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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.

Deal Tracker Daily

NEWARK, NJ—NJIT opened its new Life Sciences and Engineering Center, a $21 million state-of-the-art research facility focused on the future of health care. The new structure connects to the Otto H. York Center for Environmental Engineering and Science to form a cohesive complex that increases square footage by 57 percent and leaves room for a 47,000-square-foot expansion in the future. Additionally, a two-story atrium and presentation space provides opportunities for informal learning, gathering and teaching. The new facility is part of an ongoing, $300 million capital building and renovation program that is transforming research, teaching and campus life at NJIT.

HORSHAM, PA – The Verrichia Company has acquired the final three parcels necessary to begin development of Horsham Village Plaza; a mixed use retail center that will include a Wawa convenience store with six fuel pumps, a CVS pharmacy with a drive-thru and three additional pad sites available for lease that will include a sit-down restaurants or specialty retailers. The 5,585 square foot “super” Wawa and 12,900 square foot CVS Pharmac are expected to open in fall 2018. The three pad sites available for lease total 17,200 square feet and are represented by Metro Commercial. Located at the intersection of Route 611 (Easton Road) and Blair Mill Road, Horsham Village Plaza is located in front of the Pennsylvania Business Campus, home to some of the region’s largest employers, including United Healthcare Services Inc. and a satellite office division of Comcast.

SHELTON, CT—Northeast Private Client Group has closed transactions totaling more than $13 million in the past several weeks. Edward Jordan, JD, CCIM, the firm’s managing director, and Bradley Balletto, regional manager, led their tri-state investment sales team in representing sellers and sourcing buyers for these exclusively listed assignments. Closed transactions during the recent period include: 94 Varga Road, Ashford, CT, a 91-unit multifamily sold for $5.2 million with a 7.7 percent cap rate; 29 Washington Ave, Hamden, CT, a 13-unit multifamily sold for $1.89 million with a 6.71 percent cap rate; 17 Greenwood Street, Hartford, CT, a 29-unit multifamily sold for $1.665 million with a 7.7 percent cap rate; 2494 South Road, Poughkeepsie, NY, a 7,761-square-foot commercial property sold for $540,000 with an 8.3 percent cap rate; 1824 Route 6, Carmel, NY, a four-unit multifamily sold for $480,000 with an 8.12 percent cap rate; 94-102 Shirley Ave, Revere, MA, a nine-unit multifamily sold for $1.115 million with a 7.8 percent cap rate; 150 Village Street and 8 Broad Street, Medway, MA, a 12-unit multifamily portfolio sold for $965,000 with a 10 percent cap rate; and 70 Circular Ave, Hamden, CT, a 28-unit multifamily sold for $1.7 million with an 8.7 percent cap rate.

BROOKLYN, NY—Cushman & Wakefield arranged the sale of a six-story, 12,160-square-foot, mixed-use building at 524 Metropolitan Avenue in Williamsburg, Brooklyn, NY. The property, which was initially purchased in 2013 for $5 million, was sold for $11.3 million. A Cushman & Wakefield team consisting of Executive Managing Director Brendan Maddigan, Director Ethan Stanton, and Associate Director Michael Gigante, represented the sellers, Pinny and Moishe Loketch of the Loketch Group, in the transaction.

NEW MILFORD, NJ—NAI James E. Hanson negotiated the sale of 13.6 acres of land surrounded by Main Street, River Road and Madison Avenue targeted for development in New Milford, NJ. Andrew Somple and Greg James represented the seller, Suez Water North America, in the sale to New Milford Redevelopment Associates, a subsidiary of S. Hekemian & Co. The new owners will utilize the land to build an Inserra ShopRite with a bank branch. Along with the retail development project, a portion of the land will be used to construct new sports fields for New Milford High School. At the same time, Inserra’s current store in New Milford at 841 River Road has been slated for redevelopment into affordable housing once the new store opens. The sale marks the completion of a multi-year approval process that included compromises from the buyer, seller and the Borough of New Milford.

HARRISBURG, PA—PREIT announced the opening of DICK’s Sporting Goods as the replacement for Sears at Capital City Mall in Harrisburg, PA, just six months after the department store closed. PREIT proactively recaptured the department store and attracted the high performing replacement to further strengthen its portfolio and enhance shopper experience, as part of its multi-property anchor repositioning effort. Fine Wine and Good Spirits will follow with a planned November opening. DICK’s Sporting Goods occupies 61,000 square feet of the recaptured space, with Fine Wine & Good Spirits filling an additional 11,500 square feet. The tenants join the only DSW, Forever 21 and Field & Stream stores in the region, reinforcing Capital City Mall’s lead positioning in the market. Recent additions to the property include top-tier retailers: H&M, Pandora and a new prototype Victoria’s Secret store. As part of PREIT’s commitment to curating a diverse mix of concepts, including experiential tenants, to adjust to a shifting retail landscape, Dave & Buster’s will also open at the property in 2018.

NEW YORK, NY—RKF has secured the first brick-and-mortar location for Hatch, an online retailer specializing in women’s fashion and pregnancy apparel, at 17 Bleecker Street in NoHo. RKF Executive Vice President Beth Rosen, Senior Managing Director Marc Finkel and Associate Pierce Thompson represented Hatch in the transaction. Hatch’s new space includes 1,000 square feet on the ground floor and 1,000 square feet on the lower level. Separately, RKF arranged a 1,874-square-foot lease with John Fluevog Shoes, an independent designer and retailer of forward-thinking footwear and accessories. The store is set to open at 37 Main Street in Brooklyn’s DUMBO neighborhood in the fall. Fluevog is recognized as one of the world’s most innovative companies in the fashion industry. This will be the brand’s second location in New York City, complementing its Nolita store.

EAST FALLS, PA—Colliers International’s has been selected to market the available office and industrial space at 4700 Wissahickon Avenue, in East Falls, PA. The historic site, which is the former home of Atwater Kent, is tenanted by Material Culture, Drexel Medicine, and various nonprofits. Availabilities include 51,210 square feet of office space at $11 per square foot triple-net, and 82,539 square feet of industrial space at $4 per square foot, triple-net.

Money Moves

NEWARK, NJ—Brad Domenico of Progress Capital Advisors arranged a $13.5 million permanent loan with two years interest-only for Maddd Equities secured by their building at 765 Broad Street. Originally built in 1960 as part of the Prudential Insurance Corporate Site, the 7-story building totals 214,172 SF with basement and ground level retail. Wells Fargo Bank currently leases a portion of the basement for offices/storage and 10,258 SF of street level retail.

PITTSBURGH, PA—Walker & Dunlop closed a $14.9 million construction loan for EVEN Hotel, to be located in the historic Kaufmann’s department store building in downtown Pittsburgh, PA. Built in 1887, the Pittsburgh landmark, also known as “The Big Store,” was the largest and most prominent department store in the area, spanning an entire city block. Edgar J. Kauffman, patron of Fallingwater and the original property owner, commissioned Frank Lloyd Wright to design the executive offices of this iconic building.  EVEN Hotel is part of a master redevelopment, dubbed Kaufmann’s Grand on Fifth, which will include retail, hospitality, multifamily, and office space. Reception Hotels and Resorts negotiated the acquisition of the fifth and sixth floors of the property.

WALTHAM, MA—The Massachusetts Life Sciences Center won a Gold Excellence in Economic Development Award for Internship Challenge Program, a project in the category of Human Capital of the International Economic Development Council.

 

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