Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.
This week by the numbers
Strong net absorption is pushing apartment rents higher in Northern New Jersey, according to the latest Local Apartment Report by Marcus & Millichap. Healthy demand for rentals in Northern New Jersey has supported a 23 percent boost to the average effective rent since 2010. With a large increase to supply this year, the vacancy rate will climb higher, though continued strength of the local apartment sector will support another year of rent gains. Net absorption is anticipated to reach roughly 6,500 units over the course of the year.
Deal Tracker Daily
NEW YORK, NY—Newmark Holdings says full-service management and consulting firm Greystone Management Solutions has renewed its 7,400-square-foot lease on the third floor of 505 Eighth Avenue. The 25-story, 275,000-square-foot building is located at the corner of 35th Street and Eighth Avenue in midtown Manhattan. Allen Gurevich of Newmark Holdings acted on behalf of the ownership. Greystone was represented by Matthew Leon of Newmark Knight Frank.
FLUSHING, NY—Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of a six-property, 171,892-square-foot, retail-focused portfolio on Main Street in Flushing, Queens. Presenting some of the highest growth potential in the outer boroughs of New York City, the owner has set a $238 million asking price for the asset package. The portfolio offers approximately 317,121 gross buildable square feet as well as 147,029 gross square feet of current air rights. With retail rents in the district routinely exceeding $200 per square foot and office rates often running above $80 per square foot, Flushing’s Main Street represents the highest-paying retail and office corridor in the entire borough of Queens.
NEWARK, NJ—C&K Properties and =SPACE announced the opening of the latest inventive addition to Two Gateway Center in Newark, NJ (lobby pictured). Public SPACE, a partnership between C&K Properties and =SPACE. Open to the public in the heart of Newark’s Downtown Arts and Business district, the entrepreneurial-focused co-working space is a one-of-a-kind facility to discover and showcase the latest technological innovations in a collaborative and interactive setting. Public SPACE will provide a center for digital creative, tech-oriented, and other entrepreneurial startups to learn about and engage each other through a variety of programs, including lectures, roundtables, live demonstrations and workshops. Public SPACE will also feature a unique ‘innovation wall,’ a display for product presentations and learning sessions, featuring upcoming programming and information spanning Newark’s burgeoning tech ecosystem.
EDISON, NJ—Jordan Metz (pictured), senior vice president of Bussel Realty Corp. recently completed over 540,000 square feet of industrial deals, totaling more $33 million in transaction value. Metz represented Everflow Supplies in the purchase of a 260,000-square-foot industrial property at 2300 East Boardin Road in Dallas, TX. The company is based in Linden, New Jersey, and expanded its operations with the new location in Dallas. Metz also arranged the sale of 400 South Second Street in Elizabeth, NJ, a 115,078-square-foot industrial building. He represented the former owner, RLFI-B SPE. SNR Holdings purchased the property for $13.2 million. Metz and Eduard Skutelsky, vice president of BRC, represented an undisclosed seller in the sale of Fairfield Industrial Park, a nine-building industrial park totaling 165,000 square feet and located at 912 Route 33 in Freehold, NJ. The buyer, Fairfield Industrial Park LLC, purchased the property for $7.5 million and was represented by Imperial Real Estate.
EAST RUTHERFORD, NJ—NAI James E. Hanson arranged two lease renewals for industrial spaced located at 99 Murray Hill Parkway (pictured) in East Rutherford , NJ. Pittsburgh Glass Works renewed its lease for 24,000 square feet and EC Hair renewed its lease for 16,438 square feet. NAI Hanson’s Kenneth Lundberg, SIOR, Steve Pastor and Patrick Lennon represented the tenants and landlord, 99 Murray Hill Parkway, Inc., in the transactions. Thomas Vetter, SIOR, and Jeff DeMagistris, SIOR, assisted in negotiating the lease renewal for the EC Hair transaction. Situated on 8.4 acres in the heart of the Meadowlands, 99 Murray Hill Parkway is a 142,624-square-foot industrial building located just south of MetLife Stadium. Separately, Hanson brokered the sale of a 7,427-square-foot retail building located at 333 Bloomfield Avenue in Caldwell, NJ, to 333 Bloomfield LLC. NAI Hanson’s Joan Cenicola represented the seller, Wells Fargo, in the exclusive listing.
NEW YORK, NY—The Kaufman Organization has secured a five year, 5,702-square-foot lease for Trialspark, a healthcare technology company, at 45 West 27th Street, a 12-floor boutique office building within Kaufman’s Madison Square Portfolio. Trialspark will occupy a full-floor space on the fourth floor of the building.
READING, PA—Silk Mill Apartments (42 units, pictured) sold for $3.45 million, and Elm View Apartments (32 units) sold for $1.9 million. Both were fully occupied at the time of closing. Silk Mill sold at a 7.5 percent cap rate and Elm View sold for an 8.5 percent cap rate. Matthew R. Wolf of High Associates, Lancaster, PA, brokered the transactions.
COHOES, NY—KeyBank Real Estate Capital has provided a $21.5 million Freddie Mac, first mortgage loan for phase I of The Residences at Lexington Hills, located in Cohoes, NY. The 138-unit, Class A multifamily property was built in 2016 and is located 11 miles north of Albany’s central business district. Chris Black of Key’s National Multifamily Accounts Group arranged the financing with an eight-year term, three-year interest only period and 30-year amortization schedule. The loan will be used to refinance existing debt.
NEW YORK, NY—StepStone Real Estate has hired Jay Morgan as Managing Director to focus on research, manager selection and primary and secondary investments in private real estate funds. Morgan will be based in New York. Before joining StepStone, Morgan was with Courtland Partners, where he was the consultant to several state and sovereign plans, director of research, portfolio manager to the Courtland fund of funds platform and a member of the investment committee.
CLINTON, NJ—Max Spann Real Estate & Auction Co. named Anthony J. Perretti managing director. Perretti has a long and distinguished career in a variety of high profile businesses including auto dealerships, horse breeding and racing, real estate, political action committees and filmmaking. Perretti, who owns Anthony Perretti Farm & Bloodstock, is on the board of several organizations, including the Standardbred Breeders & Owners Association, political action committee TrotPac, and Hambletonian Society.