24 Hour Local Real Estate News

Middle Market Digest: The Northeast

Here is a roundup of recent property sales, lease transactions, and executive moves from around the Northeast.

Deal Tracker

NEW YORK, NY—JRT Realty Group has arranged a 2,000-square-foot, 10-year lease for Barre3, an international fitness barre studio, on behalf of The Hakimian Organization and Gorjian NY at 44-16 23rd Street in Long Island City in Queens. The landlord’s leasing team consists of JRT Realty Group’s President Greg Smith, Executive Managing Director Ellen Israel and Director Lauren Calandriello.

BUDD LAKE, NJ—NAI James E. Hanson brokered the sale of the former Cherokee Trading Post, a 5,919-square-foot retail building, and a single family home on the adjacent lot located at 67 Rt. 46 in Budd Lake, NJ. NAI Hanson’s Sig Schorr represented the sellers, Allen and Tracy Typinski, and NAI Hanson’s Joe Vindigni represented the buyer, Rohan Kranti, in the transaction. For the thousands of drivers that use Route 46 on a daily basis, The Cherokee Trading Post and its distinct teepee crown had been a landmark for over forty years. Since the business closed its doors last year, the free-standing building at the corner of Route 46 and Old Budd Lake Road had sat vacant. Featuring 25 parking spaces, excellent frontage at a lighted intersection and a prime location less than a mile from Interstate 80, the property provides the new owner with a highly flexible development opportunity. The single-family home included in the sale on the adjacent lot will provide cashflow to the property as a leasable asset until development of both lots begins.

SHORT HILLS, NJ—The Blau & Berg Company brokered the lease of a 14,305 square foot industrial and office space located at 1 County Road in Secaucus, NJ, to KM Productions NY.  Michael Schipper, Senior Associate of The Blau & Berg Company, was the procuring broker for the tenant in the transaction, while CBRE represented the landlord. KM Productions, an event production company specializing in concerts, festivals, weddings, corporate functions and international events, was seeking a class A warehouse and operations space with easy access to Manhattan. The property is a two-building, state-of-the-art development set on 20 acres and comprising a total of 240,954 sq. ft.

WILMINGTON, MA AND CHERRY HILL, NJ—Horvath & Tremblay has successfully completed the sale of two Walgreens properties located in Wilmington, Massachusetts and Cherry Hill, New Jersey for $14.1 million. Bob Horvath and Todd Tremblay exclusively represented the seller and procured the buyer in the sale of Walgreens in Wilmington, MA for $5.17 million. Walgreens formerly occupied the 15,466-square foot property located at 277 Main Street. Walgreens in Cherry Hill, NJ, (pictured), closed at a sale price of $8.9 million, a cap rate of 5.49 percent. Blake Barbarisi and Adam Mancinone represented the seller.

EDGEWATER, NJ—Holliday Fenoglio Fowler closed the sale of a 1.73-acre development site located along the Hudson River at 1339 River Road, Edgewater, New Jersey. HFF marketed the property exclusively on behalf of the private seller.  The buyer plans to redevelop the site for residential use. The site, approximately one mile south of the George Washington Bridge, has been the home and marina business of the von Dohln family for three generations.

PHILADELPHIA, PA—Paul French and Patrick Brady, Principals of Avison Young’s Philadelphia office, arranged a long-term lease for Bayview Loan Servicing and Lakeview Loan Servicing with owner and operator Workspace Property Trust for 72,381 square feet at 507 Prudential Road in Horsham, PA. 507 Prudential Road is in the heart of Workspace Property Trust’s 41-building portfolio in Horsham, PA that was acquired from Liberty Property Trust in 2015.

PHILADELPHIA, PA—MSC Retail arranged a lease transaction with UNTUCKit and Pearl Properties at 1611 Walnut Street, Philadelphia, PA. UNTUCKit, a men’s clothing store focusing on high-end casual and dress shirts designed to be worn untucked, occupies 1,850 square feet of the former American Apparel store and opened July 19, 2017.

 

Fairlane Village Mall Pottsville PA Levin Management

POTTSVILLE, PA—Fairlane Village Mall has welcomed two new tenants this summer. Benigna’s Creek Vineyard & Winery’s wine store and T-Mobile are now open for business at the 405,000-square-foot Pottsville retail property. Levin Management Corporation of North Plainfield, NJ, serves as exclusive leasing and managing agent for Fairlane Village Mall. Levin Leasing Representative Barry Borsky negotiated both transactions. The 800-square-foot Benigna’s Creek retail shop, which relocated from Frackville, PA, features more than 20 varieties of quality, affordably priced wine. Wireless voice and data communications services provider T-Mobile is operating in a 1,065-square-foot space.

ALLENTOWN, PA—Cushman & Wakefield’s Philadelphia Capital Markets team orchestrated the sale of a five-building industrial portfolio from High Street Realty Company to Cabot Properties in the Lehigh Valley market. Both firms are based in Boston, MA. The buildings, 964, 966 and 999 Postal Road in Allentown and 7331 and 7350 William Avenue in Fogelsville, total 271,045 square feet and sold for $21.3 million, according to Joseph Hill, Jr., executive director with Cushman & Wakefield. Hill collaborated with the team of Robert Yoshimura, Gerry Blinebury and Eric Mattson, which represented the seller.

BOSTON, MA—Bell Partners has acquired Olmsted Place, a 196-unit luxury community in Boston, MA, from a joint venture of the Boston Residential Group and the Carlyle Group for a reported $103 million.  The community has been renamed Bell Olmsted Park and will be managed by Bell Partners. Opened in late 2015, Bell Olmsted Park is a LEED Silver luxury community, with 196 apartment homes. The community is comprised of a five-story building, two elevated courtyards, and both surface and garage parking facilities.

Notables

NEW YORK, NY—Romer Debbas, a New York City-based boutique law firm specializing in commercial and residential real estate transactions, named attorney Hugh P. Finnegan a partner and co-manager of the firm’s commercial real estate department. Before joining the firm, Finnegan was a partner in the New York office of Sullivan & Worcester. In his new position at Romer Debbas, he will focus on enhancing the firm’s commercial real estate lending platform, particularly on behalf of middle market lenders.

UNCASVILLE, CT—Mohegan Sun has named John Washko vice president of exhibitions and conventions sales. Washko has held previous executive level roles with Atlantis in Paradise Island, Bahamas and The Broadmoor in Colorado Springs, CO. Washko will be heavily involved with the sales and direction of the Mohegan Sun Expo Center, currently being built near the Earth Tower at Mohegan Sun. Washko, a James Madison University graduate, has been recognized as one of the Top 25 Extraordinary Minds in Sales & Marketing in 2015 by HSMAI (Hospitality Sales and Marketing Association International) and in 2010 was awarded “Marketer of the Year” from HSMAI as well.  Washko is an Executive Committee Member of HSMAI’s America’s Board. He also sits on the Advisory Board for Elite Meetings International.

NEW YORK, NY—Marcus & Millichap named Susan Bands to its management team as sales manager of the Manhattan office. Bands recently celebrated her 13th year working in the top performing office of Marcus & Millichap located in Manhattan. She joined the company in 2004 as an agent in Marcus & Millichap’s National Retail Group and managed the sale of shopping centers and net-leased properties in the Northeast, Southeast and Mid-Atlantic states. Before joining Marcus & Millichap, Bands worked with Forest City Ratner Companies as director of sales and marketing in two of its New York hotels, and with Grubb & Ellis as associate managing director of investment sales. A Hamptons resident, she received her Bachelor of Arts degree in radio, television and film from Northwestern University.

 

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