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

SWAMPSCOTT, MA—The Residence at Vinnin Square, a new senior living community owned and operated by LCB Senior Living and located at 224 Salem Street in Swampscott, MA, is open for residents. The Residence at Vinnin Square offers independent, assisted, and memory care living for local seniors.  The building was constructed by Callahan Construction Managers, a frequent construction partner of LCB Senior Living. Celebrating at a recent reception were, from left: LCB Senior Living CEO Michael Stoller, MA Senator Thomas McGee, and The Residence at Vinnin Square Executive Director Karla Rossi.

SHREWSBURY, NJ—Holliday Fenoglio Fowler arranged a $43.6 million refinancing for The Grove at Shrewsbury, a fully leased lifestyle center totaling 148,000 square feet in Shrewsbury, New Jersey. The HFF team worked on behalf of the borrower, Federal Realty Investment Trust, to secure the 10-year, fixed-rate loan through Principal Commercial Capital. The Grove at Shrewsbury consists of 35 high-end retailers like Williams-Sonoma, Pottery Barn, Bluemercury, Lululemon, Anthropologie, Madewell and Starbucks.  The Grove provides a “town center” shopping experience with gardens, brick walkways, varied storefronts, outdoor seating and flowering trees situated at 597 Broad Street (Route 35) in Shrewsbury, which is approximately 25 miles south of New York City.

FAIRFIELD, NJ—Tulfra Real Estate says it sold 8 Fairfield Crescent, a fully-leased, 62,200-square-foot industrial/distribution building in the Fairfield Submarket, to Cabot Properties of Boston for $7.8 million. Robert Borny and Jose Cruz of Holliday Fenoglio Fowler, Florham Park, N.J. were the brokers on the transaction. The building is fully leased through 2021 by two companies, Regi US, and Inline Distributing Company. Regi US, an Italian-based cosmetics manufacturer, selected 8 Fairfield Crescent as its first U.S. office and as a distribution center. Inline Distributing, a 40-year-old national distributor for restoration, remediation, safety and disaster recovery supplies, operates in 13 locations. Tulfra Real Estate secured these long-term leases in 2015. Built in 1975, 8 Fairfield Crescent was fully renovated by Tulfra in 2014. The building includes 10,000 square feet of office space and 52,200 square feet of warehouse space.

RIDGEWOOD, NJ—The Goldstein Group arranged a long term lease for Starbucks in Ridgewood, NJ. Starbucks has taken a former drive-through bank facility at 121 Franklin Avenue. The site is near the downtown shopping area and the Ridgewood Train station is nearby. Lew Finkelstein, executive vice president at The Goldstein Group, brokered the transaction on behalf of the landlord, 121 Franklin Avenue Associates. Jamie Sackeim and Vicki Ezra of the Dartmouth Company represented the tenant.

HOWELL TOWNSHIP, NJ—Eastern Union Funding has teamed with Greystone, one of the nation’s top FHA and agency lenders, and Customers Bank to arrange more than $69 million in refinancing for a portfolio of 11 multi-family properties in New Jersey and the Bronx. All the refinancings were for five-year terms at an average of 3.7 percent fixed. President Ira Zlotowitz and senior managing director Meir Kessner of Eastern Union Funding arranged the financing. The portfolio, owned by investor Steve Breitman, includes 10 buildings in New Jersey and one in the Bronx, totaling more than 970 apartments. Eight New Jersey properties and the remaining property in the Bronx were refinanced for nearly $40 million through Greystone. Two additional properties in Stratford (pictured) and Lindenwold, NJ were refinanced for a total of $29.5 million through Customers Bank.

HARRISBURG, PA—Marcus & Millichap arranged the $6.9 million sale of Eastridge Apartments, a 108-unit multifamily property located in Harrisburg, PA. Ridge MacLaren, Andrew Townsend and Clarke Talone, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company that was not identified.  The team of agents received over ten offers for the asset and ultimately procured an out-of-market buyer, a private partnership that participated in a 1031 exchange.

JERSEY CITY, NJ—Gull’s Cove II, the luxury condominium building rising in the Liberty Harbor North neighborhood of Downtown Jersey City, has surpassed $60 million in pre-construction sales, with more than 75 percent of the building’s 107 units under contract. With construction of the new nine-story building nearing completion, initial occupancy is scheduled for this fall. Gull’s Cove II follows the successful sell-out of the residential property’s first phase of 322 condominiums.  The two phases are connected by a ground-level row of public retail and private amenities.

NEW YORK, NY—CDP America, a New York-based real estate investment firm, has recently conducted a fundamental repositioning of the Wildenstein family portfolio. Led by existing managing partners, Edouard de Bernis and Hadrien de Croy, and newly appointed managing partner, David Wildenstein, the team completed the sale of 159 East 87th Street and 19 East 64th Street, formerly the location of the Wildenstein Gallery. Through this restructuring of the family’s assets, CDP America reinvested the proceeds into “value-added” properties throughout New York City, including the acquisition of 616 Bushwick Avenue, a 99-unit rental building located in the Bushwick section of Brooklyn, NY.

MECHANICSBURG, PA—CBRE’s Jeffrey Dunne and Jeremy Neuer represented the buyer, an entity controlled by Hartz Mountain Industries, in the purchase of 35 Dauphin Drive in Mechanicsburg, PA, for $24.8 million. Hartz Mountain’s purchase of 35 Dauphin Drive is the latest in the company’s current investment strategy of acquiring high quality, stable industrial assets in first tier markets across the United States. Brad Ruppel, Michael Hines and Brian Fiumara of CBRE’s National Partners team represented the seller. Currently 100-percent occupied, 35 Dauphin Drive is situated along US Route 11 (Carlisle Pike) in the Central Pennsylvania, which is characterized by its exceptional highway infrastructure, within a one-day truck drive to approximately 40 percent of the U.S. population and six of the top 10 US MSAs.

Separately, CBRE has been hired as the exclusive leasing agent for Sterling Place—a three-building, 350,000 square foot, class A, trophy office complex located at 200, 300 and 400 Sterling Parkway in Mechanicsburg, Pennsylvania. Sterling Place is owned by Harrisburg, Pennsylvania based developer Hoffer Properties. The property was developed in 2016 and is located in proximity to Interstate 81, the capital beltway, and amenities rich Carlisle Pike. The three buildings total 350,000 square feet of total new construction, with 400 Sterling Parkway offering a build-to-suit opportunity. The veteran CBRE team of Jeremy Shyk and Michael Curran have been selected to manage all of the leasing for the property. Notable tenants include Deloitte Consulting and Church Mutual Insurance Company.

ROSELAND, NJ—Connell Foley LLP, one of New Jersey’s most prestigious law firms, has opened new corporate headquarters of 75,000 square feet at 56 at Roseland. The 400,000-square-foot repositioned suburban office building is owned by joint venture partners Mountain Development and Square Mile Capital. Connell Foley’s space was designed by global architecture, design and planning firm Gensler. Connell Foley also has offices in Jersey City, Newark, Cherry Hill, New York and Philadelphia.

BERGENFIELD, NJ—Ripco Real Estate says renovations have begun and are currently underway at Foster Village Shopping Center, 495 South Washington Avenue in Bergenfield, NJ. The shopping center is undergoing a major renovation including new façade, parking lot, signage, and lighting and is expected to be completed first quarter next year.

Notables

NEW YORK, NY—Tarter Krinsky & Drogin named Tara McDevitt a senior construction associate in New York. McDevitt, who joins from Goldberg & Connolly, focuses her practice on construction litigation claims and disputes, and also provides legal assistance with drafting negotiations, contracts and agreements.

NEW YORK, NY—Cushman & Wakefield has signed an agreement with Bowery Valuation that will automate and optimize the entire appraisal process. As part of this initial phase of the agreement, Cushman & Wakefield appraisers will be able to provide multi-family valuation services in the New York market utilizing Bowery’s proprietary technology. The platform uses public record integration and a comprehensive comparable database to increase efficiency throughout the commercial appraisal process, improving the current approach where information is pulled manually from relevant government agencies.

BOSTON, MA—TA Realty has named Devin C. Sullivan as director of investor relations. Sullivan brings 15 years of industry experience to the firm and will utilize his significant industry experience to provide dedicated client service to TA Realty’s global relationships, both existing and new.  Before joining TA Realty, Sullivan was a director, institutional services, at Intercontinental Real Estate Corporation, where he was responsible for developing and servicing Intercontinental’s client and consultant relationships.

 

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