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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

PEABODY, MA—Jones Lang LaSalle’s Capital Markets experts recently announced the firm completed the sale of 1 Technology Drive in Peabody, MA, on behalf of New Jersey-based Normandy Real Estate Partners. A partnership between AEW and Griffith Properties purchased the 186,591-square-foot distribution center and freezer facility for $21.7 million. Managing director Frank Petz and vice president George Gregory led the JLL team on the sale. The building is in Centennial Park in Peabody, which has access to Route 128 and Route 1, giving tenants direct highway access, especially to Logan Airport. Boston’s overall class-A warehouse market has become incredibly tight, as evidenced by an unprecedented vacancy rate below five percent. Tenant options become even more limited in the submarket north of Boston, where the class-A vacancy rate is below 2.5 percent.

PHILADELPHIA, PA—The Metropolitan Opera House received $58 million to renovate and restore the historic Metropolitan Opera House on North Broad which originally opened in 1908. Procida Funding provided $4.2 million of equity, and other funding came from the Commonwealth of Pennsylvania, the City of Philadelphia, Philadelphia Industrial Development Corp, HUD, Fulton Bank and Enhanced Capital. The property is leased to Live Nation, which will run a concert venue there, and the space will also be used on Sundays for church services, and other community uses by day. The law firm of Cole Schotz P.C. advised Procida Funding, in conjunction with Fulton Bank and PIDC (and New Orleans-based Enhanced Capital’s equity investment), on the loan. The Cole Schotz team who advised on the loan was comprised of Leo Leyva, Rab Nalavala, Alan Rubin and Danielle Pasquariello.

MORRISTOWN, NJ—Avison Young recently arranged a 25,000-square-foot lease at Park Ave at Morris County, 100 Campus Drive in Florham Park, NJ. The new tenant, W2O, is a leading marketing and communications firm headquartered in the San Francisco Bay area, with 12 offices worldwide. W2O will be relocating its New Jersey office from Morristown to Florham Park in the second quarter of 2018. Justin F. Dziama, senior vice president from Avison Young’s Boston office and Jeffrey L. Heller from the New Jersey office, represented W2O in the transaction. William E. McCaffrey, Principal, represented the landlord, KBS.

SECAUCUS, NJ—The Harper at Harmon Meadow, a new luxury rental community, has opened in this well-known shopping, dining and entertainment complex. The Harper features oversized studio, one- and two-bedroom apartments, as well as a full suite of resort-inspired indoor and outdoor amenities. Leasing for The Harper has commenced from an on-site leasing center with fully-furnished model apartments and completed amenities. Homes are currently priced from $1,780 a month and are available for immediate occupancy.

NEW YORK, NY—Newmark Knight Frank completed the leasing of the available retail space at 64 West 48th Street, located directly across from Rockefeller Center. The three-level, 16,000-square-foot former City Sports location was leased to two separate restaurant tenants, Tsuru Ton Ton and Judge Roy Bean Public House. This will be the 14th location for popular noodle brasserie Tsuru Ton Ton worldwide, and the second in the US. Tsuru Ton Ton was represented by Howard Gilbert, formerly of NKF, while Judge Roy Bean Public House was represented by Norman Bobrow and Robert McCormick of Norman Bobrow & Co. Asking rents are $250 per square foot ground, and $75 mezzanine.

Notables

MOUNTAIN LAKES, NJ—Vision Real Estate Partners named Christine Eberle and Charles Gatje directors of leasing and property management, respectively. Eberle brings more than 15 years of industry experience to her new position, in which she oversees leasing for the entire Vision Real Estate Partners portfolio. Gatje leads Vision Real Estate Partners’ property management team, assists in the underwriting and onboarding of new acquisitions, and provides operational and financial oversight for the Vision Management division.

MOUNT LAUREL, NJ—Roy Kardon, SIOR, vice president, NAI Mertz, (pictured) has been appointed as president of the 2018 slate of officers of the Society of Industrial and Office Realtors New Jersey Chapter. Kardon is an industrial and office sales and leasing specialist with more than four decades of industry experience. Jason M. Crimmins of Blau & Berg has been named treasurer. With more than twenty years of experience in commercial brokerage, Crimmins is president of his firm and was recently recognized for 10 years as an SIOR designee.

BOSTON, MA—Berkadia named Tom Gleason to its affordable housing team, where he will coordinate the provision of affordable housing financing initiatives as Berkadia continues to grow its affordable housing platform. Gleason joins Berkadia from the Massachusetts Housing Financing Agency, where he most recently served as executive director. In his nearly thirty years with the organization, Tom contributed to and managed its sustained growth, ultimately leading to its recognition as one of the top housing finance agencies in the country. During his time as Executive Director, Tom oversaw the closing of more than $12 billion in affordable financing, the most of any period in MassHousing’s history.

BOSTON, MA—The Boston regional office of NorthMarq Capital is pleased to announce the promotion of Katie Pontes to vice president. Pontes will be responsible for the origination, underwriting, marketing and closing of commercial real estate loans. She joined NorthMarq in 2015 as an investment analyst.

BOSTON, MA—Cushman & Wakefield named industry veteran Michael Joyce to the firm’s Downtown Boston leasing team as vice chairman. With more than 25 years of experience in commercial real estate, Joyce has been responsible for advising a number of local, national and international firms, specializing in the leasing of office space for many of Boston’s most prestigious landlords, investors and tenants. He joined Cushman & Wakefield from Transwestern RBJ.

 

 

 

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