Northeast

CBRE Negotiates $1.5M Sale of Industrial Building in Hackettstown

by David Cohen May 4, 2018

HACKETTSTOWN, N.J. — CBRE has negotiated the $1.5 million sale of 999 Willow Grove Street in Hackettstown. The two-story, 45,000-square-foot industrial building sits on 12 acres and features seven loading docks. At the time of sale, the property was 50 percent occupied by long-term tenants that have occupied the space for more than two decades on triple net leases. Charles Berger, Elli Klapper and Thomas Mallaney of CBRE represented the undisclosed seller in the transaction. The buyer was also undisclosed.

May 4, 2018

New York Northeast

Angelo Gordon Raises $843M for Second European Realty Fund

by David Cohen May 3, 2018

NEW YORK CITY — New York City based investment firm Angelo Gordon has raised $843 million for its second European realty fund, AG Europe Realty Fund II. The fund will seek to identify off-market investment opportunities in the United Kingdom and Western Europe. More specifically, the focus will be on distressed debt and underperforming office, retail, hotel, industrial and residential assets. Angelo Gordon’s first fund, AG Europe Realty Fund LP, closed in 2014 with approximately $570 million in commitments. Since 2009, the firm has invested in approximately $2 billion of assets across 42 transactions in Europe.

May 3, 2018

Development Massachusetts Northeast Office

Davis Marcus Partners Developing 220,000 SF Lab and Office Space in Suburban Boston

by David Cohen May 3, 2018

WALTHAM, MASS. — Davis Marcus Partners, a joint venture between Marcus Partners and The Davis Companies, is developing a new 220,000-square-foot lab and office facility in Waltham for Alkermes, a global biopharmaceutical company. The new building, which is located at 900 Winter St., represents an expansion of Alkermes’ current facility at 852 Winter St. The new facility was designed by Elkus Manfredi Architects and will seek LEED certification. Amenities will include an eatery, coffee bar, fitness center, outdoor amphitheater and a rooftop terrace. As part of the build-to-suit arrangement, Alkermes will sign a 15-year lease at the property. Construction on the new facility began April 30.

May 3, 2018

Industrial Loans New Jersey Northeast

HFF Arranges $36.7M in Permanent Financing for Industrial Facility in Secaucus

by David Cohen May 3, 2018

SECAUCUS, N.J. — HFF has arranged $36.7 million in permanent financing for a newly constructed, two-building industrial facility at One County Road in Secaucus. Completed earlier this year, the 240,317-square-foot facility features a 32-foot clear height, 180-foot truck courts and 50-by-35 foot column spacing. One County Road is situated on 20 acres in the Meadowlands industrial market. The HFF team worked on behalf of the borrower, Bhasin Properties, to place the 15-year, fixed-rate loan with Allianz Real Estate of America. Loan proceeds will be used to take out an existing construction loan, which was also arranged by HFF.

May 3, 2018

Acquisitions Mixed-Use New York Northeast

Mixed-Use Building in Manhattan Trades for $12M

by David Cohen May 3, 2018

NEW YORK CITY — Marcus & Millichap has brokered the sale of 77-79 Madison Street in Manhattan, a six-story, mixed-use building, for $12 million. Barbara Dansker and Zachary Ziskin of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor. The building, which is located in the Two Bridges neighborhood, consists of 28 residential and four commercial units.

May 3, 2018

Leasing Activity Northeast Pennsylvania

Cambria Company Signs 60,486 SF Lease in King of Prussia

by David Cohen May 3, 2018

KING OF PRUSSIA, PA. — An affiliate of Endurance Real Estate Group and Thackeray Partners has signed Cambria Company to a 60,486-square-foot industrial lease at 780 Third Avenue in King of Prussia. Cambria, which specializes in the production of engineered quartz surfaces, will occupy the entire building. The location will be used as a showroom serving the Mid-Atlantic region. Doug Fulton and Peter Greenhalgh of Avison Young represented Cambria in the lease negotiations. Endurance was represented by Paul Touhey and Andrew Green of CBRE. The building is part of a 292,769-square-foot portfolio that was purchased by Endurance in 2017.

May 3, 2018

Company News Maryland Multifamily New York Northeast Seniors Housing Southeast Top Stories

Annaly to Acquire Healthcare Real Estate Specialist MTGE for $900M in REIT Merger

by Camren Skelton May 3, 2018

NEW YORK AND BETHESDA, MD. — New York-based Annaly Capital Management Inc. (NYSE: NLY) has agreed to acquire Bethesda-based real estate investment trust MTGE Investment Corp. (NASDAQ: MTGE) for $900 million in cash and stock. The transaction values healthcare real estate specialist MTGE at $19.65 per share. Under the deal, MTGE shareholders will have the option to receive cash, stock or a combination of the two. In addition, Annaly will assume the existing $55 million in MTGE preferred stock. The transaction is expected to close in the third quarter. “The acquisition of MTGE adds complementary assets, deepens the breadth of our investment alternatives, is accretive to earnings and provides immediate cost savings and efficiencies to shareholders,” says Kevin Keyes, chairman, CEO and president of Annaly. MTGE invests in and manages a portfolio of mortgage-backed securities and investments in triple net leased healthcare real estate. The company is externally managed and advised by MTGE Management LLC, an affiliate of AGNC Investment Corp. As of Dec. 31, MTGE’s portfolio included $6.6 billion in assets. With approximately $104.3 billion in assets as of March 31, Annaly’s portfolio includes securities, loans and equity in the residential and commercial markets. The transaction marks Annaly’s third …

May 3, 2018

Development Mixed-Use New York Northeast Top Stories

Winthrop Realty Sells $1.5B Stake in 20 Times Square to Partner Maefield Development

by David Cohen May 2, 2018

NEW YORK CITY — Winthrop Realty Liquidating Trust has sold its stake in 701 Seventh Avenue, also known as 20 Times Square, to Maefield Development for $1.53 billion. Maefield was Winthrop’s former investment partner in the building currently under construction in Manhattan’s bustling Times Square district. The 400,000-square-foot development will feature a 39-story tower with 120,000 square feet of retail, attraction and entertainment spaces. The project will also include a 452-room Marriott-Edition hotel tower and an 18,000-square-foot video screen, which will be the highest resolution screen in Times Square. Maefield will finish the development as sole owner. To finance the buyout, a group of lenders led by French bank Natixis provided around $2 billion in financing and refinancing for the property, according to The Real Deal. In 2012, a group of investors led by Maefield that included Winthrop acquired an existing 11-story office building at the location for $430 million. Mark Siffin, chairman of Maefield, first began assembling the site in 2010. The project’s long-term tenants already include the National Football League and Hershey’s. In addition to Winthrop, Maefield also bought out the investment stake of Steve Witkoff, Ian Schrager and Howard Lorber’s New Valley investment company. The terms of …

May 2, 2018

Leasing Activity Massachusetts Northeast Office

Amazon to Expand Boston Tech Hub With 430,000 SF at Seaport Project

by David Cohen May 2, 2018

BOSTON — Amazon has announced plans to expand its Boston Tech Hub with a 430,000-square-foot office lease at WS Development’s Seaport project. Amazon plans to open a new office inside the 7.6 million-square-foot Seaport development in 2021. Boston’s Seaport district has been transformed in recent decades into a technology center. Amazon’s teams based in the Boston metropolitan area primarily focus on Alexa, Amazon Web Services, and Audible. The expansion is expected to create an additional 2,000 technology jobs in fields including machine learning, speech science, cloud computing and robotics engineering. To date, the company has created around 3,500 jobs in Massachusetts.

May 2, 2018

Affordable Housing Loans Multifamily New Jersey Northeast

KeyBank Provides $22.9M Loan for Affordable Housing in Newark

by David Cohen May 2, 2018

NEWARK, N.J. — KeyBank has provided $22.9 million in financing to Radiant Property Management for the acquisition of 209 units of affordable housing in Newark. The seller was Realty Management Associates. The three properties acquired are Pueblo City, Center City 3 and Johnson Apartments and include 13 buildings. Radiant Property Management is a real estate services company that focuses on the rehabilitation and management of multifamily properties. KeyBank provided a $22.9 million loan to acquire and rehabilitate the portfolio. The financing included $10.8 million that will be used for capital improvements such as new windows, roofs, building systems, lighting and boilers. The funds will also go toward ground-up construction of a new 20-unit building. The improvements and construction are expected to take 18 months to complete.

May 2, 2018

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