Northeast

Nedde Begins Work on 96,000 SF Office, Multifamily Redevelopment in Burlington, Vermont

by Alex Patton June 10, 2020

BURLINGTON, VT. — Nedde Real Estate has begun work on a 96,000-square-foot office and multifamily redevelopment project in Burlington, approximately 40 miles northwest of Montpelier. Project costs are estimated to be roughly $20 million. The locally based developer will convert the People’s United Bank Building, located at 77 Pine St., into a property with 43,000 square feet of office and bank space and 50 apartments. People’s United Bank currently uses the office space as its headquarters. The apartments will offer loft, one- and two-bedroom floor plans. The project is slated for completion in summer 2021.

June 10, 2020

Acquisitions Massachusetts Northeast Retail

RK Centers Acquires 58,000 SF Retail Property in Marlborough, Massachusetts

by Alex Patton June 10, 2020

MARLBOROUGH, MASS. — RK Centers, an investment firm focused on retail properties in New England and South Florida, has acquired a 58,000-square-foot retail center in Marlborough, approximately 30 miles west of Boston. The sales price was $8.6 million. The property is located at the intersection of State Route 20 at 225-235 Boston Post Road, adjacent to RK’s Hannaford Supermarket-anchored RK Center. RK Centers will rebrand the asset as RK Center II. At the time of sale, tenants included Chipotle Mexican Grill, Great Clips, Mattress Firm, Subway and Sullivan Tire. The seller was undisclosed.

June 10, 2020

Acquisitions New Jersey Northeast Office

CBRE Brokers $4.3M Sale of Office Building in New Brunswick, New Jersey

by Alex Patton June 10, 2020

NEW BRUNSWICK, N.J. — CBRE has brokered the $4.3 million sale of an 18,144-square-foot office building in New Brunswick, a southwestern suburb of New York City. Located at 104 Bayard St., the six-story property was fully leased by Soba College Recovery, Rutgers Nursing and the New Jersey Public Interest Group at the time of sale. Bayard Street Associates LLC developed the property in 2016. Charles Berger, Elli Klapper and Mark Silverman, along with A&T Services’ Peter Shikar and Alec Monaghan, represented Bayard Street Associates in the transaction. The team also procured the undisclosed buyer.

June 10, 2020

Development Multifamily New Jersey Northeast

Russo Development, Hampshire Cos., Fourth Edition to Develop 271-Unit Apartment Building in Hackensack, New Jersey

by Alex Patton June 9, 2020

HACKENSACK, N.J. — A joint venture between Russo Development, Hampshire Cos. and Fourth Edition will develop Print House by Vermella, a 271-unit apartment building in Hackensack, a northwestern suburb of New York City. Located at 150 River St., Print House by Vermella will feature a mix of studio, one- and two-bedroom floor plans. The property will be located near downtown Hackensack and the Bergen County Courthouse, offering quick access to the New Jersey Transit Hackensack Bus terminal, Interstate 80 and two other public transit stations. Amenities will include a resident lounge, fitness center and access to a riverwalk along the Hackensack River. Future construction phases will include an additional 382 residential units and approximately 30,000 square feet of commercial space. An undisclosed national bank provided a $48.7 million construction loan that carried a 60-month term and a floating interest rate to the joint venture. Thomas Didio, Jon Mikula and Michael Klein of JLL arranged the loan. The construction schedule was undisclosed.

June 9, 2020

Massachusetts Northeast

U.S. Economy Peaked in Late 2019, Entered Recession in February, Says National Bureau of Economic Research

by Alex Patton June 9, 2020

CAMBRIDGE, MASS. — The U.S. economy officially peaked during the fourth quarter of 2019 and entered a recession in February, according to a new report from the National Bureau of Economic Research (NBER), a Cambridge, Mass.-based nonprofit group that tracks economic cycles. A recession entails two consecutive quarters of economic contraction, measured by gross domestic product. NBER analysts believe this recession was a result of the global COVID-19 outbreak and subsequent business closures, layoffs and slowing of general business in the United States. As this economic shutdown was self-induced, unlike previous recession periods in the country’s history, NBER analysts predict that this recession will be comparatively brief. February marked the end of the economic expansion that began in June 2009 and which saw 128 months of consecutive job growth, the longest streak in the history of U.S. business cycles dating back to 1854, according to NBER. The previous record was held by the business expansion that lasted for 120 months from March 1991 to March 2001.

June 9, 2020

Leasing Activity New York Northeast Office

Colliers Negotiates 12,724 SF Office Lease in Midtown Manhattan

by Alex Patton June 9, 2020

NEW YORK CITY — Colliers International has negotiated a 12,724-square-foot office lease for independent life insurance brokerage firm Winged Keel Group in Midtown Manhattan. The space is located on the 44th floor of One Grand Central Place, a 52-story, 1.2 million-square-foot office building at 122 East 42nd St. Other tenants include JPMorgan Chase, First Republic Bank and Charles Schwab. Reid Longley and Robert Kennedy of Colliers International represented Winged Keel Group in the lease negotiations. Julie Christiano and Leslie Nadel represented the landlord, Empire State Realty Trust Inc., on an internal basis along with William Cohen, Scott Klau, Erik Harris and Neil Rubin of Newmark Knight Frank.

June 9, 2020

Acquisitions Connecticut Northeast Office

Dow Realty Brokers Sale of 7,870 SF Office Building in North Haven, Connecticut

by Alex Patton June 9, 2020

NORTH HAVEN, CONN. — Dow Realty Co. has brokered the sale of a 7,870-square-foot office building in North Haven, a northern suburb of New Haven. Located at 202-204 State St., the freestanding property is part of a two-building office condominium complex and sits adjacent to Yale-New Haven’s Health North Haven Medical campus. Jeff Dow of Dow Realty Co. represented the seller, ACES Technology Services, in the transaction. Stephen Press and Tony Poccia of Press | Cuozzo Commercial Services represented the buyer, TRM Investments LLC. The sales price was undisclosed.

June 9, 2020

Leasing Activity Net Lease Northeast Pennsylvania Retail

Marcus & Millichap Arranges Sale of 4,147 SF Net-Leased Retail Property in Hereford, Pennsylvania

by Alex Patton June 9, 2020

HEREFORD, PA. — Marcus & Millichap has arranged the $1.9 million sale of a 4,147-square-foot net-leased retail property in Hereford, approximately 50 miles northwest of Philadelphia. Turkey Hill Minit Market is the tenant. Located at 3664 Seisholtzville Road, the property was constructed in 1991 and offers proximity to State Route 100. Derrick Dougherty and Steven Garthwaite of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also represented the buyer, another limited liability company. Both parties requested anonymity.

June 9, 2020

Market Reports New Jersey Northeast Northeast Market Reports Office

Will Social Distancing Lower Demand for Office Space in Northeast?

by Alex Patton June 9, 2020

The outbreak of the COVID-19 virus has led to an economic crisis that is forcing office users across the region to make tough choices to continue their operations. While New York has been the epicenter of the virus, reporting nearly a third of the more than 1 million confirmed cases in the entire country, companies across the region have been forced to furlough employees and reassess their short-term needs for space. The nature of traditional office work was already changing before the virus, as mobile technology has allowed more flexible collaboration from home and co-working offices. Lessons learned from the virus, including the need for social distancing, will carry into whatever market conditions follow. Some companies may desire larger office spaces to allow wider distances between employees, while other may forgo physical space in favor of the mobile model. As a result of the health crisis, office brokers are working to help their landlord and tenant clients find common ground as they tentatively move forward with leasing agreements. Northeast Real Estate Business recently caught up with three veteran brokers to gain their insights into how the virus has impacted their office markets. Below are edited responses from Joshua Levering, senior …

June 9, 2020

New York Northeast

New York City, Epicenter of COVID-19 Virus, Begins to Reopen Its Economy

by Alex Patton June 8, 2020

NEW YORK CITY — New York City has entered Phase I of its economic reopening plan, according to a statement from New York Gov. Andrew Cuomo. Businesses that may now resume operations under strict social distancing and sanitation guidelines include construction — building equipment, finishing and foundation contractors, highway construction, land subdivision, nonresidential building construction and utility system construction — as well as agriculture, curbside or in-store pickup retail, manufacturing and wholesale trade. New York City was considered the epicenter of the COVID-19 outbreak in the United States. Several regions in Upstate New York have already entered Phase II of reopening. As of June 7, the Centers for Disease Control and Prevention reported more than 170,000 cases of COVID-19 in the state of New York and more than 21,800 deaths.

June 8, 2020

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