Northeast

Cresa Negotiates 41,000 SF Office Lease in Medford, Massachusetts

by Alex Patton June 11, 2020

MEDFORD, MASS. — Cresa has negotiated a 41,000-square-foot office lease for healthcare data collection company ERT in Medford, a northern suburb of Boston. The space is located within One Cabot Road, a 308,954-square-foot, Class A office building. The building features a 10,000-square-foot outdoor patio, fitness center and convenient access to the MBTA transit line. The lobby is undergoing renovations that will be complete this summer and will include a new coffee bar. ERT will move its office from Hood Park in Boston’s Charlestown neighborhood to One Cabot Road in January 2021. Jeff Baker and Matt George of Cresa represented ERT in the lease negotiations. Debra Gould, Rory Walsh and Juliette Reiter of Newmark Knight Frank represented the landlord, The Davis Companies.

June 11, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers Sale of 9,783 SF Retail Strip Center in Erie, Pennsylvania

by Alex Patton June 11, 2020

ERIE, PA. — Marcus & Millichap has brokered the $1.4 million sale of Washington Square, a 9,783-square-foot retail strip in Erie, approximately 130 miles north of Pittsburgh. Located at 5040 Peach St., the property was constructed in 1982 and was 100 percent occupied at the time of sale. Tenants include Lake Erie Pharmacy, Pizza Hut, Subway, Pella Windows and Great Clips. Scott Wiles, Craig Fuller and Erin Patton led a Marcus & Millichap team that represented the seller, a local private investor, in the transaction. The buyer was undisclosed.

June 11, 2020

Acquisitions Connecticut Northeast Office

MacKenzie Realty Capital Acquires Office Campus in Windsor, Connecticut, for $38M

by Alex Patton June 10, 2020

WINDSOR, CONN. — MacKenzie Realty Capital, Inc. has acquired Addison Corporate Center, a 588,445-square-foot office campus in Windsor, a northern suburb of Hartford, for $38 million. MacKenzie already owned a portion of the 75-acre, Class A property, and this acquisition brings its ownership stake to 100 percent. Amenities include a full-service cafeteria, fitness center and 200-seat conference center. Located at 175 Addison Road, the property offers convenient access to Interstate 91 and is located near the Marriott Courtyard, Marriott Conference Center and Hilton Garden hotels. The seller was undisclosed.

June 10, 2020

New York Northeast

Long Island Retailers, Outdoor Dining Restaurants Cleared to Reopen at Limited Capacities

by Alex Patton June 10, 2020

NEW YORK CITY — Restaurants and retailers on Long Island have been cleared to resume operations with some social distancing restrictions, according to a statement from New York Gov. Andrew Cuomo that was issued on Tuesday, June 9. Suffolk and Nassau counties, which comprise Long Island, have met necessary requirements in terms of reduced COVID-19 case counts and hospitalizations to enter Phase II of the state’s reopening plan. This phase allows outdoor restaurant dining, in-store retail, office work, real estate services and personal services including barbershops and hair salons. Long Island is the final region in the state to enter Phase II excluding New York City, which entered Phase I on Monday, June 8. As of June 9, the Centers for Disease Control and Prevention reported more than 380,000 cases of COVID-19 in the state of New York and more than 30,000 deaths.

June 10, 2020

Development Multifamily Northeast Office Vermont

Nedde Begins Work on 96,000 SF Office, Multifamily Redevelopment in Burlington, Vermont

by Alex Patton June 10, 2020

BURLINGTON, VT. — Nedde Real Estate has begun work on a 96,000-square-foot office and multifamily redevelopment project in Burlington, approximately 40 miles northwest of Montpelier. Project costs are estimated to be roughly $20 million. The locally based developer will convert the People’s United Bank Building, located at 77 Pine St., into a property with 43,000 square feet of office and bank space and 50 apartments. People’s United Bank currently uses the office space as its headquarters. The apartments will offer loft, one- and two-bedroom floor plans. The project is slated for completion in summer 2021.

June 10, 2020

Acquisitions Massachusetts Northeast Retail

RK Centers Acquires 58,000 SF Retail Property in Marlborough, Massachusetts

by Alex Patton June 10, 2020

MARLBOROUGH, MASS. — RK Centers, an investment firm focused on retail properties in New England and South Florida, has acquired a 58,000-square-foot retail center in Marlborough, approximately 30 miles west of Boston. The sales price was $8.6 million. The property is located at the intersection of State Route 20 at 225-235 Boston Post Road, adjacent to RK’s Hannaford Supermarket-anchored RK Center. RK Centers will rebrand the asset as RK Center II. At the time of sale, tenants included Chipotle Mexican Grill, Great Clips, Mattress Firm, Subway and Sullivan Tire. The seller was undisclosed.

June 10, 2020

Acquisitions New Jersey Northeast Office

CBRE Brokers $4.3M Sale of Office Building in New Brunswick, New Jersey

by Alex Patton June 10, 2020

NEW BRUNSWICK, N.J. — CBRE has brokered the $4.3 million sale of an 18,144-square-foot office building in New Brunswick, a southwestern suburb of New York City. Located at 104 Bayard St., the six-story property was fully leased by Soba College Recovery, Rutgers Nursing and the New Jersey Public Interest Group at the time of sale. Bayard Street Associates LLC developed the property in 2016. Charles Berger, Elli Klapper and Mark Silverman, along with A&T Services’ Peter Shikar and Alec Monaghan, represented Bayard Street Associates in the transaction. The team also procured the undisclosed buyer.

June 10, 2020

Development Multifamily New Jersey Northeast

Russo Development, Hampshire Cos., Fourth Edition to Develop 271-Unit Apartment Building in Hackensack, New Jersey

by Alex Patton June 9, 2020

HACKENSACK, N.J. — A joint venture between Russo Development, Hampshire Cos. and Fourth Edition will develop Print House by Vermella, a 271-unit apartment building in Hackensack, a northwestern suburb of New York City. Located at 150 River St., Print House by Vermella will feature a mix of studio, one- and two-bedroom floor plans. The property will be located near downtown Hackensack and the Bergen County Courthouse, offering quick access to the New Jersey Transit Hackensack Bus terminal, Interstate 80 and two other public transit stations. Amenities will include a resident lounge, fitness center and access to a riverwalk along the Hackensack River. Future construction phases will include an additional 382 residential units and approximately 30,000 square feet of commercial space. An undisclosed national bank provided a $48.7 million construction loan that carried a 60-month term and a floating interest rate to the joint venture. Thomas Didio, Jon Mikula and Michael Klein of JLL arranged the loan. The construction schedule was undisclosed.

June 9, 2020

Massachusetts Northeast

U.S. Economy Peaked in Late 2019, Entered Recession in February, Says National Bureau of Economic Research

by Alex Patton June 9, 2020

CAMBRIDGE, MASS. — The U.S. economy officially peaked during the fourth quarter of 2019 and entered a recession in February, according to a new report from the National Bureau of Economic Research (NBER), a Cambridge, Mass.-based nonprofit group that tracks economic cycles. A recession entails two consecutive quarters of economic contraction, measured by gross domestic product. NBER analysts believe this recession was a result of the global COVID-19 outbreak and subsequent business closures, layoffs and slowing of general business in the United States. As this economic shutdown was self-induced, unlike previous recession periods in the country’s history, NBER analysts predict that this recession will be comparatively brief. February marked the end of the economic expansion that began in June 2009 and which saw 128 months of consecutive job growth, the longest streak in the history of U.S. business cycles dating back to 1854, according to NBER. The previous record was held by the business expansion that lasted for 120 months from March 1991 to March 2001.

June 9, 2020

Leasing Activity New York Northeast Office

Colliers Negotiates 12,724 SF Office Lease in Midtown Manhattan

by Alex Patton June 9, 2020

NEW YORK CITY — Colliers International has negotiated a 12,724-square-foot office lease for independent life insurance brokerage firm Winged Keel Group in Midtown Manhattan. The space is located on the 44th floor of One Grand Central Place, a 52-story, 1.2 million-square-foot office building at 122 East 42nd St. Other tenants include JPMorgan Chase, First Republic Bank and Charles Schwab. Reid Longley and Robert Kennedy of Colliers International represented Winged Keel Group in the lease negotiations. Julie Christiano and Leslie Nadel represented the landlord, Empire State Realty Trust Inc., on an internal basis along with William Cohen, Scott Klau, Erik Harris and Neil Rubin of Newmark Knight Frank.

June 9, 2020

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