Northeast

CBRE Arranges $55M Sale of Apartment Community in Walpole, Massachusetts

by Alex Patton December 13, 2019

WALPOLE, MASS. — CBRE has arranged the $55 million sale of Alta Easterly, a 157-unit apartment community in Walpole, located approximately 20 miles southwest of Boston. The property, now rebranded Audubon Easterly, comprises 57 one-bedroom units, eight one-bedroom units with dens and 92 two-bedroom units. The community was delivered in 2018 and is located at 1100 Cricket Lane. Simon Butler and Biria St. John of CBRE procured the buyer, Audubon Capital, in the transaction. The CBRE team also represented the undisclosed seller.

December 13, 2019

Acquisitions Massachusetts Multifamily New Jersey Northeast Seniors Housing

Harrison Street Acquires 11-Property Seniors Housing Portfolio in Massachusetts, New Jersey and Maryland

by Alex Patton December 13, 2019

NEW JERSEY AND MASSACHUSETTS — Harrison Street, a Chicago-based alternative asset investment firm, has acquired a portfolio of 11 seniors housing properties managed by Brightview Senior Living located throughout New Jersey, Massachusetts and Maryland. The portfolio totals 1,322 units. The New Jersey properties include Brightview Greentree in Marlton, Brightview Mount Laurel in Mount Laurel and Brightview Woodbury Lake in Deptford. The Massachusetts properties include Brightview Concord River in Billerica and Brightview North Andover in North Andover. The seller and sales price were undisclosed.

December 13, 2019

holiday-inn-wilkes-barre-east-mountain-pennsylvania-home1-top

Acquisitions Hospitality Northeast Pennsylvania

HREC Brokers Sale of 152-Room Holiday Inn Hotel in Wilkes Barre, Pennsylvania

by Alex Patton December 13, 2019

WILKES BARRE, PA. — HREC Investment Advisors has brokered the sale of the 152-room Holiday Inn Wilkes Barre East Mountain, a hotel located approximately 115 miles north of Philadelphia. Amenities include an onsite business center, laundry facilities, an indoor pool and two restaurants. Mark Rousseau and Mark von Dwingelo of HREC represented the seller, Plains Hotel Associates. Regal Hospitality was the buyer. The sales price was undisclosed.

December 13, 2019

Development New Jersey Northeast Retail

IT’SUGAR Opens 22,000 SF Store at American Dream in East Rutherford, New Jersey

by Alex Patton December 13, 2019

EAST RUTHERFORD, N.J. — Candy and sweets retailer IT’SUGAR has opened a 22,000-square-foot store at American Dream, a newly opened entertainment and retail destination in East Rutherford, a western suburb of New York City. The official opening was Saturday, Dec. 14. The first floor of the three-story store offers giant candy, sugar sculptures and more than 5,000 square feet of candy bins with a variety of sweets. The second floor houses branded candies, including Sour Patch Kids, Swedish Fish and Reese’s. In spring 2020, a café called Oreo TWISTiD will open on the third floor, which overlooks the theme parks of American Dream’s entertainment atrium.

December 13, 2019

New Jersey Northeast Office

NAI James Hanson Negotiates 5,374 Office Lease in Paramus, New Jersey

by Alex Patton December 13, 2019

PARAMUS, N.J. — NAI James Hanson has negotiated a 5,374-square-foot office lease for Edge Physical Therapy & Sports Medicine LLC in Paramus, located approximately 20 miles northwest of New York City. The 168,000-square-foot office building offers access to Garden State Parkway, the New Jersey Turnpike and two regional shopping centers. Darren Lizzack and Randy Horning of NAI James Hanson represented the tenant in the lease negotiations. Curtis Foster and Jerry Shifrin of Cushman & Wakefield represented the landlord, Stanford Atrium Corp.

December 13, 2019

Market Reports New York Northeast Northeast Market Reports Office

Brooklyn and Queens: Worthy Alternatives to Overpriced Manhattan Office Market?

by Taylor Williams December 13, 2019

New York City is one of the priciest office markets in the world, with Manhattan housing the core business district of the city. The borough has always been the place to be — the ultimate live-work-play destination that houses the big corporations and the talent that recruiters look for. Overall, office asking rents in Manhattan fell only slightly during the third quarter to $74 per square foot, per Cushman & Wakefield, while rents in some submarkets continued to rise. In highly appealing office clusters like Hudson Yards or the Plaza District, asking rents often exceed $100 per square foot, meaning small- to mid-sized tenants are often priced out of these areas. Historically, areas outside Manhattan have not been as desirable for office users. Yet with rising housing prices, many New Yorkers have been priced out of the borough, forcing them to either downsize or get off the island. Developers have taken advantage of this trend and started investing in residential projects in Brooklyn and Queens in order to attract homebuyers. Businesses soon started to take notice, and many office-using tenants have since migrated or expanded into the outer boroughs, primarily Brooklyn and Queens. Small Leases Drive Brooklyn Brooklyn has always …

December 13, 2019

Acquisitions Industrial New Hampshire Northeast

Cushman & Wakefield Brokers $58.5M Sale of Industrial Portfolio in New Hampshire

by Alex Patton December 12, 2019

MANCHESTER, HUDSON AND NASHUA, N.H. — Cushman & Wakefield has brokered the $58.5 million sale of a four-building, 593,026-square-foot industrial portfolio in Manchester, located approximately 15 miles south of Concord. The portfolio includes Manchester Air Center, a 145,675-square-foot, single-story building; Brady Sullivan Airport Center, a two-story, 151,484-square-foot manufacturing property; 5 Wentworth Drive, a 139,000-square-foot warehouse and office building in Hudson; and Birch Pond Business Center, a 153,700-square-foot office complex at 22 Cotton Road in Nashua. The portfolio was 96.8 percent leased at the time of sale. Tom Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield’s New Hampshire team partnered with Dave Pergola and Brian Doherty of Cushman & Wakefield’s Boston Capital Markets team to represent the seller, Brady Sullivan Properties, in the transaction. Boston-based Albany Road Real Estate Partners was the buyer.

December 12, 2019

Leasing Activity New York Northeast Office

Chegg Signs 24,205 SF Office Lease at 31 Penn Plaza in Manhattan

by Alex Patton December 12, 2019

NEW YORK CITY — Education technology company Chegg has signed a 24,205-square-foot office lease at 31 Penn Plaza, an 18-story building in Manhattan. The company is relocating its New York office from 10 East 39th St. to the entire 12th floor of 31 Penn Plaza. The property is located close to 10 subway lines as well as major transportation hubs including Pennsylvania Station, Grand Central Terminal and Port Authority. Scott Brown of Newmark Knight Frank represented Chegg in the lease negotiations. Mitchell Konsker, Matthew Astrachan and Kyle Young of JLL represented the landlord, Vanbarton Group.

December 12, 2019

Development Northeast Pennsylvania Retail

Anchor Shops to Open 7,000 SF Store at Fashion District Philadelphia

by Alex Patton December 12, 2019

PHILADELPHIA —Anchor Shops plans to open a 7,000-square-foot store at Fashion District Philadelphia, a concept which will accomodate online retailers with a brick-and-mortar location to better compete with legacy retailers. In addition, Anchor Shops has leased a 30,000-square-foot space at Moorestown Mall in New Jersey, which is also owned by PREIT. The company plans to take occupancy of both properties in the second quarter of 2020. A project of ShopFulfill, Anchor Shops was conceived to help digitally native brands by providing online retailers with a turnkey solution that enables them to benefit from a low-cost regional distribution network. Depending on the size and type of space required, brands will have the option to join Anchor Shops and its national distribution network starting at $600 per month. PREIT opened Fashion District Philadelphia in September.

December 12, 2019

Acquisitions Industrial New York Northeast

Marcus & Millichap Arranges $4.2M Sale of Industrial Property in Brooklyn

by Alex Patton December 12, 2019

NEW YORK CITY — Marcus & Millichap has arranged the $4.2 million sale of 17-27 Herkimer Place, a 12,825-square foot industrial property in Brooklyn. The property is located near the Nostrand Avenue Station and Flatbush Avenue Station Commuter Rails. Jakub Nowak and Jason Grunberg of Marcus & Millichap represented the seller, a limited liability company. The team also represented the buyer, a private investor.

December 12, 2019

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