Here's what you missed over the last week in commercial real estate across the Northeast.
DealTracker Daily
BOSTON, MA—NGKF Capital Markets has completed the sale of The Shops at Somerset Square in Glastonbury, CT to Rouse Properties for $42 million. Executive managing director Geoffrey Millerd, managing director Justin Smith and analyst Christopher Peterson of the NGKF capital markets Boston team oversaw the transaction of the open-air lifestyle center on behalf of the seller, HB Nitkin. Comprising114,106 square feet, Somerset Square is 93% leased.
NEW YORK CITY—Stone Douglass of Icculus Investments has purchased a 9,575-square-foot retail condominium at 20 West St. The property was purchased in an all-cash transaction valued at $6 million, or approximately $574 per square foot. The condo boasts almost 80 feet of frontage on Washington Street along with an additional 1,000 square feet of outside space. The tenant, “The Learning Experience,” is currently in its fourth year of a fifteen-year term. Cushman & Wakefield's James Nelson exclusively handled the transaction, along with Will Suarez and Carly Weinreb.
Walpole, MA—RK Centers has acquired a Stop & Shop ground lease here for $6.35 million Located at 565 Main St. (Route 1A), the property is improved with the freestanding grocery store, which spans 75,096 square feet. The building also features an in-store Citizens Bank and 398 on-site parking spaces. NGKF Capital Markets' Boston team of Geoffrey Millerd, executive managing director and Justin Smith, managing director, oversaw the transaction of the 12.57-acre ground lease on behalf of the buyer.
News and Notables
Melville, NY—Long Island recorded its fourth consecutive quarter of falling overall vacancy rates in the third quarter of 2016, according to JLL. The market's overall vacancy rate fell to 14.3% in Q3, a decrease of 11.2% (or 180 basis points) from 16.1% one year ago. Long Island's overall vacancy rate fell every quarter since year-end 2015, when it posted an overall vacancy rate of 16.8 percent at year-end 2015. Approximately 280,000 square feet of office space was leased throughout Long Island during the third quarter of 2016, nearly matching the 300,000 square feet during the previous quarter. The market recorded approximately 1.3 million square feet of leasing activity year-to-date, putting Long Island on track for the lowest level of deal volume since 2012. However, Long Island posted a total of 33,000 square feet of positive net absorption, following nearly 510,000 square feet of positive net absorption just three months prior. Net absorption has remained positive in Long Island since 2014.
Credit: Roy Wright
WEEHAWKEN, NJ—The Township of Weehawken has a new waterfront attraction: the $3.1 million Weehawken Recreational Pier. The complex, which has been in the works for 15 years, stretches nearly 500 feet into the Hudson River, directly opposite the Empire State Building. It features a “pod” design with a series of platforms and interconnected walkways. The pier boasts five pods connected by 10-foot-wide walkways, each designed for a specific use. There's also a kayak pod, along with such spaces for for fishing and educational visits. The pods range in size from 700 to 2,500 square feet.
NEW HOPE, PA—Addison Wolfe Real Estate, a boutique firm specializing in distinctive properties and homes in Philadelphia, its suburbs and New Jersey, announces the launch of a new commercial division. The division will be led by Addison Wolfe Realtors Robert Reynolds and Allison Kingsley. In 2015, the brokerage firm reportedly listed 25 properties with a value of $1 million or more, and 30 properties with a value of $800,000 to $1 million, the most among Bucks County-based firms.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
