NORWALK, CONN. — Bob’s Discount Furniture has opened a 30,000-square-foot store in Norwalk, a western suburb of Bridgeport. The Manchester, Connecticut-based retailer operates 122 stores across 18 states. The store, which is Bob’s ninth in Connecticut, is located at 59 Connecticut Ave. The building was formerly leased to Toys ‘R’ Us. Benderson Development acquired the property during the toy retailer’s asset liquidation.
NEW YORK CITY — Law firm Rivkin Radler LLP has signed a 14,888-square-foot office lease expansion in Midtown Manhattan. The company is already a tenant at 477 Madison Avenue and will move into its new space after ownership completes the build-out later this year. The law firm represented itself in the lease negotiations. A.J. Camhi, Rob Weller and Ryan Silverman led a leasing team that represented the building owner, RFR, on an internal basis.
NEW YORK CITY — CBRE has negotiated a 9,397-square-foot office lease for co-living space provider The Collective in the SoHo neighborhood of Manhattan. The tenant will occupy the entire top floor and penthouse of the SoHo Building located at 110 Greene St. beginning in early March. Alexander Golod and Neil King of CBRE represented The Collective in the lease negotiations. SL Green Realty Corp. owns the building.
SARATOGA SPRINGS, N.Y. — North Carolina-based Live Oak Bank has provided a $5.8 million loan for the refinancing of Home of the Good Shepherd Saratoga, a 100-unit seniors housing community located approximately 30 miles north of Albany. The five-year, floating-rate loan allowed the borrower to consolidate debt and position itself for future permanent financing options. The loan will refinance the community’s 42-unit memory care facility. The property was temporarily closed and extensively renovated in 2017. It has since reopened and been leased up and fully stabilized. Home of the Good Shepherd is a faith-based, nonprofit operator with four communities in Upstate New York.
John Randall of Grandbridge Real Estate Capital talks about the capital available in the commercial real estate market. The risk-adjusted returns available in CML [capital market line] debt capital markets is superior to that offered by alternative investment classes, he says. “Until we see any meaningful steepener on the curve or significant disruption, there’s really no end in sight to the liquidity in both debt and equity flowing into commercial real estate.” This breeds fierce competition, but there has not been any meaningful slippage in risk terms or how lenders are underwriting assets. As far as the multifamily sector goes, Randall sees no end to the growing demand from renters. “As a country, we are underhoused to the tune of 3 million to 4 million units… and we’re running at an annual deficit in excess of 350,000 units,” he notes. Watch the interview to hear Randall’s insights on multifamily, as well as Grandbridge’s plans following the merger of BB&T with SunTrust to form Truist. (Grandbridge is a subsidiary of BB&T, now Truist.) This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week …
Interest in Philadelphia among commercial real estate investors has been on the rise for years. But the Eastern Pennsylvania market managed to maintain a relatively low profile in the public consciousness, overshadowed by its larger East Coast primary market rivals, each with its own clear brand identity. But this is largely a thing of the past. Philadelphia has emerged lately as a leader in cutting-edge biotech and life science innovation. The city is a magnet for gene and cell-level therapy entrepreneurs, a status that is rapidly evolving into a distinct brand. Billions in venture capital and real estate investment have followed, elevating the Athens of America to the top rank of U.S. competitors for global investment cash. The multifamily sector is a chief beneficiary of the trend. Fueled by strong demand for luxury space, builders ratcheted apartment development higher over the past 10 years, raising construction starts from about 4,000 units per year at mid-decade to 6,000 annually since 2017. Currently, there are about 8,000 multifamily units under construction, and the pace isn’t likely to slow much this year. The magnitude of the supply surge is anticipated with a degree of trepidation in some quarters. Philadelphia renters have never absorbed …
MAYS LANDING, N.J. — Time Equities Inc. (TEI) has acquired Hamilton Commons, a 403,050-square-foot retail center in Mays Landing, located approximately 50 miles southeast of Philadelphia. The sales price was $60 million. Located at 190 Hamilton Commons Drive, the property was 93 percent leased at the time of sale to 34 tenants, including Regal Cinemas, Hobby Lobby, Marshalls and Big Lots. Ami Ziff, Jonathan Kim and Grant Scott represented TEI on an internal basis. Chris Munley, Jim Galbally and James Graf of JLL represented the seller, Ohio-based national REIT Retail Value Inc.
JERSEY CITY, N.J. — Wallabout Realty Holdings is developing Parkview Apartments, a 170-unit multifamily project in Jersey City. The project will consist of two adjacent, seven-story buildings located at 87-99 Van Horne St. and 72-78 Woodward St. near Berry Lane Park. The buildings will feature a total of 65 one-bedroom, 95 two-bedroom and 10 three-bedroom units. Dresdner Robin and Montefiore Architectural Studio are serving as project and landscape architects, respectively. Construction is slated to complete by the end of 2021.
DARTMOUTH, MASS. — Marcus & Millichap has arranged the sale of Big Value Plaza, an 85,000-square-foot retail center in Dartmouth, Massachusetts, approximately 30 miles southeast of Providence. Located at 718 Dartmouth St., the property is leased to tenants including Big Value Outlet Stores and Planet Fitness. Adam Cohen of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity. The sales price was also undisclosed.
NEW YORK CITY — CBRE has negotiated a 30,900-square-foot office sublease in Midtown Manhattan. Financial crime, risk and compliance solutions company Exiger Holdings Inc. signed an 11-year lease for the entire 15th floor and a portion of the 16th floor at 1675 Broadway, a 35-story office tower. The company will relocate from its previous space at 1095 Avenue of the Americas later this year. Gregg Rothkin, John Maher and Paul Myers led a CBRE team that represented the undisclosed sublandlord in the lease negotiations. Rudin Management owns the building.
