Northeast

Spirit Realty Capital Acquires 123 Single-Tenant Retail Properties from Service Properties Trust for $435M

by John Nelson November 26, 2019

DALLAS AND NEWTON, MASS. — Spirit Realty Capital Inc. (NYSE: SRC), a net-lease REIT based in Dallas, has purchased a national single-tenant retail portfolio for $435 million. The portfolio’s seller is Service Properties Trust (NASDAQ: SVC), a net-lease retail and lodging REIT based in the western Boston suburb of Newton. The portfolio spans 26 states and includes 123 stores leased to 54 different concepts. About a third of the portfolio is leased to restaurants, including Wendy’s, Buffalo Wild Wings, KFC, Skyline Chili, Burger King, Rally’s and Popeye’s. The portfolio’s tenant roster also includes service-oriented and furniture concepts such as LA Fitness, Ashley Home Store, O’Reilly Auto Parts, At Home, Mister Car Wash, Carmax, Crunch Fitness and Tire Warehouse. This transaction is part of SVC’s disposition strategy to sell up to $500 million of net lease assets in connection with its $2.4 billion acquisition of retail properties from Spirit MTA REIT, which Spirit Realty Capital manages. “Coupled with our other recent net lease sales and agreements to sell totaling $66 million, we have reached our target of $500 million in net lease asset sales, the proceeds of which will be used to reduce the company’s leverage,” says John Murray, president and …

November 26, 2019

Acquisitions New York Northeast Retail Top Stories

LVMH Agrees to Acquire Tiffany & Co. for $16.2B

by Taylor Williams November 25, 2019

NEW YORK CITY — LVMH Moët Hennessy Louis Vuitton SE (LVMH), a French conglomerate and supplier of luxury goods, has agreed to acquire luxury jewelry retailer Tiffany & Co. (NYSE: TIF) for approximately $16.2 billion. The sales price equates to $135 per share, to be paid in cash. The deal is expected to close in the second or third quarter of 2020. LVMH, based in Paris, owns more than 70 luxury brands in the clothing, cosmetics, jewelry and spirits industries, including Dom Pérignon champagne, Givenchy clothing and perfume and Christian Dior fashion and perfume. New York City-based Tiffany & Co., which was founded in 1837, currently operates about 300 stores worldwide and employs some 14,000 people. LVMH executives cited the opportunity to grow its watches and jewelry division in American markets as a key driver behind the acquisition. Those items account for just 9 percent of the company’s revenue stream, according to an analysis published by Deloitte earlier this year. In addition, The Wall Street Journal reports that Tiffany has seen its sales slump over the last several years and that the 182-year-old company is focusing more on China, the leading consumer of luxury products. The acquisition by LVMH should help Tiffany …

November 25, 2019

Development Northeast Office Pennsylvania

AREP, Partners Underway on Development of 260,000 SF Office Building in Metro Philadelphia

by Alex Patton November 25, 2019

CONSHOHOCKEN, PA. — American Real Estate Partners (AREP), Oliver Tyrone Pulver Corp. (OTP) and Partners Group are underway on the development of Seven Tower Bridge, a 260,000-square-foot office building in Conshohocken, a northern suburb of Philadelphia. OTP will lease 4,000 square feet of space in the new building, and asset management firm Hamilton Lane will lease 130,000 square feet. Amenities include walking paths, a 30-mile bike trail and a fitness center. Skidmore, Owings & Merrill designed the building, which is slated for delivery in early 2021.

November 25, 2019

Acquisitions New York Northeast Retail

Cushman & Wakefield Brokers Sale of 84,000 SF Ferndale Shopping Center in Larchmont, New York

by Alex Patton November 25, 2019

LARCHMONT, N.Y. — Cushman & Wakefield has brokered the sale of Ferndale Shopping Center, an 84,000-square-foot retail property in Larchmont, a northern suburb of New York City. Located at 1310-1340 Boston Post Road, the property was 96 percent occupied by seven tenants at the time of sale, including grocer Stop & Shop and a 24-hour CVS. The asset sold for approximately $35 million. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt of Cushman & Wakefield represented the undisclosed seller in the transaction. The team also procured the buyer, Ashkenazy Acquisition Corp. The sales price was undisclosed.

November 25, 2019

Acquisitions Industrial New York Northeast Self-Storage

SVN Commercial Arranges Sale of Two Self-Storage Facilities Totaling 773 Units in Thornwood, New York

by Alex Patton November 25, 2019

THORNWOOD, N.Y. — SVN Commercial Realty has arranged the sale of two adjacent self-storage facilities totaling 773 units in Thornwood, located approximately 30 miles north of New York City. One of the properties, located at 401 Clairmont Ave., represents an adaptive reuse of a 55,000-square-foot warehouse. The other property is a pure-play self-storage facility operated by Safeguard Self Storage. The total price of the sale was $22.3 million. Hans Hardisty and Nick Malagisi of SVN Commercial represented the buyer, a California-based self-storage operator. The team also represented the seller, a local developer.

November 25, 2019

Acquisitions Development Industrial New York Northeast

Fordham University Acquires 31,786 SF Development Site in The Bronx

by Alex Patton November 25, 2019

NEW YORK CITY — Fordham University has acquired a 31,786 -square-foot development site located at 619 E. Fordham Road in The Bronx. The site is situated one block from the university and currently houses 5,000-square-foot warehouse. Jonathan Squires, Addison Berniker, Michael Fioravanti, Josh Neustadter, and Shayne Soltan of Cushman & Wakefield represented the seller, Six 19 Custom LLC, in the transaction. The sales price was undisclosed.

November 25, 2019

Acquisitions New Jersey Northeast Office

NAI James Hanson Negotiates Sale of 5,000 SF Office Building in Mount Olive, New Jersey

by Alex Patton November 25, 2019

MOUNT OLIVE, N.J. — NAI James Hanson has negotiated the sale of a 5,000-square-foot office building in Mount Olive, located approximately 40 miles west of New York City. The property, located at 425 Sand Shore Road, is a two-story office building that has sat vacant for several years. Joseph Vindigni of NAI James Hanson represented the seller, Mendham Associates LLC, in the transaction. Vindigni also represented the buyer, Snap Creative Marketing LLC. The sales price was undisclosed.

November 25, 2019

Acquisitions Maine Multifamily Northeast Seniors Housing

SLIB Negotiates Sale of 130-Unit Granite Hill Estates in Hallowell, Maine

by Taylor Williams November 22, 2019

HALLOWELL, MAINE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Granite Hill Estates, a continuing care retirement community in Hallowell, a southern suburb of Augusta. Granite Hill Estates features 46 independent living cottages, 60 independent living apartments and 24 assisted living/memory care units. The independent living portion was built in 2000 and assisted living was added in 2006. MaineGeneral Health sold the property to a regional owner-operator for an undisclosed price. Toby Siefert and Bradley Clousing of SLIB handled the transaction.

November 22, 2019

Acquisitions Northeast Pennsylvania Retail

JLL Arranges $29.1M Sale of Retail Center in Blue Bell, Pennsylvania

by Taylor Williams November 22, 2019

BLUE BELL, PA. —JLL has brokered the $29.1 million sale of the Shops at Blue Bell, a 103,580-square-foot shopping center in Blue Bell, located approximately 15 miles north of Philadelphia. Regional grocer Giant anchors the shopping center, which is 98 percent leased to tenants including Santander Bank, IHOP, Supercuts and nutritional product retailer GNC. James Galbally, Chris Munley and Colin Behr of JLL represented the seller, which was undisclosed. KPR, formerly known as Katz Properties, purchased the asset.

November 22, 2019

Acquisitions Industrial New York Northeast

Reich Brothers Acquires 205,000 SF Industrial Building in Buffalo in Sale-Leaseback

by Taylor Williams November 22, 2019

BUFFALO, N.Y. — New York-based investment firm Reich Brothers has acquired a 205,000-square-foot industrial building located directly off Interstate 190 in Buffalo for approximately $10.3 million. Reich Brothers will lease the space back to the seller, Robinson Home Products, a locally based provider of housewares. The property, which also offers proximity to Buffalo Niagra International Airport, features 50-foot clear heights, 12 dock-high doors, 100 parking spaces and an ESFR sprinkler system.

November 22, 2019

Newer Posts

Older Posts