Northeast

AKS Capital Arranges $749M Refinancing for The Company Building Office Property in Manhattan

by Alex Patton October 28, 2019

NEW YORK CITY — AKS Capital Partners has arranged a $749 million refinancing loan for the redevelopment of 335 Madison as The Company Building, a 1.1 million-square-foot, Class A office property in Manhattan. Brookfield Real Estate Financial Partners provided the loan to the borrower, Milstein Properties, to support the building’s redevelopment plan, which will deliver a interior upgrades such as a new wellness center, outdoor space, dining venues and a theater. Company, a tech startup incubator, occupies 250,000 square feet as the building’s anchor tenant. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Diaz of AKS Capital Partners arranged the transaction for Milstein Properties. SHoP Architects is handling design of the redevelopment.

October 28, 2019

Acquisitions Massachusetts Northeast Office

NKF Negotiates $69.2M Sale of Office Property in Boston

by Alex Patton October 28, 2019

BOSTON — Newmark Knight Frank (NKF) has negotiated the $69.2 million sale of 100 Franklin Street, a 123,950-square-foot office building in downtown Boston. At the time of sale, the nine-story building was 95 percent leased to 25 tenants including Webster Bank, data research company Lux Research Inc. and the YMCA. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF represented the seller, a partnership between Clarion Partners LLC and Synergy Investments. A partnership between Independencia Asset Management LLC and Synergy Investments LLC was the buyer. Boston Business Journal reports that Synergy will remain in its 9,034-square-foot office within the building and will continue to manage the property.

October 28, 2019

Leasing Activity New Jersey Northeast Retail

Burlington Stores Signs 46,000 SF Retail Lease in Raritan, New Jersey

by Alex Patton October 28, 2019

RARITAN, N.J. — Burlington Stores has signed a 46,000-square-foot retail lease in Raritan, located approximately 40 miles west of New York City. The apparel retailer will occupy a free-standing box formerly occupied by Toys ‘R’ Us/Babies ‘R’ Us in the 150,000-square-foot Somerville Circle Shopping Center, which is anchored by Staples, Petco and department store P.C. Richard & Son. Burlington plans to open the new store in spring 2020. Vanessa Fernandez-Kelty of Levin Management Corp. represented the landlord, which was undisclosed, in the lease negotiations. Clifford Simon and David Rosen of CNS Real Estate represented Burlington.

October 28, 2019

Acquisitions Massachusetts Northeast Office

Colliers Arranges $12.3M Sale of Foxford Business Center in Canton, Massachusetts

by Alex Patton October 28, 2019

CANTON, MASS. — Colliers International has arranged the $12.3 million sale of Foxford Business Center, a 112,375-square-foot industrial building in Canton, located approximately 15 miles south of Boston. Foxford Business Center was completed in 1984 and underwent subsequent renovations in 1990 and 1995. The building was fully leased to 13 tenants at the time of sale. Caleb Hudak, Cathy Minnerly, Ovar Osvold, Sean Hannigan and Glenne Bachman of Colliers represented the seller, The Naughton Co., in the transaction. Longpoint Realty Partners was the buyer.

October 28, 2019

Acquisitions Industrial New York Northeast

NAI Brokers $1.6M Sale of Industrial Building on Long Island

by Alex Patton October 28, 2019

LONG ISLAND, N.Y. — NAI Long Island has brokered the 1.6 million sale of a 10,000-square-foot industrial building in the Huntington Station neighborhood on Long Island. The single-tenant manufacturing facility was completed in 1966 and offers 14-foot clear ceiling heights, one dock-high door and two drive in doors. Gary Pezza of NAI Long Island represented the seller, 55 Craven Realty LLC, in the transaction. Alberto Fiorini of Alliance Real Estate Corp. represented the buyer, Giambrone Realty LLC.

October 28, 2019

Acquisitions California Industrial Northeast Pennsylvania Top Stories Western

Prologis to Acquire Liberty Property Trust in $12.6B All-Stock Deal

by Taylor Williams October 28, 2019

SAN FRANCISCO AND MALVERN, PA. — San Francisco-based Prologis Inc. has entered into a definitive agreement to acquire Pennsylvania-based Liberty Property Trust in an all-stock transaction valued at approximately $12.6 billion, inclusive of outstanding debt. The deal between the two industrial REITs is expected to close in the first quarter of 2020. Under the terms of the agreement, Prologis (NYSE: PLD) will acquire roughly 107 million square feet of stabilized logistics space, 5.1 million square feet of logistics product in various stages of development and 1,684 acres with a future build-out potential totaling 19.7 million square feet. In addition, Liberty (NYSE: LPT) shareholders will receive 0.675 in shares of Prologis common stock for each Liberty share they own. Both the board of directors of Prologis and the board of trustees of Liberty have unanimously approved the transaction. Prologis plans to dispose of $3.5 billion in assets, including $2.8 billion of non-strategic logistics properties and $700 million of office properties, to help finance the acquisition. “The joining of these two platforms at this moment, when industrial logistics has become so pivotal to the new economy, will further the industry’s ability to support the nation’s supply chain and enhance value creation for …

October 28, 2019

Development New York Northeast Office

RAL Underway on 240,000 SF Zero Irving Office Building in Manhattan

by Alex Patton October 25, 2019

NEW YORK CITY — RAL Development Services (RAL) is underway on Zero Irving, a 240,000-square-foot Class A office building in the Midtown South neighborhood of Manhattan. The 21-story building features 176,000 square feet of office space across 14 floors, plus a street-level food hall, coworking spaces, event space and a technology training center designed to improve the skills of tenant employees. Bank OZK provided $120 million of construction financing to RAL and the developer entered a long-term ground lease with NYCEDC. RAL broke ground on the project this summer.

October 25, 2019

Acquisitions Industrial New Jersey Northeast

NAI Mertz Arranges Sale of 80,300 SF Industrial Building in Logan, New Jersey

by Alex Patton October 25, 2019

LOGAN, N.J. — NAI Mertz has arranged the sale of an 80,300-square-foot industrial building in Logan, a southwestern suburb of Philadelphia. Zoned for food processing, the building offers cooler and freezer space as well as 30-foot clear ceiling heights, 19 dock doors and 10,403 square feet of office space. The facility is part of the six-acre Pureland Industrial Complex, which is home to tenants including Amazon, Mitsubishi, Mercedes-Benz and Home Depot. Jonathan Klear of NAI Mertz represented the buyer, Burton Real Estate, in the transaction. The seller and sales price were undisclosed.

October 25, 2019

Development New York Northeast Retail

Wegmans to Open 74,000 SF Grocery Store in Brooklyn

by Alex Patton October 25, 2019

NEW YORK CITY — Wegmans Food Markets will open a 74,000-square-foot grocery store at the Brooklyn Navy Yard mixed-use development. The chain has garnered a cult following in the Northeast since it expanded from its original Rochester location in 1968 and now operates 100 stores, including 46 in New York. Eater New York reports that the new store will feature 350 varieties of cheese, a full-service bar and made-to-order meals at several hot and cold bars. The store is slated to open this weekend on Sunday, Oct. 27.

October 25, 2019

Acquisitions Northeast Office Pennsylvania

Colliers Brokers Sale of 67,219 SF One Summit Square Office Building in Langhorne, Pennsylvania

by Alex Patton October 25, 2019

LANGHORNE, PA. — Colliers International has brokered the sale of One Summit Square, a 67,219-square-foot office building in Langhorne, a western suburb of Trenton. The building is leased by tenants including Comcast, electronics company Ricoh and U.S. Congressman Brian Fitzpatrick. The buyer, an affiliate of Phoenix Nexus Enterprises, will relocate its headquarters to an approximately 13,000-square-foot space at the property. Matthew Shanahan and Carl Neilson of Colliers represented the buyer as well as the seller, Country Life Insurance Co., in the transaction.

October 25, 2019

Newer Posts

Older Posts