Tag:

Commercial Real Estate

$70.4M Sale Of Woodbridge Center Means $155.7M Loss For Investors, Report Says $70.4M Sale Of Woodbridge Center Means $155.7M Loss For Investors, Report Says
$70.4M Sale Of Woodbridge Center Means $155.7M Loss For Investors, Report Says Seventy million may seem like a lot. But context is everything. New Jersey's troubled Woodbridge Center sold to an unnamed buyer for $70.4 million in February, according to credit-rating firm Kroll. While the sale resolved a loan issue, investors suffered a $155.7 million loss, Kroll Bond Rating Agency (KBRA) said. In 2015, the 1.7 million-square-foot mall was acquired by Brookfield when it was appraised at $366 million, according to CoStar, a DC-based commercial real estate firm that analyzes market trends. The February 2024 sale was even lower than its most recent appraisal last Oct…
Fairfield County Commercial Market Ends Year On 'Generally' Positive Note, Report Says Fairfield County Commercial Market Ends Year On 'Generally' Positive Note, Report Says
Fairfield County Commercial Market Ends Year On 'Generally' Positive Note, Report Says A new report shows that the Fairfield County commercial market ended the year in a good place. Bolstered by the Greenwich office and retail markets, the Fairfield County commercial market completed 2023 on "a generally positive note," according to the Houlihan Lawrence Fairfield Commercial Market report released on Tuesday, Feb. 6. According to the report, Greenwich retail rental rates ended 2023 at the best levels ever seen in late Spring. Greenwich office occupancy and lease rates remained remarkably stable over the second half of 2023.  However, the greater…
New Whole Foods Location, More Planned For Holbrook New Whole Foods Location, More Planned For Holbrook
New Whole Foods Location, More Planned For Holbrook Popular organic supermarket Whole Foods has a new location coming to Long Island, alongside many more stores planned in a new shopping center. The SunVet Mall, located at 5801 Sunrise Highway in Holbrook, which some Yelp reviewers deemed “a dead mall,” is getting a major facelift. Plans are underway for a shiny new shopping center, now dubbed The Shops at SunVet, with development scheduled to finish in 2025, according to developer Regency Centers. The SunVet Mall was originally built in 1973, but in recent years has seen numerous stores shut down, leaving a ghostly abandoned atmosphere a…
Phillipsburg Bowling Alley Sets Final Closing Date As QuickChek Deal 'In The Works' Phillipsburg Bowling Alley Sets Final Closing Date As QuickChek Deal 'In The Works'
Phillipsburg Bowling Alley Sets Final Closing Date As QuickChek Deal 'In The Works' A beloved Phillipsburg bowling alley will soon be demolished and replaced with a 24-hour QuickChek. Warren Lanes at 671 Memorial Pkwy. will close its doors on Monday, July 31, its president Bill Reese posted on its Facebook page. Hi everyone, It appears the Quick Check deal is in the works. Our last day of business will be July 31. Thank you to all for your support. Bill Reese Posted by Warren Lanes on Wednesday, July 19, 2023 Phillipsburg officials approved the plan to demolish the building and replace it with a 24-hour QuickChek complete with 16 gas pumps and a pair of charging port…
Chipotle, Starbucks, Panera Locations Proposed For Former G&H Property In Sussex County Chipotle, Starbucks, Panera Locations Proposed For Former G&H Property In Sussex County
Chipotle, Starbucks, Panera Locations Proposed For Former G&H Property In Sussex County The former G&H property in Sussex County may be getting new Chipotle, Starbucks and Panera locations. The Town Council in Newton made residential and commercial ordinances for a PILOT (‘Payment in Lieu of Taxes’) plan at the location on Water and South Park Drive, NJHerald reports. The commercial and residential portions of the property will be divided for separate ownership, according to the report, which cites Town Manager Thomas S. Russo. In addition to 100 market-rate rental units, the proposal includes a plan for a pair of one-story commercial buildings with a maximum square foota…
COVID-19: Working From Home Comes With A High Cost, New Research Says COVID-19: Working From Home Comes With A High Cost, New Research Says
Covid-19: Working From Home Comes With A High Cost, New Research Says Working from home may not be the cost-saving measure that it first appears to be. According to a new working paper from Harvard University researchers, where a remote-worker resides dictates whether or not working from home saves a household any money. At the start of the COVID-19 pandemic, a closed economy meant many people were able to work from home. The move has been hailed as a success by many corporations and employees, but Harvard wasn’t so sure. To determine whether people and businesses are better off with employees working from home, Harvard compared how much households with remo…
MassEcon Adds Vacant Worcester, Agawam Commercial Sites To 'Ready 100' List MassEcon Adds Vacant Worcester, Agawam Commercial Sites To 'Ready 100' List
MassEcon Adds Vacant Worcester, Agawam Commercial Sites To 'Ready 100' List Industrial sites in Worcester and Agawam have been added to MassEcon’s “Ready 100 List,” a kind of advertising campaign for large, vacant industrial commercial spaces. In Worcester, the former Primetals factor, 40 Crescent St., made the list. The 246,000-square-foot building was emptied when Primetals moved to Sutton. In Agawam, 62,000-square-feet of industrial space at 320 Bowles Road was added to the list. Other Western Massachusetts business sites that were already on the list include Chicopee River Business Park, Open Square in Holyoke, and the Ludlow Mills. In the Greater Worcester…
SALE PENDING: Toby's Cup In Phillipsburg Will Soon Have New Owners SALE PENDING: Toby's Cup In Phillipsburg Will Soon Have New Owners
Sale Pending: Toby's Cup In Phillipsburg Will Soon Have New Owners Sales are pending for Toby’s Cup, a small and beloved hot dog stand in Phillipsburg. The family-run shack that opened back in the 1940s on Route 22 will soon be under new ownership, LehighValleyLive reports. The buyer is 37-year-old Livingston (Essex County) native Daniel Risis, who reports say owns a successful pawnshop business in the Garden State and is the “driving force” behind an up-and-coming flea market outlet in Phillipsburg. The sale of Toby’s Cup includes the stand itself along with the surrounding area on Route 22 in Lopatcong Township, reports say. The sale price has not been…
'Secret Double Life' Clifton Dad Calls Boozy NYC Sex-Party Story Smear Campaign 'Secret Double Life' Clifton Dad Calls Boozy NYC Sex-Party Story Smear Campaign
'Secret Double Life' Clifton Dad Calls Boozy NYC Sex-Party Story Smear Campaign It seems more than coincidence to Avraham Adler of Clifton that in the week between the Jewish new year and Day of Atonement, a news report was published claiming he led a secret double life. The New York Post story describes noisy, booze-filled orgies at a townhouse that Adler owns in the East Village. It also paints two entirely different pictures of Adler: One is as a devout Jewish father of three -- with a fourth on the way -- and the other a sex-crazed bachelor. Adler says the story is "just a shmear[sic] campaign [by the New York Post] to gain attention" and "gossip to draw attentio…
Dog Whisperer, Mother, Friend Jane Treichler Howard-Johnson Of Stamford Dies Dog Whisperer, Mother, Friend Jane Treichler Howard-Johnson Of Stamford Dies
Dog Whisperer, Mother, Friend Jane Treichler Howard-Johnson Of Stamford Dies A longtime Stamford resident who is being remembered as a dog whisper, devoted mother and friend, Jane Treichler Howard-Johnson died Thursday, July 25 in Stamford, at age 60. She was born on July 22, 1959, in Cedar Grove, New Jersey, to Glen DeForest Treichler and Elizabeth Burke Treichler.  She was a 34-year resident of Stamford. Howard-Johnson met her husband  Peter at Bucknell University, where she was a member of the Delta Delta Delta sorority. Following graduation, they married and were married for 35 years. Some of her closest friends will remember Howard-Johnson as s…
End Of An Era: Industrial Clifton Condominium Sold To Food Distributer End Of An Era: Industrial Clifton Condominium Sold To Food Distributer
End Of An Era: Industrial Clifton Condominium Sold To Food Distributer The final industrial condominium in a 70,000-square-foot Clifton property redeveloped by Tulfra Real Estate has been sold to a food distributor. The 13,108-square-foot condominium located at 700 Route 46 was sold for an undisclosed amount to Agri Exotic Trading Inc. -- which distributes food to hotels, restaurants, and caterers throughout the tri-state area. The sale was facilitated by Larry Lerman of Lerman Sanders Realty. The 5.3-acre property was purchased by Tulfra Real Estate with a vision to modernize a once-productive property that had since fallen into an idle state. …
Stamford Has One Of Nation's Most Diverse Job Markets, Survey Says Stamford Has One Of Nation's Most Diverse Job Markets, Survey Says
Stamford Has One Of Nation's Most Diverse Job Markets, Survey Says A new survey from LinkUp has named Stamford as one of the most "diverse mid-sized job markets in the country." The Job Market Diversification Report (JMDR) is designed to determine the resiliency of the job market compared with LinkUp’s existing job listing demographics and unique methodology. The survey drew a number of conclusions regarding the region’s job diversification statistics: Two-thirds of the job market experienced a drop in diversification scores The increasingly diversified markets have a higher demand for commercial real estate Bridgeport is steadily becoming less dependent…
Sold! Office Complex Goes For $55M In Westchester Sold! Office Complex Goes For $55M In Westchester
Sold! Office Complex Goes For $55M In Westchester A six-building office complex formerly known as Reckson Executive Park has been sold for $55 million, according to CBRE commercial real estate firm that brokered the deal. The property at 2 and 3 International Drive in Rye Brook, near King Street and New York's border with Connecticut was purchased by George Comfort & Sons.  Manhattan-based George Comfort & Sons acquired the 563,596-square-foot office complex in a joint venture with a fund managed by DRA Advisors. The complex was owned by SL Green, which announced in April the impending sale of the property. "The tightening o…
Sold! Two Platinum Mile Buildings Go For $14.75M In Westchester Sold! Two Platinum Mile Buildings Go For $14.75M In Westchester
Sold! Two Platinum Mile Buildings Go For $14.75M In Westchester A commercial landlord has expanded his influence along Westchester's "Platinum Mile" with a $14.75 million purchase. Robert Weisz, founder and CEO of RPW Group of Rye Brook, said his company bought two Class A office buildings at 925-1025 Westchester Ave. on the border of West Harrison and White Plains. The purchase of the 192,711-square-foot property was announced by CBRE, a commercial real estate company that brokered the deal along with Ten-X.  The complex, formerly owned by Normandy Real Estate Partners, sits on 11.7 acres near the I-287/Hutchinson River Parkway interchange. …
Beacon Development Company Buys Former IBM West Site In East Fishkill Beacon Development Company Buys Former IBM West Site In East Fishkill
Beacon Development Company Buys Former IBM West Site In East Fishkill A Beacon development company, RWHPA LLC, has purchased the former IBM West/Bright solar 125-acre campus in East Fishkill in a deal brokered by McGrath Realty, Inc. The deal, which was two years in the making, was closed this month for an undisclosed amount.  The land includes three flex buildings and 70 acres of land, the realty company said. According to McGrath, the town of East Fishkill and Dutchess County government were involved in the process, especially the economic development sector because of its layout in such "a fast growing commercial and industrial region," he added…
Business Property Sells For $13.3 Million In Fairfield County Business Property Sells For $13.3 Million In Fairfield County
Business Property Sells For $13.3 Million In Fairfield County Simone Development Companies, a major real estate investment company, announced its recent purchase of 316 Courtland Ave. in Stamford for $13.3 million. The 118,500-square-foot business property in Stamford features warehouse, research and office space. Of the total 78,000 square feet immediately available for lease, 65,638 square feet is warehouse/research & development space and 12,768 square feet is office space.  The property is believed to be the largest block of contiguous warehouse space available in Stamford. Cushman and Wakefield and Laurence London & CO., LLC, commercial…
Paramus Toys 'R' Us Landlord Wants Lease Blocked From Raymour & Flanigan Paramus Toys 'R' Us Landlord Wants Lease Blocked From Raymour & Flanigan
Paramus Toys 'R' Us Landlord Wants Lease Blocked From Raymour & Flanigan Not so fast, Raymour & Flanigan. Less than two weeks after the furniture store bid $1.3 to take over the lease of the Route 4 east Toys R Us store in Paramus, the building's landlord has asked Bankruptcy Court to block the sale, NorthJersey.com reports. Property owner N.T. Hegeman Co., Ltd., cites a provision in the 46-year-old building lease prohibiting assigning the lease to furniture stores, the article says. Prior to the request, the Paramus store was among the 20 on the auction block in the U.S. that received winning bids from someone other than their own landlords, according to a…
Purchase By Regeneron In Westchester Ranks Among Major Real Estate Deals Purchase By Regeneron In Westchester Ranks Among Major Real Estate Deals
Purchase By Regeneron In Westchester Ranks Among Major Real Estate Deals Last year's $&20 million sale of the Landmark at Eastview at 777 Old Saw Mill River Road in Tarrytown -- which houses Regeneron's expanding operations -- ranks as of of the top 25 office or multifamily sales since 1995 of properties outside New York City, according to this research posted by CommercialCafe.com The study focuses on the properties which stirred a lot of investor interest these past 20 years and have either sold for an exorbitant price tag or have changed hands several times. The $720 million sale of the Landmark at Eastview in Tarrytown was not only one of the top deals to…
Former Mrs. Green’s Building Gets New Tenant In New Canaan Former Mrs. Green’s Building Gets New Tenant In New Canaan
Former Mrs. Green’s Building Gets New Tenant In New Canaan The owners of the former Mrs. Green’s building at the corner of Park and Pine streets in New Canaan say a new tenant plans to open a business in the structure, after a proposal to divide its large interior into three commercial spaces. A letter of intent has been signed for a tenant that’s new to New Canaan, according to NewCanaan.com in this report and Anthony Giordano, an owner of 2 Pine St., longtime home of the New Canaan Post Office prior to Mrs. Green’s. “I think it’s going to be very well received and we are very excited,” Giordano told NewCanaan.com. He declined to name the specifi…