24 Hour Local Real Estate News

Middle Market Digest: The Northeast

Here is a roundup of smaller deals, transactions and news items from around the Northeast.

Deal Tracker

NEW YORK, NY—CBRE signed Harry’s USA, an online men’s grooming brand, to a new lease for 60,000 square feet at One Hudson Square (75 Varick Street). Harry’s is relocating and expanding from 161 Avenue of the Americas. CBRE’s Sacha Zarba, Freddie Fackelmayer, Christopher Mansfield and Adele Huang represented Harry’s. Launched in 2013, Harry’s designs, produces and sells high-quality grooming products at a competitive price. Harry’s is expected to create 188 new jobs over the next five years in technology, research and development, and software engineering at its new headquarters space.

TEANECK, NJ—Transwestern arranged for Direct Line Carpets II to relocate its Teaneck, NJ, store to approximately 2,000 square feet at 545 Cedar Lane. Transwestern Vice President Rick Rizzuto negotiated the transaction on behalf of the tenant and the owner of the 27,000-square-foot office and retail property, Stonegate Buildings. The family-owned carpet and flooring store is doubling the size of its Teaneck location. The well-maintained building, which was used as a bomb shelter in the early 1940s, offers a dedicated loading dock and freight facilities.

ALLENTOWN, PA—The grand opening of Sacred Heart Residences was celebrated recently. The development provides 61 new, high-quality, affordable apartment homes to seniors aged 62 and older. It is one of the first buildings in Pennsylvania designed to meet the Passive House standard, a rigorous standard for energy efficiency that results in ultra-low energy buildings that require little energy for space heating or cooling. Sacred Heart Residences was developed in collaboration with Sacred Heart Hospital and is located within one block of the hospital. The first floor includes 6,000 square feet of space that will be utilized by Sacred Heart Hospital for geriatric, physical therapy, and other senior focused medical functions. These services will be available to both building residents and the public.

WEST ORANGE, NJ—Macritchie Storage has acquired a 50,000-square-foot manufacturing facility on a 3.8-acre site at 1007 Jersey Avenue, New Brunswick, for $2.7 million. The deal was arranged by Jonathan Glick, executive vice president for Sheldon Gross Realty, who represented the seller. The location had previously been utilized as a soap-manufacturing facility. Macritchie Storage, a private investment company, specializes in acquiring properties and converting them into self-storage locations.

NEW YORK, NY—RKF has arranged the $17.5 million sale of a 50,000-square-foot retail building at 344-352 East 149th Street in the heart of The Hub, the busiest retail corridor in the South Bronx. The transaction closed on May 18, 2017. RKF Vice President Zach Mishaan represented both the seller, 149th Street Realty Corp, and the buyer, an affiliate of ABCAPSTONE, which plans to redevelop the building with the potential for up to 100,000 square feet of retail space. Mishaan, along with RKF Director Eddie Mamiye, is handling the marketing and leasing of the project, which is expected to be complete by May 2018.

BOSTON, MA—Marcus Partners has acquired 300 Massachusetts Avenue, known as “Horticultural Hall”, an architecturally distinctive 45,000 SF mixed-use property located at the intersection of Huntington Avenue and Massachusetts Avenue in Boston’s Back Bay. A unique, Beaux Arts brick and stone structure with oversized ornate windows, 300 Massachusetts Avenue has earned a spot on the National Historic Register for both its architectural appeal and historic significance. Marcus Partners has planned a multi-million dollar capital program to further increase the property’s appeal for the creative, technology, and institutional users currently driving the market. The program includes a fully renovated lobby and restrooms, upgraded entrances, and mechanical systems upgrades to fully modernize the facility.

MILFORD, MA—RD Management has signed a lease with Starbucks at its Milford Crossing shopping center in Milford, Massachusetts. The 2,260-square-foot Starbucks, which will offer a drive-thru and outdoor seating, is expected to open in the first quarter of 2018. Milford Crossing is located at 120-128 Medway Road at the intersection of Medway Road and Beaver Street. Plans for Milford Crossing include a renovation of the former Kmart on the property for several anchors including Stop & Shop. A new 20,000-square-foot building and a 6,000-square-foot addition onto the existing strip center will also be constructed.

Notables

NEW YORK NY—RKF says three new brokerage professionals have joined the firm in its New York office. Neal Ohm joins RKF as managing director; Raj Whadwa will be a senior director; and Avi Cotter will be a senior associate.

RUTHERFORD, NJ—Newmark Grubb Knight Frank won the United Way Commercial Real Estate Network 2017 Impact Award for its work on Allergan’s headquarters relocation in the summer of 2016. Each year, the United Way Network selects one commercial real estate team for the Impact Award, recognizing work considered to have had the most positive impact in the region. The firm, which has seen recent momentum and growth from key new hires, was also nominated for its transactions at 56 Livingston Avenue in Roseland, as well as Daiichi Sankyo’s new United States headquarters in Basking Ridge.

BLUE BELL, PA—The Goldenberg Group foundation’s initiative to design and build dressers for families living in Stenton Family Manor, a Philadelphia homeless shelter, has earned the developer the International Council of Shopping Centers’ Foundation Eastern Region U.S. Community Support Award for 2017. Partnering with its longtime tenant, Lowe’s Home Improvement, the developer marshaled more than 150 volunteers – including Stenton residents – to craft 61 dressers for shelter families.  With Lowe’s leading the initiative of pre-cutting wood and guiding volunteers through the construction, the dressers were built, sanded and finished over a two-day period at The Goldenberg Group’s Metroplex Shopping Center in Plymouth Meeting.

WHIPPANY, NJ—Bayer brought together a diverse group of 12 corporate real estate leaders from multiple companies such as Novartis, Johnson and Johnson, Zoetis, and others to learn from each other’s successes, challenges, and best practices as part of an open dialogue with regard to all real estate related topics.  The first summit of the Corporate Real Estate End User Round Table was held at Bayer’s U.S. headquarters in Whippany, New Jersey in April. Real estate leaders from life science, industrial, and hospitality firms attended.  Matthias Muckle, Head of Bayer’s US Real Estate Management Team, hosted the event and provided an overview of Bayer’s US real estate management function followed by an active group discussion focused on how to initiate a real estate organization; managing real estate transactions; and best practices for managing portfolio data. The group also toured the Whippany site.

 

Copyright 2017. ALM Media Properties, LLC. All rights reserved.