24 Hour Local Real Estate News

Middle Market Digest: The Northeast

Here is a roundup of some smaller deals, transactions, and other notable events in the Northeast.

Deal Tracker

NEW YORK, NY—Jones Lang LaSalle was named exclusive leasing agent for a 72,012-square-foot office condominium within the class-A, 600,000-square-foot 420 Fifth Avenue commercial office building, owned by A.M. Property Holding and Quality Capital USA. The new leasing assignment will be led by Frank Doyle, vice chairman; Steven Rotter, managing director; Scott Vinett, executive vice president; and Clark Finney, senior vice president, all with JLL. They will work closely with Paul and Nate Wasserman of A.M. Property Holding.

QUINCY, MA—WinnDevelopment and NeighborWorks are moving forward with plans to build a $44 million, 140-unit community that will feature the largest number of workforce units ever financed under MassHousing’s Workforce Housing Initiative. The long-vacant brick office building at the site will be demolished to make way for “The Watson on Howard,” a community featuring 86 units of middle income housing at 110 percent of AMI – a majority of the 140-unit total – as well as 28 affordable apartments at 50 percent AMI and 26 unrestricted market rate units. The eight studio, 85 one bedroom, and 47 two-bedroom units will feature market rate finishes, and the property will include a gym, community room, and courtyard.

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PARAMUS, NJ—The partnership of Advance Realty and Invesco Real Estate has received approval from the Borough of Paramus to redevelop part of Bergen County’s Route 17 retail corridor into a retail complex called Paramus Crossroads. Advance will demolish an antiquated office building at 289-315 Route 17 South, making way for the development of a new 40,000-square-foot, modern retail facility featuring spaces ranging from 1,500 square feet to as large as 20,000 square feet. The new building will complement the site’s two existing buildings —occupied by PGA Tour Superstore and P.C. Richard & Son, respectively — with a diverse mix of dining options and specialty retailers not currently found in the immediate area.

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NORTH BERGEN, NJ— Terreno Realty Corporation acquired a 126,000-square-foot industrial building at 7777 West Side Avenue in North Bergen, NJ from Dermarite, a manufacturer and distributor of high-quality advanced wound care and nutritional supplements, in a sale/leaseback transaction. NAI James E. Hanson’s team of Andrew Somple, SIOR, Scott Perkins, SIOR, and Christopher Todd represented the buyer and the seller in this off market transaction. Dermarite had owned the building for five years and was seeking an opportunity to re-deploy the capital tied up in ownership of the property. The single-story building has 20-foot ceilings and offers easy access to New York City via the George Washington Bridge and Lincoln Tunnel.

CLIFTON AND NUTLEY, NJ—Prism Capital Partners has named Cushman & Wakefield as exclusive office leasing agent for its historic redevelopment to be branded ON3. With master planning underway, the 116-acre former Hoffmann-La Roche Inc. North American Headquarters campus, spanning the Township of Nutley and the City of Clifton, represents New Jersey’s largest contemplated redevelopment.  Buildings being leased include the site’s iconic, 15-story, 300,000-square-foot LEED Gold-certified headquarters tower and a seven-story, 255,000-square-foot, class A facility. A variety of development sites are also being offered as build-to-suit opportunities on the campus.

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WHIPPANY, NJ—Accounting and consulting firm WithumSmith+Brown has relocated 125 employees from its Morristown-based office to 200 Jefferson Park, Suite 400, in Whippany, NJ. The firm completed buildout of its new 33,000-square-foot first-class office space by incorporating 42.77 percent of recycled content and diverting 26,150 pounds of construction waste from landfills.

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BRIDGEVILLE, PA—Marcus & Millichap arranged the sale of Bursca Self Storage, a 34,000 net rentable square foot self-storage facility located in Bridgeville, Pa, according to Michael L. Glass, regional manager of the firm’s Columbus office. The asset sold for $1.12 million. Bursca Self Storage is located at 100 Bursca Drive in Bridgeville, PA. Built in 1985, the facility is 90-percent occupied, and has 252 units totaling 34,000 square feet.

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ALLENTOWN, PA—Colliers International’s Allentown office concluded the sale of a 39,064 square-foot industrial building on 6.28 acres located at 7 Allen Street in Bath, PA (pictured) for $1.7 million. The buyer, Wade Property Holding Bath, LLC will use the facility as a furniture shipment location. Kelly Berfield and Ryan Dietrick represented the seller, Penn Bath Properties, in this transaction. Berfield and Dietrick also represented Community Options in the purchase of a 7,154 square-foot office building located at 3710 Broadway in Allentown, PA for $745,000. This will be the site for community-based housing and employment organization’s Lehigh Valley office with an expected occupancy date in late summer, 2017. The agency is relocating from 2015 Hamilton Boulevard in Allentown.

Notables

NEW YORK, NY—The national real estate practice of Cozen O’Connor represented Independence Realty Operating Partnership and Independence Realty Trust as lead counsel in the consummation of a new $300 million unsecured credit facility. The proceeds of the new unsecured facility were used to refinance IRT’s existing secured credit facility, lowering IRT’s interest costs by an average of 20 basis points annually and enhancing IRT’s flexibility by creating a pool of unencumbered multi-family properties.

AMHERST, MA—The University of Massachusetts Amherst has opened its new Design Building, the largest modern wood building in the northeastern United States and one of the first institutional buildings in the region to employ an engineered timber structure. The building was designed by nationally acclaimed Boston architectural firm Leers Weinzapfel Associates and construction was managed by Suffolk of Boston. Constructed with cross-laminated timber (CLT) and glue laminated columns, the 87,000-square-foot facility is the most advanced CLT building in the U.S. and saves the equivalent of over 2,300 metric tons of carbon when compared to a traditional energy-intensive steel and concrete building.

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BOSTON, MA—Grand Coast Capital Group, a Boston-based real estate investment and private lending firm, named David Adams a managing director. Adams is responsible for leading the firm’s business development, investor relations and sourcing of co-investment opportunities. In his new position he will be focused on sourcing new capital partners and strategically pairing them with opportunities existing within Grand Coast’s managed funds and co-investment opportunities. Prior to his role at Grand Coast Capital, Adams was the Chief Operating Officer at Fullerton Investors, a Chicago-based family office where he oversaw direct investing in public markets, private investments and real estate.

 

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