Northeast

Dick’s Sporting Goods Reports Record Earnings, 194 Percent Increase in E-Commerce Sales

by Taylor Williams August 26, 2020

PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) recorded its highest quarterly earnings in company history for its fiscal second quarter, which ended on Aug. 1. The company reported $276.8 million in consolidated net income and boosted its earnings per share by 155 percent relative to the second quarter of 2019, rising from $1.26 per share in 2019 to $3.21 per share in 2020. The Pittsburgh-based retailer cited booming e-commerce sales, which rose by 194 percent year over year, as a key driver in the company’s growth. In addition, Dick’s noted that through the first three weeks of the third quarter, same-store sales have already increased by 11 percent compared to that period in 2019. Dick’s has also opened several new stores in recent weeks, including two in Massachusetts and one in New Jersey, as well as a combined Dick’s Sporting Goods and Golf Galaxy store in Georgia. The company’s stock price opened at $47.70 per share on Wednesday, Aug. 26, up from $32.62 per share a year ago.

August 26, 2020

Development Multifamily Northeast Rhode Island

Cornish, Nordblom, Boston Andes Open $54M Nightingale Apartments in Providence

by Taylor Williams August 26, 2020

PROVIDENCE, R.I. — A development team consisting of Cornish Associates, New England-area developer Nordblom Co. and Boston Andes Capital LLC has opened Nightingale Apartments, a $54 million multifamily community in downtown Providence. The property features 143 units in studio, one- and two-bedroom formats and ranging in size from 500 to 1,200 square feet and 11,500 square feet of ground-floor retail space. Amenities include a fitness center, coworking space, resident lounge and an elevated courtyard.

August 26, 2020

Delaware Development Multifamily Northeast Seniors Housing

J.G. Petrucci Completes $20M Seniors Housing Project in Harbeson, Delaware

by Taylor Williams August 26, 2020

HARBESON, DEL. — Developer J.G. Petrucci has completed PeachTree Health Group Rehabilitation Center, a $20 million seniors housing project in the southern Delaware city of Harbeson. The property features 78 assisted living units that will serve patients that are recovering from brain injuries. Cerminara Architect designed the project. Iron Hill Construction, J.G. Petrucci’s in-house construction firm, served as the general contractor

August 26, 2020

Leasing Activity New York Northeast Office

City National Bank Signs 35,643 SF Office Lease Renewal in Manhattan

by Taylor Williams August 26, 2020

NEW YORK CITY — Los Angeles-based City National Bank has signed a 35,643-square-foot office lease renewal at 1140 Avenue of the Americas in Manhattan. The company has committed to an additional 10 years at the 250,000-square-foot building and will also open a 3,400-square-foot branch on the ground floor as part of the new agreement. Todd Korren of Avison Young represented the landlord, an affiliate of New York City REIT, in the lease negotiations. Lynn Williams and Jeffrey Welch of CBRE represented the tenant.

August 26, 2020

Acquisitions Connecticut Healthcare Northeast

Pearce Commercial Arranges Sale of 3,398 SF Medical Office Building in West Haven, Connecticut

by Taylor Williams August 26, 2020

WEST HAVEN, CONN. — Locally based brokerage firm Pearce Commercial has arranged the sale of a 3,398-square-foot medical office building in West Haven for an undisclosed price. Carl Russell of Pearce Commercial represented the buyer and future occupant, Internal Medicine of Greater New Haven, in the transaction. Jed Backus of Backus Real Estate LLC represented the seller.

August 26, 2020

Healthcare Leasing Activity Life Sciences Massachusetts Northeast Office

Reports: Bristol Myers Squibb Signs 360,000 SF Life Sciences Lease at Cambridge Crossing

by Taylor Williams August 25, 2020

CAMBRIDGE, MASS. — Pharmaceutical giant Bristol Myers Squibb has signed a 360,000-square-foot life sciences lease at Cambridge Crossing in metro Boston, according to multiple news outlets including industry publication fiercebiotech.com and The Boston Business Journal. The former reports that Bristol Myers Squibb will occupy a building located at 250 Water St. beginning in early 2023. DivcoWest is the developer of the 2.1 million-square-foot campus, which is under construction and will also feature traditional office and retail space, as well as open green space.

August 25, 2020

Development New York Northeast Office Retail

Tiffany & Co. Unveils Plans for Redeveloped Flagship Store in Manhattan

by Taylor Williams August 25, 2020

NEW YORK CITY — Luxury jeweler Tiffany & Co. has unveiled plans for the redevelopment of its flagship store at 727 5th Ave. in Manhattan. The top three floors of the 10-story building will be converted from office space into a new exhibition and event space surrounded by a curtain of glass complementing the limestone façade below. That space was originally completed in 1980, and the building itself was originally constructed in 1940. Tiffany has partnered with The Office of Metropolitan Architecture on the project, which is expected to be complete in 2022.

August 25, 2020

Hebronville-Mill-Attleboro-Massachusetts

Loans Massachusetts Multifamily Northeast

MassHousing Provides $17.2M Loan for Acquisition, Renovation of Three Multifamily Assets in Attleboro

by Taylor Williams August 25, 2020

ATTLEBORO, MASS. — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided a $17.2 million loan for the acquisition and rehabilitation of three multifamily assets in the northern Boston suburb of Attleboro. The properties include the 83-unit Hebronville Mill, the 92-unit Gardner Terrace I and the 52-unit Gardner Terrace II. Each of the communities includes units that are reserved for renters earning less than the area median income. The borrower was Preservation of Affordable Housing, a locally based nonprofit organization.

August 25, 2020

Leasing Activity New Jersey Northeast Office

Cognizant Signs 36,000 SF Office Lease for New Headquarters in Teaneck, New Jersey

by Taylor Williams August 25, 2020

TEANECK, N.J — Multinational corporation Cognizant has signed a 36,000-square-foot office lease at Glenpointe Center East in Teaneck, located northwest of New York City, for its new office headquarters. Glenpointe Center East features a 26,000-square-foot spa and fitness center, as well as a restaurant, wine bar and a lounge. Gregg Najarian and Nate Brzozowski of Savills represented the tenant in the lease negotiations. The landlord, Alfred Sanzari Enterprises, was represented internally.

August 25, 2020

Connecticut Industrial Leasing Activity Northeast

Pearce Commercial Negotiates 4,500 SF Industrial Lease in North Haven, Connecticut

by Taylor Williams August 25, 2020

NORTH HAVEN, CONN. — Locally based brokerage firm Pearce Commercial has negotiated a 4,500-square-foot industrial lease at 355 Sackett Point Road in North Haven. According to LoopNet Inc., the property was built in 1988 and totals 64,000 square feet. Dave Melillo of Pearce Commercial represented the tenant, Greenskies Renewable Energy LLC, and the landlord, 355 Sackett Point Road LLC.

August 25, 2020

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