The greater Boston retail market experienced a substantial rise in the vacancy rate to 9.5 percent through June 2018, reflecting an 11.3 percent increase in unoccupied space, compared to a level of 8.6 percent in 2017. At the same time, total inventory ended the year at 196 million square feet, a gain of 1 percent, nearly the same square footage as the increase in vacant space. This resulted in a nominal negative absorption rate of only 21,900 square feet. A considerable number of large format store closings and chain liquidations were responsible for the disappointing outcome, which could have been even worse without a significant number of retail conversions to non-retail space cushioning the impact. The retailer gaining the most retail space in the region was Wegmans, adding a two-level store at Natick Mall and a second unit at the redeveloped Meadow Glen in Medford. In second place was 7-Eleven, completing its brand conversion from Tedeschi Food Shops, which it acquired in 2015. Market Basket rounded out the top three, adding new stores in Lynn and Fall River. By number of new units, 7-Eleven added 68, the most of any retailer. Metro PCS was a distant second, adding 16 stores …
MONTCLAIR, N.J. — The Hampshire Cos., along with joint venture partner Pinnacle Cos., have announced plans to redevelop Lackawanna Plaza in Montclair. The planned 216,772-square-foot mixed-use development is expected to revitalize the complex through the development of a range of modern retail, office and residential spaces while preserving historical elements of the station. Originally built in 1913, Lackawanna Plaza was a stop on the Delaware, Lackawanna, and Western Railroad until the station’s closure in 1981. The redevelopment plan seeks to reactivate the Plaza through the creation of retail, residential and office spaces while preserving the unique history of the existing buildings. The site will be anchored by a 28,509-square-foot Lidl grocery store. In addition to Lidl, the plan calls for 35,714 square feet of retail space and 21,032 square feet of office space. A 153-unit mixed-use residential building is also planned for the east side of the site along Grove Street. Construction is slated to start later this year.
LEHIGH VALLEY, PA. — One Wall Partners has acquired a portfolio of 996 rental apartments in the Lehigh Valley of Pennsylvania for an undisclosed price. The portfolio, which is currently 98 percent occupied, features garden-style complexes as well as a rental townhome community. Amenities include outdoor pools, fitness centers and clubhouses. One Wall Partners plans to spend more than $500,000 on energy efficient upgrades and deferred maintenance on the properties. One Wall Partners was represented in-house, in the transaction. The undisclosed seller was represented by CBRE.
NEW YORK CITY — Cushman & Wakefield has brokered the $6.1 million sale of a 16-unit multifamily property in the Bayside neighborhood of Queens. Located at 191-02 35th Ave., the property consists of one- and two-bedroom duplex units as well as three-bedroom triplex units. The two-story property in located nearby the Auburndale Long Island Rail Road station. Daniel Abbondandolo and Dimitri Mastrogiannis of Cushman & Wakefield represented the seller, The DiNoto Group, in the transaction. The property was purchased by Fairfield Properties.
NEWARK, N.J. — Strategic Storage Trust IV Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has acquired a 1,900-unit self-storage facility in Newark. The sales price was undisclosed. The facility consists of approximately 100,000 net rentable square feet, as well as 58,000 net rentable square feet of warehouse space, and is situated on 6.25 acres of land. The seller was undisclosed. Strategic Storage Trust currently owns 16 self storage facilities comprising approximately 11,000 self storage units and 1.3 million net rentable square feet of storage space, as well as two parcels of land under development.
JAMESBURG, N.J. — Marcus & Millichap has negotiated the $1.3 million sale of a mixed-use building in Jamesburg. Located at 196 Buckelew Ave., the 11,750-square-foot property consists of retail space, a warehouse and two apartment units. Alexander Pildes, Greg Babaian and Michael Lombardi in Marcus & Millichap’s New Jersey office, represented the seller, a private investor, in the transaction. The buyer was undisclosed.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $138 million construction loan for a mixed-use development project in the West Harlem neighborhood of Manhattan. Located at 300 W. 122nd St., the 13-story, 211,893-square-foot property will include 155 condominium units and ground-floor retail space slated for a grocery store. MRC provided the financing to borrower Happy Living Development. Richard Horowitz, Ryan Horowitz and Adam Horowitz of Cooper-Horowitz LLC brokered the transaction on behalf of the borrower. The building’s foundation has already been completed.
HARTFORD, CONN. — Chozick Realty has arranged the $14.3 million sale of Willington Oaks, a 128-unit student housing complex at the University of Connecticut in Hartford. The property includes 64 one-bedroom flats and 64 two-bedroom townhouses. Willington Oaks has recently undergone extensive updates including new boilers, roofs, windows, septic systems and connection to municipal water. The property routinely maintains occupancy close to 100 percent. Rick Chozick and Steve Pappas of Chozick Realty represented the seller, Willington Oaks LLC, in the transaction. The buyer was TC NY Associates LLC.
NEW YORK CITY — Cushman & Wakefield has arranged a $75 million refinancing for The Lane at Boerum Place, a 133,387-square-foot residential and retail building in Brooklyn. Located at 415 Red Hook Lane, Rumble Boxing anchors the 108-unit project’s retail component. The residential component of the newly constructed, 21-story property is fully leased. Amenities include central air, a bike room and co-working lounge, as well as washers and dryers in all units. Gideon Gil, Alexander Hernandez, Noble Carpenter III and Zachary Kraft secured financing on behalf of the borrower, Quinlan Development Group & Lonicera Partners. TD Bank provided the financing.
HARRINGTON PARK, N.J. — NAI James Hanson has brokered the $6.6 million sale of an office building in Harrington Park. Located at 200 Old Hook Road, the asset is the former headquarters of water service company United Water, which vacated the building in 2014. The property was constructed in 1977. Andrew Somple and Greg James of NAI James Hanson represented the seller, SUEZ Water, formerly United Water, in the transaction. Allegro Senior Living acquired the property and plans to reposition the property as a senior living facility. The location will be Allegro’s first facility in New Jersey. Allegro and joint venture partner, United Way, have received approvals to construct 83 independent living apartments and 92 assisted living units, of which 25 are memory care units.