REBusinessOnline

Northeast

Construction Set to Begin on The Hub @ New Brunswick Station in East Rutherford, N.J.

EAST RUTHERFORD, N.J. — New Brunswick Development Corp. (Devco) has begun site preparation on the Ferren Mall Parking Deck for The Hub @ New Brunswick Station in East Rutherford. Devco expects site construction of the 1.7 million-square-foot mixed-use redevelopment project to begin in April. JLL is Devco’s marketing agent for The Hub, which will be located on four acres in downtown New Brunswick directly across from the New Brunswick train station. When completed, The Hub @ New Brunswick..

March 29, 2017

Cushman & Wakefield Arranges $14.7M Sale of Medical Office Building in Nassau County

NORTH HILLS, NEW YORK — Cushman & Wakefield has arranged the $14.7 million sale of a two-story medical office building located at 3111 New Hyde Park Road in North Hills. Cushman & Wakefield’s Ben Efraimov, Jonathan Hageman and Patrick Yannotta handled the transaction. The property traded at a 6 percent cap rate. The building spans 24,600 square feet and is 100 percent occupied by three medical tenants. Integrated Medical Professionals occupies the front of the building and leases..

March 29, 2017

CBRE Brokers Trio of Industrial Leases in Secaucus, N.J.

SECAUCUS, N.J. — CBRE’s Global Port Logistics Group has brokered three lease transactions at two separate industrial properties in Secaucus. In the first transaction, CBRE represented VER, a provider of audio, video, lighting, rigging and media services, in a 223,000-square-foot lease at 50 Meadowlands Parkway. The space is part of Harmon Cove Industrial Park. VER will operate in an office and showroom featuring 30-foot ceilings and ESFR sprinklers. The CBRE team that facilitated the..

March 29, 2017

KeyBank Provides $18.2M in Financing to Preserve Affordable Housing in Troy, N.Y.

TROY, N.Y. — KeyBank has provided a total of $18.2 million in financing for the Martin Luther King Revitalization Apartments in Troy. The Troy Housing Authority partnered with Beacon Communities Development to renovate and preserve 104 units of affordable housing through HUD’s Rental Assistance Demonstration Program. The property was built in 1971. Key’s Community Development Lending & Investing group (CDLI) provided a $6.2 million construction loan and will also invest up to $12..

March 29, 2017

RHYS Negotiates $10.3M Sale of Mixed-Use Portfolio in Stamford, Conn.

STAMFORD, CONN. — RHYS has negotiated the $10.3 million sale of two office/retail buildings located at 111 and 123 High Ridge Road in Stamford. Combined, the three-story buildings offer 40,000 square feet of office and retail space. The 100 percent leased portfolio sits on just over an acre, with more than 150 parking spaces on site. Christian Bangert of RHYS represented the buyer, A & E High Ridge, in the transaction. Karen Dome and Robert Haile of Coldwell Banker Commercial represented..

March 29, 2017

Gebroe-Hammer Arranges $29.2M Sale of Apartment Properties in East Orange/Orange, N.J.

EAST ORANGE & ORANGE, N.J. — Gebroe-Hammer Associates’ David Oropeza has arranged the $29.2 million sale of two apartment properties in East Orange and Orange. Oropeza represented the sellers and identified the buyers of each property. The first transaction was the $15.7 million sale of 151 units in East Orange. Oropeza also arranged the sale of 157 total units in Orange for $13.5 million.

March 28, 2017

New England Retail Properties Brokers 24,000 SF Lease to Liquors 44 in Springfield, Mass.

SPRINGFIELD, MASS. — Matt Halprin of New England Retail Properties has brokered a 24,000-square-foot lease to Liquors 44 at 1755 Boston Road in Springfield. Liquors 44 is locally owned and operated.

March 28, 2017

CBRE Secures $41M Loan for Medical Office Building in Cherry Hill, N.J.

CHERRY HILL, N.J. — CBRE’s capital markets debt and structured finance team has secured a $41 million acquisition loan for a 155,000-square-foot medical office building located at 1865 Marlton Pike E. in Cherry Hill. The property, which is leased on a long-term basis to University of Pennsylvania Health System, serves as a primary care center and clinical offices for medical practices including cardiology and radiology. CBRE’s Nick Harris, Steve Roth and Steven Doherty procured financing..

March 28, 2017

The Kane Co. Negotiates Lease for Medical Office in Portsmouth, N.H.

Portsmouth, N.H. — The Kane Co. has negotiated a 4,081-square-foot lease for Medical Billing & Consulting in Portsmouth. Catie Medeiros of The Kane Co. represented the tenant in the lease at 95 Brewery Lane. Medical Billing & Consulting specializes in solving medical billing and revenue cycle challenges for healthcare clients. The property is located in the Malthouse Exchange Plaza, joining other tenants including Seacoast Sports Club, MoJo’s BBQ Grill, Portsmouth Center for Yoga..

March 28, 2017

Ready Capital Secures $10.7M Loan for Multifamily Property in NYC

NEW YORK CITY — Ready Capital Structured Finance has secured a $10.7 million non-recourse loan in New York City. The loan is for the recapitalization, renovation and stabilization of a 60-unit condominium property at 9511 Shore Road in the Bay Ridge neighborhood of Brooklyn. The collateral is part of a 104-unit, seven-story, condominium tower with views of the Narrows and Verrazano Bridge. Ready Capital Structured Finance closed a floating-rate interest-only loan featuring a 12-month term..

March 28, 2017