NEW YORK CITY — In a dramatic move, the International Council of Shopping Centers (ICSC) has postponed its annual RECon event over rapidly escalating concerns about COVID-19 (coronavirus), according to an announcement posted today on the trade association’s website. In 2019, more than 37,000 industry professionals descended on the Las Vegas Convention Center for the annual retail and real estate networking event, which featured 1,200 exhibitors and 853,000 square feet of exhibit space. In addition to postponing RECon, ICSC has suspended all of its events through June 30 of this year and is currently evaluating alternative dates for RECon. Registration, exhibitor and sponsorship fees will automatically roll over once the new date is announced or can be credited toward any future ICSC event, according to the organization’s website. At this time, fall events, including New York Deal Making, are scheduled to proceed as planned.
BOSTON — DWS Group has completed a 20,000-square-foot expansion of 50 and 60 Staniford Street, two adjacent medical office buildings totaling 193,230 square feet in the West End neighborhood of Boston. The project involved construction of additional lobby space between the two buildings, effectively enlarging and connecting the first floors. Margulies Perruzzi served as the project architect, and Lee Kennedy Co. was the general contractor.
NEW YORK CITY — Gaedeke Group, a Texas-based developer, has purchased 44 Wall Street, a, 354,000-square-foot office building in Lower Manhattan, for $200 million. The 24-story building was constructed in 1927. In 2016, the building’s previous owner invested approximately $24 million to renovate and modernize the building. George Comfort & Sons Inc. will operate the asset on behalf of the new owner. Michael O’Callaghan and Gentry Ashmore Hoit of Finback Real Estate represented Gaedeke in the transaction. Will Silverman of Eastdil Secured and Paul Gillen of Hodges Ward Elliott represented the seller, EQ Office, a subsidiary of The Blackstone Group.
BURLINGTON, N.J. — Johnson Development Associates will build a 266,966-square-foot warehouse facility in Burlington, a southern suburb of Trenton. The project, which will be branded Exit 5 Distribution Center, will be constructed on a 59.3-acre industrial site located at 107 Elbow Lane. Delivery is scheduled for the fourth quarter. Dan McGovern, Paul Touhey and Drew Green of CBRE represented Johnson Development in the 59.3-acre land acquisition, which closed as an off-market transaction. Seacalco LLC was the seller. The sales price was undisclosed.
PHILADELPHIA — NorthBridge Partners has acquired a 281,000-square-foot, four-building portfolio situated on 27.3 acres in Philadelphia for $25.5 million. The assets are located at 2722 Commerce Way, 2801-17 Southampton Road, 2825-45 Southampton Road and 2191 Hornig Road. The properties offer convenient access to the Interstate 95 corridor. At the time of sale, the portfolio was 94 percent leased to 12 tenants including United Natural Foods Inc., Goodman Distribution and the City of Philadelphia. Frank Roddy of Roddy Inc. represented NorthBridge in the transaction. The seller(s) was undisclosed.
NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated a 19,358-square-foot office lease for mental healthcare provider AbleTo Inc. in the Garment District of Manhattan. The space is located on two floors at 230 West 37th St. AbleTo’s previous headquarters was located on two non-contiguous floors in the same building. Fred Smith, Thomas Burrus and Elizabeth Ughetta of NKF represented AbleTo in the lease negotiations. The landlord, Sioni Group, was self-represented.
WILMINGTON, MASS. — JLL has arranged a $5.6 million loan for the refinancing of a light manufacturing industrial building in Wilmington, a northern suburb of Boston. Local bank Webster Five provided the 10-year, fixed-rate loan to the borrower, Boston-based Rhino Capital Advisors LLC. The property, located at 272 Ballardvale St., was constructed in 1976 and features 20-foot clear heights. Brett Paulsrud and Amy Lousararian of JLL arranged the loan.
NEW YORK CITY — Modell’s Sporting Goods has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of New Jersey. The fourth-generation, family-owned retailer will close all of its 153 stores throughout New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Massachusetts, New Hampshire, Delaware, Maryland, Virginia and Washington, D.C. The New York City-based sporting goods, athletic footwear, active apparel and fan gear retailer was founded in 1889. The company will begin liquidation sales Friday, March 13 and plans to continue operating its online platform. Modell’s lenders, which include Wells Fargo and JP Morgan Chase, will provide the company with the financial flexibility to operate the business in the near term, including paying employee wages and benefits. According to the New York Post, Modell’s employs 3,623 workers. With the rising competition and plethora of online options to shop for athletic gear, CEO Mitchell Modell cites an “extremely challenging environment for retailers” as a reason for the bankruptcy. “Over the past year, we evaluated several options to restructure our business to allow us to maintain our current operations,” says Modell. “While we achieved some success, in partnership with our landlords and vendors, it was not enough to …
ELIZABETH, N.J. — CMT Developers LLC is underway on development of Jersey Walk, a 514-unit multifamily project in Elizabeth, a southwestern suburb of New York City. The Class A project, which will be located at 901 E. Jersey St., will be developed in two phases. Phase I will include two buildings totaling 218,292 square feet, which will feature 274 units in studio, one- and two-bedroom floor plans. Phase I will also include 3,000 square feet of ground-floor retail space and amenities including a gym, indoor pool and rooftop lounge. Phase II will include two six-story buildings featuring 240 units. The project is a repositioning of the former Elizabeth General Hospital, which has been vacant for more than 20 years. The new development plans to renovate and incorporate a 540-space, freestanding parking garage retained from the hospital. Parkview Financial has provided a $56 million construction loan for Phase I, which is slated for completion in spring 2021. The construction timeline for Phase II has not yet been determined.
WOODBRIDGE, N.J. — TFE Properties has opened Luxe Apartments, a 117-unit multifamily property in Woodbridge, a southwestern suburb of New York City. Located at 1 Woodbridge Center across from Woodbridge Center Mall, the property features one- and two-bedroom floor plans with amenities including a fitness center and a yoga studio. The residential space is located on floors three through nine, and the second floor features 18,000 square feet of office space.