LAKE HOPATCONG, N.J. — NAI James Hanson has negotiated the sale of a 6,000-square-foot retail building in Lake Hopatcong, located about 40 miles northwest of New York City. The retail center comprises seven rentable units, 50 feet of lake access and close proximity to Route 80 in Upstate New York. Joe Vindigni of NAI James Hanson represented the seller, BD Newhouse LLC in the transaction. The buyer was Gardners Shed. The sales price was undisclosed.
NEW YORK CITY — Kelley Drye & Warren LLP, a New York-based law firm, has signed a 103,000-square-foot office lease at 3 World Trade Center in Manhattan. The firm will move to the 66th, 67th and 68th floors of the building in 2020, and will be the first law firm in the building. Other tenants in the building include advertising company GroupM, beverage company Diageo, mattress retailer Casper, and Hudson River Trading. Mary Ann Tighe, Ken Meyerson, Adam Foster, Evan Haskell, Steve Eynon, David Caperna and Rob Hill of CBRE represented the landlord, Silverstein Properties, in the transaction. Patrick Heeg and Ryan McKinney of Transwestern represented Kelley Drye.
ROCKAWAY, N.J. — Cushman & Wakefield has arranged the sale of a 170,000-square-foot industrial asset in Rockaway, a city located about 30 miles west of New York City. The six-building complex at 114 Beach St. is 99 percent leased to 17 tenants, including light manufacturing, service and distribution companies. Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald, Jordan Sobel and Stephen Sander of Cushman & Wakefield represented the seller, The Silverman Group, in the transaction. The team also procured the buyer, New York-based investor Davco Group.
WARREN, N.J. — JLL has negotiated a 35,000-square-foot office lease in Warren, about 30 miles west of New York City. Bohler Engineering, an Atlanta-based civil engineering company, will occupy the first two floors of 30 Independence Boulevard by March 2020. The engineering firm is relocating to the building from 35 Technology Drive in Warren. Griffin Capital was represented by Timothy Greiner, Dennis McConnell and Daniel Spero of JLL represented the landlord, Griffin Capital, in the transaction. Scott Lesh, Scott Stange Sr. and Daniel Loughlin of JLL represented Bohler.
ARLINGTON, MASS. — Marcus & Millichap has arranged the $16 million sale of 840 & 846 Massachusetts Avenue, a 61-unit apartment complex in Arlington, a northwestern suburb of Boston. The 61-unit property is situated near the Arlington Center, a Whole Foods store and a Stop&Shop. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a private family, in the transaction. The team also procured the buyer, a limited liability company.
PENNSAUKEN, N.J. — Colliers International has brokered the $3.6 million sale of 6910-6930 Central Highway, a 58,000-square-foot industrial warehouse in Pennsauken, an eastern suburb of Philadelphia. The building features three loading doors and a 24-foot ceiling height. Ian Richman and Marc Isdaner of Colliers represented the seller, 6910-30 Central Highway LLC, in the transaction. Hair care and tool manufacturer Heat Makes Sense Inc. was the buyer.
ROCHESTER, N.Y. — Broadstone Net Lease (BNL) has acquired 23 industrial properties in 14 states and British Columbia, Canada for $735.7 million. The portfolio was fully leased at the time of sale and comprises a mix of warehouse, distribution, cold-storage, manufacturing and flex properties. The 23 buildings total 6.9 million square feet and are leased to 19 tenants. When the sale closes, Rochester-based BNL’s portfolio will consist of 41 percent industrial properties, 27 percent retail and 18 percent healthcare. The company will own 668 net-leased commercial properties totaling approximately 27.2 million rentable square feet of operational space. The seller and a list of the properties were not disclosed. “This portfolio benefits from attractive real estate and tenant fundamentals and represents a diverse and accretive addition to our net lease real estate portfolio,” says Chris Czarnecki, BNL’s chief executive officer. The new portfolio has a weighted average remaining lease term of 11.5 years and weighted average annual rent increases of about 2.2 percent. The acquisition was funded through a combination of proceeds from BNL’s ongoing private offering of shares of common stock; $150 million from BNL’s $450 million, seven-year, unsecured term loan that matures in February 2026; $300 million from a new …
NEW YORK CITY — Terreno Realty Corp., a San Francisco-based investor, has acquired an industrial property located in Brooklyn for approximately $80.5 million. The property, 134-154 Morgan Avenue, consists of two distribution buildings containing approximately 192,000 square feet and 41 loading positions. The buildings are 100 percent leased to eight tenants. The seller was undisclosed.
YONKERS, N.Y. — CBRE has arranged the $48.3 million sale of Parkledge, a 311-unit affordable housing community Yonkers, a northern suburb on New York City. The property features one-, two-, three- and four-bedroom apartments and was 97 percent occupied at the time of sale. Ninety percent of the units restrict potential tenants to 60 percent area median income. Tim Flint, Jeff Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the transaction, which was undisclosed. The buyer was Hudson Valley Property Group.
MOONACHIE, N.J. — Team Resources, a New Jersey-based firm, has negotiated a 23,000-square-foot industrial lease for New York-based wholesale merchandiser Icon Trade Services in Moonachie, a western suburb of New York City. The single-story warehouse features two loading docks, a drive-in door and an 18-foot ceiling height. David Knapel of Team Resources represented Icon in the lease negotiations, as well as the landlord, which was undisclosed.
