Property Type

SomeraRoad Buys Out Partners for SouthSide Works in Pittsburgh, Plans $167M Development and Renovation

by John Nelson March 10, 2020

PITTSBURGH — SomeraRoad Inc., a value-add investment and development firm based in New York City, has taken full ownership of SouthSide Works in Pittsburgh’s South Side neighborhood. The adaptive reuse project was formerly the site of J&L Steel Works and now houses approximately 280,000 square feet of retail space, 180,000 square feet of office space and 85 apartments. The project opened in 2004. SomeraRoad plans to undertake more than $37 million in capital improvements and invest $130 million in new development at the project, including 230 apartments and 200,000 square feet of office space fronting the Monongahela River. Another key feature of the new development plan is the conversion of the SouthSide Works Cinema to a 77,000-square-foot creative office space dubbed Box Office. SomeraRoad plans for the new office space to house about 500 office workers. The Kansas City office of HOK Architecture will design Box Office, which SomeraRoad will begin work on this summer. “The cinema’s grand entry, high ceilings and efficient useable floorplate, coupled with steel and glass improvements and the adaptive reuse appeal, creates a unique office conversion opportunity Pittsburgh hasn’t seen before,” says Jon Reeser, SomeraRoad’s vice president of acquisitions and head of its Pittsburgh office. …

March 10, 2020

Features Massachusetts Northeast Northeast Feature Archive Pennsylvania Retail

Breweries in the Northeast Tap into Local Culture to Attract Patrons

by Alex Patton March 10, 2020

The modern craft beer brewery has emerged as a niche community anchor with flexible business models and loyal customer bases across the United States, particularly in the Northeast. Combining elements of retail, industrial and hospitality models, craft breweries have quickly become one of the most dynamic and trendy business types in major cities and small towns, alike. Some of the largest and most popular craft breweries in the United States are based in the Northeast, including the two largest: Pennsylvania-based D.G. Yuengling & Son Inc.; and Boston Beer Co., the parent company of Samuel Adams. Vermont has the most breweries per capita in the United States with more than 66, according to the national Brewers Association’s most recent nationwide census in 2018. The census identified more than 155 breweries in Massachusetts and more than 354 breweries in Pennsylvania — and those numbers have only increased over time. “Massachusetts and Pennsylvania both have a long history in brewing, and there’s a lot of variation from region to region — even city to city,” says Bart Watson, chief economist for the Brewers Association. “Breweries appeal to their hyper-local community and also can bring in a lot of tourism and outside dollars. During …

March 10, 2020

Loans Mixed-Use New York Northeast

JLL Secures $210M Acquisition Loan for Mixed-Use Building in Manhattan

by Alex Patton March 9, 2020

NEW YORK CITY — JLL has secured a $210 million acquisition loan for 530 Broadway, a 200,000-square-foot mixed-use building in the SoHo neighborhood of Manhattan that was originally built in 1898. LoanCore Capital LLC provided the loan to a joint venture between local real estate developer SHVO, Deutsche Finance America and BLG Capital Ltd. The joint venture purchased the 11-story property from a partnership of Wharton Property Advisors and Thor Equities. Michael Tepedino, David Sitt and Robert Tonnessen of JLL arranged the financing.

March 9, 2020

Delaware Development Multifamily Northeast

Capano Residential Opens 264-Unit Multifamily Property in Middletown, Delaware

by Alex Patton March 9, 2020

MIDDLETOWN, DEL. — Capano Residential, is a subsidiary of Capano Management, has opened The Reserve at Westown, a 264-unit luxury apartment community in Middletown, located approximately 30 miles northwest of Dover. The community offers farmhouse-inspired residential units in one-, two- and three-bedroom floor plans and amenities including a fitness facility, library and pool.

March 9, 2020

Acquisitions New York Northeast Retail

NKF Brokers $14M Sale of Leasehold Interest in Retail Building in Brooklyn

by Alex Patton March 9, 2020

NEW YORK CITY — Newmark Knight Frank has brokered the $14 million sale of a 99-year leasehold interest at 250 Utica Avenue, a 61,230-square-foot retail building in the Crown Heights neighborhood of Brooklyn. At the time of sale, the four-story building was 95 percent leased to tenants including Blink Fitness, CityMD, Dollar Tree and Brooklyn Kids Academy. There are 91 years remaining on the recently restructured leasehold. Barry Fishbach, Brian Segall and Gary Meese represented the seller, L+M Development Partners. The buyer was undisclosed.

March 9, 2020

Lee & Associates New York Northeast Retail

Two Retailers Sign Leases Totaling 5,000 SF at Galerie in Queens

by Alex Patton March 9, 2020

NEW YORK CITY — Two retailers have signed leases to occupy a total of 5,000 square feet at the ground floor of Galerie, a 182-unit luxury condominium building in the Long Island City neighborhood of Queens. Fitness facility F45 Training signed a lease for 2,300 square feet, and Pediatric Associates of NYC signed a lease for 2,643 square feet. A development partnership between Adam America Real Estate and Vake US owns the building, which is located at 22-18 Jackson Ave. Thomas Galo and Steve Baker of Winick Realty Group represented ownership in both lease negotiations. Michael Azarian of Cushman & Wakefield represented F45 Training. Elliot Zelinger of Savitt Partners represented Pediatric Associates of NYC.

March 9, 2020

Leasing Activity New Jersey Northeast Office

CBRE Negotiates 4,420 SF Office Lease Renewal in Florham Park, New Jersey

by Alex Patton March 9, 2020

FLORHAM PARK, N.J. — CBRE has negotiated a 4,420-square-foot office lease renewal for the Morris County Chamber of Commerce (MCCC) in Florham Park, located approximately 30 miles west of New York City. The tenant will continue to occupy its space at 325 Columbia, a Class A office building near the Morristown Airport Turnpike, for an additional 10 years. Thomas Mallaney of CBRE represented MCCC in the lease negotiations. Jack O’Hearn represented the landlord, Mack-Cai Realty Corp., on an internal basis.

March 9, 2020

Acquisitions Industrial Southeast Virginia

JLL Arranges $78.5M Sale of Industrial Park in Richmond

by Alex Tostado March 9, 2020

RICHMOND, VA. — JLL has arranged the $78.5 million sale of I-95 Logistics Park, a two-building, 923,400-square-foot industrial complex in Richmond. The property is situated on 60 acres at 4747 and 4949 Commerce Drive, along Interstate 95 and six miles south of downtown Richmond. The asset was fully leased to Brother International as well as an undisclosed American multinational technology company at the time of sale. Multiple media outlets report Amazon is the other tenant. John Huguenard, Bruce Strasburg and Patrick Nally of JLL represented the seller, Panattoni Development Co. Inc., in the transaction. Virginia-based Cambridge Property Group represented the buyer, Logistics Park 95 LLC, which is an affiliate of Halle Enterprises.

March 9, 2020

Acquisitions Maryland Office Southeast

Finmarc Purchases 11-Building Office Complex in Suburban Maryland for $43M

by Alex Tostado March 9, 2020

FREDERICK, MD. — Finmarc Management Inc. has purchased Frederick Corporate Park, an 11-building, 440,000-square-foot office complex in Frederick, for $43 million. At the time of sale, the property was 68 percent leased to 22 tenants, including Department of Veterans Affairs, Aeroflex, American Computer Development, Carey International, Mad Fitness and Meeting Play, Love & Co. The 11 buildings are situated three miles south of downtown Frederick and 47 miles from both Washington, D.C. and Baltimore. Los Angeles-based CIM Group sold the property. Cliff Mendelson of Metropolis Capital Advisors originated acquisition financing on behalf of the buyer. Alan Zuckerman of Highland Realty was the sole broker in the transaction. Joe Hoffman and Aaron Rosenfeld of the law firm Kelly, Drye & Warren provided the buyer with legal representation.

March 9, 2020

Development Mixed-Use North Carolina Southeast

Nuveen, Crosland Southeast to Develop Mixed-Use Project in Charlotte

by Alex Tostado March 9, 2020

CHARLOTTE, N.C. — Nuveen Real Estate and Crosland Southeast have acquired a 12-acre parcel in Charlotte’s Plaza Midwood neighborhood to develop a mixed-use project. The development will feature retail, restaurant and office space, as well as residential units. The site is situated at the corner of Pecan and Central avenues, two miles from downtown Charlotte. The development team will complete the project in phases over a five-year period. Further details of the plans were not disclosed.

March 9, 2020

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