Rents are cheaper in the suburbs in 18 out of the 20 largest US metros. With an average rent of $1,188, renters in metro Philadelphia's suburbs can save about two months' worth of rent in one year, just by deciding to commute.

Still, Philadelphia remains a predominantly urban market with renter households split 59.5 percent to 40.5 percent between the city and the suburbs.

Deal Tracker Daily

MINEOLA, NY—Cushman & Wakefield has arranged the sale of a retail property at 204-210 Jericho Turnpike in Mineola, New York for buyer, Chaves 204. Stephen Preuss, a senior managing director with Cushman & Wakefield, led the Cushman & Wakefield team on the deal that includes director Benjamin Efraimov and senior associate Kevin Louie. With 71 feet of frontage, the two-unit, one-story corner retail strip is situated at a four-way traffic light on Jericho Turnpike and Mineola Boulevard. The building, which sold for approximately $1.34 million, sits on a 7,162-square-foot lot and has 4,566 square feet of retail space. The property includes a parking lot in the rear with accessible municipal parking.

HANOVER, NJ—RD Management and partner JMF Properties unveiled BJ's Shopping Center, a 180,000-square-foot center in Hanover, NJ. BJ's Wholesale Club will occupy 89,770 square feet of the center, with almost 28,000 square feet available for leasing. The site will share a newly-installed traffic light shared with the historic Mennen Sports Arena, directly across from the center on Hanover Avenue. Adding to a mix of area retailers including Walmart, TJ Maxx, Home Goods, ShopRite, and Acme/SavOn Drugs, BJ's Wholesale Club amenities will include a BJ's Tire Center, BJ's Gas, and 27,850 square feet of additional retail space in two separate buildings.

NEWARK, NJ—An investment entity affiliated with Weiss Realty and CHT Group of Englewood Cliffs, NJ, acquired the 11,726 square-foot former La Furniture Warehouse store in Newark, NJ. The one-story retail building has 128 square feet of frontage on Broad Street and parking for 20 cars.

FLORHAM, NJ—Cushman & Wakefield represented Sherman Wells Sylvester & Stamelman in a recent 5,459-square-foot expansion of the law firm's headquarters at Park Place, 210 Park Ave., Florham Park, NJ. The law firm now occupies a full floor totaling more than 20,000 square feet at the property. Cushman & Wakefield's Ray Trevisan, an executive managing director based in Morristown, NJ, has represented Sherman Wells since orchestrating its initial lease at Park Place in 2014. Normandy Real Estate Partners owns the property and was represented by Transwestern.

WEST ORANGE, NJ—Two commercial real estate transactions in West Orange were recently brokered by Sheldon Gross Realty, Inc., which itself has been based in the township for 40 years. Sheldon Gross Realty Vice President Eric Weston was the tenants' representative for Posture Perfect Chiropractic, which leased about 2,550 square feet within the 38,500-square-foot building at 405 Northfield Avenue (pictured). Middlesex County-based student transport company 2^nd Student leased space in 47 Park Avenue, as the company focuses on expanding its Essex County presence.

HACKENSACK, NJ—NAI James E. Hanson arranged a lease renewal and expansion for a 15,000-square-foot auto repair facility at 55 Midtown Bridge Approach in Hackensack, NJ. NAI Hanson's Anthony Cassano represented the landlord, Global Tire Service, and the tenant, Pro Auto Repair, in the transaction. 55 Midtown Bridge Approach is a 22,000-square-foot retail property housing a 15,000-square-foot auto repair facility with eight repair bays and a 7,000-square-foot full service car wash. The property, which is currently for sale, is now fully leased and boasts frontage on two highly traveled streets, River Street and Midtown Bridge Approach, with quick access to Route 46 and I-80.

BOSTON MA—The Abbey Group, a Boston-based residential and commercial developer, says CorePower Yoga will occupy 3,420 square feet at modern luxury residential building The Viridian, 1282 Boylston Street in the heart of the bustling Fenway district of Boston, MA. CorePower joins Blaze Pizza and honeygrow, who also occupy retail space at The Viridian.

Money Moves

NEW YORK, NY—International engineering firm Thornton Tomasetti says One John Street, a 12-story, 42-unit luxury residential building in Brooklyn, New York, has achieved LEED v2009 BD+C Gold certification from the US Green Building Council. Working with Alloy, the project owner/developer and architect, Thornton Tomasetti provided sustainability consulting services for the 125,000-square-foot building in Brooklyn Bridge Park. The building was completed in August 2016 at a cost of $42 million.

BROOKLYN, NY—Developers Rubenstein Partners and Heritage Equity Partners have engaged a Lee & Associates team headed by one of Williamsburg's leading retail brokers, Jaime Schultz, to market 25 Kent Avenue, the 500,000 square-foot mixed-use commercial property currently under construction in Williamsburg. The project will bring more than 60,000 square feet of newly constructed retail space to market in the heart of the neighborhood's fast-emerging cultural and culinary epicenter.

SECAUCUS, NJ—G.S. Wilcox & Co. has arranged $24.7 million in financing across two transactions for Hartz Mountain Industries. The transactions were secured by two highly functional warehouse properties in Hanover and Secaucus, NJ totaling 363,000 square feet with a combined 40 loading docks and 24-foot-plus ceiling heights. The Morristown-based mortgage banker secured the financing over a seven-year term from Thrivent Financial for Lutherans. Gretchen S. Wilcox, president, and Al Raymond, principal, handled the transaction.

EAST BRUNSWICK, NJ—CBRE Group Inc. announced today that it has been named the exclusive leasing and marketing agent for an eight-property office portfolio recently acquired by Signature Acquisitions, with buildings located in Cranford and Clark, NJ. The portfolio includes more than 821,000 square feet of space at 100 Walnut Ave. in Clark; and at 6, 10, 11, 12, 14, 20 (pictured) and 25 Commerce Drive in Cranford. The CBRE team of executive vice president Joseph J. Sarno Jr., senior vice president Jeremy Neuer, and associates Matthew Wassel and Joseph A. Sarno will oversee leasing and marketing efforts on behalf of the portfolio's new owner.

PHILADELPHIA, PA—Oliver Tyrone Pulver Corporation named Jones Lang LaSalle exclusive leasing agent for a new trophy office tower to be constructed at 1301 Market Street, Philadelphia, PA. The 840,000 square foot, 38-story office tower located at the region's transit and business center is slated for occupancy as early as mid-2020. The new office tower will be located adjacent to Philadelphia City Hall, at the convergence of commuter rail, subway and bus lines, and underground concourses. It will connect the established Market West business district with the burgeoning Market East sector and Midtown Village amenities such as restaurants and residential communities.

PRINCETON, NJ—Charles J. Hatfield has joined Colliers International Group Inc. focusing primarily on tenant representation and agency leasing in Colliers' Princeton office. Hatfield has represented a wide range of clients and tenants throughout the U.S. and globally. He also provided representation through the disposition and acquisition of land; core, shell, and interior office construction; build-to-suits; and large-scale lease transactions.

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

This week by the numbers

PHILADELPHIA—Urban areas have not gained as many new renters as one might have expected. On the contrary, according to RentCafé's most recent analysis of Census ACS data, during a five-year period from 2011 through 2015, suburban areas were clearly outpacing urban areas in renter household gains in 19 out of 20 largest U.S. metros. Philadelphia seems to be marching to a different drummer, though.

From 2011 – 2015, the urban areas of the Philadelphia metro have seen a five percent increase, while the suburbs posted the lowest growth rate in the 20 metros studied, only three percent. At least the suburbs are in good company: New York is right after metro Philadelphia, with a five percent increase in terms of renter household gains in the suburban areas.

Rents are cheaper in the suburbs in 18 out of the 20 largest US metros. With an average rent of $1,188, renters in metro Philadelphia's suburbs can save about two months' worth of rent in one year, just by deciding to commute.

Still, Philadelphia remains a predominantly urban market with renter households split 59.5 percent to 40.5 percent between the city and the suburbs.

Deal Tracker Daily

MINEOLA, NY—Cushman & Wakefield has arranged the sale of a retail property at 204-210 Jericho Turnpike in Mineola, New York for buyer, Chaves 204. Stephen Preuss, a senior managing director with Cushman & Wakefield, led the Cushman & Wakefield team on the deal that includes director Benjamin Efraimov and senior associate Kevin Louie. With 71 feet of frontage, the two-unit, one-story corner retail strip is situated at a four-way traffic light on Jericho Turnpike and Mineola Boulevard. The building, which sold for approximately $1.34 million, sits on a 7,162-square-foot lot and has 4,566 square feet of retail space. The property includes a parking lot in the rear with accessible municipal parking.

HANOVER, NJ—RD Management and partner JMF Properties unveiled BJ's Shopping Center, a 180,000-square-foot center in Hanover, NJ. BJ's Wholesale Club will occupy 89,770 square feet of the center, with almost 28,000 square feet available for leasing. The site will share a newly-installed traffic light shared with the historic Mennen Sports Arena, directly across from the center on Hanover Avenue. Adding to a mix of area retailers including Walmart, TJ Maxx, Home Goods, ShopRite, and Acme/SavOn Drugs, BJ's Wholesale Club amenities will include a BJ's Tire Center, BJ's Gas, and 27,850 square feet of additional retail space in two separate buildings.

NEWARK, NJ—An investment entity affiliated with Weiss Realty and CHT Group of Englewood Cliffs, NJ, acquired the 11,726 square-foot former La Furniture Warehouse store in Newark, NJ. The one-story retail building has 128 square feet of frontage on Broad Street and parking for 20 cars.

FLORHAM, NJ—Cushman & Wakefield represented Sherman Wells Sylvester & Stamelman in a recent 5,459-square-foot expansion of the law firm's headquarters at Park Place, 210 Park Ave., Florham Park, NJ. The law firm now occupies a full floor totaling more than 20,000 square feet at the property. Cushman & Wakefield's Ray Trevisan, an executive managing director based in Morristown, NJ, has represented Sherman Wells since orchestrating its initial lease at Park Place in 2014. Normandy Real Estate Partners owns the property and was represented by Transwestern.

WEST ORANGE, NJ—Two commercial real estate transactions in West Orange were recently brokered by Sheldon Gross Realty, Inc., which itself has been based in the township for 40 years. Sheldon Gross Realty Vice President Eric Weston was the tenants' representative for Posture Perfect Chiropractic, which leased about 2,550 square feet within the 38,500-square-foot building at 405 Northfield Avenue (pictured). Middlesex County-based student transport company 2^nd Student leased space in 47 Park Avenue, as the company focuses on expanding its Essex County presence.

HACKENSACK, NJ—NAI James E. Hanson arranged a lease renewal and expansion for a 15,000-square-foot auto repair facility at 55 Midtown Bridge Approach in Hackensack, NJ. NAI Hanson's Anthony Cassano represented the landlord, Global Tire Service, and the tenant, Pro Auto Repair, in the transaction. 55 Midtown Bridge Approach is a 22,000-square-foot retail property housing a 15,000-square-foot auto repair facility with eight repair bays and a 7,000-square-foot full service car wash. The property, which is currently for sale, is now fully leased and boasts frontage on two highly traveled streets, River Street and Midtown Bridge Approach, with quick access to Route 46 and I-80.

BOSTON MA—The Abbey Group, a Boston-based residential and commercial developer, says CorePower Yoga will occupy 3,420 square feet at modern luxury residential building The Viridian, 1282 Boylston Street in the heart of the bustling Fenway district of Boston, MA. CorePower joins Blaze Pizza and honeygrow, who also occupy retail space at The Viridian.

Money Moves

NEW YORK, NY—International engineering firm Thornton Tomasetti says One John Street, a 12-story, 42-unit luxury residential building in Brooklyn, New York, has achieved LEED v2009 BD+C Gold certification from the US Green Building Council. Working with Alloy, the project owner/developer and architect, Thornton Tomasetti provided sustainability consulting services for the 125,000-square-foot building in Brooklyn Bridge Park. The building was completed in August 2016 at a cost of $42 million.

BROOKLYN, NY—Developers Rubenstein Partners and Heritage Equity Partners have engaged a Lee & Associates team headed by one of Williamsburg's leading retail brokers, Jaime Schultz, to market 25 Kent Avenue, the 500,000 square-foot mixed-use commercial property currently under construction in Williamsburg. The project will bring more than 60,000 square feet of newly constructed retail space to market in the heart of the neighborhood's fast-emerging cultural and culinary epicenter.

SECAUCUS, NJ—G.S. Wilcox & Co. has arranged $24.7 million in financing across two transactions for Hartz Mountain Industries. The transactions were secured by two highly functional warehouse properties in Hanover and Secaucus, NJ totaling 363,000 square feet with a combined 40 loading docks and 24-foot-plus ceiling heights. The Morristown-based mortgage banker secured the financing over a seven-year term from Thrivent Financial for Lutherans. Gretchen S. Wilcox, president, and Al Raymond, principal, handled the transaction.

EAST BRUNSWICK, NJ—CBRE Group Inc. announced today that it has been named the exclusive leasing and marketing agent for an eight-property office portfolio recently acquired by Signature Acquisitions, with buildings located in Cranford and Clark, NJ. The portfolio includes more than 821,000 square feet of space at 100 Walnut Ave. in Clark; and at 6, 10, 11, 12, 14, 20 (pictured) and 25 Commerce Drive in Cranford. The CBRE team of executive vice president Joseph J. Sarno Jr., senior vice president Jeremy Neuer, and associates Matthew Wassel and Joseph A. Sarno will oversee leasing and marketing efforts on behalf of the portfolio's new owner.

PHILADELPHIA, PA—Oliver Tyrone Pulver Corporation named Jones Lang LaSalle exclusive leasing agent for a new trophy office tower to be constructed at 1301 Market Street, Philadelphia, PA. The 840,000 square foot, 38-story office tower located at the region's transit and business center is slated for occupancy as early as mid-2020. The new office tower will be located adjacent to Philadelphia City Hall, at the convergence of commuter rail, subway and bus lines, and underground concourses. It will connect the established Market West business district with the burgeoning Market East sector and Midtown Village amenities such as restaurants and residential communities.

PRINCETON, NJ—Charles J. Hatfield has joined Colliers International Group Inc. focusing primarily on tenant representation and agency leasing in Colliers' Princeton office. Hatfield has represented a wide range of clients and tenants throughout the U.S. and globally. He also provided representation through the disposition and acquisition of land; core, shell, and interior office construction; build-to-suits; and large-scale lease transactions.