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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

Rich GottliebCONSHOHOCKEN, PA—Keystone Property Group here has named Richard S. Gottlieb president and COO. In his new role, he will oversee all of the firm’s operations, including development, management and leasing for the firm’s 10-million-square-foot portfolio. He joined the firm in 2005 from Stoltz Management Co, where he served as an SVP. Gottlieb previously held roles at Prentiss Properties Trust and Pennsylvania Real Estate Investment Trust. He will report directly to Bill Glazer, who formerly served as the company’s president and CEO. Glazer will retain his role as CEO.

Kossar Rob EAST RUTHERFORD,NJ—The New Jersey chapter of NAIOP, the commercial real estate development association, will honor JLL New Jersey with the Impact Award at its 30th Annual Commercial Real Estate Awards Gala on May 11. The Gala, which will be held at The Palace at Somerset Park, 333 Davidson Ave. in Somerset, NJ begins at 4 p.m. with a red carpet arrival and includes a welcome reception, the opening ceremony and awards presentation, and culminates with a grand reception. NAIOP NJ will honor other New Jersey real estate professionals at the gala. Arthur Greenbaum of Greenbaum Rowe Smith & Davis will receive the Lifetime Achievement Award; and Hollister Construction Services with Chris Johnson accepting and Biggins Lacy Shapiro & Co. will both receive Industry Service Awards.

ACQUISITIONS/DISPOSITIONS

crossgate plazaSCRANTON, PA—Crossgate Plaza, a 56,127-square-foot retail and medical office center here, has been sold for $6.8 million, or $121 per square foot. Erin E. Patton, Scott Wiles, and Craig Fuller, first VPs and senior directors with Marcus & Millichap’s national retail group, had the exclusive listing to market the property on behalf of the seller, a Florida-based private company. The trio also identified the buyer, who secured new financing at closing and was represented by Robert E. Feibus of Coldwell Banker Commercial. The center is anchored by medical offices for the Regional Hospital of Scranton. There are several other tenants, all of which are leased to triple-net terms.

Webster ave. propertyBOSTON—NAI Hunneman has brokered the $6.38 million sale of 107-113 Webster Ave. and 9 Hamlin St. The 11 apartment units were located in two adjacent buildings near Kendall Square in Cambridge, MA. EVP Carl Christie and assistant VP Dan McGee represented the seller Webster Investments and procured the buyer.

 

DEALTRACKER DAILY

301 W Washington Street, Riverside, NJ (digital)EDISON, NJ—Keymar Warehouse has leased 92,000 square feet at 301 W. Washington St.,  in Riverside, NJ, a 250,000-square-foot industrial property. Bussel Realty Corp. SVPs Leo Esses and David Posner represented the landlord, Remy Investments  in the transaction.  Colliers International represented Keymar Warehouse.

NEW YORK CITY—Stellar Management and Imperium Capital have completed a deal with beauty brand Glossier to take the entire 10th floor, approximately 26,000 square feet, in the East tower of their One SoHo Square property. The Class A office building sits on the border of SoHo and Hudson Square and reportedly has one of the largest and most efficient floorplates available in Midtown South, offering floorplates of 26,000 square feet. The tenant was represented by Sinclair Li and Daniel Wilpon from CBRE, while Brent Ozarowski, David Malawer, Andrew Peretz and Brian Waterman from NGKF represented the owner in this 11-year lease.

 

 

 

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