Among some of this week's highlights of the Northeast middle markets include Target increasing its presence in New York City with a lease in Hell's Kitchen, several prominent retail and hotel sales, and Amtrak seeking development partners for a property in Philadelphia.

This Week By the Numbers

MELVILLE, NY—Sustained demand for limited Long Island industrial vacancies continued to fuel an increase in average asking rental rates, pushing industrial rents to record levels, JLL research reports. After four consecutive years of rising rates, rents for industrial space on Long Island eclipsed $11.00-per-square-foot in the third quarter of 2016, an increase of 5% from the $10.50-per-square-foot registered at mid-year 2016.

The average sales price of Long Island industrial properties rose to $95-per-square-foot, in the third quarter, again surpassing the highest prices the market has recorded in more than eight years.

Deal Tracker Daily

NEW YORK CITY—Retailer Target has signed a deal for a 29,000-square-foot location at the base of XIN Development International's forthcoming mixed-use retail and residential condominium development to be built at 615 Tenth Ave. When it officially opens in 2019, it will be Target's third location in Manhattan.

RKF Vice President Brandon Eisenman and Associate Thomas Cholnoky represented XIN Development International, the U.S. branch of Beijing-based Xinyuan Real Estate in the transaction. Ripco Real Estate Corp.'s Richard Skulnik and Peter Ripka represented Target.

LINDEN, NJ—– Bussel Realty Corp. reports that HL Onlineparts Inc. has signed a long-term lease for 20,300 square feet of industrial space at 1301 West Elizabeth Ave. here. Earl Lapides, SVP of BRC represented the landlord, while Weichert Commercial represented the tenant. HL Onlineparts is relocating from Brooklyn, NY.

HANOVER, MA—PECO Real Estate Partners has acquired The Hanover Mall here for approximately $40 million. The 732,101-square-foot shopping center is anchored by Macy's, Sears and Walmart and was previously owned by CW Capital.

HAUPPAGUE, NY— Waramaug LS Hotels, LLC of Boca Raton, FL has acquired the Holiday Inn Express Hauppauge Long Island here. Opened in 2001, the seven-story, 133-room hotel recently underwent a comprehensive renovation. No financial terms of the transaction were released.

FOXBOROUGH, MA—NAI Hunneman reports it has completed two lease transactions totaling 7,193-square-feet of office space on the first floor at 10 Lincoln Road here. LANConnect Systems, Inc. leased 4,338 square feet and is moving its operations from Franklin. Valiant Solutions, Inc. is opening its first Massachusetts franchise in 2,855 square feet of space at the property.

News & Notables

WILTON, CT—Westport Capital Partners LLC, an independent real estate investment advisory firm based in Wilton, CT, has named two new executives to its team. Erin Kerr has joined the firm as VP, investor relations, and Kevin McTavish has been named a director of Westport Capital Partners (UK) LLP.

Kerr will focus on managing investor relations for the WCP Special Core Plus Fund, as well as expanding investor relations and investment opportunities at Westport. McTavish will be based in the firm's London office. He will be responsible for the firm's European endeavors.

BOSTON— CHMWarnick, a locally-based hotel asset management and owner advisory services company, reports it has appointed Maxine Taylor SVP of asset management. In her new role, Taylor will oversee asset management operations from the company's new San Francisco office. Additionally, she will help grow the company's asset management capabilitie

Building Blocks

BRICK, NJ—Marquis Health Services, the healthcare affiliate of private equity investment group Tryko Partners, LLC, has completed the $2.8-million repositioning of Willow Springs Rehabilitation and Healthcare Center here. The locally based company, which purchased the property formerly known as Burnt Tavern Nursing Center in late 2014, has orchestrated its complete transformation over the last nine months.

Money Moves

LINDEN, NJ—Holliday Fenoglio Fowler, L.P. has arranged $7 million in acquisition financing for 1501-1525 West Blancke St., a 115,913-square-foot warehouse/distribution building fully leased to two tenants in Linden.

HFF worked on behalf of the borrower, Penwood Real Estate Investment Management, LLC, to place the five-year, fixed-rate loan with First Bank New Jersey. Managing director Michael Klein led the HFF debt placement team representing the borrower.

On the Market

PHILADELPHIA—Following the launch of the 30th Street Station District Plan earlier this year, Amtrak has engaged Newmark Grubb Knight Frank to issue a Request for Proposals for the long term lease and development of property adjacent to its third busiest station at the corner of 30th Street and John F. Kennedy Boulevard.

The property includes a roughly 32,500 square foot tract of land and associated air rights and is zoned to allow for a wide range of institutional, commercial, office and residential uses. The District Plan is a comprehensive vision for the future of the area surrounding 30th Street Station in the year 2050 and beyond. The plan ultimately envisions 40 new acres of open space and 18 million square feet of new development.

Instant Insights /

Middle Market Digest: This Week in the Tri-State and Northeast

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