Northeast

Jonathan Rose, Schochet Cos. Acquire Multifamily Property in Metro Boston for $83.5M

by Alex Patton June 4, 2020

MEDFORD, MASS. — A joint venture between New York-based developer Jonathan Rose Cos. and Massachusetts-based property owner and manager Schochet Cos. has acquired Riverside Towers, a 200-unit multifamily property in Medford, a northern suburb of Boston, for $83.5 million. Located adjacent to the Medford Senior Care Center at 99 Riverside Ave., the property is designated for occupancy by elderly and disabled residents. Schochet Cos., which was also a partner in the previous ownership team, has been the management agent for the property since 2007 and will continue in that role. The new owner plans to upgrade apartments with modern finishes, fixtures and appliances and repurpose and modernize common amenity areas to provide onsite health services, a fitness center, a business center, an enhanced entertainment center and communal meeting and dining areas. No broker representation for buyer or seller was disclosed.

June 4, 2020

Northeast Pennsylvania

Stay-At-Home Order Expires Today in Pennsylvania, Governor Wolf Renews State of Emergency

by Alex Patton June 4, 2020

HARRISBURG, PA. — Pennsylvania’s stay-at-home order will expire at tonight at 11:59 p.m. as all 67 counties in Pennsylvania prepare shift into less severe restrictions. Pennsylvania Gov. Tom Wolf announced the amendment on Wednesday, June 3, but also renewed Pennsylvania’s state of emergency for an additional 90 days. Pennsylvania’s state of emergency restricts business operations and social interaction on a system of red, yellow and green phases. All of Pennsylviania’s reopening phases include cautious restrictions, with red being the most restrictive. The stay-at-home order only applies to counties still in the red phase, which are primarily located in metro Philadelphia. The yellow phase allows in-person retail, outdoor dining at restaurants and gatherings of more than 25 people. The green phase allows operation of indoor dining at restaurants and bars, personal care services, health and wellness, entertainment and construction and gatherings of more than 250 people. As of June 3, the Centers for Disease Control and Prevention reported more than 73,400 confirmed cases of COVID-19 in Pennsylvania and more than 5,700 deaths.

June 4, 2020

Leasing Activity New Jersey Northeast Office

Japan Tobacco International USA Signs 18,500 SF Office Lease Renewal in Teaneck, New Jersey

by Alex Patton June 4, 2020

TEANECK, N.J. — Japan Tobacco International USA (JTI) has signed an 18,500-square-foot office lease renewal in Teaneck, a northwestern suburb of New York City. The space is located at 500 Frank W. Burr Blvd. within the 50-acre Glenpointe office complex. The complex offers 670,000 square feet of Class A office space, a 26,000-square-foot fitness center and 700 guest rooms across three onsite hotels. The tenant has leased its space for 11 years. Greg Barkan of CBRE represented JTI in the lease negotiations. Jerry Barta represented the landlord, Alfred Sanzari Enterprises, on an internal basis.

June 4, 2020

Leasing Activity New Jersey Northeast Office

Cushman & Wakefield Negotiates 11,200 SF Office Lease in Princeton, New Jersey

by Alex Patton June 4, 2020

PRINCETON, N.J. — Cushman & Wakefield has negotiated an 11,200-square-foot office lease for power semiconductor manufacturer United Silicon Carbide in Princeton. The space is on the first floor of an office building located at 650 College Road E. The 168,000-square-foot property is situated within Princeton University’s 2,000-acre master-planned business/research campus. The leasing team of Todd Elfand, Kevin Carton, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. John Buckley and Jon Compitello of JLL represented the tenant.

June 4, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers Sale of 14-Unit Multifamily Property in West New York, New Jersey

by Alex Patton June 4, 2020

WEST NEW YORK, N.J. — Marcus & Millichap has brokered the $2 million sale of a 14-unit apartment property located in West New York, a western suburb of New York City. The property is located at 6115 Madison St. and was constructed in 1934. Jonathan Zamora of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors that requested anonymity.

June 4, 2020

Acquisitions New York Northeast Retail

Cushman & Wakefield Arranges Sale of 51,794 SF Grocery-Anchored Shopping Center in Boonton, New Jersey

by Alex Patton June 3, 2020

BOONTON, N.J. — Cushman & Wakefield has arranged the sale of Del’s Village Shopping Center, a 51,794-square-foot grocery-anchored retail property in Boonton, a northwestern suburb of New York City. The sales price was $12.5 million. Kings Food Market anchors the shopping center, which is located at 115 Hawkins Place, and the property was 97 percent leased at the time of sale. Seth Pollack, Andrew Merin and David Bernhaut led a Cushman & Wakefield team that represented the seller, ROI Management, in the transaction. The team also procured the buyer, a private investor.

June 3, 2020

Massachusetts Northeast Restaurant Retail

Breweries, Distilleries, Wineries Included in Phase II of Reopening, Says Massachusetts Gov. Baker

by Alex Patton June 3, 2020

BOSTON — Craft brewing companies, liquor distilleries and wineries that also serve food have been included in Phase II of the Massachusetts reopening plan, according to a statement by Gov. Charlie Baker on Monday, June 1. The ruling clarified initial confusion as to whether craft beverage producers would be treated as restaurants, which will reopen in Phase II, or bars, which will reopen in Phase III. The state, particularly the metro Boston area, is known for a robust community of craft breweries, including Boston Beer Co., owner of Samuel Adams Boston Brewery. However, beverage producers that do not also serve food will be treated as bars. Massachusetts began Phase I of its reopening plan, which included the gradual reopening of outdoor services, construction, personal services, curbside retail and office space, on May 18. Gov. Baker is expected to decide if the state will proceed to Phase II, which includes in-store retail, restaurants, lodging and additional personal services, on Monday, June 8. As of June 2, the Centers for Disease Control and Prevention reported more than 100,800 cases of COVID-19 in Massachusetts and more than 7,000 deaths.

June 3, 2020

Massachusetts Northeast Office

Franklin Street Properties Reports 95 Percent Office Rent Collection in April, No Property Damage from Protests

by Alex Patton June 3, 2020

WAKEFIELD, MASS. — Franklin Street Properties Corp. (NYSE: FSP), a Wakefield, Mass.-based REIT, has reported that it collected 95 percent of rent payments due for May at its office properties despite revenue concerns amid the COVID-19 outbreak. When the outbreak began in the United States, office users across the country were forced to lay off employees while others were restricted to working from home. Even as states begin to reopen and some employees are returning to their offices, many companies are reconsidering lease signings and expansions. In addition, Franklin reported that none of its properties has sustained significant damage as a result of the ongoing nationwide protests. Franklin owns and operates 35 office properties totaling approximately 9.5 million square feet, primarily located in infill and central business districts in 10 Southeastern and Midwestern states. Some tenants have requested rent relief in the form of deferrals for varying lengths of time, which Franklin has granted in particular instances while seeking extended lease terms. The REIT’s stock price closed at $5.15 per share on June 2, down from $7.52 per share at the same time last year.

June 3, 2020

Leasing Activity Northeast Office Pennsylvania

CBRE Negotiates 32,500 SF Office, Lab Prelease at One uCity Square in Philadelphia

by Alex Patton June 3, 2020

PHILADELPHIA — CBRE has negotiated a 32,500-square-foot office and lab prelease for biotechnology company Century Therapeutics in Philadelphia’s University City district. The space is located at One uCity Square, a 400,000-square-foot mixed-use development currently under construction and that will feature Class A office, lab and retail space. The project is slated for completion in early 2022. Bob Zwengler, Matthew Knowles and Anthony Pell led a CBRE team that represented Century Therapeutics in the lease negotiations. A joint venture between University City Science Center, Wexford Science & Technology LLC and Ventas Inc. owns the property.

June 3, 2020

New York Northeast Retail

Urban Edge Launches Dedicated Grab-And-Go Services at Retail Properties

by Alex Patton June 3, 2020

NEW YORK CITY — Urban Edge Properties, a New York City-based management company, has launched dedicated grab-and-go shopping services at select retail properties in New York and New Jersey. Urban Edge will offer short-term parking spaces located near stores that allow shoppers to pick up items ordered online or briefly enter the store. The spaces are designed to limit the amount of time customers physically spend in stores and to emphasize social distancing as retailers gradually begin to reopen their stores amid the COVID-19 outbreak. Urban Edge has launched the new service at 16 properties, including Bergen Town Center and Hudson Mall in Jersey City and Burnside Commons in New York. Additional properties will launch the program throughout June and July. Restaurant and other essential retailers are already using the parking spots.

June 3, 2020

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