Northeast

CBRE Arranges Sale of 154,824 SF Industrial Property in Freehold, New Jersey

by Alex Patton January 14, 2020

FREEHOLD, N.J. — CBRE has arranged the $8.8 million sale of a 154,824-square-foot industrial property located at 500 Halls Mill Road in Freehold, located approximately 30 miles east of Trenton. Situated at 500 Halls Mill Road, the property offers convenient access to the New Jersey Turnpike and the Garden State Parkway. The buyer, Treetop Development, plans to redevelop the site as an approximately 200,000-square-foot distribution facility with a clear height of 36 feet. Elli Klapper, Charles Berger and Kevin Dudley led a CBRE team that represented Treetop Development in the transaction. The seller was undisclosed.

January 14, 2020

Development Healthcare New York Northeast Office

University of Rochester Plans $240 Million Orthopedics Campus in Rochester, New York

by Alex Patton January 13, 2020

ROCHESTER, N.Y. — The University of Rochester (UR) plans to develop The UR Medicine Orthopaedics & Physical Performance Center at The Marketplace Mall in Rochester. The 330,000-square-foot facility would be the largest off-site building in UR history. Wilmorite, owner of The Marketplace Mall, plans to sell the former Sears department store and surrounding mall property to UR. Plans call for repurposing the vacant Sears building as the shell for the new ambulatory surgery center, with new operating rooms and procedure rooms. New construction would create a multi-story tower above the surgery center, housing services such as diagnosis and treatment of bone, spine, muscle and joint conditions as well as sports medicine, injury prevention and other wellness services. The Orthopaedics & Physical Performance Center could cost up to $240 million, which will be paid for through a combination of philanthropy, UR funds and borrowing. Trustees have approved $11 million for project design. If approvals and construction proceed as expected, the campus could be completed by 2023.

January 13, 2020

Development Northeast Office Pennsylvania

Center City Investment to Develop 296,000 SF Spec Office Building in Allentown

by Alex Patton January 13, 2020

ALLENTOWN, PA. — Center City Investment Corp. will develop 1 Center Square, a 296,000-square-foot Class A office building in the City Center business district of Allentown, located approximately 60 miles north of Philadelphia. The 16-story office building will be built with a speculative corporate headquarters anchor tenant in mind and will feature open floorplans and theater-style auditoriums. JDavis Architects is designing 1 Center Square and Gensler is the interior designer. North Star Construction Management is the general contractor. Construction is slated to begin this fall, with initial occupancy scheduled for 2022. The project is estimated to cost $100 million.

January 13, 2020

Acquisitions Northeast Pennsylvania Retail

Joint Venture Acquires 116,778 SF Shopping Center in Jenkintown, Pennsylvania

by Alex Patton January 13, 2020

JENKINTOWN, PA. — A joint venture between Inland Institutional Capital LLC and Charter Realty & Development Corp. has acquired Baederwood Shoppes on the Fairway, a 116,778-square-foot shopping center in Jenkintown, a northern suburb of Philadelphia, for $43.3 million. Whole Foods Market anchors the shopping center with other tenants including Planet Fitness, Panera Bread and Penn Community Bank. Mark Cosenza of Inland Real Estate Acquisitions LLC and Paul Brandes, a principal of Charter, represented the joint venture in the transaction. The seller was undisclosed.

January 13, 2020

Acquisitions Northeast Pennsylvania Retail

NKF Arranges $16M Sale of Mall at Whitney Field Retail Center in Leominster, Massachusetts

by Alex Patton January 13, 2020

LEOMINSTER, MASS. — Newmark Knight Frank (NKF) has arranged the $16 million sale of The Mall at Whitney Field, a 744,107-square-foot retail center in Leominster, located approximately 42 miles northwest of Boston. At the time of sale, the property was 95 percent leased to tenants including Sears, Macy’s JCPenney, Burlington and regional grocer Market Basket. Geoffrey Millerd, Justin Smith and Paul Penman led an NKF team that represented the seller, Colony Capital. Hull Property Group was the buyer.

January 13, 2020

Acquisitions Industrial New Jersey Northeast

NAI James Hanson Brokers Sale of 20,000 SF Industrial Building in Hackensack, New Jersey

by Alex Patton January 13, 2020

HACKENSACK, N.J. — NAI James Hanson has brokered the sale of a 20,000-square-foot industrial building in Hackensack, a northwestern suburb of New York City. Located at 143 Leuning St., the property offers 17,500-square-feet of industrial space, 2,500-square-feet of office space and close proximity to the New Jersey Turnpike. The buyer, City Knickerbocker, provides reproductions of contemporary lighting fixtures for use in television, theater, and private businesses and homes. Russell Verducci and Eric Demmers of NAI James Hanson represented City Knickerbocker in the transaction. Schmidt Realty Company LLC was the seller. The sales price was undisclosed.

January 13, 2020

Acquisitions Industrial New York Northeast

NKF Brokers $21.5M Sale of Industrial Property in Queens

by Alex Patton January 10, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has brokered the $21.5 million sale of 24 Woodward Avenue, a 110,000-square-foot distribution and warehouse facility in the Ridgewood neighborhood of Queens. The two-story property offers close proximity LaGuardia and Kennedy airports. Brian Ezratty and Scott Ellard of NKF represented the seller, Willowen Management Corp., in the transaction. The team also represented the buyer, Prologis.

January 10, 2020

Acquisitions Connecticut Multifamily Northeast Seniors Housing

Blueprint Arranges Sale of 100-Unit Seniors Housing Community in Stratford, Connecticut

by Alex Patton January 10, 2020

STRATFORD, CONN. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Atria Stratford, a 100-unit assisted living and memory care seniors housing community located in Stratford. Developed in 1999, the 87,000-square-foot community features 76 assisted living and 24 memory care units. A publicly traded REIT sold the property to partners of Woodbine Senior Living for an undisclosed price. Ben Firestone, Steve Thomes, Michael Segal and Alex Florea of Blueprint facilitated the sale.

January 10, 2020

Development Massachusetts Northeast Retail

Ascend Mass to Open 16,000 SF Cannabis Dispensary in Boston

by Alex Patton January 10, 2020

BOSTON — Ascend Mass, a subsidiary of Ascend Wellness Holdings, will open a 16,000-square-foot cannabis dispensary in downtown Boston. Located at 272 Friend St. near Faneuil Hall and TD Garden, the store will be the largest cannabis dispensary to open on the East Coast. Ascend Wellness operates cannabis stores in Illinois and Michigan, and the Boston store will be its first in Massachusetts. The Andrus Group designed the building, which is slated to open in late 2020.

January 10, 2020

Leasing Activity New York Northeast Office

CBRE Negotiates 13,000 SF Office Lease for Law Firm in Westchester, New York

by Alex Patton January 10, 2020

WESTCHESTER, N.Y. — CBRE has negotiated a 13,000-square-foot office lease for law firm Marshall Dennehey Warner Coleman & Goggin in Westchester, a northern suburb of New York City. The company will occupy the top floor of RiverView at Purchase, a 120,000-square-foot, Class A office property located at 287 Bowman Ave. William Cuddy Jr. and Jacqueline Novotny of CBRE represented the landlord, Phoenix Capital Partners LLC, in the lease negotiations.

January 10, 2020

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