Northeast

NAI James Hanson Negotiates 22,526 SF Industrial Lease in Hackensack, New Jersey

by Alex Patton May 13, 2020

HACKENSACK, N.J. — NAI James Hanson has negotiated a 22,526-square-foot industrial lease for women’s clothing retailer Advance Apparels in Hackensack, a northwestern suburb of New York City. Located at 105-111 S. State St., the property features 20-foot clear heights and 2,000 square feet of office space. Patrick Lennon and Kenneth Lundberg of NAI James Hanson, along with Fred Meyer of NAI Mertz, represented the landlord, Turabdin Realty LLC, in the lease negotiations. Stevie Muller of Equity 3 LLC represented the tenant.

May 13, 2020

New York Northeast

New York Governor Says Three Upstate Regions Meet Guidelines for Economic Restart

by Alex Patton May 12, 2020

ALBANY, N.Y. — The Finger Lakes, Southern Tier and Mohawk Valley regions of Upstate New York have met New York Gov. Andrew Cuomo’s public health guidelines to begin the process of reopening businesses and industries impacted by the COVID-19 heath crisis. The requirements to reopen a region include a 14-day decline in hospitalizations and hospitalized deaths, fewer than two new hospitalizations per 100,000 residents, as well as several other requirements related to hospital capacity and testing availability. Regions that meet the required metrics by May 15 will be allowed to restart construction, manufacturing, retail for curbside pickup, agriculture and forestry operations, as well as some recreational activities. The North Country and Central New York regions are close to meeting all metrics, according to a statement from the governor. As of May 11, the Centers for Disease Control and Prevention reported 334,640 positive cases of the virus in New York and 26,923 deaths.

May 12, 2020

Acquisitions Industrial Northeast Pennsylvania

Brennan Investment Group Acquires 380,274 SF Industrial Portfolio in Lehigh Valley

by Alex Patton May 12, 2020

CHICAGO — Brennan Investment Group, a Chicago-based developer, has acquired a three-building industrial portfolio totaling 380,274 square feet in Pennsylvania. The portfolio is located in the Lehigh Valley submarket, which is situated north of Philadelphia and west of New York City and includes the cities of Allentown, Bethlehem and Easton. The properties offer convenient access to Interstates 78 and 81, as well as the Lehigh Valley International Airport. The seller and sales price were undisclosed.

May 12, 2020

Acquisitions Delaware Northeast Office

CBRE Arranges Sale of 210,088 SF Office Building in Wilmington, Delaware

by Alex Patton May 12, 2020

WILMINGTON, DEL. — CBRE has arranged the sale of a 210,000-square-foot, Class A office building in Wilmington, approximately 30 miles southwest of Philadelphia. Located at 824 N. Market St., the 10-story property was constructed in 1982 and was 67 percent leased at the time of sale. U.S. Bankruptcy Court for the District of Delaware occupies 65,941 square feet of the building, which is located across the street from Wilmington’s U.S. District Courthouse. Jerry Kranzel, Robert Fahey, Erin Hannan and Jack Corcoran of CBRE represented the undisclosed seller in the transaction. New Jersey-based investor Chopp Holdings was the buyer.

May 12, 2020

Northeast Pennsylvania Retail

Colliers Negotiates Sale of 41,179 SF Retail Property in Montgomeryville, Pennsylvania

by Alex Patton May 12, 2020

MONTGOMERYVILLE, PA. — Colliers International has negotiated the $4 million sale of a 41,179-square-foot retail property in Montgomeryville, a northern suburb of Philadelphia. Located at 980 Bethlehem Pike, the building was previously occupied by craft supplies retailer A.C. Moore but was vacant at the time of sale. The property is located near the Route 202 shopping center, which includes a Target, Giant supermarket and Bed Bath & Beyond. Carl Neilson, Todd Sussman and Jon Kieserman represented the seller, a local limited liability company, in the transaction. The buyer was 978 Bethlehem Pike LLC.

May 12, 2020

Acquisitions Connecticut Industrial Northeast

G&G Investments Buys 50,576 SF Industrial, Office Property in North Branford, Connecticut

by Alex Patton May 12, 2020

NORTH BRANFORD, CONN. — G&G Investments has acquired a 50,576-square-foot industrial and office asset in North Branford, an eastern suburb of New Haven, for $1.7 million. Located at 32 Commerce Drive, the property features 24,000 square feet of warehouse space, 10,000 square feet of office space and a 16,576-square-foot covered loading and parking area. Bill Clark of The Geenty Group represented G&G Investments LLC in the transaction. The seller, Frontier Communications, has leased back the building for six months as part of the terms of the sale.

May 12, 2020

Development Massachusetts Multifamily Northeast

RD Management to Develop 230-Unit Multifamily Project in Metro Boston

by Alex Patton May 11, 2020

BILLERICA, MASS. — RD Management LLC, a New York-based developer, will develop a 230-unit luxury multifamily project in Billerica, a northwestern suburb of Boston. The project will be constructed as an addition to RD Management’s 306,876-square-foot Shops at Billerica retail center. At the time of the multifamily project announcement, major tenants of the retail center included a 69,560-square-foot Burlington store, as well as grocer Market Basket, Big Lots and Planet Fitness. According to the development team, the project is on track to break ground by the end of year despite construction restrictions amid the COVID-19 health crisis.

May 11, 2020

Industrial Massachusetts Northeast

Plymouth Industrial REIT Executes 426,000 SF in New Leases During First Quarter

by Alex Patton May 11, 2020

BOSTON — Plymouth Industrial REIT Inc. (NYSE: PLYM), a Boston-based investment firm focused on the acquisition and management of industrial properties, executed more than 426,000 square feet of new leases during the first three months of 2020, according to the company’s latest quarterly report. Commercial leasing has declined amid the COVID-19 health crisis, but industrial owners have benefited from demand for distribution and warehousing space, especially from e-commerce users. At the end of the quarter, Plymouth owned 125 industrial buildings totaling approximately 20 million square feet, including 11 properties totaling 2.1 million square feet that were purchased in the first quarter. Plymouth reported 96.3 percent occupancy across its portfolio, which is primarily located in the Midwest and Southeast regions, as well as in New Jersey and Maine. Plymouth’s stock price closed at $13.98 per share on May 8, down from $15.55 per share a year ago.

May 11, 2020

Acquisitions New Jersey Northeast Retail

LNR Partners Sells 50,000 SF Retail Center in Woodland Park, New Jersey

by Alex Patton May 11, 2020

WOODLAND PARK, N.J. — Florida-based developer LNR Partners LLC has sold Lenox Plaza, a 50,000-square-foot retail center in Woodland Park, a northwestern suburb of New York City, to an undisclosed buyer. At the time of sale, the property was 96 percent leased to tenants including Pizza Hut, Party City and Blimpie. The four-building complex was originally built in 1986, and the parking lot was recently renovated in 2018. LNR acquired the property from Azarian Group in 2007 for $20 million. Jacklene Chesler of Colliers International represented LNR Partners in the transaction. The sales price was undisclosed.

May 11, 2020

Acquisitions New Jersey Northeast Office Retail

Kislak Co. Arranges $11.6M Sale of Office, Retail Property in South Orange, New Jersey

by Alex Patton May 11, 2020

SOUTH ORARGE, N.J. — Kislak Co. Inc. has arranged the $11.6 million sale of South Orange Square, a 31,000-square-foot office and retail property located on the western outskirts of New York City. Located at 67-81 S. Orange Ave. and 3-11 Scotland Road, the property includes 21,000 square feet of ground-floor retail space, 9,000 square feet of second-story office space and 1,000 square feet of storage rooms. At the time of sale, the property was 98 percent leased to tenants including Verizon, Investors Bank and the South Orange Pharmacy. Meridian Capital Group arranged acquisition financing through Spencer Savings Bank on behalf of the undisclosed buyer. Joni Sweetwood of Kislak represented the seller, which was also undisclosed.

May 11, 2020

Newer Posts

Older Posts