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 & NOTEWORTHY

mohegan sun expansionUNCASVILLE, CT—Construction is underway on an expansion of Mohegan Sun here. The 240,000-square-foot Mohegan Sun Expo Center has a target opening date of summer 2018 and will include a ballroom; exposition center, boardroom, 18 meeting rooms and extensive outdoor space. It sits near the resort’s newest hotel, Earth Tower.

 

Joseph CaridiNEW YORK CITY—Cushman & Wakefield has appointed senior managing director Joseph Caridi as the Long Island market leader. He will retain his current position, senior managing director here. Caridi has more than 20 years of experience in commercial real estate. Prior to joining Cushman in 2014, he worked at Colliers International, where he was promoted to the tri-state region’s COO. Earlier he served as executive director at Newmark Grubb Knight Frank and SVP, co-managing director at Reckson Associates Realty Corp.

DEALTRACKER DAILY

253 ExteriorEAST RUTHERFORD, NJ—Canfield Property Group has sold 253 Passaic Ave. in Fairfield, NJ.  The 35,945-square-foot industrial/flex building was acquired by Dearborn Street Realty LLC. The seller was represented by  JLL’s Howard Weinberg, EVP, and Ryan Bednarski, associate. The buyer, Dearborn Realty, was represented by  Cushman & Wakefield’s Marc Trevisan and David Sherman, EVPs, and Slava Vaynberg, director. The industrial/flex, one-story facility sits between Pier Lane West and New Dutch Lane and is adjacent to Essex County Airport.

5 WalthamWILMINGTON, MA—The Stubblebine Co./CORFAC has leased 35,000 square feet at 5 Waltham St. here to International American Furniture Rental. David Stubblebine and James Stubblebine, principals of Stubblebine, represented the landlord, 5 Waltham St. LLC, and Ed Jaroz represented the tenant in the transaction. Following its purchase of the building in 2016, 5 Waltham St LLC has subsequently renovated and repositioned the asset. It is now 100% leased. 

ACQUISITIONS/DISPOSITIONS     

The Sunny Delight juice factory and bottling plant

LITTLETON, MA—Odyssey Real Estate Capital has completed its purchase of the 332,000-square-foot industrial real estate project here. Sunny Delight Beverages, the previous owner of the plant, marketed the industrial building throughout 2015 but was unable to find a buyer until late last year.

 

MILFORD, CT—Calare Properties has sold 40 Pepe’s Farm Rd. here to a large institutional buyer for $13.25 million. Calare originally purchased the 200,000-square-foot high-bay industrial warehouse property in 2014 at 50% occupancy with a strategy for capital improvements designed to drive tenant demand and increase value.

NAI Boston propertyBOSTON—Eliot Community Human Services has purchased 125 Hartwell Ave., in Lexington, MA, for $5.35 million. The NAI Hunneman team of EVP David N. Ross, assistant VP Henry Lieber & Gina Barroso, and senior associate Ian McKinley represented the seller, 125 Hartwell Trust, and procured the buyer, who was represented by Phil Burgess of Burgess Properties. Totaling 38,277 square feet, 125 Hartwell is in the heart of the Route 128 corridor. The property offers two floors—19,200 square feet each—of office space.

Copyright 2017. ALM Media Properties, LLC. All rights reserved.