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

GREAT BARRINGTON, MA—Paragon Realty Group of Westport, CT, has acquired Barrington Plaza, a 131,000 square foot grocery-anchored community shopping center located in Great Barrington, MA. The shopping center is located on the heavily traveled Route 7, in the heart of the affluent Berkshires resort area in western Massachusetts, approximately two hours from both New York City and Boston. A 44,667 square foot Price Chopper supermarket and new 24,141 square foot Marshalls co-anchor this area’s dominant shopping center. Marshalls, which opened in November 2017, replaces a large portion of a former Kmart store. Other tenants in the center include Dollar Tree, Pet Valu, Mattress Firm, AT&T, and a complement of local retail establishments.

EDISON, NJ—A 32,000-square foot space at 21 Distribution Boulevard in Edison was recently leased by Bivona & Company from owner Linden Motor Freight. The warehouse transaction was arranged by Jonathan Glick, executive vice president for Sheldon Gross Realty, who represented Bivona & Company. A specialist in fine furnishings for nurseries, Bivona & Company will utilize the Distribution Boulevard location to supplement their main distribution facility in Edison. The facility is immediately adjacent to the New Jersey Turnpike, and only a short drive from both the Garden State Parkway and Route 287.

PARAMUS, NJ–The Goldstein Group placed Vanillamore in a 1,400 sf space on Bloomfield Avenue in Montclair, NJ. Vanillamore is a “dessert kitchen” where foodies and dessert lovers experience dessert in a new way.

 

 

BAYONNE, NJ—Cushman & Wakefield served as the exclusive advisor to Baker Residential in arranging a joint venture with Woodmont Properties to develop 190 West 54th Street in Bayonne, NJ. Woodmont acquired a majority stake in the venture, and construction is well underway, with completion anticipated by spring 2019. Woodmont, as managing partner, brings to the venture its development expertise and both equity and debt capital. Located along John F. Kennedy Boulevard and adjacent to the 40-acre Richard A. Rutkowski Park, the proposed Project will feature 220 market-rate units, views of Manhattan and The Port of Newark, covered parking, a community pool, landscaped courtyards, a roof top terrace, club room, fitness center, pet spa, and direct access to the Richard Rutkowski park. A Cushman & Wakefield Equity, Debt and Structured Finance team of John Alascio, Brian Whitmer, Sridhar Vankayala, and Gloria Aboagye-Agyeman represented Baker Residential in the transaction.

1000 River Road, Conshohocken, PA

CONSHOHOCKEN, PA—CBRE arranged for the sale and acquisition financing of River Park 1—a 169,163 square-foot four-story office building located at 1000 River Road in Conshohocken, Pennsylvania. The state-of-the-art building was acquired by FD Stonewater from The Buccini/Pollin Group for $30.6 million, or $183 per square foot, according to Real Capital Analytics, a proprietary research database. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE Capital Markets’ Institutional Properties team represented the seller in the marketing and sales negotiations. CBRE’s Nick Harris and Steven Doherty of the Debt & Structured Finance team procured the financing on behalf of the buyer. River Park 1 office building is currently 100 percent occupied by Reimbursement Technologies, Inc. (RTI), which recently renewed a long-term lease.

CLIFTON, NJ—Delaware Freeport is leasing 22,220 square feet of industrial space in Clifton, NJ. NAI James E. Hanson’s Eric Demmers, Russell Verducci, Darren Lizzack and Randy Horning represented the landlord, PFPM, in the exclusive listing. The space, located in a 68,759-square-foot building, was recently renovated and boasts with 14’ ceilings, two tailgates, two drive-ins and 22 parking spaces. The property boasts an excellent location with direct access to Route 21 and proximity to Routes 3 and 46 as well as the Garden State Parkway and New Jersey Turnpike. Delaware Freeport will be utilizing the space to warehouse and distribute products to the New York metropolitan area.

NEWARK, NJ—New Jersey Insurance Underwriting Association has leased 7,500 square feet of class A office space at 570 Broad Street in downtown Newark, NJ, which is owned by The Berger Organization. NJIUA, which had been at 744 Broad Street for more than 30 years, signed a seven-year lease with options in the 15-story office building. Richard Charles from CBRE acted as broker, working with Brendan Berger of The Berger Organization, a privately owned diversified real estate company based in Newark. According to Brendan Berger, demolition is underway and the company is currently working with its architect on plans for NJIUA’s new space, which will occupy half a floor in the 200,000-square-foot building located in the city’s central business district. Full tenancy is expected at the beginning of the summer.

FAIRLESS HILLS, PA—An affiliate of Endurance Real Estate Group and Thackeray Partners have acquired the Penn Warner Industrial Park, a four-building warehouse/distribution portfolio totaling 240,358 square feet in Fairless Hills, PA. Endurance acquired the portfolio from an undisclosed institutional seller. The acquisition was brokered by the CBRE Northeast National Partners team of Michael Hines, Brian Fiumara, Brad Ruppel, and Lauren Dawicki. The portfolio of buildings was constructed between 1968 and 1970, and features brick & block facades, 24’-25’5” clear ceiling heights, and an excellent dock door ratio of one door per 6,000 SF.

Notables

SADDLE BROOK, NJ—CBRE named industry veteran Steve Gardner as team lead of its New Jersey research department. Gardner, who has 24 years of experience, will also focus on enhancing the firm’s thought leadership status in the New Jersey marketplace. He will work closely with Tri-State research manager Clint Ridgewell and director of research and analysis Nicole LaRusso. He will oversee CBRE’s New Jersey-based research team, comprising eight full-time professional researchers. Gardner has been a member of CBRE’s Global Workplace Solutions team, and previously worked in the research division of Trammell Crow Company, since acquired by CBRE.

BOSTON, MA—Kerry Hawkins has joined Holliday Fenoglio Fowler as a senior director focused on office investment advisory transactions in its Boston office. Hawkins brings more than 18 years of experience in commercial real estate and joins HFF from CBRE, where she was a first vice president.

 

HARRISBURG, PA—The Commonwealth’s leading voice for smart growth, 10,000 Friends of Pennsylvania, named RSDC the inaugural recipient of the Louis J. Appell Jr. Leadership Award, the highest award given by the statewide nonprofit to private sector companies. Named in honor of visionary philanthropist and 10,000 Friends’ founding Board member Louis J. Appell Jr., the Leadership Award recognizes outstanding private sector leadership and innovative investment promoting transformational and replicable community revitalization. By honoring these efforts, 10,000 Friends hopes to encourage leadership at all levels and inspire local developers to make more such projects a reality.

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