Northeast

Hanley Investment Group Brokers $6.6M Sale of Retail Center on Long Island

by Alex Patton August 22, 2019

HICKSVILLE, N.Y. — Hanley Investment Group (HIG) has brokered the $6.6M Sale of a 13,300-square-foot retail center in Hicksville. The center was 100 percent leased at the time of sale with tenants including Dunkin’, Pizza Hut and DTE Window Tinting. The final sale also included a single-family home near the property. Dylan Mallory and Jeff Lefko of HIG along with Marty Sass of New York-based Silber Investment Properties represented the seller, Riark LLC, in the transaction. Robert Sharfstein of RPS Capital Management represented the buyer, a local investor.

August 22, 2019

Leasing Activity New Jersey Northeast Retail

Edge Fitness Signs 48,776 SF Retail Lease in Voorhees, New Jersey

by Alex Patton August 22, 2019

VOORHEES, N.J. — Edge Fitness Clubs has signed a 48,776-square-foot retail lease at the Echelon Village Plaza in Voorhees, a southeastern suburb of Philadelphia. The gym will anchor the 90,000-square-foot retail center, which also houses a Dunkin’ and Voorhees Veterinary. Scott Benson and Brandon Anapol of Metro Commercial represented Edge Fitness in the lease negotiation. David Dunkelman of Soloff Realty & Development represented the landlord, Site Centers.

August 22, 2019

Leasing Activity New Jersey Northeast Office

JLL Negotiates 8,474 SF Office Lease Extension in Bernardsville, New Jersey

by Alex Patton August 22, 2019

BERNARDSVILLE, N.J. — JLL has negotiated an 8,474-square-foot office lease extension in Bernardsville, located about 30 miles west of New York City. The property, located at 150 Morristown Road, recently underwent a $500,000 capital improvement project that upgraded the lobby, lighting, HVAC system and walkway. Charlie Dillon of JLL represented the tenant, Decile.Ten Communications, in the lease negotiations. David Zimmel of Zimmel Associates represented the landlord, Denholtz Associates.

August 22, 2019

Acquisitions New York Northeast Office

Savanna Purchases Manhattan Office Building for $180M

by Alex Patton August 21, 2019

NEW YORK CITY — Savanna, a New York City-based development and investment firm, has purchased 360 Lexington Avenue, a 268,383-square-foot office building in Manhattan, for $180 million. Barclays provided a $126 million loan for the acquisition. Savanna will rebrand the 12-story building and implement a $20 million renovation project that will deliver a new full lobby and entrance, bathrooms, corridors and infrastructure upgrades. Grant Frankel, Philip McKnight and Rob Turner of Eastdil Secured arranged financing through Barclays on behalf of Savanna. Cole Schotz P.C. served as Savanna’s legal counsel in the acquisition of the property.

August 21, 2019

Acquisitions New Jersey Northeast Office

GII Acquires 270,000 SF Office Building in Madison, New Jersey

by Alex Patton August 21, 2019

MADISON, N.J. — Gulf Islamic Investments LLC (GII), a United Arab Emirates-based firm, has purchased a 270,000-square-foot office building in Madison, a western suburb of New York City. The building was completed in 2012 and is the corporate headquarters of residential real estate firm Reology. F.D. Stonewater, a Washington D.C.-based firm, represented GII in the transaction, and The Hampshire Companies was the seller. The price was undisclosed.

August 21, 2019

Loans Massachusetts Northeast Office

JLL Arranges $28M in Acquisition Financing for Office Complex in Burlington, Massachusetts

by Alex Patton August 21, 2019

BURLINGTON, MASS. — JLL has arranged a $28 million acquisition loan for 10 and 20 Mall Road, two office buildings totaling 154,378 square feet in Burlington, a northwestern suburb of Boston. Peoples United Bank provided the loan, which carries a fixed interest rate and a 10-year term. 10 Mall Road contains 58,160-square-feet and is leased to four tenants. 20 Mall Road contains 96,218 square feet and is leased to approximately 20 tenants. Lauren O’Neil and Brett Paulsrud of JLL arranged the financing on behalf of the borrower, R.J. Kelly Co. The seller was undisclosed.

August 21, 2019

Massachusetts Multifamily Northeast Seniors Housing

Capitol Seniors Housing Opens 96-Unit Community in Andover, Massachusetts

by Alex Patton August 21, 2019

ANDOVER, MASS. — Capitol Seniors Housing, a developer based in Washington D.C., has opened Stone Hill at Andover, a 96-unit community located about 25 miles north of Boston. The 81,500-square-foot community offers one- and two-bedroom units and provides independent living, assisted living and a specialized program focusing on Alzheimer’s disease and dementia care. Additional amenities include a bistro, activity room, fitness room, theater, salon and courtyard. Pennsylvania-based Meyer Senior Living Studio designed the property.

August 21, 2019

Leasing Activity New Jersey Northeast Office

Dickstein Negotiates 5,175 SF Office Lease in Red Bank, New Jersey

by Alex Patton August 21, 2019

RED BANK, N.J. — Dickstein Real Estate Services, a New Jersey-based brokerage firm, has negotiated a 5,175-square-foot office lease in Red Bank, a coastal city about 50 miles south of New York City. The property is located within a two-building complex at 322 Highway 35 South, which was 90 percent occupied at the time of leasing. Larry Dickstein of Dickstein represented the tenant, New Jersey-based Xela Communications, in the lease negotiations. Kristin Hurlbut of Denholtz Properties represented the landlord on an internal basis.

August 21, 2019

Market Reports New York Northeast Northeast Market Reports Retail

Retail Rent Picture Varies Greatly Across New York City Submarkets

by Taylor Williams August 21, 2019

Retail leasing activity across New York City accelerated during the second quarter of 2019, but the market continues to see vast discrepancies in supply-demand balances across various submarkets. In certain parts of Manhattan, year-over-year asking rents declined by double-digit percentages, according to the Real Estate Board of New York (REBNY) Spring 2019 Report. Midtown East, for example, saw its average asking rent drop by 22 percent from $3,900 per square foot to $3,050 per square foot during this time period. The corridor between 42nd and 49th streets experienced similar activity, sliding 20 percent from an average asking rent of $1,000 per square foot to $800 per square foot. Historically high vacancy and low absorption rates are behind the negative rent growth. Due to the high cost of doing business in New York, landlords have also struggled to backfill spaces vacated by tenants that were victims of the e-commerce world. As a result, property owners are being forced to bring down their tenant improvement allowances and integrate more flexibility into their leases, primarily in the form of shorter lease terms to stimulate cash flows. Midtown East had approximately 100 vacant retail spaces totaling more than 500,000 square feet at the end …

August 21, 2019

Development Northeast Pennsylvania Retail

PMC Breaks Ground on 65,000 SF GIANT Food Store in Philadelphia

by Alex Patton August 20, 2019

PHILADELPHIA — PMC Property Group, a Philadelphia-based developer, has broken ground on a 65,000-square-foot flagship store for GIANT Food Stores in Philadelphia. Located within the Gensler-designed Riverwalk mixed-use project, the store will offer more than 600 varieties of fresh and local produce, as well as curbside pickup and delivery services. The store is slated to open by fall 2020.

August 20, 2019

Newer Posts

Older Posts