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.

2740 Route 10MORRIS PLAINS, NJ—NAI James E. Hanson has brokered a lease for 9,318 square feet with Vision Creative Group at 2740 Route 10 West here. NAI Hanson’s Josh Levering and Nicholas DePaolera represented the landlord, First Indemnity of America Insurance, Co. and Vision Creative Group was represented by Barry Mayer, Arthur Hixson and Andrew Kirshenbaum in the transaction.

Empire OutletsNEW YORK CITY—Shake Shack is coming to Staten Island. The hamburger haven has revealed plans to open its first location in the borough at Empire Outlets, the city’s first retail outlet center. The new 3,865-square-foot restaurant will sit alongside 100 designer stores and steps from the Staten Island Ferry and New York Wheel. It will include a 947-square-foot outdoor dining area and is expected to open in March 2018, concurrently with the opening of the entire mall.

NEWS & NOTABLES

BOSTON—A dozen Transwestern producers here were recognized nationally by their firm for their transaction volume in 2016. The honorees were Tom Ashe, John Barry, Brian Cohen, Ron Friedman, Michael Joyce, John Lashar, Brian McKenzie, Steve Purpura, Bob Richards, Eric Smith, Jon Varholak and John Wilson. Purpura and Varholak also were the firm’s top-producing team nationally.

ACQUISITIONS/DISPOSITIONS

Steven MatovskiHASBROUCK HEIGHTS, NJ—Redwood Realty Advisors here has arranged the sale of seven apartment buildings in Hudson County for a combined acquisition price of $6 million. Director Steven Matovski exclusively represented the sellers in each transaction and also procured the purchasers. The properties included 3469 Kennedy Blvd. in Jersey City; 3420 Bergenline Ave. in Union City; 185 Ave. E in Bayonne and a 4-building package in Union City and West New York. The properties include a mix of one, two and three-bedroom units that are all separately metered.

ROCHESTER, NY—A free standing BJ’s Wholesale Club (w/gas), located at 300 Bellwood Dr., in the Greece area here has been sold for approximately $17 million. The buyer, Professional Properties, was represented by Colliers International’s Harrisburg, PA office. The transaction is a triple net lease structure with a CAP rate of 7.00%.The 119,600 SF building on 11.05 acres is in the Rochester sub-market of New York. It has parking for 485 vehicles. The Colliers retail team of William Aiello, George Lulos and Larry Kostelac represented the LLC.

 

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