OLD LYME, CONN. — Gofsco LLC has sold nine acres zoned for light industrial development in Old Lyme, located approximately 40 miles southeast of Hartford. The site located at 50 Hatchetts Hill Road was vacant at the time of sale and offers convenient access to Interstate 95. Ron Lyman of Lyman Real Estate represented Gofsco LLC in the transaction. A private investor purchased the property for an undisclosed price.
NEWTON, MASS. — Diversified Healthcare Trust (DHC), a metro Boston-based REIT focused on healthcare and life sciences, will reduce its regular quarterly cash dividend on shares of common stock from 15 cents per share in the fourth quarter of 2019 to 1 cent per share in the first quarter of 2020. The capital-saving move comes in response to the operating challenges and uncertainty surrounding the COVID-19 pandemic and market disruptions, and is estimated to conserve approximately $33.3 million in cash per quarter. The REIT will reassess its position on a quarterly basis. DHC also expects to conserve capital by deferring certain nonessential capital investments that are expected to save up to $150 million in 2020. DHC’s medical office and life science portfolio includes approximately 12 million square feet across more than 420 properties located in 39 states and Washington, D.C.
WEST DEPTFORD, N.J. — JLL has brokered the $20.2 million sale-leaseback of a 183,000-square-foot industrial property in West Deptford, a southern suburb of Philadelphia. Located at 100 Friars Blvd., the warehouse and distribution property was 100 percent leased at the time of sale. The property houses the headquarters of the seller, ICS Corp. Inc. The building features 22- to 24-foot clear heights, 19 loading doors and convenient access to the New Jersey Turnpike. John Plower and Jim Cadranell led a JLL team that represented ICS Corp. Inc. in the transaction. Clarion Partners Real Estate Income Fund Inc. was the buyer.
ROCKAWAY, N.J. — Party City Holdco Inc., a party supplies retailer headquartered in Rockaway, has temporarily closed all of its brick-and-mortar stores nationwide in response to the COVID-19 pandemic. The move represents an indefinite extension of the previous closure of its 850 stores, which originally began March 27. The company also furloughed approximately 90 percent of store employees and 70 percent of wholesale, manufacturing and corporate employees. Party City’s e-commerce site remains fully operational, and a number of stores are offering curbside pickup services.
NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated the $10.2 million sale of the leasehold interest in a ground-floor retail property in the Greenwich Village neighborhood of Manhattan. The term of the leasehold is 70 years, and the property is leased to childcare provider Bright Horizons. Brian Segall and Jason Wecker represented the seller, a partnership of 644 Greenwich LLC and Premier Equities. The team also procured the buyer, 27-33 Realty Associates.
VINELAND, N.J. — NAI Mertz has arranged the $1.2 million sale of a 22,920-square-foot industrial property in Vineland, located approximately 40 miles south of Philadelphia. Located at 2732 S. West Blvd., the warehouse was constructed 1967 and features 17-foot clear heights and convenient access to State Routes 55 and 40. Andrew Johnson and Jonathan Klear led an NAI Mertz team that represented the seller, South Jersey Glass & Door, in the transaction. The buyer was undisclosed.
YONKERS, N.Y. — A partnership of United Kingdom-based Great Point Capital Management and Connecticut-based National Resources will construct a $100 million film production facility for Lionsgate in Yonkers, a northern suburb of New York City. Located in the i.Park Hudson technology and office campus, the facility will feature 70,000 square feet of studio space as well as additional office space. CIT Group recently provided a $40 million construction loan for the project. Construction will begin soon, and the facility is expected to be at least partially operational by the end of the year.
NEW YORK CITY — JLL has brokered the $18.2 million sale of a development site located at 171 N. 1st St. in the Williamsburg neighborhood of Brooklyn. The buyer, Los Angeles-based developer Gemini Rosemont Commercial Real Estate, plans to develop a multifamily property on the site. The lot currently houses a 13,867-square-foot warehouse with 17-foot ceilings that was constructed in 1920. Gemini plans to demolish the warehouse before beginning ground-up construction. No further details of the development plan were disclosed. Brendan Maddigan and Stephen Palmese led a JLL team that represented the seller, Stanislaw Rys/Kevsta Inc.
EDISON, N.J — Sheldon Gross Realty has negotiated a 57,722-square-foot industrial lease at 125 Jackson Ave. in Edison, a southwestern suburb of New York City. The tenant, Izzy Trucking & Rigging, is headquartered in Edison and leased the space at the property for additional warehousing use. The 106,476-square-foot building was constructed in 1957 and renovated in 1997. Jonathan Glick and Matthew Leonelli of Sheldon Gross represented the landlord, Ross Industries, in the lease negotiations. Greg Irving of Bussel Realty Corp. represented the tenant.
RYE BROOK, N.Y. — German specialty glass manufacturer Schott Corp. has signed a 14,140-square-foot office lease for its new North American corporate headquarters in Rye Brook, a northeastern suburb of New York. The space is located at 1100 King St. in the Kingsbrook office complex. The company plans to relocate its North American corporate offices from 555 Taxter Road in Elmsford, New York, in the first quarter of 2021. The six-building, 565,000-square-foot office complex features two fitness centers, three cafés and conference facilities. Maureen O’Boyle and Gerry Lees of Cushman & Wakefield represented Schott Corp. in the lease negotiations. Dana Pike represented the landlord, George Comfort & Sons., on an internal basis along with Brian Carcaterra of CBRE.