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

NEW YORK, NY—Adams & Co. Real Estate recently completed leases totaling 50,631 square feet along the West 23rd Street corridor in Manhattan’s Flatiron District. Tiffany & Company, 4K Media, a subsidiary of Konami Digital Entertainment that manages the Yu-Gi-Oh! and Rebecca bonbon brands, 3Q Digital, a digital marketing firm, and Ability Insurance and Advantage Capital all signed full-floor leases at interconnected buildings on 23rd Street. Jim Buslik, Alan Bonett and Bradley Cohn of Adams & Co. represented the landlord, Twenty Three R.P. Associates, in the transactions.

CARLSTADT, NJ—Sunrise Supply has leased 11,000 square feet of warehouse space at 150 Commerce Road in Carlstadt. Key Properties owns the fully leased, 30,000-square-foot New Jersey Meadowlands industrial building. Sunrise Supply is relocating to 150 Commerce Road from another Carlstadt address. Alan Frankel and Ron Schechter from Team Resources served as tenant brokers in the transaction.

NEW YORK, NY—Cushman & Wakefield has arranged a 10-year, 2,090-square-foot lease for Neapolitan Express, an artisanal pizzeria, at 29 Second Avenue. A Cushman & Wakefield team consisting of Managing director Brandon Singer and Senior Brokerage Coordinator Michael Cody brokered the transaction. Neapolitan Express will be taking the entire ground floor and basement of the 4-story building at 29 Second Avenue. This transaction represents the first signed lease in Neapolitan Express’s planned New York City rollout. The company originally launched as the first eco-friendly food truck, and now boasts several truck locations throughout the city and two brick and mortar locations.

NEW YORK, NY—Celebrity tattoo artist Bang Bang, whose clients include Rihanna, Lebron James, Katy Perry, Miley Cyrus, and Justin Bieber, plans to open a second Manhattan location at 62 Grand Street after signing a lease arranged by Eastern Consolidated’s Retail Leasing team. Senior Director and Principal James Famularo represented the landlord, and Associate Director Greg Goldberg represented Keith “Bang Bang” McCurdy in negotiating a 10-year lease for the space, which offers 12-foot high ceilings, 2,200 square feet on the ground floor, and 2,200 square feet on the lower level. Goldberg initiated the search after seeing a request on Snapchat from tattoo artist JonBoy. He later learned that JonBoy would start working for Bang Bang after they secured a second location.

MOUNT LAUREL, NJ—The Hampshire Companies has sold the 88,265-square-foot Towne Square Shopping Center at 860-892 Union Mill Road in Mt. Laurel, NJ, to The Westover Companies. The multi-tenant property is currently anchored by leading New Jersey-based grocery chain, ShopRite. The Towne Square Shopping Center, built in 1996, occupies 13 acres and is near a 55-plus community called Holiday Village East, which consists of more than 950 residential homes and three other residential subdivisions boasting an additional 2,400 units. The Hampshire Companies acquired the Towne Square Shopping Center in 2012. The center is 94 percent leased by anchor tenant, ShopRite, owned and operated by Wakefern Corporation and additional tenants include Burn Boot Camp, a national women’s fitness franchise with 53 locations, leasing 6,000 square feet, Angelo’s Pizza leasing 3,080 square feet, and Hair Cuttery, leasing 1,600 square feet. The property also includes an adjacent free-standing pad with a 5,000-square-foot vacant retail building.

NEW YORK, NY—JRT Realty Group will exclusively lease the Union Crossing building at 825 East 141st Street in the South Bronx on behalf of a joint venture of Madison Realty Capital, The Bluestone Group, Altmark Group, and Galil Management. A JRT Realty Group brokerage team consisting of President Greg Smith, Executive Managing Director Ellen Israel, and Director Lauren Calandriello will represent ownership.

GLEN ROCK, NJ—Pagano Company arranged a lease for Stratton Stepp at 55 Harristown Road, Glen Rock, bringing the multi-tenanted building to 100% occupancy. Conveniently located off Route 208, 55 Harristown Road, Glen Rock is now the only fully occupied multi-tenanted building on Harristown Road. The lead real estate agents on the transaction were Nikki Pagano and Colin Schmitt.

FLORHAM PARK, NJ—Holliday Fenoglio Fowler arranged $18.7 million in acquisition financing for West Belt Plaza, an 84,202-square-foot, fully occupied retail center in the North New Jersey-area community of Wayne. The HFF team worked on behalf of the borrower, The Klein Group, to secure the 10-year, fixed-rate loan through a life insurance company.  Renovated in 2001, West Belt Plaza is currently leased to a variety of national and local tenants, including PetSmart, HomeGoods, Fidelity Brokerage and Starbucks. The HFF debt placement team representing the borrower included senior managing directors Jon Mikula and Jim Cadranell.

EDISON, NJ—Bussel Realty Corp. arranged for The Gradus Group to leased 76,640 square feet at 140 South Avenue in South Plainfield, NJ, a 119,935-square-foot industrial building.  Senior vice presidents Earl Lapides, Stephen Nozza and John Cascio of BRC represented the owner, Teitelbaum Partners, in the transaction.  The Gradus Group was represented by Imperial Real Estate. “The Gradus Group will utilize 140 South Avenue for the warehouse and distribution of the photography, video, audio, computer, home and portable entertainment products it sells to customers throughout the region and country,” says Lapides.

Notables

MILLBURN, NJMillburn Township says its Complete Streets program will receive the Complete Streets Excellence award at the 2017 New Jersey Complete Streets Summit at Rutgers University on October 24, 2017. The award recognizes a municipality that has demonstrated excellence in Complete Streets policy development and implementation. The award will be presented by the Voorhees Transportation Center at Rutgers, the State University of New Jersey and the Office of Bicycle and Pedestrian Programs at the New Jersey Department of Transportation to Millburn Township Mayor Cheryl Burstein and other local officials. Millburn Township was selected because of the scale of changes it has made to the town in accordance with Complete Streets policy, including parklets, streetscaping and widened sidewalks.

NEW YORK, NY—Trion Holdings named Kevin Moyer (left) a senior vice president, and Dominick Milio a vice president of Acquisitions, to further develop the firm’s growing real estate portfolio throughout New York City. Moyer will be responsible for the oversight of the acquisitions department including sourcing, identifying, evaluating, underwriting and structuring potential acquisitions and will also lead the capital markets efforts relative to the firm’s newly acquired assets throughout New York City.  Milio will be responsible for sourcing, identifying, evaluating, underwriting and structuring potential acquisitions throughout the New York City market and will also lead the departments underwriting efforts relative to both new assets and ongoing asset management activities.

PHILADELPHIA, PA—BLT Architects says Michael Prifti has been named the 2017 recipient of AIA Philadelphia’s prestigious Harbeson Award. He will be honored at the Design Awards Gala taking place on October 18 at the Kimmel Center. The John Frederick Harbeson Award is presented annually to a long-standing member of the architectural community and is intended to recognize their significant contributions over their lifetime to the architectural profession and its related disciplines.

 

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