Northeast

Barone Management Tops Out CR7 by Pestana Hotel in Times Square

by David Cohen June 27, 2018

NEW YORK CITY — New York-based development and construction company Barone Management has topped out the 177-room CR7 by Pestana Hotel in Times Square West. Barone is building the hotel for Portuguese-based Pestana Group. The property will serve as the hotel group’s U.S. flagship. The CR7 by Pestana lifestyle hotel brand is a partnership between Pestana Hotel Group and soccer icon Cristiano Ronaldo. The 78,069-square-foot hotel will feature a fitness center, multiple meeting rooms and a double height lobby. Pestana Hotels and Resorts owns and operates over 90 hotels throughout Europe and the Americas, with a presence in cities such as London, Barcelona, Berlin and Rio De Janiero.

June 27, 2018

Industrial New Jersey Northeast

Hampshire Companies Sells 71,048 SF Industrial Facility in New Jersey

by David Cohen June 27, 2018

Fairfield, N.J. — The Hampshire Companies has sold 16 Law Drive, a 71,048-square-foot industrial facility in Fairfield. JEEN International purchased the facility for an undisclosed price. JEEN International is a manufacturer of cosmetic ingredients for the personal care market. Located on more than six acres, the property features 65,893 square feet of warehouse space and 5,155 square feet of office space. The building also offers 16-foot clear heights, two loading docks, two drive-in doors and 102 parking spaces.

June 27, 2018

Leasing Activity New York Northeast Office

Rockefeller Group Secures 49,000 SF Lease Expansion at 50-Story Office Tower in Manhattan

by David Cohen June 27, 2018

NEW YORK CITY — Rockefeller Group has signed Mayer Brown LLP to a 49,000-square-foot lease at 1221 Avenue of the Americas, a 50-story office tower in Manhattan. The global legal services firm now occupies five floors and 235,000 square feet at the building. Mayer Brown was represented by Bob Flippin, Andrew Sussman, Lauren Crowley Corrinet and Anthony Dattoma of CBRE in the transaction. Rockefeller Group was represented by an in-house team led by Ed Guiltinan. Following the transaction, the office space at the 2.6 million-square-foot building is now 97 percent occupied.

June 27, 2018

Acquisitions Massachusetts Mixed-Use Northeast

Marcus & Millichap Brokers $2M Sale of Mixed-Use Portfolio in Central Massachusetts

by David Cohen June 27, 2018

WEBSTER, MASS. — Marcus & Millichap has brokered the $2 million sale of Main Street Properties, a 51,982-square-foot mixed-use portfolio located at 118 and 275 Main St. in Webster. The town is located in central Massachusetts on the Connecticut border. Matthew Pierce of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a private investor. The properties include 31 apartments and nine retail units.

June 27, 2018

Loans Multifamily New York Northeast

Capital One Provides $20M Construction Loan for Multifamily Development in Chelsea

by David Cohen June 26, 2018

NEW YORK CITY — Capital One has provided a $20 million construction loan to Bernstein Real Estate for the development of a 24-story multifamily property at 211 W. 29th St. The property, which is located in the Chelsea neighborhood of Manhattan, will feature 38 free-market units, 17 affordable units and 3,150 square feet of ground floor retail space. Amenities at the building will include a 24-hour doorman, gym, bike room and a laundry room. Built on a former parking lot, the project will benefit from a 421-A real estate tax abatement with full taxes abated for 25 years.

June 26, 2018

Acquisitions Northeast Pennsylvania Retail

HFF Arranges $13.8M Sale of Retail Property in Suburban Pittsburgh

by David Cohen June 26, 2018

WEXFORD, PA. — HFF has arranged the $13.8 million sale of a 53,000-square-foot, single-tenant retail property in Wexford, approximately 17 miles north of Pittsburgh. Marc Mandel, Steve Schrenk, Coler Yoakam, Mark West and Michael George of HFF represented the seller, a REIT, in the transaction. A private East Coast buyer purchased the asset. Additionally, HFF secured an $8.5 million, 20-year, fixed-rate loan with Protective Life Insurance Company for the buyer. Levin Furniture occupies the building under a triple net lease that expires in 20 years.

June 26, 2018

Acquisitions Industrial New York Northeast

Cushman & Wakefield Brokers Sale of Warehouse in Brooklyn for $6.5M

by David Cohen June 26, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the $6.5 million sale of 145 18th Street, a 16,577 square-feet brick warehouse in Brooklyn’s Greenwood Heights neighborhood. The property allows for 33,154 buildable square feet of commercial development, according to local zoning regulations. Winfield Clifford, William Barrett and Junji Miyake of Cushman & Wakefield represented the seller, Adel Rootstein USA, in the transaction. The buyer was SNL Storage. Nearby retailers include Costco, Home Depot, Lowe’s, Petco and ABC Carpet & Home.

June 26, 2018

Industrial Leasing Activity Massachusetts Northeast

NKF Secures 147,371 SF Lease Extension at Industrial Facility Near Boston

by David Cohen June 26, 2018

BEDFORD, MASS. — Newmark Knight Frank has secured a 147,371-square-foot lease extension with photonics company Novanta for their corporate headquarters at 125 Middlesex Turnpike in Bedford. Bedford is 20 miles northwest of Boston. NKF represented ownership, 125 Middlesex Turnpike LLC, in the transaction. Built in 1975 and renovated in 2009, 125 Middlesex Turnpike is a 147,371-square-foot, single-story, flex/manufacturing building that includes 75,000 square feet of office space. Novanta is a supplier of laser products, precision-motion and vision technologies and has occupied the property since 2008.

June 26, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Negotiates $2M Sale of Net-Leased GameStop in New Jersey

by David Cohen June 26, 2018

WEST NEW YORK, N.J. — Marcus & Millichap has arranged the $2 million sale of a net-leased GameStop location in West New York. Michael Lombardi, Alexander Pildes and Steven Schiavello of Marcus & Millichap represented the buyer and seller in the transaction, both private investors. Located at 6001 Bergenline Ave., the video game retailer GameStop has been at the property since 2002.

June 26, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Arranges $7M Acquisition Loan for Apartment Building in Boston

by David Cohen June 25, 2018

BOSTON — Cornerstone Realty Capital has arranged $7 million in acquisition financing for a three-story apartment building in Boston’s Jamaica Plain neighborhood. Cornerstone was able to obtain a creative financing structure that enables the buyer, Hajjar Management Co., to complete the renovation to property. More specifically, Cornerstone was able to deliver a low, 10-year, fixed-rate financing structure with three years of interest-only payments followed by a 30-year amortization. The lender was a local bank. The building, which is located at 9-11 Seaverns Ave., includes 24 one-bedroom, one-bathroom units. The borrower plans to fully renovate the property over the next three years.

June 25, 2018

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