SEATTLE — Amazon (NASDAQ: AMZN) has officially selected New York City and Arlington, Va., as the homes for its second headquarters, confirming reports last week of the e-commerce giant’s decision to split HQ2. Amazon will invest $5 billion and create more than 50,000 jobs across the two new headquarters locations, with more than 25,000 employees in each new headquarters. Both campuses will feature 4 million square feet of new office space, which is expandable up to 8 million square feet at each location. New York City and Arlington will join Seattle as the company’s three headquarters in North America. “These two locations will allow us to attract world-class talent that will help us to continue inventing for customers for years to come,” says Jeff Bezos, founder and CEO of Amazon. “The team did a great job selecting these sites, and we look forward to becoming an even bigger part of these communities.” The New York location will be in Queens’ Long Island City neighborhood. The Arlington office will be in River Landing, a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. Amazon estimates the incremental tax revenue to exceed $10 billion for the New York location …
Northeast
SOUTH BRUNSWICK, N.J. — G.S. Wilcox & Co. has secured a $17.6 million loan to refinance an industrial facility in South Brunswick. Located at 1100 Cranbury South River Road, the 28-acre site contains a one-story industrial building with 340,900 rentable square feet of space. The building features 40 exterior loading docks and four drive-in doors. Gretchen Wilcox and Albert Raymond of G.S. Wilcox represented the undisclosed borrower in securing the financing through lender Thrivent Financial. The 15-year loan includes a 20-year amortization schedule.
PISCATAWAY, N.J.— Fujitsu General America Inc. has signed a 155,000-square-foot industrial lease at the Rockefeller Group Logistics Center in Piscataway. Fujitsu General is the third company to sign a lease at the five-building, 2.1 million-square-foot project. Other tenants include Humanscale and Best Buy. Fujitsu General provides ductless cooling and heating systems for residential and commercial use. Jules Nissim, Stan Danzig and Marc Petrella of Cushman & Wakefield represented the owners, Rockefeller Group and PCCP, in the transaction. Bob Sager and Dave Blitt from Bussel Realty represented Fujitsu General.
LANGHORNE, PA. — Viking Partners Fund III LLC has purchased the Bucks Town Corporate Center, a 142,000-square-foot, five-building office park in Langhorne. The price was undisclosed. Located at the intersection of Middletown Blvd. and Town Center Drive, the office park is adjacent to the Oxford Valley Mall. The seller was undisclosed. Colliers International has been assigned the leasing for Bucks Town Corporate Center.
MONTVALE, N.J. — Northeast Capital Group has acquired a 93,916-square-foot office property in Montvale for $9.9 million. Located at 3 Paragon Drive, the property is currently 96 percent leased to two tenants, Pentax of America and Turner Construction Co. The property is on a nine-acre site. Michael Klein and Porter Terry of HFF represented Northeast Capital Group in securing acquisition financing through Valley National Bank. The seller was undisclosed.
Cornerstone Realty Capital Arranges $3.4M Refinancing for Apartment, Industrial Portfolio in Massachusetts
by David Cohen
MALDEN, MASS. — Cornerstone Realty Capital has arranged the $3.4 million refinancing for a two-property portfolio in Malden. The two properties include a nine-unit apartment building and a two-story industrial building on Maplewood Street. The industrial facility was renovated in 2004 and includes seven commercial units. Andrew Saccone of Cornerstone secured the fixed-rate financing on behalf of an undisclosed borrower. Terms of the financing included an interest-only payment period followed by a 25-year amortization schedule. The lender was undisclosed.
FAIRVIEW, N.J. — J.P. Management has acquired the Fairview, a 12-story apartment property in Fairview for $43 million. Located at 371 Bergen Boulevard, the property consists of 146 units and was fully renovated in 2017. Amenities at the property include a swimming pool, fitness center, covered parking and views of the New York City skyline. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver, Jordan Avanzato and Ryan Robertson of HFF represented the seller, Roizman Development Inc., in the transaction.
AUDUBON, PENN. — NKF Capital Markets has brokered the $20 million sale of a 136,918-square-foot office building in Audubon. Located at 1001 Adams Ave., the property is currently fully occupied by Optum 360, a UnitedHealth Company. Amenities at the property include a full-service cafeteria, on-site fitness center with showers, outside patio dining and video conferencing facilities. Mike Margolis, Dave Dolan, Dave Garonzik and Jeff Mack of NKF Capital Markets represented the seller, Delaware Valley Real Estate Investment Fund, in the transaction. The buyer was Blue Stone Capital.
TORONTO — Avison Young has entered into a definitive agreement to acquire GVA, the largest full-service, commercial real estate firm in the United Kingdom. Based in London, GVA employs approximately 1,500 people across 15 offices in the U.K., Ireland and Poland. Toronto-based Avison Young has about 2,700 employees across its 85 global offices. The deal, which is expected to close during the first quarter of 2019, follows a $250 million (in Canadian dollars) preferred equity investment by Canadian institutional fund manager CDPQ in Avison Young’s strategic growth plan. Credit Suisse and KPMG LLP are acting as Avison Young’s financial advisors. BofA Merrill Lynch is acting as financial advisor to GVA’s parent company, Apleona Ltd., a portfolio company owned by global private-equity firm EQT.
NEW YORK CITY — Greystone has provided an $8.2 million Fannie Mae loan to refinance a three-property multifamily portfolio in Queens. The portfolio consists of three, rent-stabilized properties totaling 52 units. The properties are located at 177-50 South Conduit Ave., 176-20 and 177-16 South Conduit Ave. Amenities at the properties include on-site laundry, covered parking and community rooms as well as video security. Terms of the financing included a 10-year term and a 30-year amortization schedule. The borrower was undisclosed.