A roundup of deals and personnel activities around the Northeast.

Deal Tracker

MORRISTOWN, NJ—Woodmont Properties and Roseland Residential Trust began construction of Metropolitan Lofts, a 59-unit, luxury rental apartment building, which is the final component of a mixed-use redevelopment project that combines luxury living with 53,000 square feet of first-class retail at the Shops on the Green and a 795-car public parking facility. Located at 11 Dehart Street, Metropolitan Lofts will feature a mix of one- and two-bedroom apartments and the creation of 1,100 square feet of retail space on the ground level.

PHILADELPHIA, PA—The joint venture of Skanska USA Building and Shoemaker Construction Company will complete renovations of The Gallery shopping mall in Center City Philadelphia. Owned and operated by Pennsylvania Real Estate Investment Trust (PREIT) and Macerich, The Gallery is the single largest retail repositioning project in the Philadelphia region. The work completed to date has included preliminary renovations including interior demolition, completed earlier this year. Spanning three city blocks, The Gallery renovation is a key piece of PREIT and Macerich's revitalization of East Market Street. The 1.4 million square-foot interior and exterior renovation includes selective structural demolition; new structural and architectural construction; modifications and additions to the mechanical, electrical, plumbing and fire protection systems; replacement of all common area floor finishes, ceilings and lighting, neutral columns and storefront bulkheads and related core and shell work.

VOORHEES AND MATAWAN, NJ—Matthew Gorman and Michael Shover of CBRE's Net Lease Property Group in Philadelphia arranged the sales of a free-standing Lowe's and Walgreens for a combined total of almost $25.5 million. Built in 2009, the 168,599 square-foot Lowe's, a co-anchor to Cedar Hill Shopping Center, is located at 144 NJ-73 in Voorhees Township, New Jersey, while the newly constructed 12,705 square-foot Walgreens sits at 339 Matawan Road in Matawan, New Jersey, immediately off of exit 120 of the New Jersey Garden State Parkway. Gorman and Shover represented the seller, a regional developer based outside of Philadelphia, and procured the institutional buyer in the Lowe's transaction, and represented the seller of the Walgreens, a regional developer based out of the Lehigh Valley section of Pennsylvania.

CHERRY HILL, NJ—Keller Williams Realty is leasing 11,000 square feet of a 22,000 square foot office building at 409 Route 70, Cherry Hill, NJ. Fred Berlinsky, president, and Kevin Burns, senior vice president, of Markeim Chalmers represented the tenant and landlord Becca Inc. in the transaction.

ENGLEWOOD, NJ—Lynx Innovation, a retail merchandising company, has leased 5,000 square feet in 18 W. Forest Avenue in Englewood, N.J. NAI Hanson's Kenneth D. Lundberg, SIOR, Steve Pastor and Patrick Lennon represented the landlord, West Forest Ave Industrial, in the lease transaction to Lynx Innovation. 18 West Forest Avenue is a single-story industrial/flex space located in the Van Brunt Business Center, boasting 18' ceilings, 1 tailgate and onsite parking with 2,000-square-feet of office space. It offers easy access to Route 4, Interstate 95, and New York City via the George Washington Bridge. Lynx Innovation will utilize the space to support its retail merchandising company that primarily focuses on the needs of large scale retailers and their vendors.

PHILADELPHIA, PA—Hill International received a contract from the Pennsylvania Turnpike Commission (PTC) to provide construction management services for roadway and bridge reconstruction projects on a 13-mile section of the Pennsylvania Turnpike. The ten-year contract has an estimated value to Hill of approximately $8 million. The reconstruction projects extend between mileposts A31 and A44 in Montgomery and Bucks counties in Eastern Pennsylvania. The projects entail an early-action overhead bridge replacement construction contract and three total reconstruction contracts at a total estimated cost of approximately $355 million.

TRENTON,NJ—The New Jersey Economic Development Authority is supporting the growth of Wylei, an artificial intelligence machine learning technology company that recently relocated its headquarters to Jersey City. The NJEDA Board approved Wylei for a $650,000 loan through the Edison Innovation VC Growth Fund. Wylei's technology incorporates machine learning with AI, to help corporations and marketers realize personalized communication at scale. The company offers a suite of products and services that leverage Wylei's real-time predictive intelligence and adaptive content patented platform across all channels and devices. Wylei's technology is used by Fortune 500 companies such as Adidas, Epsilon, Experian, Marriott, Dell, Time Inc., and others.

PHILADELPHIA, PA—CBRE brokered a lease for a new two-story, SWEAT Fitness location at 1 S. Broad Street in Center City, Philadelphia, PA. SWEAT Fitness is moving its facility at 1425 Arch Street to the new 20,000 square-foot space. CBRE retail team members Larry Steinberg and Paige Jaffe represented both the Landlord, AION Partners, and the Tenant during the transaction.

SOUTHAMPTON, PA—Colliers International's retail team of Todd Sussman and Josh Goldfine will represent First Washington Realty in the leasing of retail space at the Southampton Shopping Center, A 150,103-square-foot neighborhood shopping center at 466 Second Street Pike, Southampton, PA in the Southampton, Bensalem, Feasterville, NE Philadelphia, Warminster, Warrington submarket. Current tenants include Giant, Citizens Bank, Tuesday Morning, Verizon, Hallmark, Sushi, House of Pho, Saladworks, and The Beer Store.

Notables

MORRIS PLAINS, NJ– Bill Scavone has been named president and chief operating officer of Weichert Real Estate Affiliates. In his new leadership role, Scavone will be responsible for developing and implementing business strategies to grow the Weichert franchise presence nationally. Scavone brings more than 25 years of sales and management experience to his new position, including 16 years working with franchise businesses. He joined Weichert Real Estate Affiliates in 2005 as senior vice president of franchise development and took on the role of chief operating officer in 2008. Before joining Weichert, Scavone was as senior vice president of franchise development at Cendant Corporation, owner of familiar brands such as Wyndham, Avis and Jackson-Hewitt Tax Services. Scavone holds a BA in Business Administration and an MA in the Arts, both from Boston College.

EAST RUTHERFORD, NJ—Cushman & Wakefield has added two new associates to its Brokerage Services team in East Rutherford. Adam Coopersmith of Randolph, NJ, and Dylan Tusinac of Chester, NJ, both are recent college graduates. Coopersmith is working with an office brokerage team headed by Marc J. Trevisan and David Sherman. The group specializes in tenant representation, national account management and agency management assignments. Coopersmith interned for Cushman & Wakefield and RBC Wealth Management, where he assisted high net worth clients with their fixed-income portfolios. A New Jersey licensed real estate salesperson, he earned an MBA from Quinnipiac University after completing a bachelor's degree there. Tusinac, who is working with Josh Cohen, is focused primarily on tenant representation, designing and implementing corporate real estate strategies for companies of all sizes. He also is involved in select agency leasing assignments. As a former ocean rescue squad team member in Lavallette, NJ, Tusinac has invaluable experience working quickly and creatively, and adapting to challenges under pressure. He is a New Jersey licensed real estate salesperson and a member of the Cushman & Wakefield Future Leaders group.

A roundup of deals and personnel activities around the Northeast.

Deal Tracker

Notables

Instant Insights /

Middle Market Digest for the Northeast

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