Northeast

Partnership Acquires 1.2 MSF Historic Mixed-Use Complex in Manhattan for $880M

by Kristin Harlow October 26, 2018

NEW YORK CITY — A partnership between L&L Holding Co., Normandy Real Estate Partners and an institutional investor advised by J.P. Morgan Asset Management has acquired Terminal Stores, a 1.2 million-square-foot complex in the West Chelsea neighborhood of Manhattan, for $880 million. Constructed in 1891, Terminal Stores originally served the railroad lines that dominated the middle Hudson River waterfront. Coleman Burke, managing partner of Waterfront New York Realty, purchased the complex in 1983 and converted it into self-storage and office space. Current tenants include Uber Technologies Inc., L’Oréal USA and architectural firm Grimshaw. The property spans the entire block bounded by 11th Avenue, 12th Avenue, West 27th Street and West 28th Street. The partnership plans to transform the former warehouse complex into an office and retail development. Plans call for the conversion of approximately 500,000 square feet of self-storage space into Class A office use. Darcy Stacom and Bill Shanahan of CBRE represented the seller, a joint venture between Waterfront New York and GreenOak Real Estate Advisors LP. James Millon, Tom Traynor, Ethan Gottlieb and PJ Finley of CBRE Debt & Structured Finance arranged the $650 million acquisition financing on behalf of the borrower. Manhattan-based L&L is a privately owned …

October 26, 2018

Acquisitions Mixed-Use New York Northeast

Big City Realty Acquires Mixed-Use Building in Manhattan for $18.4M

by David Cohen October 25, 2018

NEW YORK CITY — Big City Realty LLC has acquired a six-story mixed-use building in the Hamilton Heights neighborhood of Manhattan for $18.4 million. Located at 3440 Broadway, the 47,714-square-foot property includes 34 residential units, five retail stores and two professional offices. Peter Vanderpool of Cignature Realty represented Big City Realty in the transaction. The seller was undisclosed.

October 25, 2018

Acquisitions New Jersey Northeast Office Retail

HFF Brokers $16.2M Sale of Retail Center, Medical Office Building in New Jersey

by David Cohen October 25, 2018

WASHINGTON, N.J. — HFF has brokered the $16.2 million sale of The Village Shoppes at Hawk Pointe and Hunterdon Medical Office Building in Washington. The Village Shoppes at Hawk Pointe comprises an 81,415-square-foot, fully leased, ShopRite-anchored retail center. Other tenants at the retail property include Anytime Fitness and Visions Federal Credit Union. Built in 2016, the Hunterdon Medical Office Building is a 25,000-square-foot, single-tenant property occupied by Hunterdon Healthcare. HFF represented the seller, Asbury Farms, in the transaction. The buyer was Larken Associates.

October 25, 2018

Loans Mixed-Use New Jersey Northeast Office

Silver Arch Capital, Procida Provide $12.5M Refinancing for Art Factory Studios in New Jersey

by David Cohen October 25, 2018

PATERSON, N.J. — Silver Arch Capital Partners and Procida Funding & Advisors LLC have provided a $12.5 million refinancing for Art Factory Studios, a 170-year-old, 21-building creative office park situated on 4.7 acres in Paterson. The borrower, Great Falls Industrial Park Inc., will use the loan proceeds to pay off debt and make capital upgrades. Located at 60-70 Spruce St., the property is the former home of the American Hemp Co. Past redevelopment of the campus has included retail stores, event spaces and light industrial spaces as well as more office and studio space. Terms of the financing were not disclosed.

October 25, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Arranges $8.6M Sale of Mixed-Use Building in SoHo

by David Cohen October 25, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the $8.6 million sale of a four-story, 4,554-square-foot mixed-use building in the SoHo neighborhood of Manhattan. Located at 57 Grand St., the property comprises one ground-floor restaurant and three floor-through loft apartment spaces above. Robert Burton and Bobby Carrozzo of Cushman & Wakefield represented the seller, Granville Equities, in the transaction. The buyer was Lex Jay Realty Corp.

October 25, 2018

Acquisitions Industrial Northeast Pennsylvania

Binswanger Negotiates $1.2M Sale of Industrial Facility in Philadelphia

by David Cohen October 25, 2018

PHILADELPHIA — Binswanger has negotiated the $1.2 million sale of a 91,000-square-foot industrial facility in Philadelphia’s Fairhill neighborhood. Located at 3000 C St., the five-story property features two loading doors, a dry sprinkler system and also includes 2,000 square feet of office space. Mike Torsiello and Chris Pennington of Binswanger’s Philadelphia, office represented the seller, 3 S Properties, in the transaction. When Opportunity Knocks LP purchased the property.

October 25, 2018

California Development Florida Massachusetts Multifamily Student Housing Washington Western

Capstone Development Opens Three Student Housing Communities in California, Seattle Totaling 980 Beds

by Amy Works October 25, 2018

BIRMINGHAM, ALA. — Birmingham-based Capstone Development Partners has opened five on-campus student housing communities totaling 3,000 beds, including two in California and one in Seattle. Development costs reached $350 million, $150 million of which was financed using private equity, with the remaining $200 million financed through a 501(c)3 nonprofit owner or a university using tax-exempt debt. Properties include Montage on College at San Diego State University in San Diego; Calaveras Hall at the University of the Pacific in Stockton, Calif.; Vi Hilbert Hall at Seattle University in Seattle; The Village Phase 2 at The University of South Florida in Tampa, Fla.; and the University of Massachusetts Boston Residence Hall and Dining Center in Boston. Montage on College at San Diego State University was built through a ground lease with the San Diego State University Real Estate Foundation. The property offers more than 300 beds of apartment-style housing. Community amenities include a resort-style spa, barbecue area, outdoor lounge and fire pit, community kitchen, fitness center, gaming and media room, and various study spaces. Capstone Development Partners’ management entity, Capstone Management Partners, operates the property. Calaveras Hall at the University of the Pacific offers 380 beds tailored to upper-level students. Shared amenities …

October 25, 2018

Development Massachusetts Mixed-Use Northeast Top Stories

MP Boston Begins $1.35B Mixed-Use Tower in Downtown Boston, City’s Largest Private Investment in History

by John Nelson October 25, 2018

BOSTON — MP Boston, a local mixed-use and residential developer, broke ground Wednesday on Winthrop Center in downtown Boston. The $1.35 billion mixed-use development represents the largest private investment for a single project in Boston’s history. The site was formerly owned by the City of Boston and housed the Winthrop Square Garage. Set for a spring 2022 completion, Winthrop Center will feature 750,000 square feet of office space, 420 condominiums, retail and restaurants, as well as a public gathering space. The tower will rise 691 feet tall, making it the fourth-largest tower in Boston. At the base of Winthrop Center will be the Great Hall, an open civic space available to the public. The center will also feature an open mid-block alley between Winthrop Square/Downtown Crossing and Federal Street/the Financial District. Handel Architects LLP and Steven Winter Associates Inc. designed the tower to achieve LEED Platinum certification with hopes to also be a certified Passive House Pilot Project. Begun by Germany-based research organization Passivhaus Institut, Passive House is the only internationally recognized energy standard in commercial construction. If achieved, Winthrop Center would be the largest Passive House office building in the world. MP Boston is developing the tower in conjunction …

October 25, 2018

Acquisitions Industrial New Jersey Northeast

Monmouth Real Estate Acquires 347,145 SF Industrial Facility in Trenton for $85.2M

by David Cohen October 24, 2018

TRENTON, N.J. — Monmouth Real Estate Investment Corp. has acquired a 347,145-square-foot industrial facility in Trenton for $85.2 million. Located at 584 U.S. Highway 130, the 62-acre property is currently net-leased to FedEx Ground Packaging System Inc. with 14 years remaining on the term. The seller was undisclosed.

October 24, 2018

Acquisitions Industrial Massachusetts Northeast

HFF Negotiates $15M Sale of Data Center Near Boston

by David Cohen October 24, 2018

ANDOVER, MASS. — HFF has negotiated the $15 million sale of a 92,700-square-foot data center in Andover, approximately 24 miles north of Boston. Located at 15 Shattuck Road, the property was 100 percent leased at the time of the sale to Tierpoint, a national provider of information technology and data center services. Coleman Benedict, Ben Sayles and Kerry Hawkins of HFF represented the seller, Carter Validus Mission Critical REIT I, in the transaction. The buyer was Menlo Equities. Additionally, Jennifer Keller of HFF arranged $9 million in financing for the buyer through Berkshire Bank.

October 24, 2018

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