News: Brokerage

Pyramid Brokerage - Rochester brokers $1.06 million for two sales

Pyramid Brokerage Co. - Rochester has recently completed a total of $1.06 million for two sales and a total of 99,658 s/f for two leases. The deals include: * The sale of 125 Elmgrove Rd. in Gates. The 13,074 s/f industrial facility was sold to Five Star Tool for $635,000. Steve Lichtenberger of the Pyramid Rochester office represented the buyer. * The sale of 135 Dodge St. The 21,140 s/f industrial building was sold to Global Precision for $425,000. Lichtenberger and John Manilla of the Pyramid Rochester office represented the seller. * The lease of 50,500 s/f of office space at 3750 Monroe Ave. in Pittsford. Daniel O'Neill, SIOR of the Pyramid Rochester office represented the landlord. *The lease of 49,158 s/f of industrial space to Weldrite Closures, Inc. at 2292 Innovation Way (Building 8) in Rochester Technology Park in Gates. David Farrington and John Kaman of the Pyramid Rochester office represented the tenant. The Pyramid Rochester office also closed the two following sales with undisclosed prices: * The sale of a vacant land parcel in the downtown area. The parcel will be developed by ESL Federal Credit Union for their corporate headquarters. Manilla represented the buyer. * The sale of the Midtown Plaza Complex in the downtown area. The 1.2 million s/f office and retail complex was sold to the city for a proposed downtown development project. Manilla and Kaman of Pyramid and Gary Gabriel of the Cushman & Wakefield - East Rutherford, N.J. office represented the seller, Blackacre Capital Partners out of New York City.
MORE FROM Brokerage

SABRE coordinates sale of six properties totaling 199,845 s/f

Huntington, NY SABRE Real Estate Advisors has completed the sale of six commercial properties across Long Island and Northern New Jersey, further underscoring the firm’s strength as a trusted partner in complex real estate transactions. The deals were led by executive vice presidents Jimmy Aug and Stu Fagen, whose combined expertise continues to drive exceptional results for clients across the region.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman

Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman

Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.