Middle Market Digest – The Northeast

Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.

Deal Tracker Daily

BOSTON, MA—Cushman & Wakefield represented George P. Johnson in its 26,759 square foot relocation from 711 Atlantic Avenue to 200 Clarendon Street.  At the center of Boston’s Back Bay neighborhood, 200 Clarendon is New England’s tallest building and a significant Boston landmark. With 62 stories and approximately 1.7 million square feet of space, this all-glass tower features a 360-degree view of Boston. Amenities include a private underground parking garage, FedEx and UPS services, Bank of America ATM, 24-hour security assistance, café and coffee bar. Barry Hynes, Executive Director and Malcolm See, Senior Associate, in Cushman & Wakefield’s Boston office, along with Jon Gorczyca, Senior Director, and Nathan Piehl, Executive Managing Director, of the Los Angeles office, represented George P. Johnson.

MORRISTOWN, NJ—Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation says leasing has begun at The Metropolitan Lofts, a new collection of 59 one- and two-bedroom apartments in historic downtown Morristown, NJ. Developed by Roseland in partnership with Woodmont Properties, Metropolitan Lofts presents an opportunity to lease in the heart of a neighborhood known for its shopping, dining and entertainment, and just a short walk from Morristown Station, which provides quick access to Manhattan via NJ Transit’s Midtown Direct train.

OLD BRIDGE, NJ—R.J. Brunelli & Co. recently completed a series of leases for Dollar Tree stores, including: an 11,513-square-foot endcap unit at Crown Plaza, located at 461 Rt. 46 in Fairfield, expected to open this August at the 120,500-square-foot center, which is anchored by Planet Fitness, the Game Room Store and Signature Leather; a lease for a 10,920-square-foot-inline space at Navesink Center on Route 36 in Atlantic Highlands, taking a portion of the property’s former A&P store, expected to open in September; and a 9,500-square-foot endcap location at 6820 North Crescent Blvd. (Rte. 130) in Pennsauken.

MOUNT LAUREL, NJ—NAI Mertz says Joe Sternberg, sales associate, recently closed four commercial lease transactions totaling more than 16,000 square feet in Bucks and Montgomery counties, as well as in Philadelphia, PA. The transactions include: 5,400 square feet of warehouse space for Krain Surfaces at 1615 Bustleton Pike, Feasterville-Trevose, PA; 5,000 square feet of space for Fitness By Erica at 12285 McNulty Road, Philadelphia, PA; 3,400 square feet of flex space for Big House Fitness, Inc. at 1979 Pioneer Road, Huntingdon Valley, PA; and 2,400 square feet of warehouse space for Cedar’s Mediterranean Foods at 1985 Pioneer Road, Huntingdon, Valley, PA.

Money Moves

MIDDLETOWN, CT—KeyBank Real Estate Capital has originated a total of $47 million in Freddie Mac financing for a two-property multifamily portfolio, located in Middletown, CT. A $23.6 million first mortgage loan was secured by Middletown Ridge, a 238-unit, garden-style property. Built in 1988, the property is comprised of nine apartment buildings, one clubhouse and one maintenance building. Additionally, a $23.4 million first mortgage loan was secured by Middletown Brooke Apartment Homes (pictured). The 280-unit, garden-style property was built in 1989 and is comprised of eight apartment buildings, one clubhouse and one leasing center. Paul Angle of Key’s Commercial Mortgage Group arranged the non-recourse, fixed-rate financing, which was used to acquire the properties. The loans are structured with a 10-year term, five-year interest only period and 30-year amortization schedule.

NEW YORK, NY—Alfa Development completed refinancing of the historic HGU New York Hotel at 34 E. 32nd Street. The new $21 million-dollar long-term loan was secured from Metropolitan Commercial Bank, which previously led the purchase and construction financing of the property. HGU New York Hotel is a 90-room wellness-focused boutique hotel combining the history and heritage of its original 1905 Beaux-Arts building with contemporary finishes.

ENGLEWOOD CLIFFS, NJ—A property that sat empty for a decade in one of New York City’s hottest neighborhoods will now become housing. Kennedy Funding Financial, the Englewood Cliffs, NJ-based direct private lender, closed a $2 million loan to LZBC Next Level Realty. The borrower will use proceeds from the loan to fund the construction of an eight-unit, four-story walk-up building at 100 Scholes Street, a 2,500-square-foot property in the Williamsburg neighborhood of Brooklyn, NY.  Plans for the property include four two-bedroom, one-bathroom units and four one-bedroom, one-bathroom units. The future new development is located near community parks, restaurants, movie theaters, concert venues, and shopping. A waterfront park is scheduled to open in June on the neighborhood’s former Domino sugar factory site.

Executive Moves

UNIONDALE, NY—Allie Barot has joined RXR Realty as executive vice president and chief human resources officer. Barot is responsible for executing human capital management strategies that will further refine and optimize RXR’s overall organizational design, enhancing employee engagement and effectiveness, and creating more robust talent acquisition and development practices.

BETHLEHEM, PA—Jones Lang LaSalle named Matthew Dorman a vice president in its Lehigh Valley office. He has 18 years of experience in brokerage, construction, development, and investment sales. Dorman is responsible for the acquisition and disposition of real estate for his clients, as well as tenant and landlord representation. Throughout his career, Dorman has leased over 2.3 million square feet of office, industrial, and retail space, working with organizations such as CVS, PNC Bank, the American Cancer Society, United Healthcare Group, Sherwin Williams, and Quest Diagnostics.

BOSTON, MA—Skanska continued its partnership with YouthBuild Boston (YBB) and St. Mary’s Center for Women and Children by marking students’ conclusion of a 10-week after-school program that provides Boston-area high school students with practical industry experience to prepare them for their post-graduate vocational pursuits. Members of Skanska’s Building team provided feedback and career advice to the students throughout the design-build process. Pictured from left to right are: Kerim Evin, executive vice president of Skanska’s Building operations throughout New England;, Al Gogolin, Skanska senior vice president;  Rochelle Willis, Skanska business development manager; Daisy Guzman, St. Mary’s Center development and communications manager;, Edward Ransom, YouthBuild Boston board of directors member; “The Designery” student Takell Challenger; “The Designery” team lead designer Tyller Blackburn; YouthBuild Boston board of directors member Sonia Alleyne; Susan Keliher, vice president of development and communications at St. Mary’s Center; and, YouthBuild Boston director Greg Mumford.

BARNEGAT, NJ—Walters Homes, an award-winning custom homebuilder, has hired Jenna Messemer as their new interior designer. Messemer, of Point Pleasant, NJ, comes to Walters Homes with five years of design experience. Before joining Walters she was an interior designer for K Hovnanian Homes. She has a Master of Professional Studies in Environmental Design from the New York School of Interior Design and Bachelor of Science in Interior Design from New England Institute of Art in Brookline, Massachusetts. Her professional experience within the design field includes work with 3D modeling and CAD.