Northeast

MultiVersity Housing Partners Acquires 94-Bed Student Housing Community in Pittsburgh

by Alex Patton April 8, 2020

PITTSBURGH — MultiVersity Housing Partners has acquired Union on 5th, a 94-bed student housing community located near Duquesne University and the University of Pittsburgh, for an undisclosed price. The property features 35 fully furnished units in two- and three-bedroom floor plans. Renovations are planned for the property and will include a redesign of the lobby, the relocation of the office and leasing area, the addition of study space, hallway renovations, the construction of additional beds and the addition of a new package locker system. MultiVersity Property Management will oversee renovations and has been tapped to manage the community. Ryan Lang, Brandon Buell and Jack Brett of NKF Student Housing represented MultiVersity in the transaction. The seller was undisclosed.

April 8, 2020

Acquisitions Industrial New Jersey Northeast

Colliers Arranges Sale of 29,418 SF Industrial Property in Pennsauken, New Jersey

by Alex Patton April 8, 2020

PENNSAUKEN, N.J. — Colliers International has arranged the $1.3 million sale of 8000 National Highway, a 29,418-square-foot industrial property in Pennsauken, an eastern suburb of Philadelphia. The building features 14-foot clear heights and convenient access to Interstate 95 and U.S. Route 130. Patrick J. Kelly Drums, a provider of sustainable storage products, acquired the property. Ian Richman and Marc Isdaner of Colliers represented the seller, Puratos Corp.

April 8, 2020

Leasing Activity New Jersey Northeast Office

NAI James Hanson Negotiates 12,015 SF Office Lease Renewal in Park Ridge, New Jersey

by Alex Patton April 8, 2020

PARK RIDGE, N.J. — NAI James Hanson has negotiated a 12,015-square-foot office lease renewal for Amica Mutual Insurance Co. in Park Ridge, a northwestern suburb of New York City. The space is located at One Maynard Drive, a three-story, 139,000-square-foot office building. Amica Mutual has been a tenant at the Class A building for nearly 20 years. The property is located near a fitness center and several retail centers, including the Wegmans-anchored Shoppes at Depiero Farm shopping center. Andrew Somple, Justin Allessio and Judy Troiano of NAI James Hanson represented the landlord, Sartak Holdings Inc., in the lease negotiations

April 8, 2020

Connecticut Leasing Activity Northeast Office

Tapestry TeleHealth Signs 2,873 SF Office Lease in Stratford, Connecticut

by Alex Patton April 8, 2020

STRATFORD, CONN. — Tapestry TeleHealth, a technology company that provides onsite and virtual healthcare to rural nursing facilities, has signed a 2,873-square-foot office lease in Stratford. The space is located at Merritt 8 Corporate Park, a 174,000-square-foot office complex. Yale New Haven Health Systems is the anchor tenant of the building. Randy Vidal of Vidal/Wettenstein LLC represented Tapestry TeleHealth in the lease negotiations. The landlord is a partnership of Merritt 8 Owner LLC and C/O Mountain Development Corp.

April 8, 2020

New York Northeast

New York Governor Extends Temporary Business Closures Due to COVID-19 Through April 29

by Alex Patton April 7, 2020

ALBANY, N.Y. — New York Gov. Andrew Cuomo has extended temporary business closures due to COVID-19 through April 29. The governor’s order to temporarily close nonessential businesses and schools to limit the spread of the virus began on March 22. Essential businesses, including grocery stores and pharmacies, have remained open, though many operate with limited hours and other restrictions. Some construction will also continue, including projects for housing, medical facilities and homeless shelters. Essential infrastructure and manufacturing businesses including public utilities, transportation and agriculture, will also remain operational. As of April 5, the New York Department of Health had reported 130,689 confirmed cases of the virus in the state.

April 7, 2020

Acquisitions Northeast Office Pennsylvania

JLL Arranges Sale of 123,087 SF Office Building in Blue Bell, Pennsylvania

by Alex Patton April 7, 2020

BLUE BELL, PA. — JLL has arranged the sale of a 123,087-square-foot office building in Blue Bell, a northern suburb of Philadelphia. Located at 518 Township Line Road, the building was completed in 2001 and renovated in 2019 with a new lobby, conference center, café and fitness center. At the time of sale, the property was 80 percent leased to six tenants including Jefferson Blue Bell Surgery. Doug Rodio, Brett Segal and Brett Grifo of JLL represented the seller, a partnership between Kairos Real Estate Partners and Artemis Real Estate Partners. The team also procured the buyer, Apex Financial Advisors.

April 7, 2020

Acquisitions New Jersey Northeast Retail

Cushman & Wakefield Brokers $22.6M Sale of Grocery-Anchored Shopping Center in Denville, New Jersey

by Alex Patton April 7, 2020

DENVILLE, N.J. — Cushman & Wakefield has brokered the $22.6 million sale of Denville Commons, a 73,000-square-foot, grocery-anchored shopping center in Denville, a northwestern suburb of New York City. Located at 3130 Route 10, the property is anchored by Corrado’s Market and was 90 percent leased at the time of the sale to 16 tenants including Goldfish Swim School and Orangetheory Fitness. Andrew Merin, David Bernhaut and Gary Gabriel led a Cushman & Wakefield team that represented the seller, Denville Commons Associates LP. The team also procured the buyer, Longpoint Realty Partners.

April 7, 2020

Acquisitions Healthcare New Jersey Northeast

Atkins Cos. Sells 38,500 SF Medical Office Building in West Orange, New Jersey

by Alex Patton April 7, 2020

WEST ORANGE, N.J. — Atkins Cos. has sold Atkins Medical Plaza, a 38,500-square-foot medical office building in West Orange, a western suburb of New York City. Located at 1500 Pleasant Valley Way, the Class A medical property was 90 percent leased at the time of sale. Atkins Cos. constructed the property, which is located near Saint Barnabas Medical Center and Garden State Parkway, in 2001. Jim McGuckin and Brian Hosey of Marcus & Millichap represented Atkins Cos. in the transaction. Alan Cafiero and Ben Sgambati led a Marcus & Millichap team that represented the buyer, a private investor. The sales price was undisclosed.

April 7, 2020

Leasing Activity Northeast Pennsylvania Retail

Domino’s Pizza Signs 1,300 SF Retail Lease in Easton, Pennsylvania

by Alex Patton April 7, 2020

EASTON, PA. — Domino’s Pizza has signed a 1,300-square-foot retail lease in Easton, approximately 70 miles north of Philadelphia. Located at 3011 William Penn Highway in William Penn Plaza shopping center, the retail space has been vacant for the last four years. Other tenants include Weis Supermarket, GameStop and several other retail businesses and restaurants. The new lease for the 1,300-square-foot space carries a 10-year initial term. The opening is slated for late spring or early summer 2020, in accordance with timelines established by the state regarding COVID-19. Seth Lacey and Scott Horner of Colliers International represented the landlord in the lease negotiations.

April 7, 2020

Leasing Activity New Jersey Northeast Office

PTC Therapeutics Signs 101,500 SF Office Lease in Bridgewater, New Jersey

by Alex Patton April 6, 2020

BRIDGEWATER, N.J. — Pharmaceutical company PTC Therapeutics has signed a 101,500-square-foot office lease in Bridgewater, located approximately 50 miles west of New York City. The company signed a long-term lease to occupy three floors at The New Jersey Center of Excellence, an 800,000-square-foot life sciences and laboratory office complex. Amenities at the center include a cafeteria, fitness center and conference center. Other tenants include Kashiv Pharma LLC, Nestlé Health Science and Ashland Global. Dan Loughlin led a JLL team that represented the landlord, Thor Equities, in the lease negotiations.

April 6, 2020

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