a 49 percent stake in Hudson Pacific’s 2.2 million-square-foot Hollywood Media Portfolio, which spans three studios and five office buildings. Hudson Pacific (NYSE: HPP) will remain responsible for the day-to-day operations of the portfolio, which is valued at $1.65 billion. “Our latest joint venture with Blackstone unlocks a portion of the value we’ve created for our shareholders and provides us with significant capital to grow both our studio and office portfolios,” says Victor Coleman, chairman and CEO of Hudson Pacific. The portfolio includes Sunset Bronson, Sunset Gower and Sunset Las Palmas Studios (formerly Hollywood Center Studios), which comprises 35 stages and production and support spaces totaling 1.2 million square feet. The offices in the portfolio include 6040 Sunset, Icon, Cue, Epic and …

June 30, 2020

Development Industrial Northeast Pennsylvania

Hilco Global Acquires 1,300-Acre Industrial Site in Philadelphia for $225.5M

by Alex Patton June 29, 2020

PHILADELPHIA — Hilco Global, an Illinois-based developer, has acquired a 1,300-acre industrial development site in Philadelphia. The sales price was $225.5 million. Located at 1735 Market St., the site formerly housed the Philadelphia Energy Solutions (PES) oil refinery for more than 150 years. Hilco plans to redevelop the site as an “environmentally responsible” commercial hub, the exact details of which were undisclosed. According to The Philadelphia Inquirer, PES was the East Coast’s largest refinery until a corroded fuel line ignited in June 2019, leading to the bankruptcy and permanent closing of the refinery. At the height of its activity, the refinery formerly employed as many as 1,000 workers. Hilco plans to demolish and rebuild the site over a period of several years, creating 8,000 union construction jobs and 10,000 permanent jobs, The Philadelphia Inquirer reports.

June 29, 2020

Development Mixed-Use New York Northeast Office

Innovo Property Group Completes 210,000 SF Office Project at Mixed-Use Building in Queens

by Alex Patton June 29, 2020

NEW YORK CITY — Innovo Property Group, a New York City-based developer, has launched 210,000-square-feet of office space in the Long Island City neighborhood of Queens. The space is located on two floors of The Bridge, an 830,000-square-foot mixed-use building located at 24-02 49th Ave. and can be adapted for coworking or shared office use. The building was originally completed in 1928 as an industrial facility and once served as a warehouse for Bloomingdale’s. The New York City Housing Authority holds a 30-year lease for 600,000 square feet of at the building.

June 29, 2020

Northeast Pennsylvania

Indoor Dining, Entertainment Businesses Reopen in Pennsylvania

by Alex Patton June 29, 2020

HARRISBURG, PA. — Indoor dining and entertainment establishments have been cleared to reopen in 12 counties, according to a statement from Pennsylvania Gov. Tom Wolfe’s office on Friday, June 26. The counties include Berks, Bucks, Chester, Delaware, Erie, Lackawanna, Lancaster, Lehigh, Montgomery, Northampton, Philadelphia and Susquehanna, leaving only one county in the state still in the more restrictive yellow phase of reopening. Businesses in the state have reopened in recent weeks according to a phased system as the COVID-19 pandemic has gradually eased in the state. Businesses allowed to reopen in the governor’s green phase of reopening include restaurants and bars at 50 percent capacity, childcare, indoor recreation, fitness and wellness facilities, gyms and spas. Casinos, theaters and shopping malls have also been cleared to reopen at 50 percent capacity. As of June 28, the Centers for Disease Control and Prevention reported nearly 85,500 cases of COVID-19 across the state, and more than 6,600 deaths.

June 29, 2020

Development New Hampshire Northeast Retail

BJ’s Wholesale Club to Open 90,000 SF Store in Seabrook, New Hampshire

by Alex Patton June 29, 2020

SEABROOK, N.H. — BJ’s Wholesale Club will open a 90,000-square-foot store in Seabrook, approximately 50 miles north of Boston. The newly constructed building will be located on a 20-acre site on the crossroads of Interstate 95 and State Routes 107 and 1. The store will anchor several nearby parcels planned for future commercial development. Slated for delivery in 2021, the new store will be BJ’s seventh in the state. Waterstone Properties owns the development site.

June 29, 2020

Connecticut Industrial Leasing Activity Northeast

Nuovo Pasta Productions Signs 35,492 SF Industrial Lease in Stratford, Connecticut

by Alex Patton June 29, 2020

STRATFORD, CONN. — Italian food supplier Nuovo Pasta Productions has signed a 35,492-square-foot industrial lease in Stratford. The space is located within a former food storage and distribution facility at 849 Honeyspot Road in Stratford Industrial Park, Nuovo Pasta signed a 10-year lease at the facility. Bruce Wettenstein of Vidal/Wettenstein represented Nuovo Pasta in the lease negotiations. George Shawah Jr. of Baldwin Pearson & Co. Inc. represented the undisclosed landlord.

June 29, 2020

Industrial Leasing Activity New York Northeast

Reports: Amazon Preleases 1 MSF Build-to-Suit Warehouse in Queens

by Alex Patton June 26, 2020

NEW YORK CITY — Amazon has preleased a 1-million-square-foot, build-to-suit industrial warehouse located at 55-15 Grand Ave. in Queens, according to reports from Business Insider and City Biz List. A joint venture between New York City-based developer RXR Realty and Los Angeles-based developer LBA Realty plans to demolish a former factory structure to construct a new build-to-suit facility for the Seattle-based e-commerce giant. The four-story facility will feature a rooftop parking structure that will house a fleet of Amazon’s delivery vehicles. The construction schedule was undisclosed.

June 26, 2020

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