SOUTHPORT, CONN. — Four tenants have signed office leases totaling 37,500 square feet at Southport Crossing, an office building located approximately 25 miles west of West Haven. Savills represented Counseling service Discovery Practice Management Inc., which leased 6,453 square feet. Angel Commercial LLC represented retail mortgage lender Guaranteed Rate Inc. and Professional Physical Therapy, which leased 2,600 square feet and 5,168 square feet, respectively. Newmark Knight Frank represented Lincoln Healthcare Information Co., which leased 8,400 square feet. All tenants will move into their new spaces immediately. Jon Angel of Angel Commercial LLC represented the landlord, a private investor, in the lease negotiations.
NEW YORK CITY — Rosewood Realty Group has arranged the $5.4 million sale of a 17-unit multifamily building in Manhattan. The 7,986-square-foot property is located at 336 E. 82nd St. and was completed in 1920. At the time of sale, 15 of the 17 units were vacant. Ryan Lai of Rosewood represented the buyer, Bettina Equities, in the transaction. Jack Zalta, also of Rosewood, represented the seller, Townhouse Management.
WILKES-BARRE, PENN. — Marcus & Millichap has brokered the $2.6 million sale of Verizon & FedEx Strip Centers, a 9,306-square-foot retail strip center in Wilkes-Barre, a city in northeastern Pennsylvania. The strip is located at 940-46 Schechter Drive and was 100 percent leased at the time of sale. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller and secured the buyer. Both parties were limited liability companies that requested anonymity.
BENSALEM, PA. — Colliers International has brokered the sale of a 211,000-square-foot retail property formerly occupied by Macy’s in Bensalem, a northeastern suburb of Philadelphia. The property is located within the Neshaminy Mall, a 1.2 million-square-foot shopping and dining destination that opened in 1968. The buyer, Sant Properties, plans to reposition the vacant box for multiple tenant spaces. The sales price was undisclosed.
CHELSEA, MASS. — Local developer Broadway Capital Inc. will convert a recently closed nursing home into a 33-unit apartment building in Chelsea, a northern suburb of Boston. Located at 932 Broadway, the property was previously called Chelsea Skilled Nursing & Rehabilitation and offered 82 beds and skilled nursing services. Six of the units in the new apartment building will be reserved for renters earning 80 percent or less of the area median income. Broadway is investing $5 million in the repositioning and will also utilize a portion of the building for its new headquarters. Construction is slated for completion in November.
NEW YORK CITY — Newmark Night Frank (NKF) has arranged a $20 million acquisition loan for the Shops at Richmond Avenue, a 76,000-square-foot retail property on Staten Island. Bridge Investment Group provided the floating-rate loan to the borrower, Infinity Real Estate. The property consists of two buildings that are leased to tenants including Dick’s Sporting Goods, Staples, Men’s Warehouse, Starbucks and Bank of America. Dustin Stolly, Jordan Roeschlaub and Chris Kramer of NKF arranged the loan.
NEW YORK CITY — Health & Hospitals Corp. (HHC) has signed a 21,643-square-foot office lease in the Tremont neighborhood of The Bronx. The space is located at 1910 Webster Ave. in the Tremont Renaissance residential and commercial building, which features 256 apartments and 40,000 square feet of commercial space, 15,000 of which is leased to a supermarket. The lease term is 15 years. The healthcare center will offer pediatric, primary, urgent and elder care services. Michael Dubin and Hector Rodriguez of Savitt Partners LLC represented HHC in the lease negotiations. Kathy Zamechansky of KZA Realty Group represented the property developer and owner, Mastermind Ltd.
NEW YORK CITY — Cushman & Wakefield has negotiated a 5,800-square-foot office lease for investment management firm Rubric Capital in Manhattan. The company will occupy a suite on the 16th floor of 10 Grand Central, a 36-story building that was completed in the 1930s, for the next seven years. Rubric is moving from its previous space at 767 Third Avenue in June. The building owner, Marx Realty, implemented a $48 million repositioning project in 2018, which updated the entry, marquee, lobby, outdoor terrace and conference space. The building is 95 percent leased to tenants including Dwayne “The Rock” Johnson’s production company, Seven Bucks Productions. Cynthia Wasserberger, Sam Eiler, David Kleiner and Carlee Palmer represented Marx Realty in the lease negotiations. Alan Wilde of Cushman & Wakefield represented Rubric Capital.
PITTSBURGH — SomeraRoad Inc., a value-add investment and development firm based in New York City, has taken full ownership of SouthSide Works in Pittsburgh’s South Side neighborhood. The adaptive reuse project was formerly the site of J&L Steel Works and now houses approximately 280,000 square feet of retail space, 180,000 square feet of office space and 85 apartments. The project opened in 2004. SomeraRoad plans to undertake more than $37 million in capital improvements and invest $130 million in new development at the project, including 230 apartments and 200,000 square feet of office space fronting the Monongahela River. Another key feature of the new development plan is the conversion of the SouthSide Works Cinema to a 77,000-square-foot creative office space dubbed Box Office. SomeraRoad plans for the new office space to house about 500 office workers. The Kansas City office of HOK Architecture will design Box Office, which SomeraRoad will begin work on this summer. “The cinema’s grand entry, high ceilings and efficient useable floorplate, coupled with steel and glass improvements and the adaptive reuse appeal, creates a unique office conversion opportunity Pittsburgh hasn’t seen before,” says Jon Reeser, SomeraRoad’s vice president of acquisitions and head of its Pittsburgh office. …
The modern craft beer brewery has emerged as a niche community anchor with flexible business models and loyal customer bases across the United States, particularly in the Northeast. Combining elements of retail, industrial and hospitality models, craft breweries have quickly become one of the most dynamic and trendy business types in major cities and small towns, alike. Some of the largest and most popular craft breweries in the United States are based in the Northeast, including the two largest: Pennsylvania-based D.G. Yuengling & Son Inc.; and Boston Beer Co., the parent company of Samuel Adams. Vermont has the most breweries per capita in the United States with more than 66, according to the national Brewers Association’s most recent nationwide census in 2018. The census identified more than 155 breweries in Massachusetts and more than 354 breweries in Pennsylvania — and those numbers have only increased over time. “Massachusetts and Pennsylvania both have a long history in brewing, and there’s a lot of variation from region to region — even city to city,” says Bart Watson, chief economist for the Brewers Association. “Breweries appeal to their hyper-local community and also can bring in a lot of tourism and outside dollars. During …