Northeast

Cushman & Wakefield Brokers Sale of 115,000 SF Office Building in Parsippany, New Jersey

by Alex Patton September 30, 2019

PARSIPPANY, N.J. — Cushman & Wakefield has brokered the sale of 1 Gatehall Drive, a 115,000-square-foot office building in Parsippany, located approximately 25 miles west of New York City. At the time of sale, the building was 86 percent leased to more than 20 tenants. Gary Gabriel, David Bernhaut, Andy Merin, Frank DiTommaso, Andy Schwartz, William O’Keefe and Kelsey Nakamura of Cushman & Wakefield represented the seller, a joint venture between Lincoln Property Co, and Development Ventures Group. An affiliate of Lakewood Equities purchased the asset for an undisclosed price.

September 30, 2019

Acquisitions Northeast Pennsylvania Retail

Oak Street Health Signs 8,000 SF Retail Lease in Philadelphia

by Alex Patton September 30, 2019

PHILADELPHIA — Primary care provider Oak Street Health has signed an 8,000-square-foot retail lease in Philadelphia. The property is located within Strawberry Square Shopping Center, which also includes a Rite Aid, Dollar Plus and Save-a-Lot. Scott Benson of Metro Commercial represented Oak Street in the transaction. Richard Soloff of Soloff Realty & Development represented the landlord.

September 30, 2019

Acquisitions Multifamily New Jersey Northeast

CBRE Arranges $75.3M Sale of Two Multifamily Properties Near New York City

by Alex Patton September 27, 2019

HASBROUCK HEIGHTS AND LODI, N.J. — CBRE has arranged the $75.3 million sale of Skyline Apartments and Boulevard Apartments, two multifamily properties totaling 338 units in Hasbrouck Heights and Lodi, two adjacent western suburbs of New York City. Skyline Apartments comprises 124 apartments in Hasbrouck Heights, while Boulevard Apartments comprises 214 apartments located across both Hasbrouck Heights and Lodi. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steven Bardsley, David Gavin and Eric Apfel and Nat Gambuzza of CBRE represented the seller, an investment consortium between Griffen Ltd. and Kushner Cos. The CBRE team also represented the buyer, a New York-based private investment firm.

September 27, 2019

Development Industrial New Jersey Northeast

J.G. Petrucci Nears Completion 57,000 SF Industrial Project in Hillsborough, New Jersey

by Alex Patton September 27, 2019

HILLSBOROUGH, N.J. — J.G. Petrucci Co. Inc. is nearing completion of a 57,000-square-foot industrial building in Hillsborough, located approximately 40 miles southwest of New York City. The project is build-to-suit for Permadur Industries, a manufacturer of construction equipment. The building will feature 37-foot ceiling heights and 17,000 square feet of office space, as well as 36,000 square feet of space designed for future expansion. Construction is currently underway and slated for completion by the end of 2019. The site also has the capacity to house an additional 36,000 square feet of new development.

September 27, 2019

Development Multifamily Northeast Pennsylvania

KRE Group Opens 245-Unit Multifamily Community in Willow Grove, Pennsylvania

by Alex Patton September 27, 2019

WILLOW GROVE, PA. — Kushner Real Estate (KRE) Group has opened Willow Pointe, a 245-unit multifamily community in Willow Grove, a northern suburb of Philadelphia. The property comprises three buildings with one- and two-bedroom floor plans, all of which include a patio or balcony. Amenities include a pool, resident lounge, fitness center, business center, outdoor grilling areas and resident storage space. Hudson Projects designed the community.

September 27, 2019

Acquisitions Industrial New Jersey Northeast

JLL Brokers Sale of 40,781 SF Industrial Property in Oakland, New Jersey

by Alex Patton September 27, 2019

OAKLAND, N.J. — JLL has brokered the sale of a 40,781-square-foot light industrial property in Oakland, located approximately 30 miles northwest of New York City. The building, which is located roughly a mile from Interstate 287, features 20-foot clear heights, two drive-in doors and several thousand square feet of office space. The property was fully leased at the time of sale. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented seller, North Jersey Development Group, in the transaction. A private investor purchased the asset.

September 27, 2019

Leasing Activity New York Northeast Office

Harper + Scott Signs 17,456 SF Office Lease in Manhattan

by Alex Patton September 27, 2019

NEW YORK CITY — Marketing and design firm Harper + Scott has signed a 17,456-square-foot office lease at 3 World Trade Center in Manhattan. The company currently operates out of 915 Broadway in the Flatiron District and will occupy a portion of the 40th floor of the building beginning in spring 2020. Jeff Fischer and Joe D’Apice of CBRE represented Harper + Scott in the lease negotiations. Jeremy Moss and Camille McGratty of Silverstein Properties represented the landlord, the Port Authority of New York and New Jersey. Mary Ann Tighe, Ken Meyerson, Adam Foster, Evan Haskell, Steve Eynon, David Caperna and Rob Hill of CBRE assisted the Silverstein Properties team.

September 27, 2019

Industrial Leasing Activity Northeast Pennsylvania

JLL Arranges 186,000 SF Industrial Lease Expansion in Eddystone, Pennsylvania

by Alex Patton September 26, 2019

EDDYSTONE, PA. — JLL has arranged a 186,000-square-foot industrial lease expansion for chocolate product manufacturer Barry Callebaut in Eddystone, a southwestern suburb of Philadelphia. The expansion brings Barry Callebuat’s total lease within the property at 1001 Industrial Highway up to 395,000 square feet. Michael Burns, Trevor Ragsdale and Paul Torosian of JLL represented Barry Callebaut in the transaction. The landlord was Novaya Foxfield Indusutrial LLC.

September 26, 2019

Acquisitions Hospitality Massachusetts Northeast Student Housing

Suffolk University Buys 114-Room Ames Boston Hotel

by Alex Patton September 26, 2019

BOSTON — Suffolk University has purchased the 114-room Ames Boston Hotel, located in Financial District of the city, for $63 million. The historic property, located at 1 Court St., was originally built in 1893 and redeveloped in 2009. The university will rebrand the building as a student housing facility called the One Court Street Residence Hall, which will ultimately house approximately 280 students. The building will undergo minor renovations, which are slated for completion in fall 2020. Ted Wheatley and Robert Webster of JLL represented Suffolk University in the transaction. Denny Meikleham, Alan Suzuki and Matthew Enright of JLL represented the seller, Invesco Real Estate.

September 26, 2019

Acquisitions New Jersey Northeast Retail

CBRE Brokers Sale of 8-Acre Retail Property in Jefferson, New Jersey

by Alex Patton September 26, 2019

JEFFERSON, N.J. — CBRE has brokered the $1.9 million sale of an 8-acre vacant property in Jefferson, located about 45 miles west of New York City. The property, located at 757 State Route 15, originally housed a Pathmark grocery store. The buyer, 757 Route 15 Realty LLC, plans to develop the site into a Class A medical office building that is slated for completion in summer 2020. Thomas Mallaney and Denise Kokulak of CBRE represented the buyer in the transaction. Jefferson Sebastian-Parsippany LLC was the seller.

September 26, 2019

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