Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.
Deal Tracker Daily
ASTORIA, NY—The Durst Organization has topped out Building One at Halletts Point in Astoria, Queens. The Dattner Architects-designed building, scheduled to be completed in the summer of 2018, will house 405 units, at least 81 units of which will be affordable to families earning 40 percent and 50 percent of AMI. Ground was broken on the building in January of 2015. Through Durst’s partnership with Urban Upbound, 22 local residents from the Astoria Houses have been employed on the project. The building is one of seven buildings to make up the 2.4 million-square-foot project at the Halletts Point site. Building One is New York City’s first metered chilled water HVAC system for a residential building and a black water reclamation system.
LYNDHURST, NJ—Alexander Property Holdings, which owns 9 Polito Avenue in Lyndhurst, transformed the 30-year-old, 271,000-square-foot asset through a newly completed, multi-million-dollar renovation, and recently named Cushman & Wakefield as the building’s exclusive leasing and managing agent. The property now has a full-service café, teleconference center, gym, and outdoor WiFi and gardens. Additional features include a childcare center, four decks of covered parking, turnstile card access with manned security, concierge service, onsite management and building engineer, full-building WiFi, and a loading dock for shipping and receiving. The building is attached by a catwalk to the Courtyard by Marriott Lyndhurst.
BEDMINSTER, NJ—Five long-term lease transactions in as many months at 1&2 Crossroads cap a successful start for Colliers International at the Bedminster corporate campus. Property owner Eden Wood Realty—which is completing an amenity-focused capital improvement program at the 150,000-square-foot, class-A asset—named the global commercial real estate services firm as exclusive agent in March. The recent activity, totaling approximately 90,000 square feet, includes a new lease, two expansions and two renewals, according to Colliers’ Richard Mirliss, who is heading the assignment with Alex Vitro, Jack Callahan and Richard J. Madison, who are based in Parsippany, NJ.
CARLSTADT, NJ—Third-generation flooring specialties distributor Michael Halebian & Co. has renewed its 34,000-square-foot warehouse lease at 700 Gotham Parkway in Carlstadt. Key Properties LLC owns the 80,000-square-foot Bergen County industrial building. Headquartered nearby on Washington Avenue in Carlstadt, Michael Halebian & Co. has been a tenant at 700 Gotham Parkway for 20 years. Key Properties purchased 700 Gotham Parkway as an abandoned former paint manufacturing facility in 1997, and renovated/repositioned the building from single- to multi-tenant use.
ALTOONA, PA—PREIT sold the Logan Valley Mall in Altoona, PA for $33.2 million. Since January 2013, the Company has executed methodically on the sale of 17 lower productivity malls as well as other non-core properties, generating over $750 million in gross proceeds. Logan Valley Mall is anchored by Macy’s, JC Penney and Sears and generated sales of $324 per square foot compared to PREIT’s portfolio average (excluding this property) of $475 per square foot as of June 30, 2016. Separately, PREIT says three new retailers have opened at Viewmont Mall in Scranton, PA, where the company recast its anchor mix to further diversify and enhance the shopper experience. DICK’S Sporting Goods, Field & Stream and HomeGoods have recently opened within the space formerly occupied by Sears and proactively recaptured by PREIT. Within 14 months of Sears’ closing, the opening of these popular new retailers demonstrates PREIT’s proficiency in identifying and securing quality and high performing replacement anchors.
MONROE TOWNSHIP, NJ—NBR Equipment acquired a 45,000-square-foot warehouse and office facility at 10 Abeel Road in Monroe Township from Abeel Associates. The buyer is a manufacturer of stainless sinks for kitchens, bars, and other applications. While the building – which features 24-foot ceilings – was sold as 50 percent office space, NBR is converting the location into a warehouse distribution facility. Sheldon Gross Realty represented the buyer, working alongside co-broker Simone Realty. Jonathan Glick, Glenn Jaffe, and Matthew Leonelli – respectively executive vice president, senior vice president, and sales representative for Sheldon Gross Realty – managed the sale.
MOUNT LAUREL, NJ—Colliers International in Southern New Jersey brokered the sale of Medford Medical Center, a medical office building totaling 46,400 rentable square feet located at 103 Old Marlton Pike, Medford, NJ to the Atkins Companies and Capital Solutions, for $2.4 million. Evan Zweben, a Senior Vice President and member of Colliers International’s National Healthcare Group, was the sole broker in the transaction. The site is anchored by established medical groups Larchmont Imaging and South Jersey Eye Physicians and is adjacent to Route 70, providing direct access from Medford to downtown Philadelphia.
LIVINGSTON, NJ—CycleBar opened its first Essex County location this week at The Shoppes at the Livingston Circle in Livingston. The 93,000-square-foot open-air shopping center, located at 277 Eisenhower Parkway, is managed and developed by Livingston-based Eastman Companies.
BOSTON, MA—Jones Lang LaSalle’s MetroWest Leasing Team has completed three new leases totalling 23,299 square feet within Lake Williams Corporate Center, a 210,000-square-foot office campus at 62 Forest Street in Marlborough, MA. JLL represented ownership, a client of Washington Capital Management, in these transactions. This recent flurry of leasing activity brings the park’s total occupancy to more than 97 percent. These three new tenants are a mix of both start up and established companies from a variety of different industries. JLL Managing Director Phil DeSimone and Vice President Rob Mahoney represented Washington Capital Management in negotiations for the three transactions.
ALBANY, NY—Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale of a four-property, 274-unit multifamily portfolio located in greater Albany, New York. Victor Nolletti, Steve Witten, Eric Pentore and Wes Klockner represented the seller, GGMW LLC and procured the buyer, ROCO LLC. The properties are: Willowbrook Luxury Apartment Homes, 80 units, constructed in 2003; Greenbush Terrace, a 55-plus community, 73 units, constructed in 2005; Maplewood Estates, 20 units, constructed in 1999; and Greenbush Station, 101 units, constructed in 1960 and renovated in 2008.
CAMBRIDGE, MA—Holliday Fenoglio Fowler arranged acquisition financing for 625 Mount Auburn Street, a 137,421-square-foot, three-story, class-A office building in Cambridge, MA. The HFF team worked on behalf of the borrower, The Davis Companies, to secure the $32.6 million, fixed-rate loan through BBVA Compass Bank. Loan proceeds were used to acquire the property, in a sale arranged by HFF. The 98.5-percent-leased property is anchored by Charles River Analytics, Mount Auburn Hospital and several other technology tenants. Renovated in 2001, 625 Mount Auburn Street features a two-story atrium, fitness center, café area and free on-site parking. The HFF debt placement team representing the borrower included senior director Brett Paulsrud and analyst Connor Allen.