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

NASSAU AND SUFFOLK COUNTIES, NY—Cushman & Wakefield provided advisory services in the recent sale of a 50 percent interest in a 3.6 million-square-foot, 38-building industrial portfolio in Nassau and Suffolk Counties. A team of investment sales specialists based in East Rutherford, NJ, and Queens, NY, represented the ownership – a joint venture of FBE and Cammeby’s – in the $135 million transaction. Located throughout Nassau and Suffolk Counties, the portfolio is close to 90-percent occupied by tenants including Summit Plastics, Sam Ash, Ultimate Precision Metal, Luminance and Newsday, among many others. It includes a mix of industrial, office and R&D properties with varying levels of office finish, and clear heights ranging from 14 to 28 feet. The structures were developed between 1955 and 2000; many of the properties feature substantial renovations and upgrades, and continued innovation is planned by the portfolio’s new manager – Milvado Property Group – which features a dynamic, experienced team that is at the forefront of commercial real estate in the region.

SADDLE BROOK, NJ—NAI James E. Hanson brokered the sale of 431 Midland Avenue, a 10,200-square-foot industrial/flex building and 435 Midland Avenue (pictured), a 24,000-square-foot industrial/flex building in Saddle Brook, N.J. NAI James E. Hanson’s Anthony Cassano represented the seller and Kenneth Lundberg and Patrick Lennon represented the buyer in the NAI James E. Hanson exclusive listing. 431 North Midland Avenue has 3,300 square feet of office space, 4,700 square feet of high-tech space and 2,200 square feet of warehouse space. Additionally, the building features 12’ ceilings and two overhead doors. 435 North Midland Avenue features 4,000 square feet of office space, two tailgate loading docks and 14’ ceilings.

PHILADELPHIA, PA—Michael Barmash from Colliers International Philadelphia arranged the sale of the former Red Bell Brewery, 1500-36 N. 31st Street  and 3123-45 W. Jefferson Street, Philadelphia, PA, to MM Partners for $4.12 million. The buyer plans to redevelop the property for residential apartment units with some ground floor retail. The vacant building consists of three sections that total approximately 204,276 square feet of interior building space situated on approximately 2.25 acres. Red Bell Brewery was constructed in the 1890s for the F. A. Poth & Sons Brewing Company. Later it was owned by the Abe L. Brewery. The property has been vacant for approximately 20 years.

MARLBOROUGH, MA—Nordblom Company sold 150 and 200 Donald Lynch Boulevard (pictured) in Marlborough, MA to Minardi Metrowest Properties. With the recent leasing efforts and capitals improvements, both buildings are more than 95-percent leased. 150 Donald Lynch Boulevard, a 9,257 square-foot daycare facility, is fully leased by Little Superstars Learning Center. 200 Donald Lynch Boulevard, a 116,762 square-foot class-A office building, is 95-percent leased by Brookfield Renewable Power, ReWalk Robotics, and Western Digital.

NEW YORK, NY—Ariel Property Advisors facilitated the sale of 465 West 163rd Street, a development site, and 514 West 169th Street (pictured), a multifamily building, located in Northern Manhattan’s thriving and rapidly expanding neighborhood of Washington Heights. The two properties sold for a collective $3.99 million. The vacant lot at 465 West 163rd Street, which sold for $1.49 million, is located on a prime residential block on West 163rd Street, between Edgecombe Avenue and Amsterdam Avenue. Zoned R7-2, the site permits approximately 18,253 buildable square feet (w/community facility bonus), or 9,675 buildable square feet (as-of-right). The asset is just steps away from the C and 1 subway lines, allowing easy transportation to numerous well-known institutions, such as Columbia University and Columbia Presbyterian Hospital. Exclusive agents Victor Sozio, Michael A. Tortorici, and Matthew L. Gillis represented the owner. The 10-unit multifamily building at 514 West 169th Street sold for $2.5 million. The property is situated on the south side of West 169th Street, between Audubon and Amsterdam Avenues. The five-story walk-up building, where all of the units are rent-stabilized, spans 8,125 square feet. With current rents nearly 35 percent below market, the new owner benefits from considerable upside in a neighborhood that has been experiencing notable growth year-over-year. The new owner or the multifamily property also enjoys tax relief from a J-51 abatement that is in place until the year 2027. The building also includes a variety of transportation options, with the 1, A, and C subways lines situated just 2 blocks away. Exclusive agents Victor Sozio, Michael A. Tortorici, and Matthew L. Gillis, and David Khukhashvilli represented the owner.

RUTHERFORD, NJ—Newmark Knight Frank has been retained by American Equity Partners as the exclusive leasing agent for its Class-A office building at 440 Route 22 East in Bridgewater, New Jersey. The leasing team consists of Senior Managing Director Jamie Drummond and Associate Directors Andrew Perrotti and Daniel Reider. In keeping with its strategy of repositioning prime office locations, American Equity Partners is currently implementing a major overhaul of the entire building, from the lobby and restrooms to the newly added fitness center, elevator cabs, and full-service cafe, with high-level finishes and LED lighting. In addition, the parking lot will be freshly lined and mechanical systems upgraded along with the installation of new roof-top solar panels to further enhance operational efficiencies. The building’s architecturally unique three-story atrium will be redone for a more modern feel, and bathrooms and common areas will have a matching, sleek style. In addition to a newly finished interior, the property offers aesthetically pleasing landscaping, complete with an outdoor courtyard overlooking a pond and fountains. The property is nearby interstate 287 and 78 and Routes 202, 206 and 28.

BETHLEHEM, PA—CBRE has successfully negotiated a 4,200 square-foot lease for Grille 3501 at The Gateway Building on Greenway Park, a 125,000 square-foot, six-story building located at 3rd and New Streets in South Bethlehem, PA. The restaurant is the first retail tenant to announce at the mixed-use property. CBRE vice president Jody King is the exclusive leasing agent for the building on behalf of the building’s landlord, Dennis Benner of Greenway 1.

LYNDHURST, NJ—Team Resources recently negotiated more than 120,000 square feet of industrial leases in Dayton, NJ, Netcong, NJ, and Secaucus, NJ. Jeffrey Manganaro, licensed real estate salesperson, and Joseph Manganaro, COO, leased 63,506 square feet at 15 Stults Road, in Dayton, NJ to Woodfield Distribution. Michael Kimmel & Jason Goldman, of Cushman & Wakefield represented the tenant in this transaction. Edward Schein, senior vice president, and Jeffrey Fulton, vice president, signed United States Mineral Products to a renewal lease for 40,000 square feet at Old Flanders Road in Netcong, NJ. Ronald Kraft of Allied represented the landlord. David Cantor, CEO and Gregory Sholom, president, leased 25,000 square feet at 55 Hartz Way in Secaucus, NJ to Arister Group for offices, showrooms and storage. Team Resources represented the landlord. Jonathan Klear of NAI Mertz represented the tenant.

Notables

 

BOSTON, MA—NAI Hunneman named Christopher Curley an executive vice president on the the company’s leasing and advisory service team. He worked at NAI Hunneman early in his 20-year commercial real estate career and was named the firm’s rookie of the year in 2000. Before rejoining NAI Hunneman, Curley was a senior vice president with Newmark Knight Frank for the previous ten years after selling The Codman Company, where he was a Partner, to Newmark.

CEDAR KNOLLS, NJ—Jianning Meng was named to the Newmark Associates sales team. Meng brings many years of successful experience in web analytics with companies such as NBC Universal and The New York Times to her new role. Her experience in analyzing customer behavior is an asset in her ability to understand client needs in Real Estate, where she previously worked in the residential market with Keller Williams Suburban Realty.

MATAWAN, NJ—Denholtz Associates reports another year of strong leasing activity throughout 2017 with 191 new and renewal lease deals signed for a total of 1,067,211-square-feet. Denholtz Associates executed 147 lease transactions totaling 711,396 square feet for its properties in New Jersey and inked 44 leases for 355,815 square feet in Florida.

NEW YORK, NY—GFP Real Estate has signed 25,413 square feet of leases at 594 Broadway, a 12-story, 210,000-square-foot building located in the heart of SoHo, between West Houston and Prince streets. Donna Vogel, senior managing director of GFP, represented the ownership in each of the transactions.

 

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