24 Hour Local Real Estate News

Middle Market Digest: This Week in the Northeast

Mid Mkt Tri-State & NE-2

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

NEWS & NOTABLES

SADDLE BROOK, NJ—CBRE Group Inc. reports that its brokerage team of William Waxman, Mindy Lissner, Steven Beyda, Robert Pine, Kevin Dudley and David Gheriani received NAIOP New Jersey chapter’s Industrial Deal of the Year Award.

The recipients were announced at NAIOP’s 30th Annual Commercial Real Estate Awards Gala, held on May 11th at The Palace at Somerset Park here.

William Waxman, executive vice president, CBRE William Waxman, executive vice president, CBRE

The CBRE team was honored by NAIOP for its representation of both the landlord and tenant in Blue Apron’s 495,000-square-foot lease at Duke Realty’s Legacy Commerce Center in Linden. By bringing Blue Apron to Linden, the CBRE team expanded the presence of a major e-commerce tenant in New Jersey, while facilitating the creation of more than 2,100 jobs in Linden. Duke Realty and Blue Apron were also honored by NAIOP as key partners in the transaction.

Additionally, the CBRE team of Joseph Sarno, Jeremy Neuer and Matthew Wassel was recognized by NAIOP as a finalist in the Mixed-Use Deal of the Year category for its role representing iCIMS, a leading provider of human resources software, in its 350,000-square-foot office lease at Somerset Development’s Bell Works.

PRINCETON, NJ—Another winner at the NAIOP New Jersey event was specialty location advisory firm Biggins Lacy Shapiro & Company, LLC of Princeton, NJ, which was been named a 2017 recipient of the organization’s Industry Service Award.

The NAIOP NJ Industry Service Award recognizes firms that have made substantial contributions to the commercial and industrial real estate industry in support of the industry’s goals. The award was to be presented to Jay Biggins, executive managing director, BLS & Co.

DEALTRACKER DAILY

PRINCETON, NJ—Colliers International Group Inc. has been retained by Dallas-based Fischer & Co. to serve as its co-agent for Building 1 at the Dow Jones’ headquarters campus at 4300 Route 1 North in Princeton.

Thomas Romano and Vinny DiMeglio of Colliers are providing local leasing support for Fischer & Company, which represents Dow Jones on various assignments. The Colliers Princeton-based team is working with Brian Sapp at Fischer in marketing approximately 140,000 square feet of surplus space at the three-story, 420,000-square-foot building.

Building No. 1 Building No. 1

Colliers and Fischer & Company are marketing units from 10,000 to 72,000 square feet at Building 1, including approximately 90,000 square feet of contiguous space on two floors. The campus offers dual power feeds with an onsite substation and backup generator; five Internet service providers; full-time, onsite security and 3,265 parking spaces.

BOSTON— Colliers International’s Capital Markets Group reported recently it will bring to market a capital/joint venture or ground lease investment opportunity for a 1.81 acre site in Boston’s transitioning Dorchester neighborhood, The site’s location at 780 Morrissey Blvd. provides visibility along the Expressway (I-93) and a location just five miles south of Downtown Boston.

Current project ownership, Bay Colony Associates LLC, is seeking a partner who can capitalize on potential development rights in excess of 150,000 square feet. “We are seeing developments achieve rents of over $4.00-per-square-foot in this submarket,” noted team leader senior vice president Christopher Sower. “That level of rent growth, in combination with the amount of activity already underway in this neighborhood, will likely pique a lot of people’s interest.”

Working with the Multifamily Investment Sales Team are executive vice president Scott Dragos, Capital Markets executive vice president Jeff Black and Urban Brokerage senior vice president Dan Collins.

STAMFORD, CT—CBRE recently announced the promotions of three top executives in its Westchester/Fairfield office. David Gavin was named senior vice president, Michael McCall a first vice president and Jacqueline Novotny as a vice president. Robert Caruso, senior managing director of CBRE’s Westchester/Fairfield County operations, made the announcement.

Previously a first vice president, Gavin joined CBRE in 2006 as a member of the 15-person New York Institutional Properties Group, which focuses on generating investment sales business in the Metropolitan New York region. McCall joined CBRE in 2012 as a vice president, specializing in tenant and agency representation services. With more than 10 years of experience as a broker and consultant in corporate and institutional real estate, he has been responsible for more than 2 million square feet of leasing in over 300 transactions and is currently an exclusive landlord representative of more than 3.5 million square feet of space in Westchester and Fairfield counties. Novotny joined CBRE in 2013 as an associate and quickly rose up the ranks. She currently oversees the leasing of over 1 million square feet in Westchester County.

HACKENSACK, NJ—Savills Studley announced that Aron Gunkelman has joined the company’s Industrial Services Group in Hackensack. Gunkelman will serve as assistant director within the industrial group’s supply chain practice. Before joining Savills Studley, he worked for a raw commodity sourcing company, as global supply chain manager.

NEW YORK CITY—Park Madison Partners, a New York City-based real estate placement and advisory firm, has reported that Amy Cummings has joined the firm as a partner. Cummings will focus on broadening the firm’s North American investor relationships and sourcing new best-in-class managers. She is a real estate veteran with experience in acquisitions, asset management, portfolio management, and investor relations. She joins Park Madison Partners from MetLife Investment Management, where she was a managing director responsible for the development and management of relationships with institutional investors and consultants.

MONEY MOVES

CHAPPAQUA, NY—In one of the largest ground-up development projects in its 40-year commercial real estate history, The Grossman Companies, Inc., based in Quincy, MA has partnered with Summit Development of Southport, CT, to develop a high-end 120,000 square-foot, $68 million retail development on 19 acres at 480 Bedford Road, part of the former Reader’s Digest world headquarters.

The entire site consists of 114 acres. The sale was consummated on April 14, 2017. The announcement was made by Grossman Companies’ co-president Jake Grossman and Felix Charney, principal of Summit Development.

Chappaqua Crossing will be ready for its anchor tenants, Whole Foods and Life Time Fitness, each 40,000 square feet in mid- 2018. Other tenants that have already signed leases include Pet Valu, Chase Bank, AT&T and Go Health Urgent Care. The remainder of the Readers Digest property will ultimately include: 91 high-end town homes; approximately 500,000 square feet of medical and office space anchored by Northern Westchester Hospital; 66 affordable housing units and various public amenities including a walking trail and performance center.

CBRE’s National Retail Partners represented Grossman and Summit and arranged both the debt and equity capital that includes the construction loan of $44 million from M & T Bank and a 90% institutional joint venture equity partner for the $24-million equity requirement.

BOSTON—KeyBank Real Estate Capital has arranged a $13.8-million Freddie Mac loan for 40 Malvern, a Class A multifamily property located five miles west of the Central Business District in Boston. The property was built in 2016 and designates six affordable units for households earning less than 70% AMI.

Chris Black of Key’s National Multifamily Accounts Group, arranged the financing with a 10.5-year term, five-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.

 

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