Cole Schotz P.C. has advised Procida Funding on a $56 million loan for the restoration of the Philadelphia Metropolitan Opera House, which originally opened in 1908 at 858 N. Broad St. in Philadelphia. Procida Funding provided the financing in conjunction with Fulton Bank, PIDC and an equity investment from New Orleans-based Enhanced Capital. The financing will help reopen the 39,200-square-foot theater as a Philadelphia concert venue for Live Nation. Developer Eric Blumenfield anticipates an opening as early as December. The restoration will include renovating the entire building, including the roof, ceilings, floorings, lighting, proscenium and exterior masonry. Leo Leyva, Rab Nalavala, Alan Rubin and Danielle Pasquariello of Cole Schotz advised on the financing.
Jan Alan Lewis of Cole Schotz represented The Vitamin Shoppe in connection with the largest lease in the Meadowlands in 2017 – negotiating the lease for the 28,000 sq. ft. long-term commitment at 400 Plaza Drive in Secaucus.
The omni-channel, specialty retailer and contract manufacturer of nutritional products will relocate back-office operations from North Bergen, N.J., to the Harmon Meadow property, which sits adjacent to the company’s headquarters. The physical and lifestyle improvements at 400 Plaza Drive include renovations to the building’s atrium lobby, mechanical system upgrades, the introduction of enhanced digital media, 24/7 security and access control, a new barista-style cafe, and building WiFi promoting tenant use for work and leisure.
Located at the intersection of Route 3 and the New Jersey Turnpike, Harmon Meadow is a 4.4 million-square-foot, mixed-use complex offering office space, restaurants, retail, fitness, childcare, entertainment, and hotel and conference facilities – all within walking distance.
Founded in 1977, The Vitamin Shoppe is the second-largest vitamins, minerals and supplements retailer with over $1 billion in annual revenue and close to 800 stores throughout the United States and Puerto Rico. “With this planned move, The Vitamin Shoppe will achieve its goal of a centralized, highly efficient headquarters and support operation in Secaucus,” Lewis said.
Cole Schotz advised Cove Property Group
, in association with an institutional partner, on a $479 million senior and mezzanine construction financing from Apollo Global Management in connection with the redevelopment of the “Hudson Commons” property located at 441 Ninth Avenue in Manhattan. The property, which currently consists of 8 stories and is comprised of 423,000 square feet, is located at the northwest corner of 34th Street and Ninth Avenue, adjacent to the City’s Hudson Yards redevelopment project. The redevelopment of 441 Ninth Avenue will add an additional 17 stories to the existing building, providing a combined gross of 700,000 square feet.
The Cole Schotz team consisted of attorneys Leo Leyva, Jordan Metzger, Jordan Fisch, Gerald Gline, Rab Nalavala, Robyn Pellegrino, Stuart Rosen, Danielle Pasquariello, Matthew Schneid, Elizabeth Navatto, Samantha Epstein, Jan Lewis, Alan Rubin and Adam Morsy. The firm also represented Cove Property Group in their acquisition and related financing of the property in 2016.
See a concept drawing
of the project.
In 2017, the Cole Schotz real estate team represented developers and acquirers of retail, multi-family, office, industrial, self-storage and mixed-use properties in over $1 billion dollars of acquisition and construction financing.
We represented Cove Property Group, in partnership with Blue Sky Alternative Investments, in the purchase of a 423,000-square-foot office building located at 441 Ninth Ave. in Manhattan’s far West Side. The sale closed on December 6, 2016. This was ranked the 42nd largest deal in the country by Real Estate Alert.
We advised on the $330 million acquisition and leaseback to health insurer EmblemHealth and on a $220 million financing transaction from Deutsche Bank. The building, a former warehouse at the corner of West 34th Street and adjacent to the city’s Hudson Yards redevelopment project, was originally constructed in 1953 and was converted to office space during the 1980s by developer Harry Macklowe.
Our team consisted of members Leo V. Leyva, Jordan J. Metzger, Christopher J. Caslin, Gerald H. Gline, Jordan A. Fisch, Rab N. Nalavala, Jan Lewis and Joseph Barbiere; special counsel Robyn A. Pellegrino; and associates Patrick Quinn, Elizabeth C. Navatto, Matthew S. Schneid, Joseph Armenti; and paralegal Marilyn Bernard.
Golf entertainment company Topgolf opened the doors to its first location in New Jersey in late 2016. The 65,000-square-foot venue, located in Edison, brings an exciting entertainment component to the 12 acre site. The three-level venue includes 3,000 square feet of private event space and 102 climate-controlled hitting bays that can host up to six players at a time.
The Cole Schotz team of Wendy Berger and Michael Jones worked closely with the Topgolf legal team on a number of critical aspects of the project including land use approvals, lease negotiations and New Jersey liquor license approval.
Topgolf is a unique entertainment center, offering competitive golfing games for all ages and skill levels and advanced technology to track players’ shots. Players hit golf balls containing computer microchips that track each shot’s accuracy and distance while awarding points for hitting targets in the outfield.
Cole Schotz represented Delos Capital, a launched private equity firm based in New York City, in its recent acquisition of FCA Packaging. FCA Packaging is a leading manufacturer of highly customized and engineered packaging products and solutions for major original equipment manufacturers serving a number of industries including non-residential construction, heavy duty engines, agriculture, mining and energy. Cole Schotz advised the Delos team in acquiring the business from a group of private investors and partnering with one of the FCA founders as well as senior management in connection with the transaction, which closed on December 23, 2014. The Cole Schotz team was led by James Kim, Roger Iorio, and Alan Rubin.
The firm is currently representing the New Jersey Sports and Exposition Authority (NJSEA) in conjunction with a high profile case concerning the tax exempt status of the New York Football Giants Timex Performance Center located in the Meadowlands Sports Complex. In this matter, pending in the New Jersey Tax Court, NJSEA is seeking to vacate the Borough of East Rutherford's annual tax of approximately $1.6 million, based upon an assessment of $100,000,000, against NJSEA's National Football League tenant, the New York Football Giants, Inc. NJSEA maintains that the property and all improvements are "projects" of the NJSEA, pursuant to the applicable New Jersey Sports & Exposition Law, N.J.S.A. 5:10-1 et seq., and are therefore expressly made exempt by this Act. The Firm also has represented the NJSEA in connection with numerous other labor and contractual disputes.
Wakefern Food Corp. sought the expertise of our Real Estate Department in connection with the acquisition of ten operating supermarkets located in New Jersey and New York, from the Stop & Shop Supermarket Company LLC. We were successful in coordinating the engagement of environmental consultants, structural and mechanical engineers and a national title company; and managing completion of all due diligence reports within Wakefern's timeframe. This transaction was complicated by the fact that all due diligence issues related to the leases being acquired, condition of title, environmental and physical property conditions had to be reviewed and analyzed by our team on an expedited basis. The matter was further complicated by the negotiation of subleases for each location and the sub-sublease of each location to individual members of the Wakefern Food Corp. Despite these challenges, our team met Wakefern's expectations, closing this deal within the negotiated timetable.