Main Street isn’t dead. It’s being refreshed, rebranded and reimagined. Creating a compelling experience in today’s retail environment is a critical element to being successful. Property owners are working hard to make their retail sites attractive and relevant. This includes placing emphasis on curb appeal and redeveloping spaces that may previously have been occupied by big box tenants. Many landlords are turning larger vacancies into multiple spaces to accommodate junior anchors and smaller tenants at as retailers are rightsizing and working to maximize efficiencies. At the same time, landlords are replacing building façades and updating landscaping, parking areas and lighting to enhance visual appeal. Main Street in Westport, Connecticut, represents a prime example of this retail renaissance. This area is in the midst of a complete reboot. Over the past year or so, the talk of the town was that the storefronts along Westport’s commercial corridor are not as lively as they had been in the past. But appearances can be deceiving, and perception isn’t always reality. The truth is that Westport’s retail scene is very much alive and is being revived with new and fresher brands. New Players We’re seeing brands like Sundance, an apparel catalog company created by …
Northeast
Consulate General of Japan Signs 58,000 SF Lease Extension at 299 Park Avenue in Manhattan
by Alex Patton
NEW YORK CITY — The Consulate General of Japan has signed a 58,000-square-foot lease extension at the Plaza District tower owned by Fisher Brothers in Manhattan. The lease extension will keep the consulate at 299 Park Ave. until 2036. The office provides protection to Japanese nationals within the United States and promotes trade and investment with Japan. Fisher Brothers, which constructed the building in 1967, is set to initiate a capital improvement program to upgrade the lobby and entrance, and incorporate a new exterior lighting system. Since announcing the renovation plans in 2017, Fisher Brothers has secured 316,000 square feet of new leases and renewals at the tower, including investment firms One William Street Capital and GoldPoint Partners.
CAMBRIDGE, MASS. — Knighthead Funding LLC, a Connecticut-based private lender, has provided a $37.7 million construction loan for the completion of a hotel conversion project in Cambridge, located across the Charles River from Boston. The project involves the conversion of a four-story multifamily building into a 67-room hotel that will house ground-floor retail space and features a rooftop lounge. Hay Creek will manage the new hotel, which is slated to open in the first quarter of 2020. Knighthead provided the 24-month loan to a local partnership operating as Sean Casey LLC.
BOSTON — Locally based developer Related Beal has opened a 65-room Whitney hotel located at the corner of Charles and Cambridge streets in Boston’s Beacon Hill neighborhood. The luxury boutique hotel also houses four premium suites and is attached to a new Mediterranean-style restaurant called Peregrine. Other amenities include a fitness studio, outdoor courtyard and rentable sailboats and bikes. Boston-based Hacin + Associates was the project architect, and Harrisburg, Pa.-based Hersha Hospitality Management will operate the property.
CHERRY HILL, N.J. — Marcus & Millichap has brokered the $4 million sale of South Jersey Medical Center, a 33,426-square-foot medical office building located in Cherry Hill, located just outside Philadelphia in New Jersey. The property features 14 suites and 425 feet of frontage along State Route 70, which has a daily traffic count in excess of 53,000 cars. David Beyel, Lawrence Gariano and Michael Hinchman of Marcus & Millichap’s Philadelphia represented the undisclosed seller and procured the buyer, a Pennsylvania-based partnership that will upgrade the property’s common areas.
Northeast Private Client Group Negotiates $3.6M Sale of Two Multifamily Assets in Connecticut
by Alex Patton
BRIDGEPORT, CONN. — Northeast Private Client Group (NPCG) has negotiated the $3.6 million sale of a pair of multifamily assets in Bridgeport, located on Connecticut’s southern coast. The properties total 44 units. Brad Balletto, Rich Edwards and Jeff Wright of NPCG represented the seller, a local owner-operator, and procured the buyer, a Connecticut-based investor. The deal closed at a capitalization rate of roughly 7 percent.
NEW YORK CITY — A partnership between privately owned investment firm Harbor Group International and Image Capital LLC has acquired The Frederick, a multifamily property in Brooklyn, for $117 million. The Class A property, which was built in 2017, offers 193 units equipped with high-end kitchens and appliances. Amenities include a fitness center and a tenant lounge. The Frederick is located near Prospect Park, as well as several mass transit lines and retail options. Westwood Realty Associates brokered the deal. The seller was Heritage Equity Partners.
NEWARK, N.J. — Newmark Knight Frank (NKF) has negotiated the sale of 550 Broad Street, a 294,242-square-foot office tower in downtown Newark. The sales price was undisclosed. The 18-story, Class A building was built in 1966 and was recently renovated to add a new lobby, fitness center and café. Steven Schultz, Tony Georgiev, Josh Malka and Jeff Kolodkin of NKF brokered the sale in conjunction with live-bid commercial real estate sales platform RealINSIGHT Marketplace. The buyer was local investment firm Fidelco Realty Group, and the seller was undisclosed.
PLYMOUTH, MASS. — Marcus & Millichap has arranged the $5.8 million sale of a three-story, 67-room Comfort Inn hotel in Plymouth, located south of Boston. Marcus & Millichap’s Jerry Swon, Daniel Zagoria and Cameron Pierce represented the seller, a family trust that owned the property for several decades, and the undisclosed buyer. The hotel, which is located off Route 3, is franchised under Choice Hotels, which operates more than 6,300 hotels across 35 countries and territories.
CLIFFSIDE PARK, N.J. — General contractor Legacy Builders has completed the renovation of Apogee Co-Op, a 30-story multifamily high-rise at 250 Gorge St. on New Jersey’s Gold Coast. The property includes 315 units. As part of the facelift, Legacy overhauled and modernized the aesthetics of the entranceway, lobby and amenities of the property, which was originally built in 1972. Rental prices have appreciated more than 20 percent since renovations began in 2014. New York City-based Steven Kratchman Architect served as the project designer.