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Deals & Dealmakers

SELLING POINTS: Cushman & Wakefield Bank site offers development opportunity

Cushman & Wakefield has been retained to market for sale 22 Grace Avenue, a 7,200 s/f building on a 38,544 s/f lot in Great Neck on Long Island.
Daniel Abbondandolo, Melissa Naeder and Dimitri Mastrogiannis will be leading the marketing efforts on behalf of the property’s seller, J.P Morgan Chase.

The site is owned and occupied by J.P. Morgan Chase who has retained Cushman & Wakefield for the sale of their air rights.
The site is slated for luxury residential units where Chase Bank will keep their ground floor retail presence.
“22 Grace Avenue is the most exciting development in Nassau County which will transform the way Great Neck lives and works,” said Abbondandolo.

“With Downtown Great Neck seeing a resurgence of developments, this transit-oriented site offers the opportunity to invest in a rapidly growing Long Island rental market.”

Closes on Dyker Heights school site

Barone Management, a New York-based development, construction and investment company, has closed on the $17.5 million sale of a parcel of land to the New York City School Construction Authority (SCA).

The land sits within a 140,000 s/f site bound by 63rd and 64th streets and 12th and 13th avenues in Brooklyn’s Dyker Heights neighborhood. Barone Management acquired the complex for $37.5 million in August 2018.

“We have always been committed to developing projects that suit the needs of the surrounding neighborhood and we knew that the community wanted to see a public school to relieve some of the overcrowding in the area,” said Scott Barone, president of Barone Management.

“As we do when executing any development plan, we listened to what the community wanted — specifically a public school and a senior housing use — and this is the first step in delivering on what we said we would endeavor to do.”

“The SCA’s purchase of this parcel is part of our unwavering commitment to create additional seats for students in overcrowded areas like District 20,” said SCA President and CEO Lorraine Grillo.

Over 600 students in grades K-5 will attend the new public school. The school building represents one of three development phases on the property and has been part of the development plan since Barone Management acquired the property in 2018.

The plan also includes the long-term preservation of the original Angel Guardian Home for Children building located at 6301 12th Avenue. This historic building will be adaptively re-used and incorporated into an assisted living facility for seniors.

Upon completion, the site will include the senior housing facility fronting 12th Avenue in the Angel Guardian building, a new three-story residential building at the center of the site, and the public school on 13th Avenue to be built from the ground up by the New York City School Construction Authority.

Fort George multifamily offered at $20M

RM Friedland announced that Marco Lala is marketing a multifamily package of three walk-up apartments in Northern Manhattan for $19.95 million.

85 Fairview Avenue has 24 apartments, 325 Wadsworth Avenue has 25 apartments and 649 West 184th Street has 21 apartments. All three add up to more than 54,000 s/f are located in the Fort George neighborhood of Manhattan and are nearby subway stations.

Lala is also marketing two Bronx elevator buildings for $18.75 million.

The two buildings include 130 Van Cortlandt Avenue, which has 43 apartments and a ground-floor day care, and 2714 Wallace Avenue that has 48 apartments.

The two properties can be sold separately, but both are located by the 1 train and nearby shopping corridors on Broadway, Allerton Avenue and Boston Road.

Denver developer expands into NJ industrial sector

Black Creek Group is expanding its industrial presence in New Jersey, announcing a $50 million purchase of three properties totaling 409,000 s/f, a 120,000 s/f redevelopment site and 72 acres for the development of 528,000 s/f.

The deal bring the Denver-based investment manager and development firm’s New Jersey industrial holdings to 2.8 million square feet.

The acquisitions include:

Two core industrial buildings located in the 7A submarket; 17 Quakerbridge Plaza, Hamilton, a 177,000 square foot, 98 percent leased Class B asset, and 1100 Route 130, Robbinsville, a 76,000 square foot, 100 percent leased Class A asset;

5 Paddock Street, Avenel, a 156,000 s/f value-add project located in the Exit 12 industrial submarket. The firm will be renovating the vacant, Class B industrial building to a modern, Class A asset. Renovations are scheduled to be compete in late Q1 2020.

Additionally, the firm acquired 100 East Essex Avenue, Avenel, a 120,000 s/f redevelopment in the Exit 12 submarket and 72 acres in the Exit 6 submarket.

Black Creek Group is currently completing entitlements for both projects and will begin construction on both in Q2 2020.

“The New Jersey industrial market continues to be one of the strongest in the nation boasting low vacancies, high net absorptions and increased rental rate growth,” said Dave Fazekas, Black Creek Group’s senior managing director for the Eastern Region.

“With the market being so competitive, it was critical to move quickly on these attractive opportunities and that’s exactly what we did.”

AT&T selling East Coast industrial portfolio

CBRE Capital Markets has been retained by AT&T to market a portfolio of 33 industrial sites that are poised for redevelopment or value add repositioning in the largest markets of California and Texas.

The sites have been used by AT&T as industrial work centers. Many of the sites are located within opportunity zones.

Eighteen of the assets are in California and 11 of the Texas assets are located within the greater Houston, Austin and San Antonio markets.

“This offering provides the opportunity to acquire a diversified portfolio of prime industrial and multifamily sites strategically located in infill locations with significant redevelopment potential. Asset sizes, pooling structure and the targeted bid process will appeal to both institutional and individual investors,” said Patrick Arangio, Vice Chairman of CBRE Capital Markets.

The offering is structured to afford qualified investors the opportunity to bid on the entire portfolio, select pools, and in certain instances, individual assets or combinations thereof.

Arangio and Jack Howard of CBRE Capital Markets’ National Portfolio Sale Advisors, based in the firm’s Midtown Manhattan office, and Kurt Altvater of CBRE’s San Francisco office, have been retained by AT&T to act as the exclusive advisors for the sale.

Feil continues FL push

The Feil Organization has paid $36.8 million for Transamerica’s 570 Carillon Parkway in St. Petersburg, Fla.

A Newmark Knight Frank (NKF) team led by Vice Chairman Michael Ippolito and Senior Managing Director Kenneth Zakin, also including John Esposito and Daniel Katcher, represented the seller.

The Feil team was led by Brian Feil and also included Saunders Ketcham, Brian Palumbo, and Michele Frankel.

The sale was structured as a partial leaseback with Transamerica leasing back approximately 52,000 s/f of the 245,000 s/f property.

“This property was developed and has been occupied by Transamerica since 1998,” said Zakin. “In 2018, it was converted for multi-tenant occupancy and is now nearly 75 percent leased with only one full floor remaining available at the building.”

Brian Feil added, “570 Carillon presented a compelling opportunity in the Tampa Bay/St. Petersburg market, which is continuing to build upon the upward office momentum it has had in recent years.

“This new acquisition continues Feil’s expansion into this high-performance market area and now brings our Tampa/St. Petersburg portfolio to approximately one million square feet.”

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