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—The Howard Hughes Corporation says ESPN will occupy approximately 19,000-square-feet of rentable space within its waterfront development at Pier 17, part of the company’s revitalization of Seaport District NYC in Lower Manhattan. The long-term lease has been executed with ESPN’s studio partner at the Seaport, NEP Studios. The grand opening of the Pier 17 rooftop is set for summer 2018. Starting in spring 2018, ESPN will produce multiple studio shows from this location, as well as radio, radio on TV, news hits and social segments. The facility, with views of the Brooklyn Bridge, Statue of Liberty, East River and city skyline, will provide ESPN with a unique opportunity to create content within the studio, outside the facility on Pier 17 and its rooftop venue, and around the neighborhood’s historic cobblestone areas. NEP Studios will provide technical services and staffing for the shows.

CARLSTADT, NJ—Tribeca Oven has renewed its leases at two adjacent properties in the Meadowlands. Colliers International brokered the leases. The facilities at 425 (pictured) and 447 Gotham Parkway in Carlstadt house the wholesale artisan bread manufacturer’s distribution and bakery operations, respectively. Founded as a fresh bakery in New York City in 1988, Tribeca Oven transitioned to a frozen par-baked, wholesale-focused model when it moved to Carlstadt in 2004. Colliers’ John Donnelly, based in Parsippany, NJ, co-brokered the long-term, full-building, renewals for Tribeca Oven with Jones Lang LaSalle’s Jeff Miller, who represents Tribeca Oven’s parent company, C.H. Guenther & Son, on a national basis. Institutional investors advised by J.P. Morgan Asset Management own the 115,000-square-foot 425 Gotham Parkway, while Prologis 2 owns the 53,000-square-foot 447 Gotham Parkway. Paul Rosen, vice president – leasing officer, and Jason Tenenbaum, senior leasing manager for Prologis, participated in the lease renewal process at 447 Gotham.

HIGHLAND PARK, NJ—Seward Johnson’s castle-based property on a 2,000-acre bluff overlooking the Raritan River has been redeveloped. Kaplan Companies joined with Highland Park officials recently to open “Merriewold at Highland Park,” a 196-unit complex of rental apartments. The Castle remains perfectly maintained and serves as a welcome to Merriewold residents who pull off River Road, and drive up a long, winding wooded driveway, past the Castle and a guardhouse to the modern construction that contains many fabled characteristics of Johnson’s castle. Each oversized unit has high-end finishes, such as glass back splashes, quartz counter tops and stainless steel appliances. There are elevators for easy access.  Rent for a one-bedroom unit is $1,875, a two-bedroom unit is $2,375 and a three-bedroom unit is approximately $3,000. New residents will not have to pay rent until 2018.

CARLSTADT, NJ—Sitex Group has added a 40,000-square-foot warehouse located at 223 Veterans Boulevard in Carlstadt to its expanding portfolio. The seller was New Space Realty Corporation. Sale price was not disclosed. The 1968-vintage property features four loading docks, one drive-in door, 4,000 square feet of office space and a fenced, secure lot.

WILLINGBORO, NJ—Si D. Pae, a salesperson with KenKap Realty of Parsippany, NJ, represented the buyer in the purchase of Willingboro Town Center at 300 Campbell Dr., Willingboro, NJ.  The $6.4 million sale closed Oct. 26. The 36,000 square-foot retail and office complex occupies more than two acres of land and is more than 95-percent leased.  The purchase completed a 1031 exchange for the buyer, 300 Campbell Urban Renewal Corporation, an investment client of KenKap.

NORWELL, MA—FoxRock Properties and Jones Lang LaSalle arranged leases for CHA Consulting, Morgan Stanley, and TriCore Solutions for 23,000 square feet, 16,500 square feet, and 6,135 square feet respectively, at 141 Longwater Drive, Longwater Place, Norwell, MA. JLL represented building owner FoxRock, and tenants CHA and Morgan Stanley in negotiations. These leases bring the modern two-story 225,000-square-foot office building to approximately 85-percent leased. The three companies join tenants including Aramark, Batelle, South Shore Medical Center and ESG. JLL managing director Tom Kent, senior vice president Sean Lynch, and vice president Joe Fabiano represented the landlord and two tenants.

BOSTON, MA—Marquis Health Services, the healthcare affiliate of Tryko Partners, has assumed operational management of North End Rehabilitation and Healthcare Center in Boston. The organization will begin a $5 million renovation at the skilled nursing facility – formerly known as Spaulding Nursing and Therapy Center – in early 2018. Tryko Partners purchased the facility at 70 Fulton St. in March from Spaulding Rehabilitation Network, part of the Partners HealthCare system; Partners continued to manage the property during the transition. Under Marquis, the property will be licensed for 100 patients, including 70 beds for long-term residents and 30 beds for short-term rehabilitation patients.

JERSEY CITY, NJ—The partnership of Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation, and Ironstate Development says Jersey City Urby is 95-percent leased. The rapid leasing of Urby’s 762 studio, one- and two-bedroom residences reflects booming demand for apartments near Jersey City’s waterfront, where Mack-Cali is developing Harborside – a cultural district that blends luxury living, premier offices, locally- inspired shopping and dining, and open public spaces.

SADDLE BROOK, NJ—CBRE has arranged a 37,000-square-foot full-floor office lease with Rising Pharmaceuticals, which has relocated its global headquarters to Plaza I of Park 80 West in Saddle Brook, NJ. The CBRE team of Cheryl Hardt and Donald Sperling serves as the exclusive leasing agent for Park 80 West on behalf of CBRE Strategic Partners U.S. Value 7, a fund sponsored by CBRE Global Investors that owns the property. Rising Pharmaceuticals was represented by Ben Brenner and Todd Efland of Cushman & Wakefield in the transaction.

Notables

BOSTON, MA – The Institute for Sustainable Infrastructure (ISI) has awarded Boston Landing Station in Greater Boston’s Allston-Brighton neighborhood its Envision Silver verification. To date, this is the highest level awarded in Greater Boston, and the first transit project in New England to achieve Envision. Consistent with Skanska’s triple bottom line approach to sustainability, the Envision system rates infrastructure projects across a full range of environmental, social, and economic impacts. Skanska earned credits in all five categories – Quality of Life, Leadership, Resource Allocation, Natural World, and Climate and Risk – for its work to construct Boston Landing Station, in collaboration with the project’s designer, engineering firm STV.

ROCHELLE PARK, NJ—Case Real Estate Capital named Aysha Cox a financial and investment analyst. Cox will work with the firm’s finance and asset management teams in underwriting, valuing, closing and managing its diverse investment portfolio. Before joining Case, Cox was a supervisor in asset management at Hudson Realty Capital, where she managed portfolio assets consisting of REO and NPL loans throughout the country, evaluated assets, and compiled investor reporting.

MILLBURN, NJ—The Downtown Millburn Development Alliance (DMDA) is proud to announce its 25th anniversary as the economic engine for downtown Millburn, NJ. Founded by the Township Committee in 1992 to enhance downtown’s appearance and vitality, the nonprofit plans events that attract thousands of residents and visitors annually. DMDA’s first planned function was the Snowflake Parade in December 1992, and it has since grown to coordinate a variety of events annually including Millburn Live, the Sidewalk Sale, Farmer’s Market, Pre-School Trick or Treat and Girls Night Out. Events coming up this season include Shop Small Saturday on November 25th and the Snowflake Parade on December 3rd to ring in the holidays. Today there are approximately 500 retail, office and commercial businesses located in downtown Millburn. National brands including Playa Bowls, Kung Fu Tea and Bluemercury are recent additions to Millburn’s downtown roster. Millburn Township has a population of over 20,000 people, with Downtown Millburn housing over 30 restaurants and more than 200 retailers.

 

 

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