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Middle Market Digest – The Northeast

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

This week by the numbers

Newmark Knight Frank has released its Second Quarter 2017 Northern New Jersey Office Market Report, with these key highlights: Overall market conditions were stable during the quarter, and availability was little changed, moving from 23 percent to 22.9 percent; following two rocky quarters with a combined 2.4 million square feet of negative net absorption, second-quarter 2017 saw modest net absorption of 91,480 square feet; and work began at Ironside Newark, a speculative adaptive reuse project, increasing the under construction pipeline to 769,929 square feet.

Deal Tracker Daily

WEEHAWKEN, NJ—The final phase of Lennar’s Henley on Hudson waterfront condominium community on the Weehawken, NJ waterfront has drawn considerable buyer interest, with 60 percent of the first building already sold. With vertical construction of the building now completed and initial move-ins scheduled for this fall, Lennar has released the second and final building for sale.  The new collection of 67 residences finishes the 201-home community on the Hudson River, with spectacular views of the midtown Manhattan skyline.

HOBOKEN, NJ—Development partners Bijou Properties and Intercontinental Real Estate Corporation have broken ground on a new multi-faceted project which will consist of a 424-unit luxury rental building, a state-of-the-art 6,835 square-foot public gymnasium, and a two-acre resiliency park in Hoboken, NJ. Located at 700 Jackson Street, the new 14-story mixed-use rental building, designed by Marchetto Higgins Stieve Architects, will include luxury residences, 90,000 square feet of upscale amenities, including a penthouse pool and roof deck, and 25,000 square-feet of ground floor retail space. The adjacent two-acre park will be split between a one-acre open grass area and children’s playground and a one-acre public plaza designed for active and passive recreation uses. Construction is expected to be completed in mid-2019.

CONSHOHOCKEN, PA—The Spring Mill Corporate Center, a 635,000 square-foot office park consisting of four major buildings at 1100 East Hector Street in the Philadelphia suburb of Conshohocken, will undergo a major, multi-million-dollar renovation and modernization that will include the creation of a new stand-alone 40,000 square-foot office building, expanded amenities and additional parking. Included in the new renovation and modernization plan designed by Miller Purdy Architects will be the demolition of 120,000 square feet of old warehouse space to create over 320 parking spots.  The remaining 42,000 square-foot single-story building will be refinished as a stand-alone office complex with adjacent parking, open picnic space and high-tech interconnectivity.

FORT LEE, NJ—Adding to the burgeoning dining and shopping scene in Fort Lee’s increasingly vibrant downtown, Mamoun’s Falafel is joining the diverse mix of retailers at Hudson Lights. Tucker Development, which developed the one-million-square-foot residential, retail and entertainment complex in partnership with Kushner Real Estate Group and funds managed by Ares Management, today announced that the renowned eatery has signed a 1,615-square-foot lease at the property. Founded in 1971 in Greenwich Village, Mamoun’s is the oldest falafel restaurant in New York. Fort Lee will be the seventh location for the storied eatery. In addition to its flagship location on MacDougal Street, Mamoun’s operates restaurants on St. Mark’s Place in the East Village, in the New Jersey hotspots of Hoboken, Princeton and New Brunswick, and in downtown New Haven, CT.

HARRISBURG, PA—CBRE has arranged a long-term lease for Urology of Central Pennsylvania at 815 Sir Thomas Court in Harrisburg, PA, just west of PinnacleHealth Community General Osteopathic Hospital. The company will be relocating from its current location at 4310 Londonderry Road in Harrisburg, but its Camp Hill, PA, office will remain at 100 Corporate Center Drive. UCPA also has patient care locations in Newport and Millersburg, and at Fulton County Medical Center in McConnellsburg, and JC Blair Memorial Hospital in Huntingdon, PA.

SOMERSET, NJ—CBRE’s New Jersey Logistics Group facilitated a 65,150-square-foot lease for Revent Incorporated at Veronica Crossings, 22 Roosevelt Avenue, a newly constructed industrial property located in Somerset, New Jersey. The CBRE brokerage team of Robert Pine, Mindy Lissner, William Waxman, Steven Beyda, Kevin Dudley, David Gheriani and Kyle Saviano represented the tenant in the lease transaction. The property owner, F. Greek Development, was represented by Jason Fisch, Danielle Christensen, Elliot Kosoffsky, David Weissman and David Greek.

CRANSTON, RI—As Garden City Center begins construction on Phase IV of renovations, two new restaurants have signed leases to join Legal C bar in the new 30,000 square-foot building located between Bank of America and Newport Creamery. The Simple Greek and Tavern in the Square are set to open their doors in 2018 adding more diversity to the growing number of dining options for shoppers at Garden City Center. Tavern in the Square will open its first Rhode Island location at Garden City Center with a 7,000 square foot venue. The Simple Greek joins the mix with a 2,000 square foot eatery.

Money Moves

NEW YORK, NY—Holliday Fenoglio Fowler named Tom Hall a managing director in its New York office, focused on loan and REO portfolio sales throughout the United States. Hall will work alongside Brock Cannon, Sean Ryan and Patrick Arnold in HFF’s loan sales group. Hall has more than 10 years of experience and joins HFF from Mission Capital, where he was a managing director.  Before Mission Capital, he worked in the Special Assets department of BB&T and Colonial Bank.

PHILADELPHIA, PA—CBRE says Matthew Gorman, Michael Shover, Marc Mandel and Stephen Schrenk of CBRE’s Net-Lease Property Group have closed 65 transactions valued at more than $163 million this year, 19 of them in the second quarter of 2017. Additionally, the team has been ranked number six nationally by GlobeSt.com’s Real Estate Forum on their annual top investment sales brokers list of 2016. In Q2 2017 alone, the team closed 19 properties totaling $52.4 million. The 19 properties—consisting of a mix of restaurants, convenience stores/gas stations, discount stores, auto parts, bank branches and drug stores—spanned across six different states, including 11 in Pennsylvania and two in New Jersey.  Notable deals delivered in Q2 2017 include an Orchard Supply Hardware in Naples, Florida for $16.85 million, CVS Pharmacy in Quakertown, PA, for $6.66 million and a Bank of America in Folsom, PA, for $3.82 million. Each year, GlobeSt.com and its sister publication, Real Estate Forum, honor the most successful investment sales brokers in the country based on total dollar value.  Since their move to CBRE in January of 2015, Gorman and Shover have grown CBRE’s Mid-Atlantic presence in the net-lease space to one of dominance in the industry.

PARSIPPANY, NJ—Industry veteran Lisa Addeo has joined Transwestern’s New Jersey office as director of operations. As the New Jersey office continues its expansion, Addeo will oversee operations, finance and compliance activities, with a special focus on supporting the firm’s brokerage professionals. She will also pursue business development opportunities, and will manage client-service initiatives.

 

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