WAYNE, N.J. — A partnership between New Jersey-based developer Endurance Real Estate Group LLC and California-based Pacific Coast Capital Partners LLC (PCCP) has acquired the Southern New Jersey core infill portfolio for $43 million. The warehousing and distribution portfolio includes seven buildings across Swedesboro, Delran and Mount Laurel totaling 553,548 square feet. At the time of sale, the portfolio was 88 percent leased to 22 tenants, including Food Sciences Inc., Carnegie Pharmaceuticals LLC and The Jewelry Group. Scott Mertz of NAI Mertz represented the buyer in the transaction. Michael Hines and Brad Ruppel led a CBRE team that represented the undisclosed seller.
BOSTON — Architectural Heritage Foundation is underway on the redevelopment of Charles River Speedway in Boston, a project that will deliver a 15,574-square-foot retail complex. The site is located in the Allston-Brighton neighborhood of Boston and includes the former racetrack administrative building and garage facility, which is a registered historic property. Local craft brewery Notch Brewing will anchor the project with a full brewery, taproom and beer garden, along with other restaurant and retail tenants and event spaces. Construction is slated for completion in December.
MORRISTOWN, N.J. — Restoration Hardware (RH) has unveiled plans to transform the 42-room Alnwick Hall mansion in Morristown, a western suburb of New York City, into an upscale home improvement store, restaurant and wine bar. The renaissance revival-style mansion was built in 1904 and modeled after a 16th-century British manor. The Morris Township Committee designated the property, which has been vacant for several years, as a non-condemned area in need of redevelopment in 2018. Next steps include receiving project approval from a local planning board, officially naming RH as the developer and establishing a construction schedule.
LIVINGSTON, N.J. — NAI James Hanson has negotiated a 1,880-square-foot office lease renewal for legal practice The Durkin Firm in Livingston, a western suburb of New York City. The space is located at 345 Eisenhower Parkway, a 157,500-square-foot office building that offers a café, fitness center, lounge and conference facility. Joshua Levering of NAI James Hanson represented The Durkin Firm in the lease negotiations. Eastman Management is the landlord.
As an adjunct of the greater Philadelphia market, but with a population that supports its own industry, Southern New Jersey is the archetype of the suburban office market. While throughout the country there has been a trend of firms migrating back to urban centers, Southern New Jersey has held its own against its metropolitan neighbor. In some instances, this area has outperformed average suburban office market metrics. Rebecca Ting, NAI Mertz For example, the national vacancy rate for suburban office markets stood at 22.1 percent at the end of 2019. Midway through the first quarter of 2020, the vacancy rate in Southern New Jersey’s core of Burlington, Camden and Gloucester Counties stands at 8.7 percent. That rate represents a slight increase from year-end 2019, but is consistent with the 8.5 percent median rate for the market over the past four years. Market rents have been on a steady ascent since mid-2016 and now stand at $21.30 per square foot. The two primary submarkets of Southern New Jersey — Cherry Hill and Marlton–Moorestown–Mount Laurel (3M) — are both performing well and are approaching an equilibrium on the metrics of vacancy rate and market rent. Julie Kronfield, NAI Mertz Office space in …
NJEDA, Local Institutions to Provide Over $20M in Financing to Small Businesses Impacted by COVID-19
TRENTON, N.J. — The New Jersey Economic Development Authority (NJEDA) has partnered with six community development financial institutions (CDFIs) to provide between $20 million and $30 million in low-cost financing to small businesses and nonprofits impacted by COVID-19. The CDFI Emergency Loan Loss Reserve Fund is a $10 million capital reserve fund that the NJEDA will use to take a first loss position on COVID-related loans that provide low-interest working capital to small businesses that have been negatively impacted by the outbreak. The NJEDA will back these loans up to 50 percent if they default in the future. Institutions including New Jersey Community Capital, UCEDC, Regional Business Assistance Corporate, Cooperative Business Assistance Corp., Greater Newark Enterprise Corp. and 1st Bergen Federal Credit Union will all participate in the CDFI Emergency Loan Loss Reserve Fund.
NEW YORK CITY — Marcus & Millichap has brokered the $16.7 million sale of a 48-unit multifamily property in Queens. Located at 31-65 29th St., the 39,549-square-foot building features studio, one-, two- and three-bedroom floor plans, and offers convenient access to LaGuardia Airport. Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef represented the seller, a private investor. The buyer was also an undisclosed private investor.
NEW YORK CITY — Andrew Franz Architect will design the renovation of the 11,000-square-foot Washington Houses Community Center in the East Harlem neighborhood of Manhattan. The community center offers a range of education, wellness, and community-building resources to local youths and seniors. The Andrew Franz team will transform key spaces of the facility including the entrance, reception and waiting areas and senior center. The team will also enhance the natural lighting and acoustics of the entire facility. The Criminal Justice Investment Initiative of the Manhattan District Attorney’s Office will fund the renovations.
PRINCETON, N.J. — Keller Williams Princeton has renewed its 5,396-square-foot office lease at 100 Canal Pointe Boulevard, a 65,592-square-foot office building in Princeton. The Class A property was constructed in 1987. Kevin Coleman of Wolf Commercial Real Estate represented Keller Williams in the lease negotiations. Canal Pointe LLC is the landlord. Broker representation for the landlord was undisclosed.
BRANFORD, CONN. — AutoZone has signed a 7,500-square-foot retail lease in Branford, an eastern suburb of New Haven. The auto parts retailer will be the principle tenant of the 9,331-square-foot building, which is located at 854 W. Main St., Route 1. Kevin Daly of Sullivan Hayes Northeast represented AutoZone in the lease negotiations. Ron Lyman of Lyman Real Estate represented the landlord, LA-IN-USA LLC.