Northeast

Stone Harbour to Convert Office, Retail Building in Stamford, Connecticut into 77-Unit Multifamily Property

by Alex Patton December 24, 2019

STAMFORD, CONN. — Stone Harbour Capital will redevelop One Atlantic, a 94,000-square-foot office and retail building, into a 77-unit multifamily property in Stamford, located approximately 45 miles northeast of New York City. The community will comprise 19 studios, 40 one-bedroom apartments, 18 two-bedroom apartments and ground-floor retail space. Construction is slated for completion in 2022. Marty Reasoner of ACRES Capital Corp. provided a $33 million construction loan,which carries a term of three years, for the project.

December 24, 2019

Leasing Activity Massachusetts Northeast Office

L.E.K. Consulting Renews, Expands Boston Office Lease to 78,000 SF

by Alex Patton December 24, 2019

BOSTON — L.E.K. Consulting, which consults with private and public sector organizations, private equity firms and emerging entrepreneurial businesses, has renewed and expanded its lease at 75 State Street in Boston’s Financial District by 15,000 square feet for a total footprint of 78,000 total square feet. The company will occupy floors 18 through 21 of the 1.1 million-square-foot, Class A office building. Nat Kessler and Kevin Kennedy of CBRE represented L.E.K. Consulting in the lease negotiations. Rockpoint Group and DivcoWest are the landlords.

December 24, 2019

Loans Multifamily New York Northeast Seniors Housing

JLL Arranges $47.5M Loan for Refinancing of Seniors Housing Community in Manhattan

by Alex Patton December 24, 2019

NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, an assisted living facility in Manhattan. The property specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.

December 24, 2019

Leasing Activity New Jersey Northeast Retail

Two Restaurants Sign Leases Totaling 6,400 SF at Mixed-Use Development in Washington, New Jersey

by Alex Patton December 24, 2019

WASHINGTON, N.J. — Italian restaurant Jenaro’s and Bison Coffee Co. have signed two retail leases totaling 6,400 square feet at Washington Square Town Center, a mixed-use development in Washington, located approximately 65 miles west of New York City. Jenaro’s will occupy 4,600 square feet and Bison Coffee Co. will occupy 1,800 square feet. Both restaurants plan to open in spring 2020. Rothman Medical Building occupies 40,000 square feet of the development, which also comprises 330 apartments, 100 townhomes, 30,000 square feet of retail space and a seniors housing community. The developer is a joint venture between Atkins Co. and Woodmont Properties.

December 24, 2019

Acquisitions Multifamily New Jersey Northeast

Kislak Co. Brokers $5.8M Sale of Multifamily Portfolio in Newark

by Alex Patton December 24, 2019

NEWARK, N.J. — The Kislak Co. Inc. has brokered the $5.8 million sale of a four-property multifamily portfolio totaling 69 units in Newark.. The portfolio comprises four three-story apartment buildings within close proximity of each other, including 12 units at 48 Millington Ave., 16 units at 51 Summit Ave., 21 units at 535 Hawthorne Ave. and 20 units with a developable lot at 291 Wainwright St. Collectively, the properties were 100 percent occupied at the time of the sale. Robert Squires and Michael Kossak of Kislak represented the undisclosed seller in the transaction. Jeff Squires of Kislak procured the undisclosed buyer.

December 24, 2019

Leasing Activity New York Northeast Office

Kith Signs 57,679 SF Industrial Lease in Brooklyn

by Alex Patton December 23, 2019

NEW YORK CITY — Apparel and shoe retailer Kith has signed a 57,679-square-foot industrial lease at 25 Kent, a building in Brooklyn with both office and manufacturing space. Kith will occupy approximately two thirds of the building’s 87,000 square feet of manufacturing space. A partnership of Rubenstein Partners and Heritage Equity Partners developed the building, and Hollwich Kushner and Gensler designed it. Michael Yadgard of Compass represented Kith in the lease negotiations. A team from Lee & Associates in collaboration with JLL represented Rubenstein Partners.

December 23, 2019

Development Industrial New Jersey Northeast

Novaya Foxfield Completes 122,000 SF Industrial Project in West Deptford, New Jersey

by Alex Patton December 23, 2019

WEST DEPTFORD, N.J. — Novaya Foxfield Industrial LLC has completed construction of a 122,000-square-foot industrial project in West Deptford, a southern suburb of Philadelphia. Located at 301 Grove Road, the Class A property offers 32-foot clear heights, 10 loading docks, two drive-in doors and office space. NAI Mertz is handling leasing efforts on behalf of Novaya Real Estate Ventures.

December 23, 2019

Acquisitions New Jersey Northeast Office

NAI Mertz Brokers Sale of 116,000 SF Office Complex in Mount Laurel, New Jersey

by Alex Patton December 23, 2019

MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of East Gate Business Center, a 116,000-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. The complex comprises eight buildings that were 94 percent leased at the time of sale. Tenants include NJ Default Group LLC, pest control company Terminix International Co. and employee recruitment firm The McSweeney Agency. Scott Mertz, John Adderly, Rebecca Ting and Julie Kronfeld of NAI Mertz represented the seller, Eastgate Business Center LLC, in the transaction. The buyer was Strategic Funding Alternatives LLC. The sales price was undisclosed.

December 23, 2019

Acquisitions New York Northeast

Newmark Group Acquires London-Based Retail Firm Harper Dennis Hobbs

by Alex Patton December 23, 2019

NEW YORK CITY — Newmark Group Inc., a division of New York City-based real estate firm Newmark Knight Frank (NKF), has acquired Harper Dennis Hobbs Holdings Ltd. (HDH), a London-based firm specializing in retail acquisitions. NKF operates numerous offices across the United States, and the acquisition of the HDH opens opportunities to service European tenants seeking access to North American consumers. More than 50 employees, including 30 brokers and staff, will join Newmark Group as a result of the acquisition, though the firm will continue to operate as Harper Dennis Hobbs.

December 23, 2019

Leasing Activity Maine Northeast Retail

Cardente Negotiates 8,443 SF Retail Lease for Fitness Concept in Portland, Maine

by Alex Patton December 23, 2019

PORTLAND, MAINE — Cardente Real Estate has negotiated an 8,443-square-foot retail lease for Work Out Anytime fitness center in Portland, located approximately 60 miles southwest of Augusta. The property is situated at 511 Congress St. within the Ocean Gate Plaza retail center. Tenants include Living Room Dance Collective, Northwestern Mutual and nonprofit organization EqualityMaine. Matthew Cardente of Cardente represented the landlord, Ocean Gate LLC, in the lease negotiations. Sylas Hatch of The Dunham Group represented Work Out Anytime.

December 23, 2019

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