Northeast

Kislak Cos. Brokers Sale of 48,000 SF Medical Office Building in West Orange, New Jersey

by Alex Patton April 29, 2020

WEST ORANGE, N.J. — The Kislak Cos. Inc. has brokered the sale of a 48,000-square-foot, Class B medical office building in West Orange, a western suburb of New York City. Located at 622 Eagle Rock Ave., the three-story building was constructed in 1988. JAG One Physical Therapy and Garden State Community Bank are the anchor tenants of the building. The property offers convenient access to State Routes 280 and 287, the Garden State Parkway and the New Jersey Turnpike. Matt Wilheimer of Kislak represented the seller, New York Community Bank, in the transaction. The buyer was 622 Eagle Rock Avenue Realty.

April 29, 2020

Acquisitions New York Northeast

Tavros Capital, Charney Cos. Acquire 37,000 SF Development Site in Brooklyn

by Alex Patton April 29, 2020

NEW YORK CITY — A partnership between Tavros Capital Partners and Charney Cos. has acquired a 37,000-square-foot development site in the Gowanus neighborhood of Brooklyn for $22.5 million. Located at 251 Douglass St., the property includes an existing 5,000-square-foot structure that is currently vacant. Specific development plans for the site were not disclosed. Stephen Palmese and Brendan Maddigan led a JLL team that represented the seller, The Galinn Fund LLC, in the transaction.

April 29, 2020

Leasing Activity New Jersey Northeast Retail

R.J. Brunelli Negotiates 25,067 SF Retail Lease for Fitness Center in Yardville, New Jersey

by Alex Patton April 29, 2020

YARDVILLE, N.J. — R.J. Brunelli & Co. has negotiated a 25,067-square-foot retail lease for fitness chain Jersey Strong in Yardville, a southeastern suburb of Trenton. The fitness center will be located within Dover Park Plaza, a 56,000-square-foot retail center at 1-23 Sunnybrae Blvd. Other tenants include a CVS pharmacy and several restaurants. Robert Kwiatkowski of R.J. Brunelli represented Jersey Strong in the lease negotiations. Danielle Brunelli and Peter Miller, also with R.J. Brunelli, represented the landlord.

April 29, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers Sale of 5,967 SF Net-Leased Retail Asset in Wilkes-Barre, Pennsylvania

by Alex Patton April 29, 2020

WILKES-BARRE, PA. — Marcus & Millichap has brokered the $3.7 million sale of a 5,967-square-foot retail asset in Wilkes-Barre, approximately 65 miles north of Allentown. Located at 989 Schechter Drive, the freestanding property is net-leased to Chick-Fil-A. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was undisclosed.

April 29, 2020

Acquisitions New Jersey Northeast Office Top Stories

American Real Estate Partners, Independencia Sell Merrill Lynch-Occupied Office Park in New Jersey for $95M

by Kristin Harlow April 29, 2020

HOPEWELL TOWNSHIP, N.J. — American Real Estate Partners (AREP) and Independencia Asset Management have sold 1100-1200 American Boulevard in Hopewell Township, approximately 10 miles west of Princeton, for $95 million. Originally built in 2000 as part of the Merrill Lynch corporate campus, the property consists of three Class A office buildings totaling 380,417 square feet. It is currently fully leased to Merrill Lynch, which Bank of America acquired in 2008. AREP purchased the property in 2013. Under terms of the new agreement, AREP will continue to lease and manage the asset. Cushman & Wakefield brokered the transaction. A New York City-based real estate investment firm was the buyer. “The deal offered positive cash flow from an investment-grade tenant for several years; desirable real estate centrally located between New York City and Philadelphia; and an opportunity to ensure management continuity by leveraging AREP’s operating platform,” says David Bernhaut, executive vice chairman of Cushman & Wakefield’s capital markets group. The Princeton/Route 1 Corridor has been one of New Jersey’s top submarkets for nearly two decades, according to AREP. Since 2004, the area has experienced a 20 percent increase in Class A asking rents. Headquartered in metro Washington, D.C., AREP is an institutional …

April 29, 2020

Acquisitions New Jersey Northeast Retail

Cushman & Wakefield Brokers $31.5M Sale of Shopping Center in Lawnside, New Jersey

by Alex Patton April 28, 2020

LAWNSIDE, N.J. — Cushman & Wakefield has brokered the $31.5 million sale of Lawnside Commons, a 151,000-square-foot retail property in Lawnside, a southwestern suburb of Philadelphia. Home Depot anchors the center, which is located at 310 White Horse Pike, and the tenant roster includes PetSmart, Wendy’s, T-Mobile and Mattress Firm. Andrew Merin, David Bernhaut and Gary Gabriel led a Cushman & Wakefield team that represented the undisclosed seller. The team also procured the buyer, a joint venture between MCB Real Estate LLC and United Hampshire US REIT.

April 28, 2020

Loans New York Northeast Retail

Houlihan-Parnes Arranges $10M Construction Loan for Stop & Shop Store in Woodmere, New York

by Alex Patton April 28, 2020

WOODMERE, N.Y. — Houlihan-Parnes LLC has arranged a $10 million construction loan for a retail project that will deliver an 80,000-square-foot Stop & Shop grocery store in Woodmere, a city located on the western part of Long Island. An undisclosed national lender provided the loan, which carries a fixed interest rate of 2.78 percent. The grocery store will be constructed in the Five Towns Shopping Center, an approximately 500,000-square-foot retail center located at 253-01 Rockaway Blvd., just east of JFK International Airport. The tenant roster includes Lowe’s Home Center, TJ Maxx, Walmart, T-Mobile and Chick-fil-A. Jim Houlihan, Bryan Houlihan and Christie Houlihan of Houlihan-Parnes originated the loan.

April 28, 2020

Leasing Activity New York Northeast Office

HQ Global Workplaces Renews 28,000 SF Coworking Office Lease in Manhattan

by Alex Patton April 28, 2020

NEW YORK CITY — Coworking office space provider HQ Global Workplaces LLC has renewed its 28,000-square-foot lease in Manhattan. The lease is for a coworking office space that encompasses the entire 16th floor of 100 Park Avenue, a 902,000-square-foot office building between East 40th and 41st streets. The landlord, SL Green, was represented internally in the lease negotiations. No brokers representing the tenant were disclosed.

April 28, 2020

Leasing Activity New Jersey Northeast Retail

Cavany Foods to Open 1,750 SF Market in Jersey City

by Alex Patton April 28, 2020

JERSEY CITY, N.J. — Cavany Foods, an organic grocer and food delivery service, will open a 1,750-square-foot market in Jersey City. The new store will be located within the retail space at 235 Grand, a 549-unit multifamily building in Jersey City. Cavany will relocate from its industrial kitchen in the nearby Bergen-Lafayette neighborhood and will utilize the space for its inaugural retail location, with a market offering prepared meals, produce and coffee all available for delivery. KRE Group and Ironstate Development Co. are the owners of the building

April 28, 2020

Connecticut Leasing Activity Northeast Retail

Caribbean Grocer Signs 800 SF Retail Lease in Milford, Connecticut

by Alex Patton April 28, 2020

MILFORD, CONN. — Ethnic grocer Caribbean Corner Store LLC has signed an 800-square-foot retail lease in Milford, a western suburb of New Haven. The property is located at 225 Research Drive, a redeveloped warehouse constructed in 1988.. Bill Clark of The Geenty Group represented Caribbean Corner Store in the lease negotiations. Clark also represented the landlord, D’Amato Investments LLC.

April 28, 2020

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