Northeast

Pearce/George J. Smith Commercial Arranges Sale of Industrial Building in Orange, Connecticut

by Amy Works December 7, 2017

ORANGE, CONN. — Pearce/George J. Smith Commercial Real Estate has brokered the sale of an industrial building situated on 6.5 acres at 70 Robinson Blvd. in Orange. Robin Equity LLC acquired the 50,666-square-foot property for an undisclosed price. The buyer will repurpose the building for American Seal & Engineering Corp. to serve as its new global corporate headquarters and main manufacturing facility for engineered products, advanced manufacturing technology, and product testing and development. Carl Russell of Pearce/George J. Smith Commercial represented the sellers, ALM Properties and MCM Investments in the deal.

December 7, 2017

Connecticut Multifamily Northeast

TH Real Estate Sells 261-Unit Apartment Community in Connecticut for $67M

by Amy Works December 6, 2017

STAMFORD, CONN. — TH Real Estate, an affiliate of Nuveen, a TIAA company, has completed the sale of The Wescott, an apartment community located in Stamford. A private New Jersey-based investment group acquired the 261-unit property for $67 million. Built in 1986, the property features an indoor/outdoor pool, clubroom with kitchen, media lounge and billiards room, fitness center, tennis courts, basketball court, outdoor courtyard and garage parking. Most units have been renovated with new kitchens, featuring granite counters, stainless steel appliances, and new cabinets, baths, lighting and fixtures. The property also features a 8,500-square-foot vacant commercial space, which was formerly occupied by medical tenants. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal.

December 6, 2017

Industrial Loans Massachusetts Northeast

Transwestern Consulting Group Arranges Two Loans Totaling $22.8M for Warehouses in Massachusetts

by Amy Works December 6, 2017

CLINTON AND MEDFORD, MASS. — Transwestern Consulting Group has arranged two loans totaling $22.8 million for NorthBridge Partners. The loans will finance the acquisition and future leasing costs for two warehouses in Massachusetts. Transwestern secured a long-term, non-recourse $13.9 million loan for 100 Adams Road, a warehouse in Clinton, through Middlesex Savings Bank. The 345,000-square-foot building is fully occupied by five tenants. Completed in 2000, the property features 30-foot clear ceiling heights, 53 loading docks and one drive-in door. Transwestern also arranged a long-term, non-recourse $8.9 million loan for 23 Sycamore Ave. in Medford through HarborOne Bank. The warehouse features 91,000 square feet of high-bay warehouse space.

December 6, 2017

New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of Two Office Buildings in Paramus, New Jersey

by Amy Works December 6, 2017

PARAMUS, N.J. — Cushman & Wakefield has facilitated the sale of two retail buildings, located at 80 and 100 W. Century Road in Paramus. The Frisch School, a co-educational high school, purchased the 25,000-square-foot property at 100 W. Century Road, and 80 W. Century LLC acquired the 70,000-square-foot building at 80 W. Century Road. A private entity plans to relocate to 80 W. Century Road, while M&T Bank will occupy the remaining space. M&T Bank sold the properties, which it acquired in 2015 with its acquisition of Hudson City Savings Bank. The acquisition prices were not released. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Frank DiTommaso II, David Sherman, David DeMatteis, Mark Zaziski, William Hartman and Lou D’Avanzo of Cushman & Wakefield represented the seller in the deal.

December 6, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

Capital Funding Negotiates $25.5M Bridge-to-HUD Loan for Skilled Nursing Facility in Pennsylvania

by Amy Works December 6, 2017

WASHINGTON, PA. — Capital Funding Group, a Baltimore-based lender, has closed a $25.5 million bridge-to-HUD loan for the acquisition of Washington County Health Center, a skilled nursing facility in the Pittsburgh suburb of Washington. Craig Casagrande of Capital Funding originated the loan. No further details were disclosed.

December 6, 2017

New York Northeast Office

Savanna Launches $35M Capital Improvement Plan at 711,194 SF Office Building in Queens

by Amy Works December 6, 2017

NEW YORK CITY — Savanna has launched a $35 million capital improvement plan at Falchi Building, a five-story, 711,194-square-foot office and retail building located in the Factory District of Long Island City in Queens. The capital improvement program will be focused on modernizing the lobby and common areas, including the building systems, and reconfiguring the retail spaces to maximize value. The lobby renovation will revitalize the building entrance and improve the existing ground-floor retail space, which is a food-focused corridor similar to Chelsea Market. The new lobby will include Stonehard flooring, an accent wall with LED backlighting at the entrance, rectangular linear light fixtures, built-in retail millwork kiosks with stone countertops, and black porcelain accent subway tile. The lobby and retail corridor work is scheduled for completion in early 2018. Savanna has retained Cushman & Wakefield to manage leasing efforts at the property.

December 6, 2017

Connecticut Market Reports Northeast Northeast Market Reports Office

Connecticut’s Fairfield County Office Market Displays Healthy Indicators

by Taylor Williams December 6, 2017

Connecticut’s Fairfield County ranks among America’s 40 wealthiest counties with a median household income of $81,268 in 2010. And while some of its current office market data stand at low levels, many indicators point to a bright future. Year-to-date office leasing activity reached 1.7 million square feet as of the third quarter. This amounts to a 21 percent increase relative to the same period one year ago. While this figure stands 3.1 percent below the five-year historical average, overall leasing volume does not take into account a 500,000-square-foot, build-to-suit lease undertaken by Charter Communications at Gateway Harbor Point in Stamford. For the quarter, aggregate office leasing in the county totaled 555,629 square feet. Stamford and Greenwich accounted for more than 77 percent of the total. Major transactions included Bank of America’s 166,000-square-foot lease at 600 Washington Boulevard in Stamford and AQR Capital’s 90,000-square-foot expansion at One Greenwich Plaza. In August, Stamford scored its most impactful corporate attraction of the year when the German-based multinational Henkel moved its North American headquarters from Scottsdale, Arizona, to 155,000 square feet within the BLT Financial Centre at 200 Elm Street. The consumer products firm said its laundry, beauty and home-care divisions are employing approximately …

December 6, 2017

Multifamily Northeast Pennsylvania

Equus Sells 308-Unit Apartment Community Near Philadelphia for $64.5M

by Amy Works December 5, 2017

UPPER GYWNEDD, PA. — Equus Capital Partners has completed the disposition of Madison Willowyck, an apartment community located in Upper Gywnedd, a suburb of Philadelphia. New Jersey-based Friedman Realty Group acquired the property for $62.5 million. At the time of sale, the community was 96 percent occupied. Erin Miller and Marybeth Farris of Jones Lang LaSalle represented the seller in the deal. Built in 1972 on 28 acres, the garden-style apartment community features 308 apartments in a mix of one-, two- and three-bedroom layouts with private entrances. On-site amenities include a resort-style pool, a 24-hour fitness center, a clubhouse with community room and balcony. An affiliate of Equus acquired Madison Willowyck in 2007 from UBS. The transaction was made on behalf of BPG Investment Partnership VIII, a $550 million private equity fund.

December 5, 2017

Mixed-Use Multifamily New York Northeast Restaurant Retail

Kalikow Group, Steelpoint Property Sells Mixed-Use Building in Manhattan for $7.4M

by Amy Works December 5, 2017

NEW YORK CITY — The Kalikow Group and Steelpoint Property Group have completed the sale of a mixed-use property located at 517 Second Ave. in the Kips Bay neighborhood of Manhattan. An undisclosed buyer acquired the property for $7.4 million. The four-story building features a ground-level restaurant and three floor-through, three-bedroom apartments. The partnership originally purchased the property in 2014 for $5 million and implemented a three-year renovation project.

December 5, 2017

Loans New Jersey Northeast Retail

Cushman & Wakefield Arranges $6.5M in Financing for Retail Center in Galloway, New Jersey

by Amy Works December 5, 2017

GALLOWAY, N.J. — Cushman & Wakefield has secured $6.5 million in financing for P3RE Properties for Smithville Square, a retail center located in downtown Galloway. Atlantic Stewardship Bank provided the five-year, fixed-rate financing. Smithville Square is a recently renovated 107,000-square-foot retail center. The center is home to 19 tenants, including Dunkin’ Donuts, Petvalu, JD’s Pub and Grill, Village Dry Cleaners and Lucky Nails. The center also includes 542 parking spaces and 1,061 feet of frontage on South New York Avenue. John Alascio and Sridhar Vankayala of Cushman & Wakefield represented the sponsor, P3RE Properties, in the financing.

December 5, 2017

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