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—TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), has closed the sale of 685 Third Avenue to Tokyo-based UNIZO Holdings Company for $467.5 million. TH Real Estate acquired the 31-story, 651,492 square-foot office building with ground level retail office building as a value-add investment in July 2010 from Pfizer for $190 million, when it was virtually vacant. An ambitious asset management plan was developed and a 49.99 percent interest was sold to Future Fund, Australia’s sovereign wealth fund. From 2011 through 2013, TH Real Estate executed a complete repositioning of the building which included renovations to the building’s lobby, an improved pocket park, and the addition of fast-casual dining such as Luke’s Lobster. The follow-on office leasing program ultimately attracted a wide array of tenants including Sales Force, Tribune, and Crain’s. A recently executed lease for the corner retail unit by artisanal bakery Maison Kayser brought the overall occupancy level to 93 percent.

NEW YORK, NY—Ariel Property Advisors facilitated the sale of a multifamily building and development site in the rapidly expanding neighborhood of East Harlem. The two assets, located at 405 East 117th Street and 407-409 East 117th Street, sold for a collective $4 million.  405 East 117th Street, spanning a total of 4,750 gross square feet, is a four-story multifamily walk-up building on the north side of East 117th Street, between 1st Avenue and Pleasant Avenue. The property’s seven (7) residential units are all rent stabilized. With average rents currently operating at $20 per square foot, significantly below the area’s average, the new owner benefits from immediate upside.  407-409 East 117th Street is a 32-foot-wide development site, also situated on the north side of East 117th Street, between 1st and Pleasant Avenue. Zoned R7B (3.0 FAR), the property permits approximately 10,092 buildable square feet (as-of-right) for residential development. Exclusive agents Matthew L. Gillis, Michael A. Tortorici, Victor Sozio, and Howard Raber represented the owner and secured the buyer.

DANBURY AND BERLIN, CT—The Hampshire Companies, a full service, private real estate investment firm, announced the sale of a four-building, 117,992-square-foot industrial portfolio in Connecticut to a private buyer. The portfolio includes two structures totaling 42,500 square feet and 3,000 square feet at 55 Old Ridgebury Road in Danbury, a 22,138-square-foot building at 81 Fuller Way in Berlin (pictured) and a 50,354-square-foot building at 83 White Oak in Berlin. 81 Fuller Way is a single-story industrial building on 1.94 acres built in 1989 with a renovation taking place in 1994 and is fully leased by Space Electronics, the world’s number one manufacturer of aerospace mass properties measurement instruments.

NEW PROVIDENCE, NJ—Jeffrey Dunne and Jeremy Neuer of CBRE Institutional Properties represented Mack-Cali in the sale of 890 Mountain Avenue in New Providence, NJ. 890 Mountain Avenue is an 81,075-square-foot class-A office building located within New Jersey’s “Golden Triangle” – a 100-square-mile region with most of the wealthiest towns in New Jersey. At 35 percent occupancy, the property offers significant upside, particularly with its location at the corner of two major local thoroughfares (Mountain Avenue and Diamond Hill Road) and opposite Summit Medical Group’s headquarters.

BAYONNE AND LEDGEWOOD, NJ—Team Resources says it leased or sold 1.42 million square feet of space with a net aggregate value of more than $44.5 million in the third quarter. Notable transactions include the 244,000-square-foot sale of 90 East 5th Street in Bayonne, NJ to Shamosh 5. Notable leases include 111,000 square feet at 95 Mayhill in Saddle Brook, NJ and 175,741 square feet at 1881 Route 46 in Ledgewood, NJ (pictured).

Notables

MELVILLE, NY—Melissa Naeder has joined Cushman & Wakefield as a senior director of retail brokerage in Long Island. Naeder will be based in the Melville office, and will work with Katie Mahon, managing director, retail services & brokerage operations, tri-state region, and Joseph Caridi, executive managing director, Downtown Manhattan, Brooklyn, Queens and Long Island, to lead retail efforts in the suburban market. Naeder joins Cushman & Wakefield with more than 12 years of commercial real estate experience.

MALVERN, PA—Michael Lloyd joined IMC Construction as general counsel. Lloyd brings 12 years of experience, including seven as legal advisor for companies such as Uber Technologies and Chevron Corporation, and Caplin & Drysdale, in Washington, DC. Lloyd’s duties will include owner contracts and subcontracts, IMC’s Contractor Controlled Insurance Program (CCIP), and corporate governance and administration of outside counsel. Lloyd holds a JD degree from Harvard Law School and a BBA in Finance and Economics, with highest honors, from Loyola University New Orleans. He is admitted to practice law in Washington, DC, and New York.

SHORT HILLS, NJ—The Blau & Berg Company hired Christian Benedetto, a veteran real estate expert, as director of business development. Benedetto joins The Blau & Berg team with twenty years of commercial real estate experience.  His previous work includes consulting for many publicly-traded companies — from Prudential and Provident Bank to Connect One Bank, First Union, Lockheed Martin and the Government of China –  on real estate projects across the globe. Beyond the world of real estate, Christian is also a published author of four acclaimed books of poetry; a US patent holder; and an avid supporter of the Veterans and PTSD. After serving in the United States Marine Corp Infantry during the First Gulf War, Christian founded the quarterly magazine PTSD Journal to help people like him suffering from post-traumatic stress disorder.  He was nominated as a 2017 CNN Hero for his work. Christian holds a BA degree in Financial Services from Monmouth University, and graduate degrees in both Finance and Computer Information Systems Management.

 

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