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N 38 buildings totaling 3.6 million s/f occupy prime infill market Cushman & Wakefield arranges Long Island industrial portfolio interest sale

ISSUE HIGHLIGHTS Volume 30, Issue 5 March 16 - 29, 2018 2018 Regional Conference of MBAs

Long Island boasts a popu- lation of 5,632 persons per square mile and average household income of $124,770. “Within this context, many of these buildings are ideally situated for conversion based on their locational attributes,” Palmese said. “For example, those proximate to train sta- tions could be adapted for retail or multifamily, and others could be repurposed for in-demand medical uses. Several of the properties have excess land for dedicated park- ing, which could be subdivided and sold as hotel or retail pad sites.” The East Rutherford, NJ, investment sales group spe- cializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The teamhas completed $27 billion worth of transac- tions since 2000, closing over $2.2 billion in sales in 2017. n development projects inMarket East include Fashion District Philadelphia located directly below the property, as well as East Market and the Lits Brothers Building. Scheduled to open in the fourth quarter of 2018, Fash- ion District Philadelphia (for- merly The Gallery) will be the largest retail development in downtown Philadelphia, encompassing 840,000 s/f of shopping, food and entertain- ment destinations including an eight-screen AMC Theatre, Century 21, and the largest H&M in Philadelphia. The property also provides direct access to SEPTA’s Jefferson Station, and is within walking distance to Reading Terminal Market and the Pennsylvania Convention Center. Confirmed East Market retail tenants include an Iron Hill Brewery & Restaurant, City Fitness, Columbia Sports- wear, T.J. Maxx/Home Goods, and Federal Donuts. n

ASSAU AND SUF- FOLK COUNTIES, NY — Commercial real estate services firm Cush- man & Wakefield provided advisory services in the recent sale of a 50% interest in a 3.6 million s/f, 38-building indus- trial portfolio in Nassau and Suffolk Counties. A team of investment sales specialists based in East Rutherford, NJ, and Queens, NY, represented the ownership – a joint venture of FBE and Cammeby’s – in the $135 million transaction. Located throughout Nassau and Suffolk Counties, the port- folio is close to 90% occupied by tenants including Summit Plastics, Sam Ash, Ultimate Precision Metal, Luminance and Newsday, among many others. It includes a mix of industrial, office and R&D properties with varying lev- els of office finish, and clear heights ranging from 14 to 28 feet. The structures were developed between 1955 and

5-8A

Lee & Associates Md brokers sale of 135,000 s/f whse.

Long Island industrial portfolio

2000; many of the properties feature substantial renova- tions and upgrades, and con- tinued innovation is planned by the portfolio’s newmanager – Milvado Property Group – which features a dynamic, experienced team that is at the forefront of commercial real estate in the region. “This is a distinctive portfo- lio in a densely populated, af-

fluent market,” said Cushman & Wakefield’s Gary Gabriel , who headed the assignment with Andrew Merin, David Bernhaut, Kyle Schmidt, BrianWhitmer and Stephen Palmese . “The buildings all are well-located for last-mile and e-commerce distribution capabilities throughout Long Island and the five boroughs of NYC,” added Schmidt.

Section D

20A

MAREJ Events March 29, 2018 New Jersey Industrial Real Estate and Development Conference

Thor Equities acquires first property in Philadelphia, Pennsylvania for $41.8 million

April 26, 2018 New Jersey Office Conference

Philadelphia, PA — Thor Equities has closed on the acquisition of a three-story office condominium at 907 Market St. in Philadelphia for $41.8 million. The 214,000 s/f property is fully leased to Health Partners Plans, a not-for-profit health maintenance organization

For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea.christman@marejournal.com

Directory

Upcoming Spotlights Best of 2017 Multifamily featuring POA Expo CCIM PA/NJ/DE Organization.....................................IC-A Financial. ................................................................ 3-27A 1031 Exchange...................................................... 11-15A DelMarVa.............................................................. 19-22A New Jersey.........................................................Section B Northern NJ............................................................ 7-14B Pennsylvania......................................................Section C Central PA............................................................... 7-14C

907 Market St. in Philadelphia

serving more than 280,000 members in Southeastern Pennsylvania. “907 Market Street is a high quality asset located in the heart of Market East, the

fastest growing neighborhood in Philadelphia’s burgeoning City Center district,” said Joseph Sitt , CEO of Thor Equities. Retail, residential and office

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