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George Comfort & Sons' Duncan, who noted that the firm has holdings and development projects in New York City, Westchester and Fairfield County, CT, said that the city's suburbs should benefit from what he still considers will be a “very robust” New York City commercial market.
In the fourth quarter, the Rochester, NY-based private REIT managed by Broadstone Real Estate, LLC, purchased 43 properties for approximately $241.5 million.
The New York City-based REIT's deal for the 138,779 square-foot shopping center marks its entry into the DC retail market. Eastgate is anchored by a 56,526-square-foot Giant Food supermarket.
Kent M. Swig, the real estate firm's president, tells GlobeSt.com how its precedent-setting move will improve security and the authentication of building documentation.
Despite the rising rents, vacancy rates remained stable at about 14.5%, CBRE's research says, although class A vacancy rates declined from the third quarter.