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—HAP Investments says SuperFi Emporium will occupy the 13,000-square-foot ground floor retail space at its East Harlem development at 2211 Third Avenue. 2211 Third Avenue, on the corner of 121st Street and Third Avenue, was designed in collaboration with Fischer + Makooi. The addition of SuperFi Emporium to the building’s commercial space will further cement 2211 Third Avnue as the ideal residential building in the area.

WARREN, NJ—Devli Group has acquired 150 Mt. Bethel Road in Warren, NJ, a 121,954 square foot, 15.7-acre property consisting of two flex buildings, from Hampshire Companies. The property benefits from approved plans to develop an additional 46,000 square foot building as well as easy access to I-78 and I-287 with exceptional demographics and surrounding amenities. The buildings feature flex industrial space with 26’ clear ceiling heights, nine loading docks and 355 parking spaces.

PARAMUS, NJ—Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the sale of two former M&T Bank office buildings located at 80 and 100 West Century Road in Paramus to 80 W. Century LLC and The Frisch School, respectively. Cushman & Wakefield served as exclusive sales agent for M&T Bank. In New Jersey, the team of David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Frank DiTommaso II orchestrated the sale with assistance from the leasing team of David Sherman, David DeMatteis and Mark Zaziski. The deal also involved close collaboration with William Hartman and Lou D’Avanzo based in the New York Cushman & Wakefield office. Patricia Dore, administrative vice president for M&T Bank, and the bank’s senior corporate real estate manager for the Greater New York City and New Jersey Regions’ corporate real estate portfolio, represented the bank.

TROY, NY—KeyBank Real Estate Capital has arranged an $11.6 million Freddie Mac, first mortgage loan for Summit Apartments in Troy, NY. The 108-unit property was built in 2014 and is comprised of four, three-story apartment buildings, situated on 10 acres of land. Hayley Suminski of Key’s Commercial Mortgage Group arranged the financing with a seven-year term, two-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.

BRONX, NY—A joint venture between MRP Realty and AEW Capital Management has acquired 1300 Viele Avenue (pictured) and 1301 Ryawa Avenue in the Bronx from TCW Leasing Company for $25.6 million. The Long Island City office of CBRE with Manhattan-based Pantheon Properties, brokered the deal. John Reinertsen, a senior vice president with CBRE, with Matt Corpuel and Gary Capetta of Pantheon Properties, represented the seller in the marketing of the assets and negotiated the sale transaction. Built in 1959, 1300 Viele Avenue and 1301 Ryawa Avenue is a two-building complex totaling 120,000 square feet of warehouse and distribution space in the heart of Hunts Point. The new ownership has already begun a $5 million capital improvement campaign at the complex. Due to its close proximity to the Hunts Point Food co-op (more than 80 percent of all produce, meat and fish enter New York City via Hunts Point) would be ideal for a variety of food distributors as well as other distribution and industrial uses. In addition, the property’s easy access to Manhattan – via the Willis Avenue, Third Avenue and RFK bridges – provides ample opportunity for alternative uses.

NEW YORK, NY—RKF has been hired to market 42,500 square feet of retail space at 555 and 557 Broadway in SoHo. RKF chairman & CEO Robert Futterman, vice chairman Karen Bellantoni, managing director Jackie Totolo and associate Pierce Thompson are marketing the opportunity on behalf of the owner, Scholastic Corporation. Located between Spring and Prince Streets, 555/557 Broadway is a 12-story office building with retail at its base. A portion of the retail space is currently leased to cosmetics retailer Sephora, which has announced plans to remain at the property in newly renovated space. The headquarters of Scholastic, the global children’s publishing, education and media company, occupies office space on the upper levels of the building. The available space offers 100 feet of frontage on Broadway.

HACKENSACK, NJ—NAI James E. Hanson negotiated a lease to clothing distributor Copper Rivet for a 14,320-square-foot industrial space located at 86-110 Orchard Street in Hackensack, NJ. NAI Hanson’s Pablo Castro, Thomas Vetter, SIOR, and Jeff DeMagistris, SIOR, represented the landlord, Mayer Steg, of Orchard Oak Realty in the transaction. The tenant was represented by Kevin O’Rourke & Jeff St. Thomas of McBride. 86-110 Orchard Street is six miles from the New Jersey Turnpike and the George Washington Bridge. The 14,320-square-foot industrial building features 24’ ceilings, ample and overflow parking, and three loading docks, making this flexible industrial space an ideal new location for BT & DC Corp, which specializes in boys’ and men’s clothing and will utilize the space to distribute clothing to various retailers located across the United States.

OLD BRIDGE, NJ—R.J. Brunelli & Co. completed leases for Dollar Tree, Tractor Supply, 7-Eleven, AAMCO, The Max Challenge, and Verizon Wireless around the Garden State. Dollar Tree is opening locations in Passaic, Plainsboro, Barnegat, and Wildwood. Tractor Supply is opening a new location in Waretown, NJ; 7-Eleven is locating in North Bergen, Red Bank, and South Amboy; The Max Challenge will take space in Pine Brook, and Fair Lawn. Brunelli also helped Verizon TCC find space in Hillsborough and Bordentown. AAMCO will locate in Morristown and Eatontown.

Notables

JERSEY CITY, NJ—App-based service Hello Alfred and real estate developer and management company KRE Group are partnering to provide the online concierge service across the developer’s portfolio of 2,200 residential units in Jersey City, giving KRE Group the exclusive rights to the service in the area for one year. Journal Squared, the soaring luxury rental tower in the historic Journal Square neighborhood, will be the first residential development in the state to offer Hello Alfred. The Hello Alfred platform combines sophisticated software with highly trained “Alfred” Home Managers to handle an extensive suite of services that residents control via a mobile app. A dedicated Home Manager then visits the user’s apartment each week to complete the tasks, which can include home cleanings, errands and special requests, and learns to anticipate their needs over time.

PARSIPPANY, NJ—NAI James E. Hanson named John J. Koch, known as “LJ,” as a sales associate. Koch will work with senior vice president Barry Cohorsky, SIOR. Koch will focus on both sales and leasing in the Morris County and the overall northern New Jersey marketplace with a concentration in the industrial/warehouse arena. Before joining NAI Hanson, Koch was a Sales Associate with Newmark Associates.

BARNEGAT, NJ—Walters Homes is adding home design to the company’s growing residential development and real estate services. The new venture, Walters Architecture, is led by Arnold Boyle, AIA. He is a graduate of the New Jersey Institute of Technology, a member of the Jersey Shore chapter of the American Institute of Architects, and the National Council of Architectural Registration Boards. In 2016, he received the Young Architect of the Year Award from the AIA Jersey Shore Chapter.

 

 

Copyright 2018. ALM Media Properties, LLC. All rights reserved.