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Middle Market Digest: The Northeast

Here is a roundup of recent deals, leases, executive moves, and other news from the past week.

Deal Tracker

RUTHERFORD, NJ—NKF Capital Markets represented Tulfra Real Estate in the 100% interest sale of four net-leased industrial assets located throughout Northern New Jersey which total 254,000 square feet. The transaction was completed by executive managing director Kevin Welsh, managing director Brian Schulz and financial analyst Jason Emrani of the Tri-State Capital Markets Team. The team also procured the buyer, a private high net worth investor based in Airmont, NY. The NKF Capital Markets Debt & Structured Finance team of vice chairmen and co-heads Jordan Roeschlaub and Dustin Stolly, as well as managing director Dan Fromm and associate Robert Tonnessen, secured acquisition financing for the purchase. The single-tenant properties, ranging in size from 38,000 square feet to 141,000 square feet, are occupied by a diverse tenant roster for a wide range of uses including plastics manufacturing and assembly, light industrial, storage, office, and private label supplement development. Each property is located within five miles of a major New Jersey thoroughfare, providing exceptional regional connectivity in every direction.

BROOKLYN, NY—Ariel Property Advisors facilitated the sale of a two-building multifamily portfolio in the popular Brooklyn neighborhood of Prospect Heights. The 49-unit package, located at 291 Lincoln Place and 292 Lincoln Place, sold for $17.9 million. The sales price represents $436 per square foot and $365,000 per unit. The two four-story walk-up buildings, which span approximately 41,000 square feet, are situated between Underhill Avenue and Washington Avenue. The unit mix consists of 36 one-bedroom, 11 two-bedroom and 2 three-bedroom apartments. Additionally, between both properties there are 12,400 square feet of additional air rights (as-of-right) that can potentially be utilized in the future. Exclusive agents Jonathan Berman, Michael A. Tortorici, Shimon Shkury, Victor Sozio and Orry Michael represented the owner and secured the buyer.

QUEENS, NY—Cushman & Wakefield has arranged the sale of 42-31 Bell Boulevard, a retail building in Bayside, Queens. The final closing price was $13.5 million. A Cushman & Wakefield brokerage team consisting of vice chairman James Nelson, senior managing director Stephen Preuss and senior associate Carly Weinreb represented the seller, Midwood Investment & Development, in the transaction. The 10,092-square-foot building is currently split into three, fully-leased units. Bank of America anchors the property and occupies its 5,376-square-foot corner, with a lease through March 2024. The remaining units are occupied by a dog daycare and a restaurant, with leases through October 2019 and April 2024 respectively. The building provides a 20-space parking lot and approximately 22,814-square-feet of air rights that could be used for commercial and residential expansion.

NEW YORK, NY—ATCO Properties & Management, one of Manhattan’s preeminent owner/operators of class A commercial real estate, announced that it has signed a 12-year, 5,181 square-foot lease with fast-causal restaurant chain Café Metro at 240-246 West 35th Street, an 18-story building in the Garment District. The new Café Metro, which is expected to open in February 2018, will continue the brand’s expansion in the New York City market. With the new location, Café Metro, with over 30 years of operating history, and its sister brands, Flavors Café and Fresh & Co., will increase the number of its locations to 20 stores in Manhattan and one in downtown Brooklyn. The lease was officially signed on December 11th, 2017.

LIVINGSTON, NJ—Gebroe-Hammer Associates has set a new benchmark for year-end sales, closing more than $231 million in transactions in December alone. The firm’s market specialists arranged a total of 14 sales involving 1,315 apartment-rental units spanning seven New Jersey and three Northeastern Pennsylvania counties. In New Jersey’s Northern and Central metros, Gebroe-Hammer recorded more than $81 million in sales involving seven small-to-mid-sized apartment buildings and garden-style complexes. The 300+ units spanned Bergen, Essex, Union, Monmouth and Middlesex counties. In Southwest Jersey, the Gebroe-Hammer team orchestrated two sales encompassing more than 200 total units. This trend extends across the Delaware River to the ever-strengthening Greater Philadelphia metro, where Gebroe-Hammer finalized sales encompassing over 775 multi-family units and 5,500 square feet of commercial space last month. The properties spanned the counties of Philadelphia, Delaware and Northampton, in the growing Lehigh Valley submarket.

EDISON, NJ—Bussel Realty Corp. says a Brooklyn-based e-commerce business has leased 607 East Edgar Road in Linden, NJ, an 18,000-square-foot industrial building. Jordan Metz, senior vice president of BRC, represented both the tenant and the owner, Academy Realty Group LLC. 607 East Edgar Road is located directly off Route 1-9, with access to New Jersey Turnpike, Port Newark/Elizabeth, Newark Liberty Airport, I-78 and the Goethals Bridge to Staten Island and Brooklyn, New York. The property has 12-foot ceilings, one overhead drive-in door, wet sprinklers, 400 amps power and free surface parking.

NEW YORK, NY—Lee & Associates NYC has arranged a lease at 2047 Broadway for Pokebab, a fast casual restaurant specializing in poké bowls, burritos and salads. It will be the Williamsburg-based brand’s second unit. Brad Schwarz, principal and executive managing director, represented the landlord, HOWJO Associates for the 10-year lease. The tenant’s broker was Jin Choi of PD Properties. Located between West 70th and 71st Streets, the 952-square-foot space is a block from a transportation hub for the 1, 2 and 3 subway lines, and conveniently close to the M5 and M72 bus lines. Pokebab will take occupancy on February 1, 2018. The asking rent was $375 per square foot.

NEW YORK, NY—Jones Lang LaSalle completed a new transaction for building owner Brookfield Properties with Momentum Worldwide at 300 Vesey Street, located within Brookfield Place in Lower Manhattan. The global brand experience agency signed a long-term lease for 60,000 square feet of office space at the Class A, 522,000-square-foot office building. JLL represented both the tenant and the building owner in the transaction. Momentum Worldwide was represented by Scott Panzer, vice chairman; Robert Romano, managing director; and Shannon Rzeznikiewicz, executive vice president. Brookfield Properties was represented by John Wheeler and Michael Berman, managing directors; and Clayton Kline, executive vice president; along with Paul Glickman, vice chairman; Diana Biasotti, senior vice president; and Eliza Akers, associate, all with JLL. The building owner was represented in-house by Jerry Larkin, Mike Nahmias and Dave McBride.

BOSTON, MA—Anchor Line Partners and Jones Lang LaSalle have announced evolutionary plans for One Post Office Square in Boston, MA. The 41-story iconic downtown building, across from Norman B. Leventhal Park and adjacent to the Langham Hotel, will undergo a transformation to deliver a vibrant and connected center of energy and innovation asset, reimagined as a beacon for downtown Boston. One of the most noticeable changes will be to the existing façade of One Post Office Square with a new glass curtainwall, the top floor will include a unique glass expression which has come to be known as ‘The Lantern,’ for its glowing visibility of the skyline. One Post Office Square will also be highlighted by a new transparent glass structure at the lower levels where three stories of retail and dining, almost 8,000 square feet, will transform the building’s relationship to the street. Formerly a dark passage between the building and the hotel, the glass pavilion will be open to the public and inviting at the street-level which overlooks Leventhal Park. In addition, the team has proposed several new and dynamic indoor-outdoor opportunities for tenants and the public, designed to add richness and vitality to the downtown. The proposed outdoor spaces are plentiful, and included on multiple levels.

HINGHAM, MA—Perry Brokerage says Rich Beal and Jon Gifford, president and executive vice president, respectively, of Perry Brokerage Associates (PBA) have assisted Road To Responsibility in securing 20,800 square feet for its newest location at 106 Longwater Drive, Norwell, MA. RTR is a non-profit organization committed to making lives better for adults with developmental disabilities. Bob Conrad and Jim McEvoy of The Conrad Group represented the landlord, Longwater Realty in the lease transaction. Notables

MARLTON, NJ—Chris Henderson was named a principal and shareholder of Wolf Commercial Real Estate effective January 1, 2018. Henderson joined the firm in 2014, and was previously named a vice president at the end of 2016.

EDISON, NJ—Bussel Realty Corp. says William Koggan and Thomas DiNorscio have joined the company as sales associates. With more than 25 years of sales and marketing experience, Koggan spent his career working at such prestigious firms as JP Morgan and Ernest & Young. He will focus on understanding the market dynamics of the Northern/Central New Jersey industrial market, including Union, Middlesex and Somerset County.

With more than 24 years of sales and marketing experience, DiNorscio formerly served as a sales associate with Keller Williams in Maplewood, NJ. DiNorscio will focus on Northern/Central New Jersey industrial market, including Union, Essex and Hudson County and around the Ports.

 

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