NORTH HAVEN, CONN. — Dow Realty Co. has brokered the sale of a 7,870-square-foot office building in North Haven, a northern suburb of New Haven. Located at 202-204 State St., the freestanding property is part of a two-building office condominium complex and sits adjacent to Yale-New Haven’s Health North Haven Medical campus. Jeff Dow of Dow Realty Co. represented the seller, ACES Technology Services, in the transaction. Stephen Press and Tony Poccia of Press | Cuozzo Commercial Services represented the buyer, TRM Investments LLC. The sales price was undisclosed.
HEREFORD, PA. — Marcus & Millichap has arranged the $1.9 million sale of a 4,147-square-foot net-leased retail property in Hereford, approximately 50 miles northwest of Philadelphia. Turkey Hill Minit Market is the tenant. Located at 3664 Seisholtzville Road, the property was constructed in 1991 and offers proximity to State Route 100. Derrick Dougherty and Steven Garthwaite of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also represented the buyer, another limited liability company. Both parties requested anonymity.
The outbreak of the COVID-19 virus has led to an economic crisis that is forcing office users across the region to make tough choices to continue their operations. While New York has been the epicenter of the virus, reporting nearly a third of the more than 1 million confirmed cases in the entire country, companies across the region have been forced to furlough employees and reassess their short-term needs for space. The nature of traditional office work was already changing before the virus, as mobile technology has allowed more flexible collaboration from home and co-working offices. Lessons learned from the virus, including the need for social distancing, will carry into whatever market conditions follow. Some companies may desire larger office spaces to allow wider distances between employees, while other may forgo physical space in favor of the mobile model. As a result of the health crisis, office brokers are working to help their landlord and tenant clients find common ground as they tentatively move forward with leasing agreements. Northeast Real Estate Business recently caught up with three veteran brokers to gain their insights into how the virus has impacted their office markets. Below are edited responses from Joshua Levering, senior …
NEW YORK CITY — New York City has entered Phase I of its economic reopening plan, according to a statement from New York Gov. Andrew Cuomo. Businesses that may now resume operations under strict social distancing and sanitation guidelines include construction — building equipment, finishing and foundation contractors, highway construction, land subdivision, nonresidential building construction and utility system construction — as well as agriculture, curbside or in-store pickup retail, manufacturing and wholesale trade. New York City was considered the epicenter of the COVID-19 outbreak in the United States. Several regions in Upstate New York have already entered Phase II of reopening. As of June 7, the Centers for Disease Control and Prevention reported more than 170,000 cases of COVID-19 in the state of New York and more than 21,800 deaths.
BOSTON — Massachusetts has entered Phase II of its reopening plan, according to a statement from Massachusetts Gov. Charlie Baker on Monday. Businesses allowed to resume operations under social distancing restrictions include childcare facilities, higher education classes, hotels, outdoor recreation, in-store retail, breweries and restaurants with outdoor service. Baker will wait at least three weeks of the Phase II period before deciding to proceed to Phase III of reopening, which will include bars, casinos, gyms and entertainment venues. As of June 7, the Centers for Disease Control and Prevention reported more than 103,100 cases of COVID-19 in Massachusetts and more than 7,200 deaths.
PARSIPPANY, N.J. — CBRE has brokered the $9 million sale of a 75,049-square-foot, Class B office property in Parsippany, approximately 30 miles west of New York City. Located at 10 Lanidex Plaza West, the three-story building was constructed in 1987 and offers convenient access to Interstates 80 and 287. Business management consultant Solix Inc. leased 31,442 square feet at the building earlier this year. Charles Berger, Elli Klapper and Mark Silverman of CBRE, along with A&T Services’ Thomas Mallaney, represented seller Lincoln Property Co. in the transaction. MSM Equities was the buyer.
NEW YORK CITY — MSquared, a new development and investment firm specializing in mixed-use projects, has launched in New York City. The company will work with local governments, developers and investors to build projects that incorporate a mix of uses designed to promote inclusive economic growth, affordable housing for rent-burdened residents and dedicated spaces for small business owners and community institutions. Former New York City deputy mayor and Goldman Sachs head of urban investment group Alicia Glen is the founder and managing principal of the company, which is headquartered at 40 Fulton St. in Manhattan
ABERDEEN, N.J. — Marcus & Millichap has arranged the $2.1 million sale of a 3,378-square-foot retail property net-leased to Amboy Bank in Aberdeen, a southern suburb of New York City. Located at 1147 State Route 34, the property sits as an outparcel to a retail center anchored by grocer Stop & Shop. Jason Petrick of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The buyer was an out-of-state1031 exchange buyer that acquired the asset in an all-cash deal.
CANTON, MASS. — Fast-food breakfast chain Dunkin’ (NASDAQ: DNKN) has announced plans to hire 25,000 new employees nationwide as the company looks to lead the charge out of nationwide coronavirus quarantines. Taco Bell recently made a similar declaration, vowing in late May to hire 30,000 workers this summer. With 55,000 planned hires between just two companies, quick-service restaurants could be an early sign of economic recovery during the COVID-19 pandemic. The reliance on drive-thru and pickup orders makes fast food a natural type of restaurant to rebound first. Last Friday, the U.S. Bureau of Labor Statistics reported the unemployment rate was 13.3 percent, down from 14.7 percent in April. Economists expected an increase in unemployment in May, but instead 2.5 million jobs were added during the month. Dunkin’ has more than 9,500 locations in the U.S. and a total of 13,100 locations in 41 countries. Canton-based Dunkin’ launched its first-ever national restaurant employee recruitment advertising campaign through a series of “Dunkin’ Runs on You” national TV broadcast and digital spots that will be aired in English and Spanish beginning today. Available jobs range from front-counter employees to managers. A timeline for the hirings was not disclosed. Taco Bell’s newly created …
TRENTON, N.J. — New Jersey Gov. Phil Murphy has extended the state of emergency declaration amid the COVID-19 outbreak, according to a statement released by his office on Thursday, June 4. The move extends all executive orders related to the temporary closing of businesses and enforcement of social distancing — originally ordered on March 9 — for at least another 30 days. The state of emergency allows the state government to receive financial assistance from the federal government and also to employ federal disaster services including the National Guard. In addition, Murphy said that the state will begin Stage II of its reopening plan, which will allow outdoor dining at restaurants and reopening of nonessential retail stores, on June 15. Hair salons and barbershops will follow on June 22, and other businesses including nail salons, tattoo parlors, gyms and libraries will then be considered for reopening at a later date. As of June 3, the Centers for Disease Control and Prevention reported more than 162,000 cases of COVID-19 in New Jersey and nearly 11,900 deaths.