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Middle Market Digest: The Northeast

Here is a roundup of deals and transactions from around the northeast in the past week.

Deal Tracker

NEW YORK, NY—Greenspoon Marder has moved to 590 Madison Avenue. The new, larger office space encompasses the entire 18th floor of the IBM building with approximately 25,000 square-feet in the heart of the prestigious Plaza District at 57th Street. The move is one of the law firm’s major forays in 2017 within the New York City market.

NEW YORK, NY—Newmark Knight Frank negotiated a renewal for 6,768 square feet of ground-floor retail space for Bank of America on the northwest corner of 75th Street and 1066 Lexington Avenue in Manhattan. The bank also maintained its additional 2,120 square feet of usable lower-level space. NKF Executive Managing Director Tom Citron and Associate Ethan Berenzweig represented the landlord, Patrician Associates, while CBRE represented the tenant.

BOSTON, MA—Jeremy Roy, senior vice president, and Tyler Hilson, broker associate, with Perry Brokerages Associates, represented Walden Local Meat in its expansion and relocation to a new headquarters at 18 Esquire Road in Billerica.  With another location under agreement that had fallen through and an immediate lease expiration, Walden Local Meat hired Perry to identify industrial properties with clear height sufficient to freeze their meat in a vertical, as opposed to horizontal, orientation.

BILLERICA, MA—The RAM Companies has acquired two industrial/flex properties in suburban Boston – 35 Dunham Road (pictured) in Billerica and 734 Forest St. in Marlborough, for $10.1 million. The purchases are part of RAM’s ongoing strategy of identifying and acquiring high-quality, income-producing commercial and industrial properties. The 65,912-square-foot property at 35 Dunham Road in Billerica is located within Middlesex Corporate Park, one of Billerica’s major business parks. The 54,884-square-foot property at 734 Forest Street in Marlborough is located within the Cedar Hill Business Park.

BOSTON, MA—Transwestern Consulting Group brokered the $6.4 million sale of 130 Constitution Blvd. in Franklin, MA, on behalf of Novaya Real Estate Ventures. The 59,970-square-foot industrial building was purchased by Albert Milstein, Barry Kirschenbaum and Sanford Bokor. TCG Partners John Lashar and Chris Skeffington, along with Vice President Roy Sandeman, represented the seller and assisted in sourcing the buyer. Novaya purchased the building in 2013 as part of a two-building portfolio in a transaction also brokered by TCG and has since launched a significant capital improvement campaign. Novaya completed a full “vacancy preparation” repositioning of the building, which included painting the warehouse, a floor strip and seal, installing new lighting, and upgrading the dock doors with new levelers. In addition, a new roof and upgraded HVAC units were installed as part of the overall improvement campaign.

FAIR HAVEN, NJ—Continuing efforts to bring “silicon” to the Navesink River and amplify the technology presence within New Jersey, 810 River Road is building a new campus headquarters for ForeFront, a Fair Haven-based global business and technology firm. ForeFront’s new building will sustain a strong town history and contemporary technology flair, bridging the gap between both a traditional and progressive approach to business. The building design has its complexities. As part of the structure, one of the property’s neglected clamdigger houses built in the late 1800’s, and engrained in Fair Haven’s history, will be restored and preserved within the new structure. Glass walls will link the two houses allowing for natural light to penetrate through the south side of the building.

WATCHUNG, NJ—The MAX Challenge, a fitness company, will join the tenant roster at Blue Star Shopping Center in Watchung, according to Levin Management Corporation, the property’s exclusive managing and leasing agent. A franchisee for the growing fitness concept has leased 3,000 square feet at the 419,000-square-foot property. Levin leasing representative E.J. Moawad negotiated the lease on behalf of Blue Star Shopping Center. Sitar’s Joe AmecAngelo, who was with RJ Brunelli at the time of the lease signing, served as tenant broker in the transaction.

LITTLETON, MA—Calare Properties, a private Massachusetts-based real estate investment firm and operator, has acquired 234 Taylor Street in Littleton, MA. Along with the acquisition of the 36,000 square-foot warehouse building, Calare has secured a 10-year absolute net lease with Premier Health Group, guaranteeing a full commitment to the building.  Located directly off Route 495, this well-maintained property is situated on 6.3 acres of land with ample parking in a market with strong industrial demand.  The one-story warehouse features 24-foot ceilings with eight tailboard docks and one drive-in door.

BLOOMSBURG, PA—Marcus & Millichap brokered the sale of Scott Town Plaza, a 73,634-square foot multi-tenant neighborhood shopping center located in Bloomsburg, PA, for $5.55 million. Scott Woodard, Derrick Dougherty, Mark Taylor and Dean Zang of TZD Retail of Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor based in southeastern Pennsylvania.  The buyer, Amato Properties, was represented by Mark Krantz, Dougherty and Taylor of TZD Retail of Marcus & Millichap. Both investors were looking to centralize their portfolio and move capital closer to home.

WEST WINDSOR, NJ—Gottesman Real Estate Partners and Mountain Development Corp. have awarded Ewing-based Mercer Oak Realty the leasing assignment for 21 Roszel Road in West Windsor, a three-story 62,500-square-foot class A office building, and 19 Roszel Road, a neighboring 38,000-square-foot built-to-suit opportunity.  The office properties, situated in the coveted Princeton area submarket, are one of several joint ventures between MDC and Gottesman Real Estate.

PITTSBURGH, PA—Institutional Property Advisors, a division of Marcus & Millichap, has been awarded the exclusive listing for Thorn Run, a 294-unit apartment complex located in Moon Township, a suburb of Pittsburgh, PA. The property is being offered for sale unpriced and free and clear of existing debt. Michael Barron and Daniel Burkons, both senior managing directors, and Wintermute are representing the seller, a Philadelphia-based limited liability company.

DOVER, NJ—Newmark Associates has brokered the sale of two North Jersey industrial properties located in Morris and Passaic Counties for a combined $9 million.  The Morris County property at 69 King Street in Dover is a 200,000-square-foot complex composed of five, interconnecting, multi-story buildings on 1.84 acres of land.  Allan Settlow, senior sales associate at Newmark Associates, represented the buyer, Lakos Construction, which intends to convert the former textile and clothing manufacturing complex into a mixed-use redevelopment consisting of both residential and commercial facilities.  Team Resources, a Lyndhurst-based real estate firm, represented the seller, A&H Partnership. In Passaic County, the property at 90 Kingsland Avenue in Clifton includes a 10,000-square-foot complex which occupies 7 acres of divisible land.  Located near Routes 3 and 21, the abundant acreage, ideal for outdoor storage of vehicles, was an attractive draw for the buyer. Settlow represented the seller, Potamkin Auto Center, in the $6.6 million transaction.

Notables

OLD WESTBURY, NY—150 of New York’s top real estate professionals gathered on Monday, July 10, for the Friends of the Israel Defense Forces (FIDF) New York Real Estate Division Sixth Annual Golf Outing, raising more than $175,000 to support well-being and educational programs for the soldiers of the Israel Defense Forces (IDF). The daylong event at Glen Oaks Country Club in Old Westbury honored Michael Stern, one of New York City’s most prominent developers and the founder and managing partner of JDS Development Group, for his commitment to Israel’s soldiers and for his leadership in the New York real estate community. (From left): IDF Sgt. 1st Class (Res.) Maor; JDS Development Group Founder and Managing Partner Michael Stern; FIDF N.Y. Real Estate Division Chairman Emeritus Ofer Yardeni, who is chairman and CEO of Stonehenge Partners; and IDF 1st Lt. Yael.

PHILADELPHIA, PA—Jose Nuñez was named financial analyst for the Avison Young’s Philadelphia-based Capital Markets Group and Investment Sales team. Additionally, Nuñez will assist all other brokerage teams with investment and financial modeling needs. Focusing in private equity, brokerage, debt and other financial services, Nuñez will be responsible for preparing relevant financial models and projections in support of Avison Young’s investment sales efforts in the Mid-Atlantic region.

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