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Commercial
Tri-State

Tri-state deals: Retail and multifamily sales and a waterfront district

Industrial site gets tenant; sweeping redevelopment in Connecticut

A photo illustration of Samsondale Plaza in West Haverstraw (Royal Properties)
A photo illustration of Samsondale Plaza in West Haverstraw (Royal Properties)

An affiliate of Northeast Capital Group purchased Samsondale Plaza in West Haverstraw for $26.5 million. A joint venture between Mark Holdings and Paragon Realty Group sold the 156,000-square-foot shopping center in Rockland County.

The shopping center is 91 percent leased and is anchored by a Stop & Shop. Other tenants include the New York State Department of Motor Vehicles, Dollar Tree, Advance Auto and Sports Clips.

A JLL Capital Markets team including Jose Cruz and J.B. Bruno represented the seller in the transaction.

Elsewhere in the tri-state area, Blue Diamond Equities acquired a 128-unit rental property, The Sterling, in Fort Lee, New Jersey, for $51.8 million, Multi-Housing News reported. River Rock Capital was the seller of the property, located at 2055 Center Boulevard.

The 15-story building includes a fitness center, a pool and access to a sun deck. A Cushman & Wakefield team including Niko Nicolaou and Brian Whitmer represented both sides of the deal.

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The LLC behind Ridgewood Commons in South Orange, New Jersey, sold the 66-unit multifamily rental building to an unnamed private investor. The price of the sale was also not disclosed.

This is the fourth time the property has traded hands since 1999. The seller was represented in the transaction by Gebroe-Hammer’s David Jarvis.

In Hackensack, STRO signed print and creative marketing firm Mittera to a 12,000-square-foot lease at its new warehouse at 215 South Newman Street. Financial terms were not disclosed.

STRO was represented in-house by Elliott Ferris, while Mittera — which has its main facility in Carlstadt — was represented by JLL’s Dean Brody. The deal came shortly after STRO signed Showman Fabricators to a 78,000-square-foot industrial lease in Fairfield, New Jersey.

In Connecticut, Cooper Robertson recently revealed its master plan for waterfront redevelopment of Middletown. The plan envisions sweeping changes to a 220-acre stretch along the Connecticut River — a district that will include restaurants, entertainment venues and mixed-use housing.

Mixed-income housing, primarily apartments and townhouses, is part of the plan. Commercial development is as well. The next step is to rezone the waterfront area to facilitate development.

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Commercial Real EstateRetail