Northeast

JLL Arranges $10.1M Acquisition Loan for Industrial Property in West Deptford, New Jersey

by Alex Patton June 5, 2020

WEST DEPTFORD, N.J. — JLL has arranged a $10.1 million acquisition loan for a 183,000-square-foot industrial property in West Deptford, a southern suburb of Philadelphia. Wells Fargo Bank provided the five-year, floating-rate loan to the borrower, New York-based developer Clarion Partners. Located at 100 Friars Blvd., the industrial warehouse and distribution facility is located within the Mid-Atlantic Corporate Center and features a clear height of 24 feet, 19 loading doors and one drive-in door. The property is the headquarters of ICS Corp. and offers convenient access to the New Jersey Turnpike and Interstate 295. Jim Cadranell and Max Custer of JLL originated the loan.

June 5, 2020

Industrial Loans Massachusetts Northeast

M&T Bank Provides $8.3 Million Loan for Refinancing of Industrial Property in Metro Boston

by Alex Patton June 5, 2020

MALDEN, MASS. — M&T Bank has provided an $8.3 million loan for the refinancing of an industrial property in Malden, a northern suburb of Boston. A partnership between Oliver Street Capital and Bain Capital Real Estate was the borrower. Located at 129 Commercial St., the 54,000-square-foot property features a clear height of 12 feet, four loading docks and one drive-in door. National Grid currently leases the property. David Douvadjian, Timothy O’Donnell and Brian Butler of Newmark Knight Frank placed the loan.

June 5, 2020

Connecticut Industrial Leasing Activity Northeast

Bio-Med Devices Signs 6,500 SF Industrial Lease in Guilford, Connecticut

by Alex Patton June 5, 2020

GUILFORD, CONN. — Medical engineering service Bio-Med Devices has signed a 6,500-square-foot industrial lease in Guilford, an eastern suburb of New Haven. Located at 1 Shoreline Drive, the 72,000-square-foot building features a clear height of 24 feet and was constructed in 2000. The property offers convenient access to State Route 1 and the Connecticut Turnpike, and Bio-Med’s headquarters and primary manufacturing facility is within two blocks of the facility. Bio-Med Devices manufactures personal protective equipment (PPE), including ventilators. Bill Clark, also of The Geenty Group, represented the landlord, Russo Real Estate LLC.

June 5, 2020

Acquisitions Civic New York Northeast

RIPCO Real Estate Brokers $7.4M Sale of Post Office in Queens

by Alex Patton June 5, 2020

NEW YORK CITY — RIPCO Real Estate (RIPCO) has brokered the $7.4 million sale of Woolsey Station Post Office, a 7,668-square-foot building occupied by the United States Postal Service in the Astoria neighborhood of Queens. Located at 2268 31st St., the property is situated near multiple retail and restaurant businesses and offers convenient access to Interstate 278. Greg Batista, Todd Cooper and Mark Kaplan represented the seller, Ditmars Associates, in the transaction. LG Astoria LLC was the buyer.

June 5, 2020

Acquisitions Massachusetts Multifamily Northeast

Jonathan Rose, Schochet Cos. Acquire Multifamily Property in Metro Boston for $83.5M

by Alex Patton June 4, 2020

MEDFORD, MASS. — A joint venture between New York-based developer Jonathan Rose Cos. and Massachusetts-based property owner and manager Schochet Cos. has acquired Riverside Towers, a 200-unit multifamily property in Medford, a northern suburb of Boston, for $83.5 million. Located adjacent to the Medford Senior Care Center at 99 Riverside Ave., the property is designated for occupancy by elderly and disabled residents. Schochet Cos., which was also a partner in the previous ownership team, has been the management agent for the property since 2007 and will continue in that role. The new owner plans to upgrade apartments with modern finishes, fixtures and appliances and repurpose and modernize common amenity areas to provide onsite health services, a fitness center, a business center, an enhanced entertainment center and communal meeting and dining areas. No broker representation for buyer or seller was disclosed.

June 4, 2020

Northeast Pennsylvania

Stay-At-Home Order Expires Today in Pennsylvania, Governor Wolf Renews State of Emergency

by Alex Patton June 4, 2020

HARRISBURG, PA. — Pennsylvania’s stay-at-home order will expire at tonight at 11:59 p.m. as all 67 counties in Pennsylvania prepare shift into less severe restrictions. Pennsylvania Gov. Tom Wolf announced the amendment on Wednesday, June 3, but also renewed Pennsylvania’s state of emergency for an additional 90 days. Pennsylvania’s state of emergency restricts business operations and social interaction on a system of red, yellow and green phases. All of Pennsylviania’s reopening phases include cautious restrictions, with red being the most restrictive. The stay-at-home order only applies to counties still in the red phase, which are primarily located in metro Philadelphia. The yellow phase allows in-person retail, outdoor dining at restaurants and gatherings of more than 25 people. The green phase allows operation of indoor dining at restaurants and bars, personal care services, health and wellness, entertainment and construction and gatherings of more than 250 people. As of June 3, the Centers for Disease Control and Prevention reported more than 73,400 confirmed cases of COVID-19 in Pennsylvania and more than 5,700 deaths.

June 4, 2020

Leasing Activity New Jersey Northeast Office

Japan Tobacco International USA Signs 18,500 SF Office Lease Renewal in Teaneck, New Jersey

by Alex Patton June 4, 2020

TEANECK, N.J. — Japan Tobacco International USA (JTI) has signed an 18,500-square-foot office lease renewal in Teaneck, a northwestern suburb of New York City. The space is located at 500 Frank W. Burr Blvd. within the 50-acre Glenpointe office complex. The complex offers 670,000 square feet of Class A office space, a 26,000-square-foot fitness center and 700 guest rooms across three onsite hotels. The tenant has leased its space for 11 years. Greg Barkan of CBRE represented JTI in the lease negotiations. Jerry Barta represented the landlord, Alfred Sanzari Enterprises, on an internal basis.

June 4, 2020

Leasing Activity New Jersey Northeast Office

Cushman & Wakefield Negotiates 11,200 SF Office Lease in Princeton, New Jersey

by Alex Patton June 4, 2020

PRINCETON, N.J. — Cushman & Wakefield has negotiated an 11,200-square-foot office lease for power semiconductor manufacturer United Silicon Carbide in Princeton. The space is on the first floor of an office building located at 650 College Road E. The 168,000-square-foot property is situated within Princeton University’s 2,000-acre master-planned business/research campus. The leasing team of Todd Elfand, Kevin Carton, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. John Buckley and Jon Compitello of JLL represented the tenant.

June 4, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers Sale of 14-Unit Multifamily Property in West New York, New Jersey

by Alex Patton June 4, 2020

WEST NEW YORK, N.J. — Marcus & Millichap has brokered the $2 million sale of a 14-unit apartment property located in West New York, a western suburb of New York City. The property is located at 6115 Madison St. and was constructed in 1934. Jonathan Zamora of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors that requested anonymity.

June 4, 2020

Acquisitions New York Northeast Retail

Cushman & Wakefield Arranges Sale of 51,794 SF Grocery-Anchored Shopping Center in Boonton, New Jersey

by Alex Patton June 3, 2020

BOONTON, N.J. — Cushman & Wakefield has arranged the sale of Del’s Village Shopping Center, a 51,794-square-foot grocery-anchored retail property in Boonton, a northwestern suburb of New York City. The sales price was $12.5 million. Kings Food Market anchors the shopping center, which is located at 115 Hawkins Place, and the property was 97 percent leased at the time of sale. Seth Pollack, Andrew Merin and David Bernhaut led a Cushman & Wakefield team that represented the seller, ROI Management, in the transaction. The team also procured the buyer, a private investor.

June 3, 2020

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