Northeast

Terminal-Logistics-Center-Queens-New-York

More Industrial Product Lands Near Airports

by Taylor Williams May 17, 2019

The U.S. industrial market has now recorded more than 240 million square feet of net absorption for four consecutive years, the strongest run on record, with an all-time high of 284.9 million square feet in 2018, according to Cushman & Wakefield. In New York City, the largest consumer market in the United States, the current industrial supply of approximately 170 million square feet remains heavily constrained, especially around the region’s transportation hubs. Nowhere is the demand for industrial product more apparent than in the area surrounding John F. Kennedy Airport in Queens, which handles more than 1.3 million tons of air freight every year, according to the Port Authority of New York and New Jersey. JFK is the second busiest air cargo airport on the East Coast behind Miami International Airport and just ahead of Newark International Airport. “There’s really not a lot of land near JFK,” says David Hercman, director of asset management at Long Island-based Milvado Property Group. “So, whatever supply is there is there.” Time-sensitive industrial users like freight forwarders, which organize shipments from manufacturers or producers overseas, need to be close to the airport in order to get products to the end user as quickly as …

May 17, 2019

Development Industrial Northeast Pennsylvania

Dermody Properties Breaks Ground on 557,820 SF Industrial Project in Wind Gap, Pennsylvania

by Taylor Williams May 16, 2019

WIND GAP, PA. — Dermody Properties, a Nevada-based investment and development firm, has broken ground on a 557,820-square-foot industrial project in Wind Gap, located in the Lehigh Valley region of Pennsylvania. The two-building complex will be situated on 73.1 acres about 80 miles from the Port of New York and New Jersey. Building 1 will span 349,920 square feet and Building 2 will total 207,900 square feet, with both facilities featuring 36-foot clear heights. Construction of Building 1 is expected to be complete by the fourth quarter, and construction of Building 2 is slated for completion in early 2020. Lee & Associates is handling leasing of the property, which will be marketed to e-commerce users. Vertek Construction is the general contractor.

May 16, 2019

Acquisitions Northeast Pennsylvania Retail

Agree Realty Acquires Wawa’s Flagship Store in Philadelphia for $15M

by Taylor Williams May 16, 2019

PHILADELPHIA — Agree Realty Corp., a Michigan-based publicly traded REIT, has acquired the 11,500-square-foot flagship store of Wawa’s, a chain of gas stations and convenience stores serving the East Coast, for approximately $15 million. The store is situated within the 13-story Public Ledger Building, located adjacent to Independence Hall in the Center City area of Philadelphia. The store is the largest of the Wawa’s chain and includes a bakery, merchandise and an expanded selection of the company’s reserve coffee products. The seller was not disclosed.

May 16, 2019

Acquisitions Multifamily New Jersey Northeast Seniors Housing

AMS Acquisitions Buys Age-Restricted Community in Sayreville, New Jersey for $13M

by Taylor Williams May 16, 2019

SAYREVILLE, N.J. — AMS Acquisitions LLC, a New York City-based investment firm, has purchased a two-building, age-restricted housing community in Sayreville, located in northern New Jersey. AMS acquired the property from New Jersey-based development firm Gillette for $13 million. The property includes an 80-unit building, known as Gillette Towers, with one-bedroom floor plans reserved for persons age 55 or older. AMS will break ground on a 56-unit building later this spring. Amenities include a library/media room, outdoor gazebos and bocce and shuffleboard courts., and rents range from $1,400 to $1,550 per month. New York-based Castellan Real Estate Partners provided an undisclosed amount of acquisition financing for the deal, with AMS using its own equity to complete the transaction.

May 16, 2019

Leasing Activity Northeast Office Pennsylvania

CHOP Signs 54,000 SF Office Lease Expansion at Wanamaker Building in Philadelphia

by Taylor Williams May 16, 2019

PHILADELPHIA — Children’s Hospital of Philadelphia (CHOP) has signed a 54,000-square-foot office lease expansion at the Wanamaker building, a 1.4 million-square-foot office and retail property located in the Center City neighborhood of Philadelphia. Following this transaction, CHOP will occupy more than 300,000 square feet across six floors. The building owner, a partnership between Rubenstein Partners LP and Amerimar Enterprises Inc., is entering the final phase of a capital improvement program for the building, which was originally built in 1911 to house Wanamaker’s, one of America’s first department stores.

May 16, 2019

Leasing Activity New York Northeast Retail

Shakespeare & Co. to Open First Bookstore in Lower Manhattan

by Taylor Williams May 16, 2019

NEW YORK CITY — Shakespeare & Co., a chain of bookstores that was founded in 1983, will open its first store in Lower Manhattan when it assumes occupancy of a 2,300-square-foot space at 230 Vesey St. in January 2020. The store, which will be located within the 14-acre Brookfield Place complex on the Hudson River, will include a children’s book section and café. In addition, the store will host monthly book club events in its communal area.

May 16, 2019

Market Reports New Jersey Northeast Northeast Market Reports Office

The Silver Lining of the Amazon HQ2 Outcome in Northern New Jersey

by Taylor Williams May 16, 2019

Despite the heartache from losing the bid for Amazon’s second headquarters, New Jersey is undoubtedly in a more competitive position than it was before the selection process began. The exercise of responding to Amazon’s request for proposals showcased many of New Jersey’s strengths, such as its talented labor pool, access to higher education and vast transportation infrastructure. As we now know, these assets weren’t enough to secure the Amazon campus, leaving state officials and business leaders motivated to work on those areas identified as falling short. But that doesn’t take away from what the state offers both corporate occupiers and institutional investors. To start, building owners are increasingly investing significant capital to improve and expand New Jersey’s aging supply of office properties. This is music to a tenant’s ears and, as a result, the office market continued its streak of growing occupancy with 302,577 square feet of positive absorption in the fourth quarter, according to Transwestern. Where many of the new leases were signed, landlords committed to substantial capital improvement programs. For the past several years, the best lease-up success stories have come from owners that upgraded their properties to current standards and added amenities preferred by today’s dynamic workforce. …

May 16, 2019

Acquisitions New Jersey Northeast Office

Devli Group, Aspen Realty Acquire 129,632 SF Office Complex in Eatonton, New Jersey

by Taylor Williams May 15, 2019

EATONTON, N.J. — A joint venture between New York-based investment firm Devli Group and Connecticut-based Aspen Realty has acquired a two-building office complex totaling 129,632 square feet in Eatonton. The property, which comprises a 100,272-square-foot building and a 29,360-square-foot building, is situated on eight acres at 260 and 270 Industrial Way near the oceanfront city of Long Branch. The property was fully leased at the time of sale. The seller and sales price were not disclosed. The joint venture officially acquired the note on the property in November 2018 at a foreclosure auction and has now officially taken title of the property.

May 15, 2019

Leasing Activity New York Northeast Retail

Wegmans to Open 74,000 SF Store in Brooklyn

by Taylor Williams May 15, 2019

NEW YORK CITY — Rochester, New York-based grocer Wegmans will open a 74,000-square-foot store within the Admirals Row redevelopment project located on Flushing Avenue in Brooklyn. The grand opening is scheduled for Sunday, Oct. 27. The store, which will be the company’s first location in New York City, is expected to create about 350 full- and part-time jobs. Wegmans Brooklyn will carry more than 60,000 individual products and offer second-floor mezzanine space with a bar serving food, wine, beer and spirits.

May 15, 2019

Leasing Activity New York Office

Global Investment Firm Signs 28,045 SF Office Lease in Midtown Manhattan

by Taylor Williams May 15, 2019

NEW YORK CITY — Global investment management firm Bardin Hill Investment Partners has signed a 28,045-square-foot office lease at 299 Park Avenue in Midtown Manhattan. The firm, which is relocating from 477 Madison Avenue, will occupy the entire 24th floor of the 42-story building beginning in November. The lease term is 12 years. Chris Corrinet and Neil King of CBRE represented Bardin Hill in the lease negotiations. Marc Packman, Clark Briffel, Peter Shimkin, Andrew Sachs, Eric Cagner and David Falk of Newmark Knight Frank represented the landlord, Fisher Bros. 299 Park Avenue is a 1.2 million-square-foot office building located between 48th and 49th streets next to the Waldorf-Astoria Hotel and Grand Central Terminal. Other tenants at the property include Capital One and UBS.

May 15, 2019

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