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

JERSEY CITY, NJ—Jersey City Urby is partnering with Airbnb to become the first new building development in the tri-state area to take part in the home sharing marketplace’s “Friendly Buildings Program.” Residents of the new rental development located at 200 Greene Street in the Harborside neighborhood will be allowed to share their apartments on Airbnb by renting out a private room or an entire residence for up to 30 days per year. Jersey City Urby’s Airbnb guests will have access to thoughtfully designed apartments and a wide array of communal spaces, as well as a robust program schedule developed for tenants that will include classes, events and unique experiences. Through the Friendly Buildings Program, Jersey City Urby developer Ironstate Development will collect a portion of the money residents earn by hosting on Airbnb. Jersey City Urby, which launched leasing in March, views this program as an additional amenity for tenants who can use the home sharing platform to offset rent while maintaining transparency with the building manager.

BOSTON, MA—Holliday Fenoglio Fowler arranged the $75 million refinancing for Warwick Mall, a 978,659-square-foot, super regional mall in Warwick, RI. The HFF team led by senior director Jennifer Keller and associate Andrew Gray worked on behalf of the borrower, a joint venture between Bliss Properties, Mark T. Brennan & Co. and the Lane Family Trust, to secure the 10-year, fixed-rate loan through Bank of America. Originally developed in the 1970s, the Warwick Mall was renovated in 2011 and is currently leased to 86 tenants, including Nordstrom Rack, Macy’s, Jordan’s Furniture, Target, H&M, Old Navy and JCPenney.  The mall features a 12-screen Showcase Cinema, 12 restaurants and 5,000 parking spaces on the 70-acre site.

MONTVALE, NJ—CBRE’s Jeffrey Dunne and Jeremy Neuer of CBRE Institutional Properties, with Rob Norton and Jeff Babikian, arranged the $6.4 million sale of 135 Chestnut Ridge Road in Montvale, NJ. The team represented the seller, and found the buyer, Capstone Realty Group. Currently 66-percent-leased, 135 Chestnut Ridge Road is a 66,745 SF institutionally constructed class A office building with prominent curb appeal at a four-way intersection with visibility along the Garden State Parkway. Additionally, the Property is situated in the heart of Montvale’s rapidly expanding mixed-use “Metroburb” environment, offering a variety of lifestyle amenities to attract and retain top talent.

PHILADELPHIA, PA—Jones Lang LaSalle’s Capital Markets team arranged the $52 million refinancing of the Space Mart Self-Storage Portfolio on behalf of the owner group, and the sponsor, Space Mart Development Company. Goldman Sachs provided the loan for the portfolio, which consists of eight properties totaling 554,823 square feet and 4,711 units. The portfolio includes four properties in the Greater Philadelphia market, two in Central Pennsylvania, and two in Richmond, Virginia. Managing Director Paul House, Senior Vice President Griffin Guthneck, and Associate Ben Mantor led the JLL team on the financing.

DORCHESTER, MA—KeyBank Real Estate Capital has provided $82 million in 223(f) FHA financing to the Corcoran, Mullins and Jennison group for the refinancing of a five-property mixed income and age-restricted housing portfolio. The properties total 574 units and are located in the towns of Holbrook, Dorchester and Weymouth, MA. The Dorchester property, Savin Hill Apartments, is an age-restricted, affordable housing asset with a project-based Housing Assistance Payments (HAP) contract. The Holbrook property, Ramblewood, was developed under a 40B zoning allowance that requires a percent of the units remain affordable to people earning 80% of the area median income or less.

LOGAN TOWNSHIP, NJ—Supply chain solutions provider NFI has started a build-to-suit facility for Chelten House, a premium food manufacturer and distributor, in Logan Township, NJ. NFI is developing the 209,437 square foot facility where Chelten House will establish its new corporate office and industrial operations facility with future expansion opportunities that could bring the facility to over 400,000 square feet. The architect for the Chelten House project is Bernardon and the general contractor is Arco Design/Build NE. The first phase of the project is expected to be completed September 2018.

WEST ORANGE, NJ—Exterior building restoration is nearing completion at Edison Village, Prism Capital Partners’ industrial-to-residential redevelopment of the historic Thomas Edison Invention Factory and Commerce Center in West Orange. Edison Village, representing the largest non-waterfront adaptive-reuse project in New Jersey, encompasses 21 acres on Main Street, in the heart of West Orange Township’s Downtown Redevelopment Area. Phase I involves the total renovation and reconstruction of the 100-year-old factory complex, introducing 334 rental units, 18,400 square feet of retail with a supporting 630-space parking structure.

LIVINGSTON, NJ—Goldfish Swim School has opened at The Shoppes at the Livingston Circle in Livingston. Located at 277 Eisenhower Parkway, the 93,000-square-foot shopping center is managed and developed by Eastman Companies. The new 8,100-square-foot Goldfish Swim School facility provides swim instruction to children ages 4 months to 12 years. In addition to swim lessons, Goldfish Swim School of Livingston offers weekly family swims (for members and non-members) and party packages. Amenities include an air-conditioned viewing gallery for parents, a spacious family dressing area with private changing rooms, a snack bar and a retail shop.

NEW YORK NY—RKF arranged a 5,396-square-foot lease for Privé Revaux Eyewear at 120 West 42nd Street in Midtown, which is the brand’s first ever brick-and-mortar location. RKF Managing Director David Abrams and Associate Pierce Thompson represented the tenant, Privé Revaux Eyewear, in the transaction. JLL’s Matt Ogle represented the landlord, Callahan Capital Properties. Privé Revaux will occupy the space at The Cubes 42nd Street, a 75,000-square-foot glass and steel building ideally situated in the heart of Midtown. The store is a few blocks away from New York City landmarks such as Bryant Park, Times Sqaure and Grand Central Terminal, as well as several nearby luxury residential towers. Neighboring retailers include Tourneau, Pandora, Equinox, and SoulCycle.

Notables

BRIDGEWATER, NJ—Advance Realty named Angela Tsai a director of asset management. Tsai will oversee the day-to-day operation of a portfolio of regional assets with focus on multifamily and mixed-use projects. She also will develop and implement property-specific value enhancement strategies with regards to both the company’s current projects and acquisition pipeline.

Also joining Advance’s executive team is Diane Pellegrino, who serves as financial controller. Pellegrino, a CPA, will oversee financial matters ranging from development and construction project oversight, project funding, compliance, as well as budget preparation, tracking and reporting.

PARSIPPANY, NJ—Colliers International NJ has named Jennifer Flores an associate with its New Jersey retail brokerage division. Flores started with the firm as an intern in the retail practice last summer. She recently graduated from Montclair State University with a bachelor’s degree in business administration, finance and real estate investment, and holds an NJ Salesperson’s License.

LONG BRANCH, NJ—AvalonBay Communities was named Property Management Company of the Year at the New Jersey Apartment Association’s 24th Annual Garden State Awards.

MARLTON, NJ—Wolf Commercial Real Estate wrapped up its fourth annual Thanksgiving Food Drive today by delivering 130 bags of food and $1,200 in supermarket gift cards to the Jewish Family and Children’s Service food pantry in Cherry Hill, NJ. More than thirty area businesses contributed to the effort. The food drive is part of WCRE’s Community Commitment program, which also includes donating a portion of the proceeds from every transaction to one of several local charities.

 

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