24 Hour Local Real Estate News

Middle Market Digest-This Week in the Northeast

Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.

NEWS & NOTABLES

Jim PasquarellaPHILADELPHIA—Jim Pasquarella has joined Avison Young’s capital markets team here as SVP. He joins the firm from CBRE, where he served as VP of investment sales. At AY, Pasquarella will work to expand the investment sales business here and grow the company’s multimarket collaborations.

 

Journal SquaredJERSEY CITY, NJ— KRE Group and National Real Estate Advisors (National) have launched leasing for phase one of Journal Squared, a mixed-use development complex rising in the  Journal Square neighborhood here. The project will include three buildings and bring a total of 1,838 rental residences to the area. The complex also will feature 36,000 square feet of retail and restaurant space, as well as create a pedestrian plaza that leads to the adjacent transit hub. The public plaza will serve as a venue for seasonal activities and community events.

WOBURN, MA—Cushman & Wakefield has been named the exclusive leasing agent for MetroNorth Corporate Center, 120 & 150 Presidential Way here. The brokerage firm will work with Eastport Real Estate Services as the leasing agent for this Class A property. The asset’s two buildings total 220,000 square feet of suburban office space.

DEALTRACKER

Wilton Wellness Center RenderingWILTON, CT—The new Wilton Wellness Center, currently under development at 249 Danbury Rd. here, has secured its anchor tenant. The occupier—the Western Connecticut Medical Group—an affiliate of the Western Connecticut Health Network, has signed a long-term 15,000-square-foot lease. Avison Young Fairfield/Westchester Principal Sean P. McDonnell and Vice President Lori Baker represented  the owner, Cambridge Hanover, a New Canaan, CT-based privately held national real estate investment firm, in the transaction. The tenant was represented by Gerry Lees and Maureen O’Boyle of Cushman & Wakefield.

ACQUISITIONS/DISPOSITIONS

Hannaford BedfordBOSTON, MA—NGKF Capital Markets has completed the sale of Hannaford | Bedford, NH in Bedford, New Hampshire to RK Centers for $14 million. Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith, Associate Director Paul Penman and Financial Analyst Christian Brannelly of the NGKF Capital Markets Boston team—which is led by US head of capital markets Robert Griffin—oversaw the transaction of the grocery-anchored asset. The deal was done on behalf of Eastern Real Estate in conjunction with NGKF executive managing director Richard Ruggiero.

MONEY MOVES

GreenpointNEW YORK CITY—Madison Realty Capital has provided an $18 million first mortgage loan to finance the acquisition of an eight-property, 64,438-square-foot multifamily and mixed-use portfolio in Greenpoint, Brooklyn. The assets include 3 Sutton St., 5 Sutton St., 657 Meeker Ave., 661 Meeker Ave., 667 Meeker Ave., 669 Meeker Ave., 673
Meeker Ave., and 164-166 Kingsland Ave. Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Mike Kerwin brokered the deal. The purchaser contributed approximately $11 million of cash equity to complete the acquisition from the previous owner, and plans to maximize value through renovation and repositioning.

 

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