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SADDLE RIVER, NJ—Pharmaceutical billing software company MedAssets is leasing the entire 105,959-square-foot Saddle River Executive Center, a class A office property at 1 Route 17 in Saddle River, NJ. Avison Young led a strategic initiative to reposition the building for a single-tenant occupier upon the expiration of the previous lease.
VINELAND, NJ—Dick's Sporting Goods will fill a 50,000 square-foot space at PREIT's Cumberland Mall in Vineland, NJ previously occupied by JCPenney. PREIT CEO Joseph F. Coradino says the transaction demonstrates PREIT's continued success in replacing anchors with in-demand retailers.
WYOMISSING, PA—Gaming and Leisure Properties is acquiring The Meadows Racetrack and Casino in Washington, PA, a suburb of Pittsburgh, from Cannery Casino Resorts for $440 million, which includes $10 million previously paid and other adjustments.
WASHINGTON, DC—Cushman & Wakefield economists see the Fed's initial quarter-point hike as "largely symbolic," although other commercial real estate experts have concerns about the long-term implications.