BOSTON — Indoor dining services at restaurants and personal service businesses, including nail salons and massage therapy parlors, have been cleared to reopen as of June 22, according to a statement from Massachusetts Gov. Charlie Baker. Businesses in Massachusetts have gradually reopened over the last few weeks as the COVID-19 pandemic has slowed across the state. Restaurants were permitted to resume outdoor dining services on June 8, provided that tables both inside and outside were spaced at least six feet apart and customers wore masks when not seated at their table. Party sizes are limited to six guests and bar seating is not allowed. Other businesses permitted to reopen include retail fitting rooms, tanning salons, skin care services, tattoo parlors and personal training facilities. In addition, offices can expand from 25 percent to 50 percent capacity but are still encouraged to allow employees to work from home if possible. As of June 21, the Centers for Disease Control and Prevention reported more than 106,900 cases of COVID-19 in Massachusetts, and more than 7,800 deaths.
EAST RUTHERFORD, N.J. — A partnership between New York-based developer Sterling Properties and Willton Investment Group has opened Central & Oak, a 208-unit luxury multifamily community in East Rutherford, a northwestern suburb of New York City. Located at 80 Oak St., the seven-building property features one- and two-bedroom units and amenities including a resident clubhouse, outdoor terrace, green space and a fitness center. Residences range in size from 724 to 1,308 square feet. The property offers convenient access to the Rutherford Trail Station, MetLife Stadium and the American Dream shopping and entertainment destination.
MORRIS PLAINS, N.J. — Third-party logistics provider Cryoport, which provides climate-controlled distribution services for biopharmaceutical and animal health organizations, has signed a 20,000-square-foot industrial lease in Morris Plains, approximately 35 miles west of New York City. Cryoport is relocating from Livingston, New Jersey, to a space that is located inside a 55,000-square-foot distribution facility at 900 American Road. Robert Donnelly Jr. of Cushman & Wakefield represented Cryoport in the lease negotiations. Gregory Sabato and Scott Peck of Resource Realty represented the landlord, Commercial Realty Group of Parsippany.
BROOKLYN, N.Y. — GFI Realty Services LLC has brokered the $7.2 million sale of a four-story, 30-unit multifamily building in the Bath Beach neighborhood of Brooklyn. The 30,960-square-foot building is located at 8678 Bay Parkway and was constructed in 1915. The building is also situated near Bensonhurst Park and offers convenient access to the Bay Parkway transit station. Shlomo Antebi of GFI Realty represented the buyer, the Ragosta family, in the transaction. Erik Yankelovich, also of GFI Realty, represented the seller, Meridian Properties.
BURLINGTON, N.J. — Wolf Commercial Real Estate (WCRE) has negotiated a 2,918-square-foot office lease for Vitality Hospice Care in Burlington, a southern suburb of Trenton. The space is located within a 63,400-square-foot office building at 460 Veterans Drive. The Class B office property was constructed in 1984 and offers convenient access to the New Jersey Turnpike, the New Jersey Transit River Line station and Interstate 295. Kevin Coleman and Victor DeJesus of WCRE represented Vitality Hospice Care in the lease negotiations. The team also represented the landlord, H & W Holding Group LLC.
HOPEWELL, N.J. — A partnership between full-service real estate firm Lincoln Equities Group and New York City-based H.I.G. Realty Partners has acquired Princeton West Innovation Campus, a 1.2 million-square-foot life sciences property in Hopewell, New Jersey. The 433-acre development, which is located about seven miles from Princeton University, is the former campus of Bristol Myers Squibb (BMS). The New York City-based biopharmaceutical firm announced in late 2016 that it would gradually begin ceasing operations and shutting down the campus, according to centraljersey.com. The sales price was not disclosed, but the property flyer notes that BMS had invested more than $500 million in capital improvements to the campus prior to the sale. “Given the current public health crisis, we anticipate pharmaceutical and life sciences manufacturers to consider ‘reshoring’ and expanding operations in the United States,” says Joel Bergstein, president of Lincoln Equities. “This spacious, modern BMS campus — located in the center of ‘Einstein’s Alley’ in Central New Jersey — is a prime location for continued innovation and expansion.” Lance Bergstein, an acquisition and development officer at Lincoln Equities, pointed to the region’s skilled and qualified workforce as another key driving factor behind the acquisition. “New Jersey has one of the …
NEW YORK CITY — Silverback Development, a New York City-based developer, has released its plans for a $250 million condominium building in midtown Manhattan. Located at 131 E. 47th St., the 200-unit building will rise 500 feet and will feature 5,000 square feet of ground-floor retail space as well as several landscaping features and sky lounges. Silverback Development is undertaking the project in partnership with Hong Kong-based Hopson Development Holdings. The property is situated four blocks southeast of Rockefeller Center. The developers plan to include a technologically advanced management system, advanced digital security systems and fully integrated home automation. “The market in midtown Manhattan will see continued demand as it is at the epicenter of corporate headquarters, national landmarks, renowned cultural institutions and Michelin-starred eateries,” says Josh Schuster, managing principal at Silverback Development. Hopson Development Holdings (SEHK: 754) acquired the building site from New Empire Real Estate Development late last year. New Empire had previously planned to construct a 122-unit multifamily project on the site, but plans stalled after the existing buildings were demolished in 2016. The site has been vacant since then. Hopson has more than 70 commercial real estate projects, manages more than 10 large urban complexes, and …
MARLBOROUGH, MASS. — Newmark Knight Frank (NKF) has brokered the $66 million sale of The Campus at Marlborough, a 531,916-square-foot office campus in Marlborough, about 30 miles west of Boston. Situated on 121 acres at 100 Campus Drive, the complex features four interconnected buildings, including three office buildings and one amenity building. Amenities include a full-service cafeteria, Starbucks coffee shop, fitness center, 300-person auditorium, conference facilities, outdoor seating areas, walking trails and basketball and volleyball courts. At the time of sale, the property was 76 percent leased to a five-tenant roster anchored by the global headquarters of medical technology company Hologic. Robert Griffin, Edward Maher and Matthew Pullen led an NKF team that represented the seller, Houston-based Hines, in the transaction. Greatland Realty Partners was the buyer. Lauren O’Neil, Andrew Gray and Henry Schaffer of JLL arranged acquisition financing through Brookline Bank on behalf of Greatland Realty.
SPRINGFIELD, PA. — Tryko Partners has acquired Harlee Manor and Springfield Commons, a two-building seniors housing campus totaling 173-units in Springfield, a western suburb of Philadelphia. Located on more than six acres at 463 West Sproul Road, the property will be renamed Springfield Enhanced Senior Living. Tryko will invest $2.5 million in renovations and specialty care programming enhancements. The skilled nursing and personal care components will be known as Springfield Rehabilitation & Healthcare Center and Springfield Crossings, respectively. The campus offers convenient access to Springfield Hospital, Delaware County Memorial Hospital, Taylor Hospital and Crozer-Chester Medical Center. M&T Bank provided acquisition financing. The seller was undisclosed.
NEW YORK CITY — Goodwill Industries has renewed its 30,800-square-foot office lease for its corporate headquarters in Brooklyn. The the nonprofit organization leases the entire third floor of an office building located at 25 Elm Place that previously served as a J.W. Mays department store building. Goodwill has leased the office space for five years and has renewed its lease for an additional 20 years. Goodwill provides training, placement, on-the-job coaching, and retention services from this office, which is located directly across the street from the flagship Goodwill store. Stephen Powers, Arthur Skelskie and Lindsay Ornstein of Transwestern represented Goodwill in the lease negotiations. George Silva and Michael Caruso internally represented the building owner, J.W. Mays Inc. along with Robert Hebron and Rob Hebron of Ingram & Hebron Realty.