24 Hour Local Real Estate News

Middle Market Digest – The Northeast

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

Deal Tracker Daily

NEW YORK, NY—Equity Office signed a 10-year lease renewal with Bryant Park Corporation and 34th Street Partnership at 5 Bryant Park, its 34-story class-A office tower in Midtown. BPC, the not-for-profit, private management company and cooperating business improvement district of neighboring property owners that operates Bryant Park, and 34SP, the business improvement district that works to revitalize the 31-block district in the heart of Midtown, share a management team.  Under the lease renewal, the organizations will remain in 12,753 square feet across the entire 24th floor through 2028.

NEWARK, NJ—A 68-unit Newark apartment portfolio traded this week in a $4.8 million sale arranged on behalf of the long term private ownership by Cushman & Wakefield’s Metropolitan Area Capital Markets Group. Built in the early 1970s, both properties are three-story walk-ups. 467-479 Roseville Avenue contains 46 units and totals approximately 37,000 square feet on 0.46 acres, while 385-391 Roseville Avenue includes 22 units and totals approximately 17,600 square feet on 0.30 acres. 

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LAKE SUCCESS, NY—Lincoln Equities Group says one of its class A commercial properties on Long Island, 1979 Marcus Avenue, is nearly fully leased.  Following an extensive renovation, the four-story, 350,000-square-foot property attracted a number of new tenants to complement its cadre of longtime tenants, including medical organizations Northwell Health and IPRO, regional shipper Liberty Maritime, and international co-working space Regus. Tenants now occupy over 325,000 square feet of the building, filling up the top three floors, leaving just 12,200 square feet available for lease.

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PHILADELPHIA, PA—One Riverside, the 22-story modernist skyscraper located at 210 S. 25th Street, has officially opened. The property ends a seven-year drought in new condo high-rise construction in Center City.  Developer Dranoff Properties says One Riverside has been well received by buyers and is 80 percent sold.

SYRACUSE, NY—Holliday Fenoglio Fowler closed the $25.25 million sale of One Lincoln Center, a 305,594-square-foot Class A office tower in Syracuse, New York. HFF marketed the property on behalf of a private seller and procured the buyer, Zamir Equities.  One Lincoln Center, 110 W. Fayette Street, is near Armory Square, and numerous hotels, shopping, banking and museums.  The 17-story property is 86 percent leased to a diverse roster of tenants, including JP Morgan Chase, Bond Schoeneck & King PLLC, Cadaret Grant & Co LLC, Bousquet Holstein, Grossman St. Amour and Arcadis.  The HFF investment sales team representing the seller was led by managing director Rob Rizzi, associate director Steven Rutman and director Michael Oliver.

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BRIDGEWATER, NJ—Solaris Pharma Corporation is the latest tenant to expand at the New Jersey Center of Excellence (NJCOE), the life sciences campus in Bridgewater, NJ, redeveloped by Advance Realty and CrossHarbor Capital Partners. Solaris, which signed a 18,072-square-foot lease, is increasing its footprint by more than 13,000 square feet. Solaris will now occupy the entire third floor of Building G, one of the eight state-of-the-art office and laboratory buildings at NJCOE. Advance was represented in lease negotiations by Director of Asset Management Barry Quiner and the Jones Lang LaSalle team of Daniel Loughlin, Robert Ryan, Craig Eisenhardt and Scott Stange.

WEST ORANGE, NJ—A 7,700-square-foot office and warehouse facility in Verona has been leased by photographic support product distributor SIRUI USA, via arrangements by Sheldon Gross Realty vice president Eric Weston. Located at 29 Commerce Court, the building had at one time been utilized by a construction company. SIRUI USA previously had an Essex County office, plus a distribution facility in central New Jersey.

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JERSEY CITY, NJ—NAI James E. Hanson has negotiated a 130,963-square-foot lease to bring This Is It! Productions to Lackawanna Center, 629 Grove Street, Jersey City, NJ. NAI Hanson’s Russ Verducci, Eric Demmers and Steve Pastor partnered with Lackawanna Center’s in-house representative Brett Weinblatt to represent the landlord, Lackawanna Warehouse Corporation of New Jersey II, in the transaction. Scott Maynard of Weichert Commercial represented the lessee, Lackawanna Eastern Terminus LLC c/o This Is It! Productions Inc. Previously a railroad warehousing and distribution building, Lackawanna Center has been reimagined as an industrial and retail complex of 1.3 million square feet.

PRINCETON, NJ—Linda Fahmie, President of ROI Renovations and Development represented Carnevale Plaza in negotiating and securing a lease for 4500 square-feet of commercial space to TD Bank and TD Ameritrade at 255 Nassau Street, Princeton, NJ. The bank and brokerage are expected to be open by late summer. The Residences at Carnevale Plaza is a 3 story residential and commercial building located in the heart of downtown Princeton.

Money Moves

BROOKLYN, NY – Meridian Capital Group, America’s most active dealmaker, arranged $34 million in financing to refinance a luxury multifamily and retail property located in in Downtown Brooklyn. The seven-year loan, provided by a national savings bank, features a fixed rate of 3.65 percent. The transaction was negotiated by Charles Grussgott, who is based in the company’s New York City headquarters. The property, located on Gold Street in the heart of Downtown Brooklyn, is a 13-story, 138-unit, elevator luxury apartment building with ground level retail space, as well as a parking garage. The property completed construction in 2010 and offers tenants exceptional amenities, including a modern lobby with 24-hour concierge, valet service, a fitness center, and a covered on-site parking garage.

NORWOOD, MA—Bellwether Enterprise Real Estate Capital has arranged $41.5 million in joint venture equity financing on behalf of John M. Corcoran and Co. for the $199 million acquisition of Windsor Garden Apartments in Norwood, MA. The deal is the first equity financing of Bellwether Enterprise’s New Orleans-based Equity Products Division since its formation in November 2016. Todd Johnson, director of the Equity Products Division, arranged and structured the joint venture equity, which was provided by a New York City-based real estate investment fund.

FORT WASHINGTON, PA—Avir Realty Group has named Cushman & Wakefield as exclusive leasing agent for 1301 Virginia Drive in Fort Washington, PA. The commercial real estate firm’s John Shelly and Gina Brennan, based in the Conshohocken office, are heading the assignment. Located within Maplewood Office Park, the four-story, 104,433-square-foot building is strategically situated at the entrance to the Virginia Drive slip ramp to the Pennsylvania Turnpike and just 25 minutes from Center City Philadelphia.

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EVESHAM TOWNSHIP, NJ—Wolf Commercial Real Estate has joined CORFAC International, a network of independently-owned, entrepreneurial commercial real estate firms with 78 collaborative offices worldwide. Under the new arrangement, the five-year-old local firm will rebrand as WCRE/CORFAC International. Jason Wolf founded WCRE in early 2012 after 17 years of steady growth and success at a top national commercial real estate firm.

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SADDLE BROOK, NJ—CBRE has expanded its Retail Advisory and Transaction Group in New Jersey with the addition of Nicole Jadoo (pictured) and Nicole Nannola, who will join the firm as Associates. Jadoo and Nannola will further augment CBRE’s retail advisory group, providing retailer representation, agency leasing, development consulting, investment sales, land brokerage and property management services to the firm’s retail occupiers and property owners. Nannola will further expand the group’s focus on retail-oriented investment sales and development consulting. Both Jadoo and Nannola were most recently Associates at Colliers International, where they focused on both retail tenant and landlord representation.

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FAIRFIELD, NJ—Turn-around specialist Accordia Realty Ventures has expanded its Asset Management team in recent weeks, adding and promoting several executives to handle the firm’s rapidly growing business. Greg Wovna has been named Accordia’s director of project services responsible for the construction of the firm’s developments; Arabella Rabbat (pictured) has joined as an assistant real estate manager to oversee the firm’s  office, industrial and retail space throughout the Northeast corridor, and Kathryn Massaro has joined as office manager and assistant real estate manager. Accordia also promoted Sarah Loudon, a longtime staffer, to senior director of leasing.

 

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