Northeast
Start Spreading the News: Big Apple Rents Up, Availability Down
Even the famously resilient Manhattan real estate market has taken a beating during the recession, but the bruises are healing and things are starting to look up. That’s according to FirstService Williams, which is becoming the New York-New Jersey-Connecticut hub of Colliers International.
Trio Buys Majority of Fire Island Commercial District for $17M
Famed gay community destination Fire Island Pines, N.Y., has seen its largest transaction in history. Investment group FIP Ventures has bought the vast majority of Fire Island commercial property and establishments for $17 million.
Parker Takes Reins as Regional Manager for two Marcus & Millichap Offices
J.D. Parker has been promoted to regional manager of Marcus & Millichap’s Manhattan and New Haven offices.
Fitch Says Silverstein in “Imminent Default” on $325M Loan Balance
A $325 million loan balance on developer Larry Silverstein’s property, 575 Lexington Avenue in Manhattan, was transferred to special servicing earlier this week, which Fitch Ratings says is due to imminent default.
Mass. State Agency Forsakes Boston for Suburbs with 114,000-SF Lease
Acting through its Division of Capital Asset Management and Maintenance, the Commonwealth of Boston has signed a lease with Griffith Properties L.L.C. for the Office of Health and Human Services (HHS) to occupy approximately 114,500 square feet at the HarborSouth Tower in Quincy, Mass.
Economy Watch: Walgreens Goes New York
Dearfield, Ill.-based Walgreen Co., owner and operator of over 7,100 drug stores nationwide, is buying its way into the New York City metro market in a huge way with the purchase of Duane Reade, whose presence in the Big Apple is near-ubiquitous.
Turner Commences Work on $291M Medical Facility in Buffalo
Signs that the healthcare real estate sector is still alive and relatively well continue to materialize. Acting on behalf of Kaleida Health, New York City-based Turner Construction Co. has begun construction activity for a $291 million medical care and research facility at the Buffalo Niagara Medical Campus in Buffalo, N.Y.
Penn National’s $400M Columbus Casino Moves Forward with Land Purchase
Given the lackluster state of the gaming market, most developers with access to hundreds of millions aren’t making a beeline to build casinos, but there are always exceptions such as Penn National Gaming. The Wyomissing, Pa.-based gaming facility owner and operator just made a major move toward the realization of its $400 million Hollywood Casino in Columbus, Ohio, with the acquisition of a 123-acre brownfield site on the city’s west side.
JLL: Shadow Space Dogs Boston
Shadow space will continue to dog the Boston market even as the overall economy improves, according to Jones Lang LaSalle.
$135M Financing Secured for 1MSF Yonkers Shopping Center
It’s almost like the good old days of 2007 when loans over $100 million for commercial real estate practically rained from the sky. Undeniably, those times have not returned, but news that Brooks Shopping Center L.L.C., owner of the 1 million square-foot Cross County Shopping Center in Yonkers, N.Y., has gotten its hands on a $135 million first mortgage to finance the property’s redevelopment certainly brings back good memories.