Northeast

CBRE Arranges Sale-Leaseback of 300,000 SF Industrial Facility in Pennsburg

by David Cohen May 25, 2018

PENNSBURG, PA. — CBRE has arranged the sale-leaseback of a 291,203-square-foot industrial building located at 2452 Quakertown Road in Pennsburg. The building, which is net leased through 2028, was acquired by One Liberty Properties. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, RAF Industries, in the transaction. The warehouse and distribution facility was completed and expanded between 1986 and 1994 and has served as the headquarters for both Campania International and U.S. Tape, portfolio companies of RAF Industries since 2006.

May 25, 2018

Development Massachusetts Multifamily Northeast

Berkeley Investments Begins Work on Modular Mixed-Use Building in Charlestown

by David Cohen May 25, 2018

CHARLESTOWN, MASS. — Developer Berkeley Investments has begun work on The Graphic, a modular, mixed-use project located at 32 Cambridge St. in Charlestown. The apartment building will be constructed of 129 modular boxes, each of which are 65 feet long and weigh approximately 30,000 to 35,000 pounds. Each box requires 20 minutes to be lifted into position and 14 boxes on average can be placed daily. The Graphic will include 171 residential units spanning two buildings and 4,000 square feet of retail space. Amenities at the development will include a lounge, club room and bike storage facilities as well as a private courtyard for residents and a roof deck with skyline views of Charlestown and Boston. The project is expected to be completed by October 2018. Berkeley Investments is The Graphic’s developer; ICON Architecture, Inc. is the architect and Tocci Building Corporation is the general contractor.

May 25, 2018

Connecticut Loans Multifamily Northeast Seniors Housing

CA Ventures Secures Construction Financing for Two Senior Living Communities Near Hartford

by David Cohen May 25, 2018

FARMINGTON, SIMSBURY, CONN. — CBRE has arranged an undisclosed amount of financing for a joint venture between CA Ventures and a global investment manager. The funds will be used for the construction of two seniors housing communities in the Hartford area. Farmington Senior Living in Farmington and Simsbury Senior Living in Simsbury will each offer 80 assisted living units and 40 memory care units. Integral Senior Living will operate the two properties under a third-party management contract. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loans with 42 months of interest-only payments. A regional bank provided the two identical loans.

May 25, 2018

Acquisitions Multifamily New York Northeast

Mortar Development Acquires Site in Williamsburg for Construction of Condominium Building

by David Cohen May 25, 2018

NEW YORK CITY — Mortar Development has acquired a development site located at 31 Frost St. in the Williamsburg neighborhood of Brooklyn. The sales price was undisclosed. Mortar plans to build a five-story, 15,000-square-foot residential condominium building with 10 units on the site. Construction is expected to begin this summer with the project expected to be completed in early 2020.

May 25, 2018

Acquisitions Connecticut Northeast Retail

Seritage Growth Properties Sells $23M Stake in West Hartford Retail Redevelopment

by David Cohen May 24, 2018

WEST HARTFORD, CONN. — Seritage Growth Properties has sold a $23 million stake in The Corbin Collection, a 163,700-square-foot retail redevelopment in West Hartford, to First Washington Realty. The transaction values The Corbin Collection at $52 million, including costs to complete the project. The $23 million was used by Seritage to repay existing mortgage debt associated with the property. The newly established joint venture partnership between Seritage and First Washington Realty simultaneously closed on a $20 million loan with M&T Bank. The Corbin Collection is a former Sears store and auto center. Retailers who have opened or signed leases at the development include REI, Saks OFF Fifth, Buy Buy Baby, Cost Plus World Market and Shake Shack.

May 24, 2018

Acquisitions New York Northeast Office

Caspi Development, Mactaggart Family Acquire Office Building in Williamsburg for $18.8M

by David Cohen May 24, 2018

NEW YORK CITY — Caspi Development and Mactaggart Family & Partners LP have acquired 134-136 Broadway, a 23,064-square-foot, six-story office building in the Williamsburg neighborhood of Brooklyn. The sales price was $18.8 million. Michael Sherman of The Manhattes Group represented the buyers in the transaction. The seller was 134-136 Broadway LLC. Caspi and Mactaggart intend to turn the property into a boutique office building for high-tech and creative office tenants.

May 24, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $6.5M Sale of Apartment Building in Brooklyn

by David Cohen May 24, 2018

NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-story apartment building in the Park Slope neighborhood of Brooklyn. The 17-unit property, which is located at 400 6th Ave., sold for $6.5 million at a capitalization rate of 3.4 percent. The sales price equates to $604 per square foot. Matt Fotis and Matthew Shapiro of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

May 24, 2018

Acquisitions Industrial New Jersey Northeast

Bussel Realty Negotiates Sale of Industrial Building in New Jersey for $4.1M

by David Cohen May 24, 2018

PISCATAWAY, N.J. — Bussel Realty Corp. has negotiated the $4.1 million sale of 150 Ethel Road West, a 33,000-square-foot industrial buildingin Piscataway. The property features 20-foot ceiling heights, 3,000 square feet of offices and one oversized drive-in door for loading. Steve Bussel and Anthony Mircovich of Bussel Realty represented the seller, Preferred Management, in the transaction. Resource Realty of North Jersey represented the buyer, East Coast International Tire Group.

May 24, 2018

Acquisitions Industrial New Jersey Northeast

NAI Arranges Sale of 45,000 SF Flex Building in Elmwood Park, New Jersey

by David Cohen May 24, 2018

ELMWOOD PARK, N.J. — NAI James E. Hanson has arranged the sale of a 45,000-square-foot industrial and flex building at 475 Mola Blvd. in Elmwood Park. The sales price was undisclosed. NAI James E. Hanson represented the seller, 475 Boulevard LLC, in the transaction. The buyer was Millstein Acquisitions. The property includes 7,000 square feet of office space, six loading docks, one drive-in and 165 parking spaces. Achieve 24 Fitness currently operates 13,000 square feet of the building as a fitness center. The buyer plans to divide the building’s remaining vacant space into two 5,000 square feet units and one 23,000-square-foot unit.

May 24, 2018

Development Hospitality Massachusetts Northeast Top Stories

Omni Breaks Ground on $550M Boston Seaport Hotel

by David Cohen May 23, 2018

BOSTON — Omni Hotels & Resorts has broken ground on the $550 million Omni Boston Seaport Hotel, a 21-story, 1,055-room hotel in Boston’s Seaport district. Set to open in late 2020 on a two-acre parcel at the corner of Summer and D streets, the hotel will feature 100,000 square feet of meeting and event space that includes the largest hotel ballroom in the Seaport District. Other amenities will include an urban rooftop pool deck with an event space featuring views of Boston’s skyline, all-day restaurant, retail shop, fitness center and spa. Once completed, the Omni Boston Seaport will become the city’s fourth largest hotel, according to the developer. “This project’s hotel, retail, restaurant and outdoor space is a welcome addition to Boston’s Seaport District and will lead to expanded economic opportunities for many businesses within the Commonwealth,” Massachusetts Governor Charlie Baker said at the groundbreaking. “Our administration looks forward to continuing to work together with partners at the local level and in the private sector to support economic development in communities across Massachusetts.” The Massachusetts Port Authority (Massport) tapped Omni Hotels & Resorts, along with a team from New Boston Hospitality, in 2017 to develop the hotel. The project is estimated …

May 23, 2018

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