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

MELROSE, MA—Jones Lang LaSalle’s Capital Markets group arranged the sale of The Washingtons, a 182-unit multifamily community at 2 and 37 Washington St., Melrose, MA. Monogram Residential Trust purchased the transit-oriented community from Wood Partners. Managing Directors Travis D’Amato and Michael Coyne, along with Vice Presidents Brendan Shields and Kevin Gleason, led the JLL team on the transaction.

SHELTON, CT—HK Group’s Ricardo E. Cordido, senior vice president and Dave Cervero, associate vice president have completed the long-term lease of Arooga’s second location in Connecticut. The soon-to-be-built free-standing restaurant is situated within the newly developed Big Y shopping plaza located at 405 Bridgeport Ave, Shelton, CT. Shelton’s Arooga’s will become Mohegan Holdings Company’s fourth location under a 2014 multi-unit franchise agreement to bring 15 Arooga’s Grille House and Sports Bar to the New England region. HK Group represented Mohegan Holdings Company, LLC and Saugatuck Commercial represented the Landlord.

MAHWAH, NJ—NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announces it has been named the exclusive leasing agent for the 271,195-square-foot industrial building being developed at One Sharp Plaza in Mahwah, NJ, by The Sitex Group. NAI Hanson’s Kenneth Lundberg, SIOR, and Patrick Lennon are the exclusive brokers for the assignment. Currently under construction, One Sharp Plaza will be the newest, state-of the-art warehouse space of its size in Bergen County when it is completed in early 2018.  Situated on 20.74 acres, the warehouse will offer 36-foot clear ceiling heights, 54×60-foot column spacing, 36 dock doors, ESFR sprinklers, two drive-ins and parking for 25 trailers and 184 cars.

NEW YORK, NY—Newmark Knight Frank is the exclusive leasing agent for the remaining 90,000 square feet of office space at four properties located at Dumbo Heights, a 1.2-million-square-foot office and retail complex in Dumbo Heights, Brooklyn, NY. The properties, owned by Kushner Companies, RFR Realty and LIVWRK, are located on the waterfront in the heart of the Brooklyn “tech triangle.”  77 Sands, the second of the five buildings comprising the Dumbo Heights campus, stands 12 stories tall and features a typical floor size of 18,800 rentable square feet. Slightly smaller in size, 55 Prospect Street offers pre-builts that range from 1,000 to 5,000 square feet.

NEW YORK, NY—Marcus & Millichap brokered the sale of 115 Division Street, a 10-unit apartment property located in New York City, according to John Krueger, regional manager of the firm’s Manhattan office. The asset sold for $4.4 million. John J. Stewart, James O’Leary, Dylan Torey, Nicholas Biedron, Michael Sadowsky and Alan Stenson, all from Marcus & Millichap’s Manhattan office, represented the seller, a private investor, and procured the buyer, a limited liability company. The property includes eight residential and two commercial units.

NEW YORK, NY—Ariel Property Advisors has been retained exclusively to sell 961 42nd Street, a multifamily building in the prime Borough Park section of Brooklyn. The asking price for the four-story property is $9 million. The walk-up building, which is 110’ wide and spans 35,320 square feet, is located on the north side of 42nd Street between 9th and 10th Avenues, on the border of Borough Park and Sunset Park. The property contains 35 one- and two-bedroom units, all of which are rent-stabilized. Exclusive agents Jonathan Berman, Victor Sozio, Alexander McGee, and McNally Lee are representing the seller.

LAKEWOOD, NJ—WRE Consulting represented Gericare Pharmaceuticals in obtaining $11.7 million of economic incentives from the NJEDA that will enable Gericare to expand from its current Brooklyn location and lease 50,000 square feet at 1295 Towbin Ave., Lakewood, NJ, an 88,000 square-foot industrial building.  “Gericare was deciding between New Jersey and Gulfport MS where it already has a substantial manufacturing operation” said Lee Winter, a principal at WRE Consulting (pictured). “New Jersey’s incentives were the deciding factor in the company’s site selection decision and will enable Gericare to expand and create many new jobs.”

EDISON, N.J., August 21, 2017 – Cushman & Wakefield is marketing an 388,964-square-foot class-A industrial building at 3003 Woodbridge Ave. for sale or lease. Executive director Charles Fern of Cushman & Wakefield’s Metropark office in Iselin is marketing the space with Peter Yannotta, also of Cushman & Wakefield. Offering 45-foot-clear ceiling height in more than half of the building, 3003 Woodbridge Ave. may have the tallest ceiling heights in the area, The property also offers 44 exterior tailboard docks; two drive-in doors and parking for 350 cars and up to 50 trailers. The fenced 43-acre site has full security with a 24-hour guard and an ESFR Sprinkler System, the highest-rated fire-suppression sprinkler system available.

Notables

BOSTON, MA—Cushman & Wakefield named Tom O’Regan an executive director on the firm’s Downtown Boston Leasing Team. With more than 20 years of experience in commercial real estate, O’Regan has advised many local, national and international firms, specializing in the leasing of office space for many of Boston’s most prestigious landlords, investors and tenants in the Seaport and Financial District. Before joining Cushman & Wakefield, Tom was a managing director at Jones Lang LaSalle and an executive director for Richards Barry Joyce Partners. Tom is a member of the Greater Boston Real Estate Board and holds a bachelor’s degree in management from Boston University.

EAST BRUNSWICK, NJ—CBRE named Jonathan Meisel a senior vice president in its Central New Jersey office. Meisel brings close to 30 years of New Jersey commercial real estate experience to CBRE, having held senior-level positions at both Jones Lang LaSalle and Cushman & Wakefield. Meisel joins CBRE after 13 years at JLL, where he was a founding partner of the firm’s New Jersey office. During his tenure at JLL, he served as the market leader and, more recently, as the head of JLL’s New Jersey agency group. At JLL, he completed more than ten million square feet of leasing transactions. A certified mechanical engineer, Meisel was also the eastern team lead of JLL’s data center practice group, completing major critical facility transactions on behalf of major corporate data center occupiers.

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