This week’s roundup of under-the-radar real estate news in the tri-state area spans the spectrum of the commercial sector.
In Yonkers, Trinity Associates subsidiary Verus Development is developing a 12-story residence at 345 McLean Avenue. The 105-unit building will be exclusively for tenants 62 or older making at or below the county’s area median income.
Amenities at the building will include a community room with computers, a library, recreational space, a supportive housing office, a laundry room and bike storage. The Yonkers Industrial Development Agency has preliminarily approved financial incentives for the $56.8 million project.
In the Capital Region, the Colonie Center has finally found a tenant to replace Sears, which departed in 2017. The shopping hub is welcoming retailer Floor and Decor to the complex, where it will take 57,000 square feet next to Whole Foods, the Times Union reported.
It will be the retailer’s first location in the area and its fifth store in New York. Atlanta-based Floor and Decor continues to expand, and now has 178 stores and five design studios across the nation. It aims to expand beyond 500 in the next decade.
There’s no timeline for Floor and Decor to start operating at the Colonie Center. The section is owned by Seritage Growth Properties, the spinoff of Sears’ real estate.
In New Jersey, Amazon signed a lease for a 205,000-square-foot distribution center in Woodland Park. The Class A industrial facility recently opened, boasting 20 docks, a couple of drive-ins, and parking for trailers and workers.
Terms of the lease were not disclosed. The landlords — a partnership of STRO and KRE — were represented in-house by Jack Shulman and Elliot Ferris. KBC Advisors’ Jason Goldman and Andrew Siemsen represented Amazon.
Urban Edge Properties recently signed two tenants to a combined 286,000 square feet of industrial space at its warehouse complex in East Hanover, in New Jersey’s Morris County. The leases were revealed in an SEC filing.
The leases were with Bestway Trucking Service for a 187,000-square-foot space and Decker Tape for 99,000 square feet. The warehouse complex spans 1.2 million square feet.
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