1/29 - Macerich Completes $500M Green Acres Mall Deal

January 29, 2013 | Issue 141

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Macerich Co. Completes $500 Million Green Acres Mall Deal In New York

Arthur Coppola, CEO of Macerich

VALLEY STREAM, N.Y. -- The Macerich Co. (NYSE: MAC) has completed its $500 million acquisition of the Green Acres Mall in Valley Stream, closing a deal that's been in the works since last October.

The shopping center owner and manager purchased the property from a subsidiary of New York-based Vornado Realty Trust. Vornado reported net proceeds from the sale were approximately $185 million following its repayment of the existing loan and closing costs.

To read more of Liz Burlingame's article, click here.

Mack-Cali Begins Construction
On $67 Million Project In Boston

A rendering of the mixed-use development located along the
East Boston waterfront.

BOSTON -- The Roseland subsidiary of Mack-Cali Realty Corp. (NYSE: CLI) has broken ground on the $67 million Portside at Pier One, the residential component of a mixed-use community along the East Boston waterfront. The five-story building adjacent to the pier will include 150 market-rate units and 26 affordable units.

The apartment community will feature a fitness center, business center, theater room, controlled access garage parking and 12-hour concierge services. The entire mixed-use development will include approximately 566 apartments and 70,000 square feet of ground-level retail space.

To read more of Brittany Biddy's article, click here.

TA Associates Buys $57.2 Million
JFK Air Cargo Portfolio In Queens

JFK Cargo portfolio

NEW YORK CITY -- TA Associates Realty has acquired the JFK Cargo portfolio, which includes 12 buildings adjacent to JFK International Airport's runway system in Queens, for $57.2 million. In addition to the 12 properties totaling 481,000 square feet, the deal includes eight land parcels. The buildings are 93 percent occupied, primarily by freight forwarders such as Aramex International, Gourmet Boutique and Aaron Rents Inc. The eight parcels are currently used as parking lots, but could provide additional on-site expansion. Andrew Merin, David Bernhaut, Gary Gabriel and Kyle Schmidt of Cushman & Wakefield represented the seller, Prologis Inc., in the transaction. They also procured the buyer.

G&H Building Co. Sells Three Buildings In Jamaica For $16.4 Million

138-42 90th Ave. in New York City

NEW YORK CITY -- G&H Building Co. has sold three apartment buildings, constructed in the early 1900s, in the Jamaica section of Queens for $16.4 million. The deal includes two six-story apartment buildings and one four-story walk up building, totaling 159 units. The three properties, located at 153-19 89th Ave., 138-42 90th Ave. and 90-25 138th Place, total 164,900 square feet. Daniel Shragaei of GFI Realty Services represented the seller in the transaction. Yosef Katz, also of GFI, represented the buyer, a local investor.

SES Americom Extends 79,0000 SF Lease On Research Way In Princeton

4 Research Way in Princeton, N.J.

PRINCETON, N.J. -- SES Americom has extended its lease for 79,000 square feet of office space at 4 Research Way in Princeton. The company, which owns and operates 52 geostationary communication satellites, uses the location as its U.S. headquarters. Marc Trevisan and Robert Rudin of Cushman & Wakefield represented the tenant in the transaction. The landlord, National Business Parks, was represented in-house by Vincent Marano and Tom Stange.

WRDC Purchases 142,965-Square-Foot Shopping Center In Pennsylvania

SHIPPENSBURG, PA. -- WRDC has acquired the Shippensburg Shopping Center, a 142,965-square-foot property on Walnut Bottom Road in Shippensburg. Chad Stine and Brad Rohrbaugh of Bennett Williams represented the seller, Hill Management, in the transaction.

Gale International Acquires Development Site In Flatiron District

19-25 W. 20th St. in New York City

NEW YORK CITY -- Gale International has acquired a development site at 19-25 W. 20th St., between Fifth and Sixth avenues, for $9.7 million. The Landmarks Preservation Commission has approved plans for a 15-story residential building and a three-story addition to the existing parking garage. The project will include 19 apartments. Bob Knakal and John Ciraulo of Massey Knakal represented both parties in the transaction.

$175 Million Broad Institute Expansion Tops Off In Kendall Square

CAMBRIDGE, MASS. -- Suffolk Construction has placed the final steel beam on the Broad Institute's 75 Ames Street expansion project. Suffolk is constructing a $175 million, 375,000-square-foot research and development facility in Kendall Square in Cambridge. The expansion will increase the Broad Institute's research space to 500,000 square feet. The new facility will provide a collaborative space where researchers can develop advancements in biomedicine. The project is scheduled for completion in January 2014.

Despite Hurricane Sandy, Central
New Jersey Office Sector Rebounds

SOMERSET, N.J. -- The Central New Jersey office market posted positive results for the fourth quarter, despite feeling the effects of Hurricane Sandy, according to a fourth-quarter 2012 office report by Cassidy Turley.

The Central New Jersey office market experienced 121,699 square feet of positive absorption, causing the vacancy rate to tick down to 16.9 percent from 17 percent in the previous quarter. In Northern New Jersey, the office market remained relatively unchanged with a vacancy rate of 15.4 percent and negative net absorption of 54,903 square feet.

"Hurricane Sandy brought devastating damage to inventory and caused corporate setbacks through weeks of lost productivity across New Jersey, yet these results for Central New Jersey are encouraging, if not hopeful," says Raymond Trevisan, managing principal at Cassidy Turley. "The results also highlight the resolute strength and natural resilience of the office market in a number of the state's key submarkets."

For example, the Somerset-78 East submarket experienced sizable positive absorption in the fourth quarter with 296,339 square feet of demand. The submarket's vacancy rate at the close of the year was among the lowest in Central New Jersey at 13 percent. In one notable transaction, the 371,400-square-foot Class A Center 78 in Warren captured EMC Corp. as an anchor tenant in a 81,683-square-foot lease.

The Woodbridge-Edison submarket also proved to be a standout with a flurry of activity in 2012. The 258,993-square-foot 111 Wood Avenue South, which was delivered less than two years ago, is now entirely leased after securing tenants such as Eisner Ampner and Hatch Mott MacDonald. Both firms signed on for more than 80,000 square feet.

Click here to download Cassidy Turley's New Jersey Office Q4 2012 Market Reports.

PWC Presents Developers Forum

Overview: Moderator is Lois Weiss, columnist for the New York Post. Speakers include Faith Taylor, SVP, Wyndham Worldwide and Brett Mehlman, COO, Senior Care Development and others to be announced.
When: Thursday, Feb. 7 from 8 a.m. to 10 p.m.

Where: General Society; 20 West 44th St. in New York City
Tickets: $75 for PWC members; $85 for non-members