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NortheastOfficePennsylvaniaUncategorized

Colliers Arranges Sale of 50,000 SF Office Building in Wilkes-Barre, Pennsylvania

by Alex Patton

WILKES-BARRE, PA. — Colliers International has arranged the sale of a 50,000-square-foot office building in Wilkes-Barre, located approximately 100 miles north of Philadelphia. Situated at 15 South Franklin St., the 10-story office building was completed in 1920. The buyer plans to convert the building to apartments or condos, possibly with commercial or office components. Law firm Rosenn, Jenkins & Greenwald has operated its headquarters at the building since 1954 and will relocate to Cross Creek Pointe at 1065 Route 315 in Plains. Jeff Algatt and John Susanin of Colliers represented the seller, a group of locally based private investors. The buyer was Franklin Downtown LLC, based in Somerset, New Jersey. The sales price was undisclosed.

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Uncategorized

Las Vegas Office Market Turns to Downtown for Opportunities

by Taylor Williams

The overall Las Vegas office market has seen steady positive absorption since 2012. Vacancy rates peaked in 2012 and have been declining year over year. The market vacancy rate is 11.7 percent, as of the third quarter. Occupiers are looking at higher-density options with outdoor collaborative areas and walkable amenities. There are projects planned in several submarkets that can accommodate these requirements, however, with those submarkets tightening, these new projects will be at the upper-end spectrum for rental rates. As Las Vegas has grown and continues to sprawl out, office users have moved to the suburbs to live and work within closer proximity to one another. This has made it increasingly difficult to find larger blocks of available space in the more popular suburban submarkets, thereby causing occupiers to look at other mature submarkets, including Downtown. Downtown serves as Las Vegas’ Central Business District for government, law and civic uses. At one point, it was home to Nevada’s oldest law firm. Downtown is evolving and, in true Vegas fashion, re-inventing itself. The city designed an Innovation District in the Downtown core with an emphasis on emerging technology in the areas of public safety, mobility and environmentally conscious solutions for the …

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FeaturesNorth CarolinaOfficeSoutheastSoutheast Feature ArchiveUncategorized

LED Lighting: An Amenity With Immediate Payback for Office Owners

by John Nelson

DURHAM, N.C — The term “environment” is typically thought of as being strictly outdoors, but for office owners, investors and tenants, the interior of office buildings is an environment unto itself. And like planet Earth, an office environment needs investment in order to protect its inhabitants. “We believe the workplace, where employees spend eight hours a day or longer, must provide a healthy and stimulating interior environment,” says Dan Goldstein, managing partner with Accesso Partners LLC of Hallandale Beach, Florida. Goldstein, whose 15-year-old company owns Class A office towers spanning 15 million square feet in major U.S. cities, contends “it makes good business sense to invest capital in an interior environment where employees are productive, efficient and above all, healthy, which cuts down on illnesses and absenteeism and contributes to job satisfaction.” Accesso Partners is doing more than just preaching. In Durham, the institutional commercial real estate fund recently installed a new lighting solution at its 10-building, 690,520-square-foot space within the Meridian Corporate Center, which is adjacent to the famed Research Triangle Park. The result has been brighter offices that are easier on the eyes and more conductive for close-up, meticulously detailed work. There is also a flipside to that …

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Company NewsNew YorkNortheastUncategorized

Berkadia Acquires Capital Advisory Firm Central Park Capital Partners

by David Cohen

NEW YORK CITY — Berkadia has acquired Central Park Capital Partners (CPCP), a boutique real estate capital advisory firm focused on arranging joint venture investments and structured capital from international and domestic sources. CPCP Managing Principal Noam Franklin and principals Chinmay Bhatt and Cody Kirkpatrick will launch Berkadia’s structured capital group to offer support and resources to Berkadia clients. 

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DevelopmentLoansNortheastPennsylvaniaUncategorized

Procida Funding Provides $7M Construction Loan for Townhome Development in Pennsylvania

by David Cohen

UPPER MACUNGIE TOWNSHIP, PA. — Procida Funding has provided a $7 million construction loan for a townhome community in Upper Macungie Township. Located at Wrenfield 1230 Route 100 North, the $26 million project will consist of 98 market-rate, two- and three-story townhouse units with an average size of 2,264 square feet. Ashley Development Corp. will construct the community. The borrower was Lou Pektor. 

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DevelopmentLoansMultifamilyNew YorkNortheastUncategorized

Naftali Credit Partners Secures $65M Construction Loan for Condominium Project in Queens

by David Cohen

NEW YORK CITY — Naftali Credit Partners has arranged a $65 million construction loan for a 74-unit luxury condominium project in Queens. Located at 107-02 Queens Blvd., the 10-story property will also include more than 25,000 square feet of retail space. Amenities will feature a fitness center, playroom and rooftop terrace. Naftali Credit Partners secured the financing on behalf of the borrower, a partnership between RJ Capital Holdings and RB Realty Capital through lender CIT Bank. Terms of the financing were undisclosed. 

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IndustrialLeasing ActivityNew JerseyNortheastUncategorized

NAI Hanson Secures 7,791 SF Industrial Lease in New Providence, New Jersey

by David Cohen

NEW PROVIDENCE, N.J. — NAI Hanson has secured a 7,791-square-foot industrial lease for United Brewing in New Providence. The microbrewery will occupy 140 Spring St., Unit C, at the 66,000-square-foot property. United Brewing plans to set up a full production brewery as well as a tasting room at the site. Barry Cohorsky of NAI James E. Hanson represented the landlord, Davanne Realty Co. & 19-25 Columbia Street Corp., in the transaction. Terms of the lease were not disclosed. 

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AcquisitionsMixed-UseNew JerseyNortheastUncategorized

Marcus & Millichap Orchestrates $1.2M Sale of Mixed-Use Building in New Jersey

by David Cohen

MONTCLAIR, N.J. — Marcus & Millichap has arranged the $1.2 million sale of a 4,500-square-foot mixed-use property in New Jersey. Located at 413 Bloomfield Ave., the property consists of two apartment units and one retail unit. Alan Cafiero, Ben Sgambati, Chip Collins, David Cafiero, Michael DeVita and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the seller, a personal trust, in the transaction. The buyer was a limited liability company. 

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Market ReportsNortheastNortheast Market ReportsPennsylvaniaRetailUncategorized

Millennials Catalyst for Retail Transformation of Center City Philadelphia

by David Cohen

As consumer shopping habits continue to evolve and shoppers get younger, retailers are trying to strike the right balance between their online and physical presence. Those that find this omnichannel harmony are thriving in cities across the United States. Philadelphia’s Center City, in particular, is capitalizing on its booming millennial population and attracting retail concepts that cater to this group. According to Center City District’s 2018 State of Center City Philadelphia report, millennials make up 40 percent of Philadelphia’s downtown population, one of the highest percentages in all U.S. cities. With millennials moving into the peak spending years of their lives, Philadelphia is experiencing a multitude of development with most of the focus being on mixed-use.  Mixed-use development, which combines retail and residential, and sometimes office, is attractive to the millennial generation who are driven by convenience and want the ease of living, working, dining, and shopping all in one place.  The largest retail development projects Center City is seeing right now are happening in the Midtown Village neighborhood, which had been largely neglected until recently when it comes to large mixed-use developments. A few notable projects here are The Collins, a residential community that features 90,000 square feet of retail …

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AcquisitionsMultifamilyNew YorkNortheastStudent HousingUncategorized

CIM Group Sells 24-Story Tower in Manhattan

by David Cohen

NEW YORK CITY — CIM Group has sold Gilman Hall Tower, a 24-story, 146,000-square-foot building in Manhattan. The sales price was undisclosed. Located at the corner of First Avenue and East 17th Street, the building was one of three properties that CIM acquired from Mount Sinai Beth Israel Hospital in March 2017. The building, which was built in 1969, was previously used to house medical residents of Mount Sinai Beth Israel. 

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