NEW YORK CITY — Compass Commercial has arranged the sale of an 8,400-square-foot retail center in the Greenwich Village neighborhood of Manhattan. The sales price was not disclosed. Located at 44-58 E. 8th St., the property is comprised of seven retail units. The tenant roster includes Dunkin’ Donuts, Verizon, uBreakiFix and a Chinese restaurant. Also included in the sale is an underground parking garage with 40 spaces. Adelaide Polsinelli and Mitchell Goldstick of Compass represented both the seller, Three Street Realty Co., and the buyer, a local investor, in the transaction.
WOOD-RIDGE, N.J. — Procida Funding has provided a $7 million loan to refinance the Fiesta Banquet Hall, a two-story event venue in Wood-Ridge. Located at 255 Route 17, the property has been hosting events for more than 60 years and consists of four banquet rooms, two bridal suites and two commercial kitchens. Brian Foley of Procida arranged the financing on behalf of the 100 Mile Fund. The loan was used to consolidate existing debt and complete minor property improvements. Terms of the financing were not disclosed.
Longtime New York City retail broker Faith Hope Consolo passed away Sunday, December 23 in her Upper East Side home. Consolo, the Chairman of Retail at Douglas Elliman Real Estate, was 73. Consolo, New York’s self-appointed “Queen of Retail,” was a powerhouse in the New York real estate community. She was well known for her larger-than-life personality and for her “You Need Faith” motto. In a companywide memo, Douglas Elliman’s President and CEO Steven James wrote: “Faith was a legend in New York commercial real estate, especially the New York City retail stores and businesses. Many of her clients were long term ones. They believed in her to get the job done! And she did! She was a high-voltage character but deep down there was a heart that just wanted to be loved.” Prior to joining Douglas Elliman in 2005, Consolo was a vice chairman at Garrick-Aug Worldwide for 20 years. Her clients included Cartier, Versace, Zara and Louis Vuitton. Consolo was a frequent contributor to several France Media publications, including Shopping Center Business and Northeast Real Estate Business.
It’s too early to tell the impact of the new federal tax law on retail here in New Jersey, or how things might change now that we have a new governor. But one can place a sizable bet, literally, on the fact that medical marijuana dispensaries now given the go-ahead here will lead to recreational use, and that sports betting in New Jersey is going to also be a hit. Betting on Jersey’s retail sector is a great wager too. North Jersey’s top markets — Paramus, Wayne, Woodbridge, Bridgewater and Princeton — are all in great shape. Vacancy rates are low and rents are stable. Although the area was hit hard dur- ing the financial crisis and onetime retail juggernauts such as A&P and Sports Authority had to shutter their doors, much of that space was redeveloped. The space vacated by retailers due to the big impact of the Internet — Toys ‘R Us was stung badly by e-commerce, for example — has quickly been absorbed. Opportunity is at such a premium, it’s tough to find a steal at any of the area’s major regional malls or power centers, or the other desirable retail corridors for that matter. North Jersey retail is that …
DELRAN, N.J. — LBA Logistics has acquired 400 Delran Parkway, a 174,000-square-foot, industrial building in Delran. The sales price was $10.7 million. Located inside the Swedes Run Business Park, the property is situated on more than 16 acres. The building, which is currently vacant, was previously home to a Fortune 500 company. John Plower, Larry Maister, Dean Torosian and Nate Demetsky of JLL Capital Markets represented the undisclosed seller in the transaction.
PORTLAND, MAINE — HFF has brokered the sale of a hotel development site at the former Rufus Deering Lumber Co. in Portland. The sales price was not disclosed. The planned six-story, 112,439-square-foot, Aloft-branded hotel will feature 155 rooms as well as restaurants, meeting space and a fitness center. The property’s location in downtown Portland is adjacent to the historic Old Port and Waterfront districts of the city and within walking distance of numerous restaurants, art galleries and retail shops. The former Rufus Deering Lumber Co. property is being redeveloped into a 469,153-square-foot mixed-use project called Hobson’s Landing that will include 203 residential units, 25,000 square feet of retail space, 155 hotel rooms and 313 parking spaces. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Reger Dasco Properties, in the transaction. The buyer and developer was Norwich Partners.
BOSTON — Linear Retail Properties has acquired a three-story, 8,131 square foot retail building in the Downtown Crossing neighborhood of Boston. The sales price was $5 million. Located at 19-21 School St., the entire building is currently vacant. Linear plans to lease up the property with a full-building retail tenant or restaurant operator. Mike Edward, Jake Golden and Jon Gifford of Perry Brokerage Associates represented the seller, Envision Bank, in the transaction.
PENNSAUKEN TOWNSHIP, N.J. — Colliers International has negotiated the $3.1 million sale of two industrial properties inside the 2 million-square-foot Airport Industrial Park in Pennsauken Township. The two-buildings total 55,037 square feet and are located at 7203 and 7239 Browning Road. At the time of sale, the industrial park was fully leased. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was undisclosed.
NEW YORK CITY — Venture Capital Properties has arranged the $1.3M sale of a multifamily building in the Bushwick neighborhood of Brooklyn. Located at 279-281 Evergreen Ave., the property contains six units, two of which were vacant at the time of sale. The remaining four units are rent stabilized. Jacob Stavsky, Kevin Darouvar & Roy Oskar of Venture Capital Properties represented the buyer, the Rosilio family, and the undisclosed seller in the off-market transaction.
NEW YORK CITY — SJP Properties and PGIM Real Estate, the real estate investment business of PGIM Inc., have acquired 470 Park Avenue South in Manhattan’s Midtown South neighborhood for $245 million. Norges Bank Real Estate Management and TH Real Estate sold the 301,178-square-foot office and retail building. New York City-based SJP Properties will lease and manage the property. The partners plan to transform the property to accommodate the modern workforce with a boutique-style hotel lobby, outdoor garden, a game room, café, bar and enhanced rooftop terraces on the 14th and 18th floors, totaling 7,670 square feet. The new owners plan to gear the renovated workspace toward technology and creative sector tenants. The building takes up a city block between 31st and 32nd streets. It was 82 percent leased at the time of the sale with tenants including Priceline.com and Dstillery Inc., a data science firm. “In recent years, the Park Avenue South submarket has seen a large influx of tenants across a variety of industries — technology, healthcare, media, hospitality and more — making it a vibrant live/work/play destination,” says Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “We are pleased to collaborate again with our long-term …