Here's what you missed this week in commercial real estate across the Northeast.

DealTracker Daily

DEDHAM, MA—The Southwest team of Colliers International, Boston has executed 14 leases here on behalf of KS Partners in totaling more than 42,000 square feet. Seven leases were signed at 980-990 Washington St.—bringing the total vacancy rate to 4.5 %—six were executed at 3 Allied Dr.— lowering the total vacancy rate to 14 %—while one lease was completed at 333 Elm St., elevating the building to 100% occupancy.

DAYTON, NJ—Bussel Realty Corp. has leased 41,770 square feet at 5 Wheeling Rd. here to DiPinto International Logistics. BRC SVPs Stephen Nozza and John Cascio represented the landlord, Budd Development, and the tenant was represented by Blau & Berg.

NEW YORK CITY—Ariel Property Advisors has brokered the sale of 392 15th St., a three-story, six-unit multifamily building in Park Slope, Brooklyn. Located between Seventh and Eighth Avenues, the 4,860-square-foot property sold for $2.7 million. The building contains six residential unit, five of which have free-market status, while one apartment is rent-controlled. Exclusive agents Mark Spinelli, Michael Tortorici, Shimon Shkury, Daniel Tropp, and Jonathan Berman, represented the seller, a private investor. The buyer was unidentified at press time.

News & Notables

SADDLE BROOK, NJ—Fahri Ozturk, formerly of Cushman & Wakefield, has joined the Marcus & Millichap as associate VP of investments, GlobeSt.com has learned EXCLUSIVELY. He comes to Marcus & Millichap from Cushman & Wakefield where he served as director in the Capital Markets Group. Previously, he was director of sales at Massey Knakal Realty Services, which was acquired by Cushman & Wakefield in 2014, and investment associate at Arsenal Real Estate Partners. Earlier, Ozturk was an asset manager and analyst at Thor Equities. In his new position, Ozturk will specialize in investment sales in New Jersey's Hudson County. Earlier this month, he was named to the 2016 50 Under 40 List of Real Estate Forum, GlobeSt.com's sister publication.

NEW YORK CITY—Midtown South, the tightest office market in the nation for the past several years, edged out Midtown in the third quarter as the most expensive Class A office market in the country, according to JLL. The boost in average asking rental rates during the past few quarters was primarily fueled by higher-priced space at One SoHo Square and the newly constructed 860 Washington St.

Class A average asking rents in Midtown South rose to $83.19 per square foot in the third quarter of 2016, an increase of 1.9 % from $81.67 per square foot the previous quarter. Year over year, the submarket's Class A rates rose 4.7% from $79.44 per square foot.

Overall average asking rents in Midtown South rose to $71.98 per square foot this quarter, an increase of 2.2% from $70.43 per square foot in the second quarter. Year over year, the submarket's overall rates grew 3.1% from $69.80 per square foot.

Camp Hill, PA—Lee & Associates of Eastern Pennsylvania's principal and broker of record John Van Buskirk has been elected to the Lee & associates eight-person board of directors. The 28-year industry veteran is a founding principal of the firm's office here and past president for the Philadelphia chapter of SIOR.

NEW YORK CITY—Jeanne Cronin and Zeev Douek of Q10 New York Realty Advisors have arranged a nearly $16 million permanent loan on a limited service hotel here. The 80-room property sits in close proximity to the Jacob Javits Convention Center. The loan was a cash-out refinance of over $3 Million at a fixed interest rate for the term of the loan. Hotel management had recently changed flags and the property was going through a transition period. The loan was placed with a local ba

Instant Insights /

Middle Market Digest: This Week in the Northeast

Related Stories

Recommended For You