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Middle Market Digest – The Northeast

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

This week by the numbers

Melville, NY—Long Island recorded its fifth consecutive quarter of falling overall vacancy rates in the final quarter of the year, according to Jones Lang LaSalle. The market’s overall vacancy rate fell to 13.4 percent in the fourth quarter of 2016, a decrease of 20.2 percent (or 340 basis points) from 16.8 percent one year ago. Strong tenant demand for Long Island office space during the past year has suppressed vacancy rates across all submarkets and building classes. Tenants leased about 2.23 million square feet of space throughout Long Island in 2016, down slightly from the 2.42 million square feet of space leased the previous year. The largest transactions recorded this quarter were both renewals, with the government of Nassau County renewing 217,000 square feet at 60 Charles Lindbergh Boulevard in Uniondale, and Merrill Lynch renewing 50,000 square feet at 1325 Franklin Avenue in Garden City.

Deal Tracker Daily

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NEW YORK, NY—SL Green Realty signed Ricoh USA to a 10+-year, 30,469-square-foot lease at 711 Third Avenue for its New York City headquarters. Ricoh USA will consolidate into 711 Third Avenue from three other Manhattan buildings and relocate from the entire 14th floor of the building, which it has occupied for 10 years, in order to expand on part of the second floor for office space and part of the 18th for showrooms.

NEW YORK, NY—DJK Commercial Realty, the commercial branch of leading real estate and relocation firm DJK, arranged for Chillbox Greek Frozen Yogurt to lease 280 square feet at the Times Square building located on Seventh Avenue between West 47th Street and West 48th Street at Two Times Square, the franchise’s first New York City location. DJK Commercial Realty Agents Eric Piazza and Alexander Gross represented Chillbox in the 10-year lease.

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HACKENSACK, NJ—Alexander Anderson Real Estate Group  has negotiated the sale of three properties valued at nearly $6.3 million. In one deal, Diana Vasquez of Alexander Anderson represented the buyer in its purchase of 320 Central Avenue in Jersey City, NJ, for $1.875 million.  Jason Trembecki of Keller Williams represented the seller, Braha NJ Realty.  The four-story, approximately 13,000 square-foot, mixed-use property features retail at the street level and six apartment units. In the second transaction, Vasquez represented both the buyer, NNJ Properties, and the seller, Five Sisters Realty, in the $1.9 million sale of 428-434 Central Avenue.  The approximately 8,250 square-foot, mixed-use property features retail at the street level and eight apartment units on the top floors.  In the third transaction, Eric Anderson, CEO of Alexander Anderson, represented the buyer, a joint venture between Lighthouse Enterprises and Epimoni Corporation in their purchase of 22 Sussex Street (pictured) in Hackensack for $2.5 million. Plawker Real Estate represented the seller, Urgent Care Center of Hackensack.

PARSIPPANY AND CHATHAM, NJ—NAI James E. Hanson negotiated two leases in Morris County, NJ, at 343 Walsh Drive in Parsippany, and at 13 Watchung Avenue in Chatham. NAI Hanson’s Scott K. Perkins, SIOR and Chris Todd represented the landlord at 343 Walsh, Cranberry Realty, and Thomas W. Ryan represented, 13 Watchung Avenue, LLC, the landlord at 13 Watchung Avenue.  343 Walsh Drive is a 27,169-square-foot industrial building in the Fox Hill Industrial Park that is fully air-conditioned with 22’ ceilings. The new tenant, Multi-Pak, will be utilizing the space to house its growing pharmaceutical packaging company. 13 Watchung Avenue is an 8,908-square-foot flex property, of which Allied Innovative Systems has leased 1,560 square feet of office space to house its healthcare research and development company.

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HOWELL, NJ—Bubbakoo’s Burritos, a made-to-order burrito chain, is opening a new 1,900-square-foot restaurant at Aldrich Plaza in Howell (pictured). Levin Management Corporation of North Plainfield, NJ, exclusive leasing and managing agent for the 99,000-square-foot property, orchestrated the long-term transaction. Mark Handwerker of The Goldstein Group represented the tenant.

CHERRY HILL, NJ—Markeim Chalmers senior associate Adam Dembo represented both the buyer (Pennsauken 9370 LLC) and seller (9370 Route 130 Properties LLC) in the $590,000 sale of 9370 N. Crescent Boulevard in Pennsauken, NJ. The 14,000 square-foot industrial/flex space is home to two tenants — Worknet Occupational Medicine and Men’s Factory Outlet — both of whom will remain in place.

PHILADELPHIA, PA—PernaFrederick Commercial Real Estate has represented Childrens Services Inc., in the lease of approximately 14,330 square feet of office space on the second floor of 719-99 West Girard Avenue. Joe Viturello, a vice president at PernaFrederick, assisted by Mike Anderson of the firm arranged the long term agreement with Semark Associates, the limited investment corporation that owns the three-story, 40,000 square foot multi-tenant building.

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