Northeast

Cushman & Wakefield Brokers $15.5M Sale of Multifamily Community in Farmingdale, New York

by Kristin Harlow August 20, 2018

FARMINGDALE, N.Y. — Cushman & Wakefield has brokered the $15.5 million sale of Cornerstone Farmingdale, a 42-unit multifamily community in Farmingdale. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kevin Donner, Ryan Dowd and Michael Collins of Cushman & Wakefield represented the seller, Terwilliger & Bartone Properties, in the transaction. The buyer was Fairfield Properties. The property is located in downtown Farmingdale and offers amenities such as a rooftop terrace with a fire pit and grills, a fitness center and a clubroom with a billiards table, fireplace, and caterer’s kitchen.

August 20, 2018

Acquisitions Net Lease New Jersey Northeast Retail

Encore Real Estate Negotiates $12M Sale of Net Leased Best Buy in Woodland Park

by Kristin Harlow August 20, 2018

WOODLAND PARK, N.J. — Encore Real Estate Investment Services has negotiated the $12 million sale of a net leased Best Buy in Woodland Park. The absolute net corporate-backed lease had four years of term remaining at the time of sale with three, five-year options to extend. Michael Gaggo, Brandon Hanna, Ryan Vinco, and Deno Bistolarides of Encore represented both the buyer, a Midwest based investment fund, and the seller, a California based investment fund.

August 20, 2018

Acquisitions Massachusetts Northeast Office

Kelleher & Sadowsky Orchestrates Sale of 3,960 SF Office Building Near Boston

by Kristin Harlow August 20, 2018

WESTBOROUGH, MASS. — Kelleher & Sadowsky has orchestrated the sale of a 3,960-square-foot office building in Westborough for an undisclosed price. The property is located at 32-36 Milk St. in downtown Westborough, approximately 34 miles west of Boston. Drew Higgins of Kelleher & Sadowsky represented the buyer, Francis Vaccaro of Masis Staffing Solutions, in the transaction. The seller was undisclosed.

August 20, 2018

Acquisitions Multifamily New York Northeast Seniors Housing Top Stories

Ventas to Acquire Independent Living Property in Manhattan for $194M in Sale-Leaseback with Brookdale

by Taylor Williams August 20, 2018

NEW YORK CITY — Brookdale Senior Living Inc. (NYSE: BKD) has agreed to sell Brookdale Battery Park, an independent living community in Manhattan, for $194 million. The buyer is Chicago-based REIT Ventas Inc. (NYSE: VTR), which expects the deal to close by year’s end. The sales price includes debt and translates to an exit capitalization rate of 5 percent for Brookdale. The 14-story property features 217 units overlooking the Hudson River and offers convenient access to areas such as Tribeca, SoHo and the Financial District. Amenities include a library, arts and crafts studio and a beauty/barber shop. “The Battery Park acquisition firmly establishes Ventas as the market leader in seniors housing in the elite Manhattan market,” says Debra A. Cafaro, chairman and CEO of Ventas. “Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics.” HFF represented Brookdale, will continue to operate the property following the change in ownership, in the sale. Brookdale is the largest owner and operator of seniors housing communities in the United States, managing 988 communities in 46 states as of June 30. The company is undergoing a massive restructuring after …

August 20, 2018

Acquisitions New York Northeast Office

Marcus Partners, Dalan Management Acquire Two Office Buildings in Midtown Manhattan for $54.5M

by Taylor Williams August 17, 2018

NEW YORK CITY — Boston-based Marcus Partners, in partnership with Dalan Management, has acquired two adjacent 12-story office buildings in Midtown Manhattan for $54.5 million. The buildings, which are located at 10-12 E. 33rd St., each contain 35,000 square feet of office space with 2,000 square feet of ground-floor retail. The properties are fully leased to a mix of tenants in industries such as technology, advertising, media and architecture. The loft-style buildings feature exposed brick, windows on three sides and provide small- to mid-size companies the opportunity to occupy an entire floor. Matthew Spiegel, Mo Beler, Glen Tolchin and Anthony Ledesma of JLL arranged the sale on behalf of the buyer. The seller was undisclosed.

August 17, 2018

Acquisitions New Hampshire Northeast Retail

NKF Capital Markets Brokers Sale of 220,000 SF Shopping Center in New Hampshire

by Taylor Williams August 17, 2018

NASHUA, N.H. — NKF Capital Markets has brokered the sale of Royal Ridge Center, a 220,000-square-foot shopping center in Nashua. The center is located just across the Massachusetts border within New Hampshire’s tax-free shopping environment. The buyer and sales price were not disclosed. Justin Smith and Robert Griffin of NKF Capital Markets represented the seller, O’Connor Capital, in the transaction. Royal Ridge Center is currently 100 percent occupied by a national tenant roster that includes Shaw’s, Marshalls, HomeGoods, PetSmart and Sierra Trading Post.

August 17, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges $12.7M Sale of Retail Center in New Jersey

by Taylor Williams August 17, 2018

FRANKLIN PARK, N.J. — Marcus & Millichap has arranged the $12.7 million sale of Somerset Plaza Shopping Center, a 67,530-square-foot retail center in Franklin Park, located about 40 miles south of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. The buyer was a local private investor. The tenant roster at the center includes Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank.

August 17, 2018

Industrial Loans New Jersey Northeast

MidCap Financial Provides $5.1M Acquisition Loan for Industrial Facility in Mount Laurel, N.J.

by Taylor Williams August 17, 2018

MOUNT LAUREL, N.J. — MidCap Financial has provided a $5.1 million acquisition loan for a 112,000-square-foot multi-tenant industrial property in Mount Laurel, just east of Philadelphia. MidCap provided Burton Real Estate with $5.1 million in floating-rate financing for the $6.3 million acquisition of the property. Other loan terms were not disclosed. Mike Klein of HFF’s New York office arranged the transaction.

August 17, 2018

Acquisitions Massachusetts Multifamily Northeast

Northeast Private Client Group Negotiates $2.6M Sale of Apartment Building Near Boston

by Taylor Williams August 17, 2018

REVERE, MASS. — Northeast Private Client Group has negotiated the $2.6 million sale of the Revere Beach Parkway Apartments in Revere. The property, which is located at 473 Revere Beach Parkway, consists of eight two-bedroom residential units. The sales price equates to $333,333 per unit at a capitalization rate of 5.9 percent based on current net operating income. Drew Kirkland and Francis Saenz of Northeast Private Group represented the seller, Boston-based Nine John Street LLC., in the transaction. The buyer was 7 Hills Living Community LLC.

August 17, 2018

District of Columbia Florida Hospitality Loans New York Northeast Southeast Top Stories

Qatar-based Investor Receives $503M Refinancing for Hotel Portfolio in NYC, Miami, D.C.

by Kristin Harlow August 17, 2018

NEW YORK CITY, MIAMI AND WASHINGTON, D.C. — Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132 million loan for the St. Regis Bal Harbour Resort in Miami; and an $81 million loan for the St. Regis Washington, D.C. Each loan carries a four-year term. Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail space. The 22-story hotel is located in Times Square at 790 7th Ave. ARTIC will continue to operate the hotel and plans to redevelop the property into a much taller mixed-use tower. Once redeveloped, the building will include 44,000 square feet of LED signage wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150 luxury condominium residences. The St. Regis Bal Harbour is a 27-story luxury hotel in Miami with 192 guest rooms and 24 condo units. The hotel features the Remède Spa, two pools, a …

August 17, 2018

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