Northeast

Modell’s Sporting Goods to Close All 153 Stores

by Alex Tostado March 12, 2020

NEW YORK CITY — Modell’s Sporting Goods has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of New Jersey. The fourth-generation, family-owned retailer will close all of its 153 stores throughout New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Massachusetts, New Hampshire, Delaware, Maryland, Virginia and Washington, D.C. The New York City-based sporting goods, athletic footwear, active apparel and fan gear retailer was founded in 1889. The company will begin liquidation sales Friday, March 13 and plans to continue operating its online platform. Modell’s lenders, which include Wells Fargo and JP Morgan Chase, will provide the company with the financial flexibility to operate the business in the near term, including paying employee wages and benefits. According to the New York Post, Modell’s employs 3,623 workers. With the rising competition and plethora of online options to shop for athletic gear, CEO Mitchell Modell cites an “extremely challenging environment for retailers” as a reason for the bankruptcy. “Over the past year, we evaluated several options to restructure our business to allow us to maintain our current operations,” says Modell. “While we achieved some success, in partnership with our landlords and vendors, it was not enough to …

March 12, 2020

Development Multifamily New Jersey Northeast

CMT Developers Underway on 514-Unit Multifamily Project in Elizabeth, New Jersey

by Alex Patton March 11, 2020

ELIZABETH, N.J. — CMT Developers LLC is underway on development of Jersey Walk, a 514-unit multifamily project in Elizabeth, a southwestern suburb of New York City. The Class A project, which will be located at 901 E. Jersey St., will be developed in two phases. Phase I will include two buildings totaling 218,292 square feet, which will feature 274 units in studio, one- and two-bedroom floor plans. Phase I will also include 3,000 square feet of ground-floor retail space and amenities including a gym, indoor pool and rooftop lounge. Phase II will include two six-story buildings featuring 240 units. The project is a repositioning of the former Elizabeth General Hospital, which has been vacant for more than 20 years. The new development plans to renovate and incorporate a 540-space, freestanding parking garage retained from the hospital. Parkview Financial has provided a $56 million construction loan for Phase I, which is slated for completion in spring 2021. The construction timeline for Phase II has not yet been determined.

March 11, 2020

Development Multifamily New Jersey Northeast

TFE Properties Opens 117-Unit Luxe Apartments in Woodbridge, New Jersey

by Alex Patton March 11, 2020

WOODBRIDGE, N.J. — TFE Properties has opened Luxe Apartments, a 117-unit multifamily property in Woodbridge, a southwestern suburb of New York City. Located at 1 Woodbridge Center across from Woodbridge Center Mall, the property features one- and two-bedroom floor plans with amenities including a fitness center and a yoga studio. The residential space is located on floors three through nine, and the second floor features 18,000 square feet of office space.

March 11, 2020

Connecticut Leasing Activity Northeast Office

Four Tenants Sign Office Leases Totaling 37,500 SF at Southport Crossing in Connecticut

by Alex Patton March 11, 2020

SOUTHPORT, CONN. — Four tenants have signed office leases totaling 37,500 square feet at Southport Crossing, an office building located approximately 25 miles west of West Haven. Savills represented Counseling service Discovery Practice Management Inc., which leased 6,453 square feet. Angel Commercial LLC represented retail mortgage lender Guaranteed Rate Inc. and Professional Physical Therapy, which leased 2,600 square feet and 5,168 square feet, respectively. Newmark Knight Frank represented Lincoln Healthcare Information Co., which leased 8,400 square feet. All tenants will move into their new spaces immediately. Jon Angel of Angel Commercial LLC represented the landlord, a private investor, in the lease negotiations.

March 11, 2020

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $5.4M Sale of Multifamily Building in Manhattan

by Alex Patton March 11, 2020

NEW YORK CITY — Rosewood Realty Group has arranged the $5.4 million sale of a 17-unit multifamily building in Manhattan. The 7,986-square-foot property is located at 336 E. 82nd St. and was completed in 1920. At the time of sale, 15 of the 17 units were vacant. Ryan Lai of Rosewood represented the buyer, Bettina Equities, in the transaction. Jack Zalta, also of Rosewood, represented the seller, Townhouse Management.

March 11, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers $2.6M Sale of Retail Strip in Wilkes-Barre, Pennsylvania

by Alex Patton March 11, 2020

WILKES-BARRE, PENN. — Marcus & Millichap has brokered the $2.6 million sale of Verizon & FedEx Strip Centers, a 9,306-square-foot retail strip center in Wilkes-Barre, a city in northeastern Pennsylvania. The strip is located at 940-46 Schechter Drive and was 100 percent leased at the time of sale. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller and secured the buyer. Both parties were limited liability companies that requested anonymity.

March 11, 2020

Acquisitions Northeast Pennsylvania Retail

Colliers Brokers Sale of 211,000 SF Former Macy’s Store in Bensalem, Pennsylvania

by Alex Patton March 10, 2020

BENSALEM, PA. — Colliers International has brokered the sale of a 211,000-square-foot retail property formerly occupied by Macy’s in Bensalem, a northeastern suburb of Philadelphia. The property is located within the Neshaminy Mall, a 1.2 million-square-foot shopping and dining destination that opened in 1968. The buyer, Sant Properties, plans to reposition the vacant box for multiple tenant spaces. The sales price was undisclosed.

March 10, 2020

Development Massachusetts Multifamily Northeast

Broadway Capital to Undertake 33-Unit Apartment Conversion Project in Chelsea, Massachusetts

by Alex Patton March 10, 2020

CHELSEA, MASS. — Local developer Broadway Capital Inc. will convert a recently closed nursing home into a 33-unit apartment building in Chelsea, a northern suburb of Boston. Located at 932 Broadway, the property was previously called Chelsea Skilled Nursing & Rehabilitation and offered 82 beds and skilled nursing services. Six of the units in the new apartment building will be reserved for renters earning 80 percent or less of the area median income. Broadway is investing $5 million in the repositioning and will also utilize a portion of the building for its new headquarters. Construction is slated for completion in November.

March 10, 2020

Loans New York Northeast Retail

NKF Arranges $20M Acquisition Loan for Retail Property on Staten Island

by Alex Patton March 10, 2020

NEW YORK CITY — Newmark Night Frank (NKF) has arranged a $20 million acquisition loan for the Shops at Richmond Avenue, a 76,000-square-foot retail property on Staten Island. Bridge Investment Group provided the floating-rate loan to the borrower, Infinity Real Estate. The property consists of two buildings that are leased to tenants including Dick’s Sporting Goods, Staples, Men’s Warehouse, Starbucks and Bank of America. Dustin Stolly, Jordan Roeschlaub and Chris Kramer of NKF arranged the loan.

March 10, 2020

Leasing Activity New York Northeast Office

Health & Hospitals Corp. Signs 21,643 SF Office Lease in The Bronx

by Alex Patton March 10, 2020

NEW YORK CITY — Health & Hospitals Corp. (HHC) has signed a 21,643-square-foot office lease in the Tremont neighborhood of The Bronx. The space is located at 1910 Webster Ave. in the Tremont Renaissance residential and commercial building, which features 256 apartments and 40,000 square feet of commercial space, 15,000 of which is leased to a supermarket. The lease term is 15 years. The healthcare center will offer pediatric, primary, urgent and elder care services. Michael Dubin and Hector Rodriguez of Savitt Partners LLC represented HHC in the lease negotiations. Kathy Zamechansky of KZA Realty Group represented the property developer and owner, Mastermind Ltd.

March 10, 2020

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