Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.
NEWS & NOTABLES
NEW YORK CITY—Marcus & Millichap has hired Kim Kretowicz as VP with the healthcare real estate group and national office and industrial properties group. A New Jersey office specialist based here, Kretowicz is a 25-year veteran of corporate real estate. Most recently, she served as director at Stan Johnson, director at Cushman & Wakefield NJ and principal of KCRE Commercial Real Estate. Earlier, Kretowicz was SVP and executive committee member at Grubb and Ellis, as well as VP and manager of Weichert Commercial Brokerage’s Central New Jersey office. Last year she advised and brokered over $30 million in office and medical office dispositions in New Jersey. In her new position, Kretowicz will continue her focus as an advisor to office and healthcare property owners in New Jersey.
BOSTON—A Burlington, MA-based firm has expanded, and extended, its lease at 1600 District Ave. there. The tenant, TimePayment, now will occupy 45,000 square feet. It was represented by Brian Hines, vice chair and Blake Baldwin, senior associate, at Cushman & Wakefield while Leah Harsfield and Andrew Gallinaro of National Development represented the ownership’s interests.
KING OF PRUSSIA, PA—CBRE Group has secured a 4,405 square-foot lease for Orchestra Premaman—a provider of children’s fashion and childcare products—at the King of Prussia Mall here. The store marks the French-based retailer’s first location in the US. CBRE retail team members John Krause and Matt Mandel assisted Orchestra in its overall market analysis, site selection process and negotiated on their behalf.
HUDSON, NY—Institutional Property Advisors, a division of Marcus & Millichap, is offering for sale Greenport Commons, a 430,218-square-foot regional shopping center shadow-anchored by a Walmart Supercenter and co-anchored by Kohl’s and Lowe’s here. The property is offered on an open-bid basis. Current market fundamentals suggest bids yielding a 6.75% to 7% unleveraged return. Bids are due May 11, 2017. IPA’s Dean Zang, Joseph French Jr., Mark Taylor, David Crotts and Thomas Dalzell are representing the seller, The Widewaters Group. The shopping center sits on 40 acres at 420-488 Fairview Ave., US Highway 9 here, 35 miles south of Albany and a two-hour drive from the New York City metropolitan area.
RANDOLPH, NJ—NAI James E. Hanson has brokered the sale of a 27,248-square-foot industrial/flex building at 6 Aspen Dr. here. The firm’s Barry Cohorsky, Josh Levering and James Kenah represented the seller, Aspen-smith, in the transaction. The buyer, RN Foster Associates, was represented by Nicholas DePaolera and Levering. RN Foster is a HVAC contractor and will relocate from its current location in Elmwood Park, NJ. A longtime customer of NAI Hanson, this acquisition is part of multiple transactions between the parties.
CEDARHURST, NY—Meridian Capital Group has arranged $2.6 million in financing for the refinance of a cooperative property here. The 10-year loan, provided by a regional bank, features a fixed rate of 3.50% and full-term interest-only payments. This transaction was negotiated by Meridian VPs Judah Hammer and Michael Ryback, who both are based in the company’s New York City headquarters. Located at 272-300 Cedarhurst Ave., the asset is a 47-unit cooperative property that is in close proximity to the Long Island Rail Road station and a short walk from Cedarhurst Park, as well as surrounding restaurants and shops.