Northeast

Greystone Provides $43.9M Loan for Refinancing of Seniors Housing Portfolio in Upstate New York

by Alex Patton June 15, 2020

NEW YORK — Greystone has provided a $43.9 million loan for the refinancing of a three-property seniors housing portfolio in Upstate New York. Centers for Care was the borrower. The three skilled nursing facilities total 323 beds and include Ontario Center for Nursing and Rehabilitation in Canandaigua; Steuben Center for Nursing and Rehabilitation in Bath; and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the loan. Terms of the loan were undisclosed.

June 15, 2020

Healthcare Leasing Activity New York Northeast

KZA Realty Negotiates 1,730 SF Medical Office Lease in The Bronx

by Alex Patton June 15, 2020

NEW YORK CITY — KZA Realty Group has negotiated a 1,730-square-foot medical office lease for Compassionate Medical Practice in The Bronx. Located at 1776 Boston Road, the space is on the ground floor of the eight-story, 72-unit High Hawk apartment building, which features a total of 6,800 square feet of retail space. The lease term is 10 years. The property is located within walking distance of Crotona Park and offers convenient access to interstates 95 and 278.

June 15, 2020

Company News Delaware Northeast Retail

Lululemon Reopens 60 Percent of Stores, Reports 17 Percent Drop in Revenue in Latest Quarter

by Taylor Williams June 12, 2020

DOVER, DEL. — Lululemon (NASDAQ: LULU), a provider of athletic apparel that is based in Vancouver, British Columbia, but incorporated in Delaware, has now reopened 295 of its 489 stores, or roughly 60 percent of its worldwide locations. The company reported net revenue of $652 million in its fiscal first quarter, which ended May 3, compared with $785 million during the same period a year ago, a 17 percent decline. Lululemon closed all of its stores in mainland China following the outbreak of COVID-19 and subsequently shuttered its Europe and North America stores in March. The company noted that although it was forced to close all stores at some point, strong sales from its e-commerce platform helped to mitigate the decrease in revenue. Lululemon said in the filing that it would not provide financial projections for future quarters, but that it ended the first period with $823 million in cash, compared to $576 million in cash at the end of the first quarter of 2019. Lululemon’s stock price opened at $302.84 per share on Friday, June 12, up from $170.89 per share a year ago.

June 12, 2020

Development Massachusetts Multifamily Northeast

WinnCompanies to Develop $38.3M Multifamily Project in Lowell, Massachusetts

by Taylor Williams June 12, 2020

LOWELL, MASS. — WinnCompanies will develop a 125-unit multifamily project in Lowell, a city 30 miles northwest of Boston, a project that is valued at $38.3 million. The company will construct two adjacent five-story buildings in the Hamilton Canal Innovation District that will be linked by an enclosed sky bridge and located near a new 900-space parking garage. The community will feature a mix of market-rate and affordable units, as well as 5,000 square feet of commercial space. Floor plans consist of 15 studio apartments, 63 one-bedroom units and 47 two-bedroom apartments. Bank of America provided a senior construction loan for the project. Construction is underway and is expected to be complete in the first quarter of 2022.

June 12, 2020

200-International-Drive-Mount-Olive-New-Jersey

Industrial Leasing Activity New Jersey Northeast

Cushman & Wakefield Negotiates 102,839 SF Industrial Sublease in Mount Olive, New Jersey

by Taylor Williams June 12, 2020

MOUNT OLIVE, N.J. — Cushman & Wakefield has negotiated a 102,839-square-foot industrial sublease for game publisher and manufacturer Breaking Games LLC in Mount Olive, located 50 miles west of New York City. The space is located within 200 International Drive, an approximately 217,500-square-foot industrial property that was constructed in 1984. The building features 24-foot clear heights, nine loading docks and approximately 6,000 square feet of office space. The property also offers convenient access to Interstate 80 and State Route 46. Stephen Sander of Cushman & Wakefield represented the sublandlord, Bosal USA, in the negotiations

June 12, 2020

Acquisitions New Jersey Northeast Office

NKF Arranges Sale of 95,111 SF Office Building in Warren, New Jersey

by Taylor Williams June 12, 2020

WARREN, N.J. — Newmark Knight Frank has arranged the sale of a 95,111-square-foot office building in Warren, a southwestern suburb of New York City. The Class B property was constructed in 1987 and is located at 30 Technology Drive S. At the time of sale, the property was 92 percent leased to tenants in the medical, engineering and technology sectors. Kevin Welsh, Brian Schulz and Jason Emrani of NKF represented the seller, a joint venture partnership between Ivy Realty and Waterfall Asset Management. The team also procured the buyer, Mountain Development Corp. The sales price was undisclosed.

June 12, 2020

Company News Multifamily New York Northeast

Extell Development Partners With Startup Avo to Offer Residential Delivery of Products in Manhattan

by Taylor Williams June 12, 2020

NEW YORK CITY — Extell Development Co., a New York-based developer, has partnered with delivery service startup Avo to offer product delivery services as an amenity at One Manhattan Square, Extell’s 815-unit residential building in Lower Manhattan. Avo will provide residents with free, same-day delivery of a range of products including groceries, electronics, household goods and personal care items from its own online store. The service will require no minimum order size and will be facilitated through “Experience by Extell,” the developer’s in-house lifestyle management platform. Avo entered the New York market last year, primarily servicing office buildings, but has accelerated its residential partnerships during the COVID-19 outbreak.

June 12, 2020

Acquisitions New Jersey Northeast Office

CBRE Arranges $26.2M Sale of Office Campus in East Windsor, New Jersey

by Alex Patton June 11, 2020

EAST WINDSOR, N.J. — CBRE has arranged the $26.2 million sale of Windsor Corporate Center, a 291,5550-square-foot office campus in East Windsor, a northeastern suburb of Trenton. Located at 50 Millstone Road, the four-building campus is situated on 39 acres and was approximately 65 percent leased at the time of sale. The property offers convenient access to the New Jersey Turnpike, Interstate 295 and the Princeton Junction train station. Amenities include a full-service cafeteria, auditorium and a fitness center. Jeffrey Dunne, Jeremy Neuer and Steven Bardsley of CBRE represented the seller, Raith Capital Partners, in the transaction. The team also procured the buyer, Strategic Funding Alternatives LLC.

June 11, 2020

Northeast Pennsylvania Retail

Five Below Reopens 90 Percent of Stores, Reports 44.9 Percent Decline in Net Sales in Latest Quarter

by Alex Patton June 11, 2020

PHILADELPHIA — Five Below (NASDAQ: FIVE), a discount retail chain headquartered in Philadelphia, has now reopened 90 percent of its stores across the United States. Due to the COVID-19 pandemic, the company temporarily closed all of its 920 stores across 36 states on March 20 and began reopening them in late April. Five Below reported a net sales decrease of 44.9 percent from $364.8 million to $200.9 million between the first quarters of 2019 and 2020. The first quarter of the company’s 2020 fiscal year ended on May 2. In addition, the company reported a net loss of $50.6 million in the first quarter compared with positive net income of $25.7 million in the first quarter of fiscal 2019. Five Below’s stock price closed at $113.67 per share on June 10, compared with $131.82 per share at the same time last year.

June 11, 2020

Acquisitions Industrial Northeast Pennsylvania

Innovative Industrial Properties Acquires 108,000 SF Cannabis Facility in New Castle, Pennsylvania

by Alex Patton June 11, 2020

NEW CASTLE, PA — Innovative Industrial Properties (IIP) has acquired a 108,000-square-foot industrial property in New Castle, a city about 55 miles northwest of Pittsburgh. The sales price was $8.9 million. The property sits on approximately 7.4 acres at 911 Industrial St. IIP entered into a long-term, triple-net lease agreement with the tenant, Holistic Industries Inc., which will continue to operate the property as a medical-use cannabis cultivation and processing facility. This transaction marks IIP’s third acquisition and lease with Holistic. The seller was undisclosed.

June 11, 2020

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