Northeast

Marcus & Millichap Negotiates $45M Sale of Office Portfolio in Rochester

by David Cohen July 18, 2018

ROCHESTER, N.Y. — Marcus & Millichap has brokered the $45 million sale of a two-property office portfolio in Rochester. The office properties are Corporate Crossing, a five-building, 212,839-square-foot office complex completed in 2002; and Canal View, a three-building, 118,375-square-foot office complex completed in 2003. The two properties are less than eight miles apart. Marcus & Millichap represented the seller, a private Rochester partnership, in the transaction. The buyer was a New York family office. Tenants at the office parks include the University of Rochester, The Bonadio Group, KeyBank, Oracle Corp., Gatehouse Media Inc., Level 3 Communications, and NetApp Inc.

July 18, 2018

Connecticut Loans Multifamily Northeast

KeyBank Provides $39.5M Refinancing for Apartment Community in Connecticut

by David Cohen July 18, 2018

SOUTH WINDSOR, CONN. — KeyBank has provided a $39.5 million Freddie Mac, first mortgage loan to refinance the existing debt of Tempo Evergreen Walk Apartments in South Windsor. The 200-unit, garden-style apartment complex was built in 2018 and is made up of nine, four-story residential buildings. Tom Peloquin of KeyBank arranged the fixed-rate, non-recourse loan with an 11-year term, three years of interest only payments and a 30-year amortization schedule for the undisclosed borrower.

July 18, 2018

Acquisitions Industrial Northeast Pennsylvania Property Type

Endurance, Thackeray Partners Purchase Industrial Facility in York, Pennsylvania for $8.2M

by David Cohen July 18, 2018

YORK, PA. — Endurance Real Estate Group and Thackeray Partners have acquired a 174,572-square-foot warehouse/distribution building in York for $8.2 million. The property, located at 2075 Loucks Road, is fully leased to York Wallcoverings Inc., a global manufacturer of residential and commercial wallpaper. Rock Commercial Real Estate represented the seller, the former long-time owner of York Wallcoverings, in the transaction. Built in 1980, the property was expanded in 1986 and 1995 and features ceiling heights up to 30 feet as well as 13 dock-high loading doors and two drive-in doors.

July 18, 2018

Acquisitions Multifamily New Jersey Northeast Seniors Housing

LCS Acquires 299-Unit Continuing Care Community in New Jersey

by David Cohen July 18, 2018

BRIDGEWATER, N.J. — LCS has acquired Arbor Glen, a continuing care retirement community (CCRC) in Bridgewater, for an undisclosed price. Located southwest of New York City, the community sits on 23 acres and features 183 independent living units, 19 independent living villas, 23 assisted living units, 10 memory care units and 64 skilled nursing beds. LCS changed the community’s name to Laurel Circle and plans to implement an $8 million capital improvement plan at the property. The seller and former operator was Friends Retirement Concepts. Based in Des Moines, Iowa, LCS Real Estate currently has an ownership stake in 37 seniors housing communities nationwide.

July 18, 2018

Industrial Leasing Activity New Jersey Northeast

NAI Hanson Arranges 40,000 SF Industrial Lease in Northern New Jersey

by David Cohen July 18, 2018

CARLSTADT, N.J. — NAI James Hanson has arranged a 40,000-square-foot industrial lease at 223 Veterans Blvd. in Carlstadt. NAI Hanson’s Kenneth Lundberg and Patrick Lennon represented the tenant, NIS CP Corp., in the transaction. United Realty Advisors represented the landlord, Sitex. The property was renovated in 2017 and now features 5,000 square feet of office space as well as modern warehouse lighting. The building also features a clear height of 16 feet plus four dock doors and parking for 34 cars.

July 18, 2018

Development Massachusetts Mixed-Use Northeast Top Stories

Boylston Properties, The Wilder Cos. Secure $324M Construction Financing for Mixed-Use Redevelopment Near Boston

by David Cohen July 18, 2018

BOSTON — Developers Boylston Properties and The Wilder Cos. have secured $324 million in construction financing and joint venture equity for the development of Arsenal Yards, a six-building, mixed-use redevelopment of the former Arsenal Mall in Watertown. HFF worked on behalf of the developers to source institutional investors advised by JP Morgan Asset Management as joint venture equity partners, providing $102 million of equity. HFF also arranged a $222 million construction loan from Wells Fargo Bank. “HFF was able to work closely with the development team to secure a capitalization structure that met their objectives,” says Brett Paulsrud, senior director at HFF. “This redevelopment will dramatically transform the landscape of Watertown, adding a significant amenity base to the area. It will be very exciting to watch this best-in-class partnership create a new destination for surrounding residents and businesses alike.” Located on the site of the former Watertown Arsenal, which predates the Civil War, New England Development opened the mall as Arsenal Marketplace in 1983. In 2013, Boylston Properties and The Wilder Companies purchased the property with the intention of redeveloping it into a mixed-use project. Arsenal Yards is scheduled to open in 2019 and will feature 250,000 square feet of destination shops …

July 18, 2018

Market Reports Northeast Northeast Market Reports Retail Rhode Island

Providence Retail Presents Signs of a Strengthening Economy

by David Cohen July 18, 2018

The Rhode Island retail market has seen a considerable level of activity over the last year that presents promising signs of a strengthening economy and an improving property market. Generally speaking, each submarket has seen positive absorption of retail space, with the new concepts entering the market for the first time, as well as existing operators further expanding their footprints and market share. From street retail to lifestyle and big-box centers, each class has seen significant activity that represents a much healthier retail climate than popular opinion and media reporting might suggest. Some specific transactions are worth noting. Garden City Center in Cranston continues to outperform as the dominant outdoor shopping destination in the greater Providence market. This past year, The Wilder Companies built an approximately 29,800-square-foot addition at Garden City, which allowed them to bring Boston favorites Legal C Bar and Tavern in the Square to town. These are the first Rhode Island locations for both operators, which points to the strength of the local Rhode Island economy as well as the faith tenants have in the long-term viability of the best retail projects. Wilder was also able to bring The Simple Greek, Anthony’s Coal Fired Pizza, Z Gallerie …

July 18, 2018

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $6.2M Sale of Hanover Shopping Plaza in Massachusetts

by David Cohen July 17, 2018

HANOVER, MASS. — Marcus & Millichap has brokered the $6.2 million sale of the Hanover Shopping Plaza in Hanover. The 26,307-square-foot retail center is located at 1422 Washington St. and anchored by Town Fair Tire, Papa Gino’s, D’Angelo and Pearle Vision. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company. The buyer has plans to renovate the property, which was developed in 1975, and lease up the vacant space.

July 17, 2018

Loans Multifamily New Jersey Northeast

Progress Capital Secures $4.3M Acquisition, Construction Financing for Multifamily Building in New Jersey

by David Cohen July 17, 2018

PASSAIC, N.J. — Progress Capital has secured $4.3 million in land acquisition and construction financing for a four-story multifamily building in Passaic. Construction is scheduled to begin immediately on the building, which will include 40 residential units. The property is expected to be completed in the second quarter of 2019. Progress Capital arranged a 36-month, interest-only loan, which floats at one-month LIBOR plus 310 basis points. The lender was Tri-State Capital, and the borrower was Future Realty LLC.

July 17, 2018

Loans Mixed-Use New York Northeast

Pembrook Provides $35M Bridge Loan for Mixed-Use Project in Manhattan

by David Cohen July 17, 2018

NEW YORK CITY — Pembrook Capital Management has provided a $35 million first mortgage bridge loan for a mixed-use construction project located at 257-263 West 34th St. in Manhattan. The funds provided by Pembrook will refinance the developer’s existing debt and allow it to start construction on the project. When completed, the six-story building will include 15,000 square feet of retail space and 25,000 square feet of office space. The property is located in the garment district of Manhattan, near the Empire State Building, Macy’s Herald Square and Madison Square Garden.

July 17, 2018

Newer Posts

Older Posts