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Middle Market Digest – The Northeast

Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.

This week by the numbers

Deal Tracker Daily

MOONACHIE, NJ—A&G Realty Partners is seeking to sublease a nearly 50,000-square-foot distribution center formerly operated by Pirch, the San Diego, CA-based retailer known for its showrooms filled with kitchen, bath and outdoor products. The sublease of the Moonachie distribution center is the final step in a portfolio reorganization spearheaded by A&G for Pirch. Located at 5 Garden St., the 2.5-acre property is near interstates 46, 80 and 95 providing quick access to Manhattan, Brooklyn, Queens, the Bronx and other points throughout the Northeast.

The single-story, 48,924-square-foot building includes a 4,800-square-foot office area; eight loading docks; a drive-in door; 44-plus parking spaces, and a wet sprinkler system, among other features. The sublease is being brokered by Cushman & Wakefield’s Iselin, NJ, office.

MT. POCONO, PA—Two new tenants have located at Heidenberg Properties Group’s 203,000 square foot Mt. Pocono Plaza in Mt. Pocono, PA: a 27,300 square foot Ollie’s Bargain Outlet and a 17,500 square foot Planet Fitness. Ollie’s new Mt. Pocono store joins 30 additional locations that opened in 2017, including two in Pennsylvania. Ollie’s is a fast-growing value retailer that differentiates itself by offering “good stuff cheap.”

 

CLARK, NJ—Denholtz Associates negotiated The Lawbook Exchange’s renewal of its lease for 11,700 square feet of  office space at 33 Terminal Avenue at the Clark Commercial Center, a 21-acre mixed-use site located at Central Avenue and Terminal Avenue in Clark, NJ. The Clark Commercial Center portfolio consists of 10 commercial buildings totaling 283,201 square feet and one unimproved parcel that Denholtz is currently developing as a retail building. Tenants include L’Oreal, New York Community Bank, Retro Fitness and KinderCare.

SACO, ME—Charterhouse Development Corporation has acquired a Rite Aid pharmacy at 461 Maine St., Sacco, ME. The pharmacy is 11,180 square feet, and the acquisition was sourced and negotiated by John Gendron of Gendron Commercial Brokers in Portland, ME. The property was acquired from Spirit RA Saco by an entity operated by Charterhouse Development for $3.054 million.

BEDFORD, FRANKLIN, KEENE, CONCORD, NH; RUTLAND, VT; WARWICK, RI—KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Rhode Island and Vermont. The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties include: Ridgewood Center – Bedford, located in Bedford, NH; Mountain Ridge Center, located in Franklin, NH; Keene Center, located in Keene, NH; Harris Hill Center, located in Concord; Mountain View Center, located in Rutland, VT; and Kent Regency Center, located in Warwick, RI. John Randolph of Key’s Commercial Mortgage Group, and Laura Conway and Brandon Taseff from Key’s Healthcare Group, arranged the financing through the FHA 232/223(f) mortgage insurance program. The loan proceeds were used to pay down an existing KeyBank bridge loan, which funded the acquisition of 28 skilled nursing facilities in 2016. The properties were acquired by a joint venture comprised of Cindat Capital Management, Best Years and Welltower.

PHILADELPHIA, PA—Equus Capital Partners sold its 308-unit apartment community, Madison Willowyck, in suburban Philadelphia, PA, to Gibbsboro, NJ-based Friedman Realty Group for $62.5 million. At the time of the sale, the community was 96-percent occupied. The seller was represented by Erin Miller and Marybeth Farris of Jones Lang LaSalle. Built in 1972, the garden style apartment community offers residents a mix of one-, two-, and three-bedroom units with private entrances in a low-density setting. An affiliate of Equus acquired Madison Willowyck in 2007 from UBS.

YARDLEY, PA—StayWell, a national health solutions company, has leased 17,500 square feet at 800 Township Line Road in Yardley, and moved its headquarters locally within the Lower Makefield Corporate Center. Commercial real estate services firm Cushman & Wakefield orchestrated the long-term lease as StayWell’s exclusive tenant representative.

Money Moves

MORRISTOWN, NJ—Joseph DeFeo, a 25-year commercial real estate veteran, has joined Avison Young as vice president of retail brokerage. DeFeo, who has extensive retail brokerage experience in the New Jersey and New York metropolitan areas, will represent both landlords and retail tenants in all aspects of their retail space needs. He also will work closely with Avison Young New Jersey’s executive leadership to grow the firm’s regional retail services platform. Before joining Avison Young, DeFeo worked as the Director of Leasing for The Network Realty Group where he was responsible for a portfolio of over one-million-square-feet of privately owned retail, office and industrial properties.

BOSTON, MA—CBRE/New England named Suzanne Duca, Jon Freni and Jason Walega and Matthew Curtin as partners. Duca, Freni, and Walega were promoted, while Curtin joined the company as a partner this year.

Matt Curtin joined CBRE/NE in June 2017, bringing 14 years of experience to his role as Senior Vice President. He co-leads the company’s Retail Advisory & Transaction Services team and specializes in urban retail in the Greater Boston area. Matt is member of the International Council of Shopping Centers (ICSC) and a graduate of Colgate University.

 

Duca joined CBRE/NE in 2011 as Director of Research and has since built and co-led the Creative & Analytics team to market prominence. In addition to her responsibilities for CBRE/NE, she is an active member of CBRE America’s Research Platform and serves as the primary liaison with CBRE Econometric Advisors. Suzanne is also an active member of NAIOP, CREW Boston and serves on the board of the Commercial Brokers Association.

Freni joined CBRE/NE in 2005 as a Tenant Coordinator in the company’s Asset Services group. He then transitioned to CBRE/NE’s Research team, supporting the Urban Advisory & Transaction Services group, which he later joined as a Client Services Associate and now serves as a Senior Vice President.

Walega joined CBRE/NE in 1999 as a Tenant Coordinator in the Asset Services group. He has since managed numerous urban and suburban property portfolios, including serving as the General Manager of the class-A 850,000 square-foot Liberty Mutual portfolio of properties in Boston’s Back Bay. He is currently the General Manager at 101 Arch Street, a 21-story office tower in the heart of Boston’s Downtown Crossing. Jason is a member of BOMA and a graduate of Boston University.

 

 

 

 

 

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