Northeast

Core Spaces Aligns with Goldman Sachs in $600M Student Housing Deal

by John Nelson July 30, 2019

CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student housing portfolio. The newspaper reports that the New York-based financial giant has purchased more than $30 billion in real estate since 2012 mostly using its own capital. Core will keep a small ownership percentage in the portfolio and keep the assets under its management. The deal is a strategic decision by the Chicago-based firm to aggregate its portfolio with an institutional investor and retain an interest in its developed properties for the long haul, says Core’s founder and CEO, Marc Lifshin. “We believe in the long-term performance of our assets,” he says. “Our assets have proven to perform over time. We would rather be involved for the growth period. It creates a much more sustainable model for us going forward.” The operating properties that …

July 30, 2019

Acquisitions Industrial New Jersey Northeast

Kiss Products Purchases Distribution Facility in Piscataway, New Jersey, for $65.7M

by Alex Patton July 29, 2019

PISCATAWAY, N.J. — Kiss Products Inc., a manufacturer and distributor of nail care products, based in New York, has purchased a distribution facility in Piscataway, located in northeast New Jersey, for $65.7 million. The 469,000-square-foot property is part of Rockefeller Group Logistics Center, a 2.2 million-square-foot distribution center with other tenants that include Best Buy and Fujitsu General America Inc. Jules Nissim, Stan Danzig and Marc Petrella of Cushman & Wakefield represented the Rockefeller Group in the transaction. Greg Brown and Tom Kirczow of NAI DiLeo-Bram & Co. represented Kiss Products. Citibank, City National Bank and Shinhan Bank America financed the acquisition.

July 29, 2019

Acquisitions Industrial New York Northeast

Kalmon Dolgin Negotiates $16.5M Sale of Industrial Property in New York City

by Alex Patton July 29, 2019

NEW YORK CITY— Kalmon Dolgin Affiliates (KDA) has negotiated the $16.5 million sale of a 70,000-square-foot industrial property in Queens. The property formerly housed several tenants that used the space for warehousing and distribution. The buyer plans to demolish the building and build a self-storage facility. Neil Dolgin and Grant Dolgin of KDA represented the seller, Monitor Holding Corp., as well as the buyer, 74-16 Grand Ave. LLC, in the transaction.

July 29, 2019

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Brokers $15.6M Sale of Multifamily Property in Middletown, Connecticut

by Alex Patton July 29, 2019

MIDDLETON, CONN. ⁠— Chozick Realty Inc. has brokered the $15.6 million sale of Stonegate Apartments, a 179-unit multifamily property in Middleton, located just south of Hartford. The property at 1150 South Main St. offers 121 one-bedroom units and 58 two-bedroom units, with amenities including a pool, outdoor grilling areas and walking paths. The complex was originally built in 1969. Rick Chozick and Steve Pappas of Chozick Realty represented the seller in the transaction and procured the buyer, a regional owner of multifamily properties in the tri-state region.

July 29, 2019

Sheehan-Family-Cos.-Kingston-Massachusetts

Industrial Massachusetts Northeast

Dacon Corp. Completes 62,000 SF Headquarters Renovation in Kingston, Massachusetts

by Alex Patton July 29, 2019

KINGSTON, MASS. — Local design-build firm Dacon Corp. has completed a 62,000-square-foot renovation project at the headquarters of the Sheehan Family Cos., a distributor of beer and spirits in the Northeast region. The property is located in Kingston, a city on the southeast coast of Massachusetts. Renovations expanded the facility by 47,000 square feet, adding more temperature-controlled areas, storage space and efficient distribution capabilities. Renovations to the existing facility covered an additional 15,000 square feet.

July 29, 2019

Leasing Activity New Jersey Northeast Retail

Jeffrey Realty Arranges 46,800 SF Retail Lease in Union, New Jersey

by Alex Patton July 29, 2019

UNION, N.J. — Jeffrey Realty has arranged a 46,800-square-foot retail lease in Union, a town just southwest of Newark, for Burlington Coat Factory. The property, formerly a Toys R Us, is located in the West Branch Commons shopping center, which is anchored by a Lowe’s and other retail businesses. Bill Farkas and Mike Testa of Jeffery Realty represented the landlord, Urban Edge, in the transaction. Cliff Simon of CNS Real Estate represented Burlington Coat Factory.

July 29, 2019

Acquisitions New York Northeast Office

Milvado Property Group Acquires Two Office Properties on Long Island for $18.7M

by Alex Patton July 26, 2019

SYOSSET, NEW YORK — Locally based investment firm Milvado Property Group has acquired two office properties on the Long Island city of Syosset for $18.7 million. The properties, 6801 and 6901 Jericho Turnpike, total 220,000 square feet. The locations offer close access to the Long Island Railroad, as well as tJFK, LaGuardia and MacArthur Airports. Gary Gabriel, David Bernhaut and Andrew MacDonald of Cushman & Wakefield represented the seller, The Rosmarin Family, in the transaction.

July 26, 2019

Acquisitions Industrial New York Northeast

DH Property Holdings Breaks Ground on Distribution Center in Brooklyn

by Alex Patton July 26, 2019

NEW YORK CITY — Local developer DH Property Holdings (DHPH) has broken ground on an 85,000-square-foot speculative distribution center in the Red Hook section of Brooklyn. The single-story property, located at 55 Bay St., will feature 36-foot clear heights, 54-by-58-foot column spacing, 18 loading docks and two drive-in doors. Construction is expected to be complete in the second quarter of 2020. Rob Kossar and Leslie Lanne of JLL will handle leasing.

July 26, 2019

Acquisitions Industrial New Jersey Northeast

Partnership Sells 529,000 SF Industrial Property in Montville, New Jersey

by Alex Patton July 26, 2019

MONTVILLE, N.J. — A partnership between two New Jersey-based firms, Camber Real Estate Partners and Advance Realty Investors, has sold 19 Chapin Road, a 529,000-square-foot industrial property in Montville, located in the northern part of the Garden State. The four-building property is equipped with a total of 88 loading positions, including 76 dock-high doors, 12 drive-in doors and clear heights ranging from 20 to 22 feet. A variety of industrial and shipping tenants occupy 93.7 percent of the property. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented the seller in the transaction. A partnership between Cohen Asset Management Inc. and Intercontinental Real Estate Corp. purchased the property for an undisclosed price.

July 26, 2019

Acquisitions Massachusetts Northeast Retail

NKF Brokers $10.2M Sale of Retail Center in Springfield, Massachusetts

by Alex Patton July 26, 2019

SPRINGFIELD, MASS. — Newmark Knight Frank (NKF) has brokered the $10.2 million sale of Springfield Commons, a 182,400-square-foot retail center located in the southwestern Massachusetts city of Springfield. Walmart anchors the property, which also houses tenants such as Dollar Tree and Sonic. Geoffrey Millerd, Justin Smith, Paul Penman, Samantha Torto and Robert Griffin represented the undisclosed seller and procured the buyer, Paramount Realty Services Inc.

July 26, 2019

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