Northeast

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

Acquisitions Industrial New Jersey Northeast

CBRE Arranges $8.6M Sale of Flex Facility in New Jersey

by David Cohen October 24, 2018

MANALAPAN, N.J. — CBRE has arranged the $8.6 million sale of Manalapan Tech Park, an 84,000-square-foot, 10-acre industrial flex facility in Manalapan. Located at 122-250 Park Ave., the property was built in 2005 and consists of nine buildings and 54 separate units. Each building includes both office and warehouse space. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the undisclosed seller in the transaction. The buyer was 120 Park SD LLC.

October 24, 2018

Acquisitions Massachusetts Northeast Office

Paradigm Purchases Riverworks at Aetna Mills Office Complex in Watertown, Massachusetts

by David Cohen October 24, 2018

WATERTOWN, MASS. — Paradigm Capital Advisors has acquired Riverworks at Aetna Mills, an office complex in Watertown. Located at 480 Pleasant St., the property was originally built in 1907 and has been renovated with a number of capital improvements. Recent upgrades include improvements to the common areas, building systems, tenant spaces, cafeteria, fitness center and interior courtyard. The property is currently 98 percent leased to 15 tenants. Riverworks is one mile from Watertown Square, three miles from Cambridge and seven miles from Boston’s central business district.

October 24, 2018

Acquisitions Development Mixed-Use New York Northeast

Cushman & Wakefield Brokers $4.6M Sale of Development Site in Manhattan

by David Cohen October 24, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $4.6 million sale of a 25-foot wide development site in Manhattan’s Hell’s Kitchen neighborhood. Located at 422 W. 49th St., the property includes 2,500 square feet of land with a total buildable square footage of approximately 10,500. Maurice Suede of Cushman & Wakefield represented the sellers, The Hakimian Organization and the Gorjian family, in the transaction. The buyer was Mortar Arch + Dev, which plans to develop residential condominiums on the site. The property is within walking distance to the 1, N, R, W, C and E subway trains.

October 24, 2018

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Eastern Pennsylvania Industrial Market: 2018 May be the Year to Beat

by David Cohen October 24, 2018

During the first half of 2018, the Eastern Pennsylvania industrial market has been anything but quiet. Fueled by occupier demand and the institutional capital community’s perpetual appetite for industrial product, there has been unprecedented activity on the transactional front, which is up significantly year-over-year. From a pure volume perspective, the market is on a trajectory to make this the most active year on record. Unlike prior years where product starved capital markets would see less than a dozen quality trades in Pennsylvania, this year has proven to be more plentiful, with year-over-year sales volumes almost doubled for one-off offerings. Meanwhile, the mega transactions continue with pending portfolio and company sales like DCT to Prologis and GPT to Blackstone. Connected Markets While activity in specific submarkets ebbs and flows, the synergy between them is greater than ever before. In fact, the trend towards considering the Eastern Pennsylvania industrial market as a whole continues to gain traction. Whereas in the past, a tenant or investor may have been interested in evaluating a particular geographic region, today the various submarkets are providing equally viable options for those seeking to expand and new occupiers looking to open facilities. One exception to the rule is …

October 24, 2018

Acquisitions Massachusetts Mixed-Use Northeast Office Top Stories

NKF Negotiates $107M Sale of Mixed-Use Complex in Downtown Boston

by David Cohen October 24, 2018

BOSTON — Newmark Knight Frank (NKF) has negotiated the $107 million sale of a 192,890-square-foot office and retail complex in Downtown Boston. Located at 226 Causeway St., the property features a tenant roster anchored by the corporate headquarters of Oxfam America, the Boston Celtics and two divisions of TripAdvisor, as well as a regional office for Stantec. Street-level retail at the property includes Equal Exchange Café and Title Boxing Club. The complex is located near The Hub on Causeway, a 1.5 million-square-foot residential, retail and office addition to the TD Garden, a multi-purpose arena that serves as home to the Boston Bruins and Boston Celtics. Located along the Charles River in the bustling Haymarket Square submarket, the property sits in the shadow of the three bridges connecting downtown Boston to Cambridge, Charlestown and the North Shore suburbs. EdwardMaher, Matthew Pullen, James Tribble, Samantha Hallowell and Robert Griffin of NKF’s Boston Capital Markets team represented the seller, Invesco, in the transaction. The buyer was Boston-based real estate private equity firm Rockpoint Group. “226 Causeway epitomizes the ‘cool core’ investment profile, offering stable cash flow and tangible upside potential,” says Edward Maher, NKF vice chairman. “The asset is the beneficiary of significant …

October 24, 2018

Acquisitions Industrial Massachusetts Northeast

Stubblebine/CORFAC Brokers $79M Sale of Mixed-Use Portfolio in Cambridge

by David Cohen October 23, 2018

CAMBRIDGE, MASS. — The Stubblebine Company/CORFAC International has brokered the $79 million sale of a 192,459 mixed-use portfolio on 11.9 acres. The property is located in the Cambridge Quad, a life science and residential campus. The portfolio consists of three properties located at 127 Smith Place, 13 Mooney St. and 45-67 Mooney St. David and James Stubblebine of Stubblebine/CORFAC represented the buyer, Cabot, Cabot & Forbes, in the transaction. The seller was undisclosed. The Cambridge Quad is near Alewife Station, the anchor of the MBTA’s Red Line, which connects West Cambridge, Harvard Square, Kendall Square and the Seaport.

October 23, 2018

Industrial Loans New Jersey Northeast

CBRE Arranges $19.5M Refinancing for Industrial Property in South Brunswick, New Jersey

by David Cohen October 23, 2018

SOUTH BRUNSWICK, N.J. — CBRE has arranged a $19.5 million refinancing for a soon to be completed 305,598-square-foot industrial facility in South Brunswick. Located at 2270 Route 130, the property has been leased to regional last-mile delivery company Lasership. James Gunning, Donna Falzarano and Kyle Saviano of CBRE arranged the loan on behalf of borrower, 2270 Route 130 LLC. The lender was undisclosed. The building features 40-foot clear heights, 46 dock doors and 68 trailer parking spaces.

October 23, 2018

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