Northeast

Campus Apartments Opens Four Student Housing Communities in Tennessee, Michigan, Pennsylvania

by John Nelson September 18, 2018

PHILADELPHIA — Campus Apartments, a student housing developer and operator based in Philadelphia, has opened four student housing developments totaling 1,643 beds. Development costs for the projects, which are within walking distance to University of Tennessee, University of Michigan and University of Pennsylvania, totaled over $220 million. “We’re excited to be providing students with high-quality housing in Knoxville, Ann Arbor, and our hometown, Philadelphia,” says Daniel Bernstein, president and chief investment officer of Campus Apartments. “We’ve been thrilled with the initial response to these four new developments, and we look forward to continuing to surpass our residents’ expectations.” The new properties include TENN, a 603-bed, mixed-use community located near the University of Tennessee in Knoxville; The Yard, a 590-bed, mixed-use community located near the University of Michigan in Ann Arbor; Six11, a 350-bed student housing community also located in Ann Arbor; and The Simon at Founders Row located near the University of Pennsylvania in Philadelphia. TENN in Knoxville offers a mix of three-, four- and five-bedroom, fully furnished units. Shared amenities include a two-story clubhouse, fitness center, study lounge, putting green, resort-style swimming pool, fire pits and grill stations. The Yard in Ann Arbor offers studio, one-, two-, three-, four- …

September 18, 2018

Acquisitions Connecticut Northeast Office

Avison Young Arranges Sale of 179,000 SF Office Building in Norwalk

by David Cohen September 17, 2018

NORWALK, CONN. — Avison Young has arranged the sale of the Matrix Corporate Center in Norwalk. The sales price was not disclosed. Located at 535 Connecticut Ave., the five-story property is currently 74 percent leased to a tenant roster that includes Crius, UBM and Belvoir. Sean Cahill, Gary Lyons and Blake Thomas of Avison Young represented the seller, Matrix Norwalk LLC, in the transaction. The buyer was Hanover Norwalk Investors LLC.

September 17, 2018

Acquisitions Northeast Pennsylvania Retail

HFF Brokers $5.9M Sale of Retail Property in Pennsylvania

by David Cohen September 17, 2018

GILBERTSVILLE, PA. — HFF has brokered the $5.9 million sale of a single-tenant retail building in Gilbertsville. The building was completed in 2015 and is leased to convenience retail store chain Wawa. The 2.7-acre property is located at 1111 Grosser Road, approximately 42 miles northwest of Philadelphia. Marc Mandel and Steve Schrenk of HFF represented the buyer, a private investor, in the transaction. The seller was undisclosed.

September 17, 2018

Acquisitions Massachusetts Northeast Retail

Horvath & Tremblay Negotiates $5.7M Sale of Walgreens Near Boston

by David Cohen September 17, 2018

WESTFORD, MASS. — Horvath & Tremblay has negotiated the $5.7 million sale of a retail building in Westford. The 14,820-square foot property is fully occupied by Walgreens pharmacy. Located at 145 Littleton Road, the building is approximately 25 miles northwest of Boston. Bob Horvath and Todd Tremblay represented the undisclosed seller in the transaction. The buyer was also undisclosed. Walgreens has 13 years remaining on the initial lease term with 10, five-year renewal options. Nearby retailers include Whole Foods, CVS, Rite Aid, Marshalls, Home Goods, Petco, Panera Bread, Chipotle and Five Guys.

September 17, 2018

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Orchestrates $3.4M Sale of Development Site in the Bronx

by David Cohen September 17, 2018

NEW YORK CITY — Ariel Property Advisors has arranged the $3.4 million sale of a development site located at 1408 Cromwell Ave. in the Bronx. The vacant lot is situated in the Jerome Avenue District, which was recently rezoned to residential under New York City’s affordable housing plan. The rezoning covers 92 blocks and is expected to generate approximately 4,600 new units of housing. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also undisclosed.

September 17, 2018

Industrial Leasing Activity New Jersey Northeast

Humanscale Signs 155,000 SF Industrial Lease in Piscataway

by David Cohen September 17, 2018

PISCATAWAY, N.J. — Ergonomic office solutions provider Humanscale has signed a 155,000-square-foot lease at the Rockefeller Group Logistics Center, currently under construction in Piscataway. The 2.1-million-square-foot logistics center will be comprised of five buildings ranging in size from 200,000 to 725,000 square feet. Cushman & Wakefield represented the owners, Rockefeller Group and joint venture partner PCCP LLC, in the transaction. Humanscale was represented by Lennard Commercial Realty.

September 17, 2018

Acquisitions Delaware Illinois Industrial Midwest Minnesota Northeast Pennsylvania Texas Top Stories

Investcorp Acquires 56 Industrial Properties Across U.S. for $300M

by Taylor Williams September 17, 2018

NEW YORK CITY — The American investment team of Bahrain-based Investcorp has acquired 56 industrial properties totaling approximately 4.5 million square feet across seven major American markets. The purchase price was roughly $300 million. The portfolio includes nine warehouses in Minneapolis; 16 warehouse/flex buildings in Dallas; 14 warehouse/manufacturing buildings in Chicago; nine warehouse and flex buildings in Philadelphia and Delaware; five warehouse/manufacturing buildings in Phoenix; two industrial properties in Houston; and one industrial asset in San Antonio. All of the infill properties offer last-mile proximity to major population centers. The seller was not disclosed. “This acquisition gives us the opportunity to expand our presence in this important and growing industrial/warehouse sector in the U.S.,” says Mohammed Alardhi, executive chairman of Investcorp. “This investment further reflects our commitment to growing Investcorp’s footprint in the U.S., which is a key driver of the firm’s overall growth strategy.” At the time of sale, the properties were collectively 90 percent occupied by tenants in the e-commerce, manufacturing, design, wholesaling and food services industries. The sale marks Investcorp’s ninth industrial portfolio acquisition in the last 36 months. Since 1996, Investcorp has purchased more than 550 properties with a total value in excess of $14 billion. …

September 17, 2018

Loans Multifamily New Jersey Northeast

Angelo Gordon Arranges $64M Construction Loan for Apartment Building in Hoboken

by David Cohen September 14, 2018

HOBOKEN, N.J. — Angelo Gordon has arranged a $64 million construction loan for the Wonder Lofts, an 89-unit apartment building in Hoboken. Originally built in 1909 and used as an industrial facility that produced Wonder Bread, the project, dubbed the Wonder Lofts, will include five separate buildings and retain a significant amount of the property’s existing architectural detail. Angelo Gordon secured financing through Arkansas-based Bank OZK on behalf of Prism Capital Partners and Parkwood Development Corp. Nearly all interior demolition and construction preparation work has been completed, and construction of the main building of the Wonder Lofts project is expected to begin in the fourth quarter of this year.

September 14, 2018

Acquisitions New Jersey Northeast Office

HFF Negotiates Sale of 538,107 SF Medical Office Complex in New Jersey

by David Cohen September 14, 2018

MORRISTOWN, N.J. — HFF has negotiated the sale of a 538,107-square-foot, three-building medical office complex in Morristown. The sales price was not disclosed. The three buildings are located at 435, 465 and 475 South St. and are currently 93 percent leased to Atlantic Health System. HFF represented the seller, National Business Parks Inc., in the transaction. The buyer was Harrison Street Real Estate Capital.

September 14, 2018

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $8.5M Sale of Office Building in Millburn, New Jersey

by David Cohen September 14, 2018

MILLBURN, N.J. — Marcus & Millichap has brokered the $8.5 million sale of a 21,830-square-foot office building in Millburn. Located at 90 Millburn Ave., the two-story office building is fully occupied by 11 tenants. Fahri Ozturk of Marcus & Millichap represented the buyer and seller, both private investors, in the transaction. The property is located less than one mile from downtown Millburn.

September 14, 2018

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