24 Hour Local Real Estate News

Middle Market Digest: The Northeast

Here is a roundup of recent deals, leases, executive moves, and other news from the past week.

Deal Tracker

SOUTH PORTLAND, ME—Holliday Fenoglio Fowler has closed the $16.5 million sale of and secured $12.635 million in financing for Mallside Plaza, a 98,948-square-foot shopping center in South Portland, ME. HFF marketed the property on behalf of the seller, Kimco Realty Corp., and procured the buyer, Northeast Capital Group of Rampo, NY.  HFF also worked on behalf of the new owner to secure a 10-year, fixed-rate acquisition loan through Katahdin Trust Company.  Located at 198 Maine Mall Road, the fully leased property is anchored by DSW Shoe Warehouse, Five Below, Guitar Center, Dollar Tree and Mattress Firm and is shadow-anchored by Dick’s Sporting Goods. The sale also included an outparcel single-tenant building net leased to a top-performing Five Guys Burgers. The HFF investment sales team representing the seller was led by senior managing director Jim Koury. HFF’s debt placement team was led by senior director Porter Terry.

BUTLER, NJ—The Goldstein Group has successfully consummated the sale of a 5.5 acre property located at 1441 Route 23 South in Butler, NJ. A QuickChek convenience store and gasoline service station will occupy the parcel. Goldstein executive vice president Lew Finkelstein and vice president CJ Huter represented the seller, a long time client, in the transaction. Harry Rosen of DL Rosen represented the purchaser. The purchaser was ER/UDC and the seller was Raymond Joseph Realty. The 5.5 acre development site has over 245 feet of highway frontage and a daily car count of over 75,000. Area national retailers include Stop & Shop, Rite Aid, Petco, Walmart, Pier 1 Imports, Dunkin Donuts, Staples, Target, Home Depot and Lowe’s.

NEWARK, NJ—Wrapping up a year-long extensive renovation, the Robert Treat Hotel in downtown Newark has unveiled its new Crystal Ballroom. Artie Wassif, director of sales for the hospitality venue, says the ballroom’s makeover includes a new centerpiece—a three-tier chandelier with 30,000 hand-cut and polished crystals and technology that enables the staff to change the chandelier’s color across the rainbow spectrum. The 4,200 square-foot ballroom can accommodate up to 300 people at a banquet, more than 800 theatre-style, and more than 150 people classroom-style (with long tables) for conferences, presentations and other business or organization meetings. The hotel was purchased in 1987 by The Berger Organization, a multi-faceted real estate development and management firm. Under the direction of CEO Miles Berger, the building’s lobby was refurbished and new systems were installed to start the process of upgrading the hotel in a way that modernized its amenities while retaining its historic look.

PHILADELPHIA, PA—Holliday Fenoglio Fowler closed the sale of a four-property, value-add multi-housing portfolio totaling 412 units in Lancaster County, PA. HFF marketed the asset on behalf of the seller, Equus Capital Partners, Ltd.  High Real Estate Group purchased the offering free and clear of debt. The portfolio includes Greenview Terrace (112 units) and Barrcrest Manor (85 units) in Lancaster; Village Green in Elizabethtown (128 units); and Lebanon Court in Lebanon (87 units). The HFF investment sales team representing the seller was led by senior managing director Mark Thomson and directors Carl Fiebig and Francis Coyne as well as senior managing director Jose Cruz and executive managing director Matthew Lawton.

YORK, PA—ROCK Commercial Real Estate says Robert A. Evarts purchased a 2,600-square-foot, freestanding convenience store located at 298 East Main Street in Landisville, PA.  The property, which is at the “main & main” intersection of Landisville, has been leased to Turkey Hill since it was originally developed for them in 1971. The property was acquired for $720,000 from Landisville Property on June 30, 2017.  Ben Chiaro of ROCK Commercial Real Estate represented the seller in the transaction.

HOBOKEN, NJ—Fields Construction Company has started construction at 722 Jefferson Street in Hoboken, where 722 Jefferson St LLC (a joint venture of Derby Consulting and Crimson Capital) is developing a five-story condominium project. Fields is serving as construction manager and general contractor for the building, which will feature 15 residences, each with a deeded parking space, 2,000 square feet of courtyard space, two private rear yards, and three private 930-square-foot roof decks. Designed by architecture firm Minervini Vandermark, the building’s exterior is being constructed using a mix of brick, composite wood, metal panels and glass. It’s estimated the building, which will feature a mix of two- and three-bedroom homes, will be complete by spring 2018.

WOODBRIDGE, NJ—Bergman Real Estate Group, a privately owned real estate investment firm that owns and manages office properties throughout New Jersey, today announced 58,000 SF of lease transactions including 13 new leases and 17 renewals since acquiring the newly-renovated 1099 Wall Street West, a 120,000-square-foot, three-story office building in Lyndhurst, NJ. Bergman Real Estate Group acquired the office building from a private equity fund in April 2016. At the time of acquisition, the building was 50% leased and home to more than 30 companies. A little over a year later, 1099 Wall Street West is now 75-percent leased and home to 43 companies.

FLORHAM PARK, NJ—AVE, a Korman Communities brand, and Rockefeller Group have opened AVE Florham Park, a state-of-the-art, flexible-stay residential community designed for extended-stay business travelers and individuals in transition. The opening of AVE Florham Park is a significant milestone in the evolution of The Green at Florham Park, Rockefeller Group’s 268-acre, master-planned development. The groundbreaking community features 256 one- and two-bedroom thoughtfully-designed furnished suites and unfurnished residences with top-of-the-line fixtures and finishes and 65,000 square feet of indoor and outdoor amenity spaces

Notables

NEW YORK, NY—New York City-based international architecture and planning firm Urbahn Architects has promoted Ranabir Sengupta, AIA, LEED AP, from senior associate to associate principal. In his new role, Sengupta leads the design and planning activities, guiding the creative team of architects and designers across all of Urbahn’s market sectors. Sengupta has over 31 years of experience in the architecture and design industry, 24 of which have been with Urbahn Architects. Before joining Urbahn, he worked as a project architect at Beyer Blinder Belle. Sengupta holds a bachelor’s degree in architecture from Jadavpur University, India, and a master’s degree in architectural studies from Massachusetts Institute of Technology. He is a past Vice Chairman of the Historic Preservation Commission of the Town of Summit, New Jersey. In 2015, he was honored by the Society of Indo American Engineers and Architects with an award in recognition of professional achievements.

NEW YORK, NY—MetaProp NYC, the world’s premier real estate technology nexus, announced today that Noelle Francois, executive director of HeatSeek, has joined the company as an Entrepreneur in Residence. Francois will be conducting research into market demand for technology in government-owned, subsidized and affordable housing. In working with MetaProp NYC, Francois will create a five-week study leading up to the launch of MetaProp’s 22-week Accelerator growth program in September 2017. Before joining MetaProp NYC, Francois spent four years at HeatSeek, which uses technology to help tenants advocate for their right to live in apartments maintained at a safe and healthy temperature.

PARAMUS, NJ—The Goldstein Group announced the formation of a new division to offer specialized retail leasing and advisory services to urban mixed-use property owners, developers and management firms in the New Jersey/New York metropolitan region. Scott I. Edlitz, a 20-year industry veteran in retail and commercial leasing in Manhattan and New Jersey, will head up the new division which will operate under the name, TGG Urban. The new assignment expands on Edlitz’s current role as senior vice president, brokerage operations of The Goldstein Group. TGG Urban will focus on retail leasing, marketing, and management operations for retail properties in key urban areas in New Jersey Gold Coast, such as Jersey City, Hoboken, Newark, Montclair, as well as the New York City boroughs.

NEW YORK, NY—AmTrust Title Insurance Company named Daniel V. Madrid, Esq. its New Jersey state counsel, and a vice president of the firm. His immediate responsibilities are overseeing underwriting for New Jersey for AmTrust title agents and direct national commercial transactions. Before joining AmTrust Title, Madrid was a partner in the New Jersey-based firm of Fox Rothschild, where he was involved in a wide diversity of transactions including acquisitions, dispositions, financings, development and leasing of retail, office, industrial and residential real estate.

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