Northeast

BET Investments Breaks Ground on $200M Mixed-Use Project Near Philadelphia

by David Cohen August 15, 2018

UPPER DUBLIN, PA. — BET Investments Inc. (Bruce E. Toll Co.) has broken ground on The Promenade at Upper Dublin, a master-planned, mixed-use project in the Philadelphia suburb of Upper Dublin. Development costs are estimated at $200 million. The project’s residential component will include 402 units and 114 active adult homes. Amenities will include a resort-style pool, gourmet kitchens with quartz countertops, stainless steel appliances and a fitness center. A planned retail component will feature 128,000 square feet of retail space, anchored by a specialty grocer and outdoor lifestyle store as well as shops and restaurants. A 2.7-acre park, more than three miles of walking trails and an outdoor events stage are also planned. The developer is implementing sustainable design features like green roofs, bike sharing and electric car charging stations. “The Promenade at Upper Dublin will be the an exciting destination, with high-end, state-of-the-art apartments that will include resort-like amenities combined with a lively and interesting combination of restaurants and shops providing a great meeting place for the surrounding communities,” says Michael Markman, president of BET Investments. “This ‘live, work, play’ community, combining commercial and residential uses, will be the first of its kind in Eastern Montgomery County.” Upper …

August 15, 2018

Acquisitions Massachusetts Multifamily

CBRE Brokers $65M Sale of Apartment Community in Boston

by David Cohen August 14, 2018

BOSTON — CBRE has brokered the $65 million sale of Fairlawn Apartments, a 347-unit apartment community in the Mattapan neighborhood of Boston. Simon Butler and Biria St. John of CBRE represented the seller, AP Fairlawn LLC, an affiliate of ARES Management. The buyer was an affiliate of the DSF Group. The property consists of 12 four-story apartment buildings built between 1965 and 1968.

August 14, 2018

Loans Office Pennsylvania

Maverick Commercial Arranges $47M Refinancing for Office Portfolio in Pittsburgh

by David Cohen August 14, 2018

PITTSBURGH — Maverick Commercial Mortgage has secured $47 million in refinancing for a six-building office portfolio in Pittsburgh. Located within the Parkway West Corridor submarket, the property features 585,000 rentable square feet. Maverick Commercial secured a 10-year, fixed-rate loan with a 30-year amortization schedule through a national lender for the borrower, a joint venture between JDI Realty and Market Street Real Estate Partners. The borrowers acquired the property in 2014. Since acquisition the borrowers have added a new food hall and tenant fitness center, and have performed extensive renovations to corridors, bathrooms and building lobbies. The property is currently 87 percent occupied.

August 14, 2018

Leasing Activity Northeast Pennsylvania Retail

PREIT Signs Three Tenants to Backfill Former Macy’s at Plymouth Meeting Mall in Philadelphia

by David Cohen August 14, 2018

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has inked leases with three new tenants at Plymouth Meeting Mall in Philadelphia. Burlington, Dick’s Sporting Goods and Edge Fitness will open locations at the mall in spring 2019, backfilling the space formerly occupied by Macy’s. PREIT is also negotiating leases with an arts and crafts purveyor and a craft brewery. Current tenants at Plymouth Meeting Mall include LEGOLAND Discovery Center, Dave & Buster’s, Bath & Body Works, CycleBar, H&M, Whole Foods Market and AMC Theatre.

August 14, 2018

Acquisitions Healthcare New Jersey Northeast Office

Marcus & Millichap Negotiates $3.2M Sale of Medical Office Building in New Jersey

by David Cohen August 14, 2018

FLEMINGTON, N.J. — Marcus & Millichap has negotiated the sale of 31 North Office Center, a 33,000-square-foot medical office property in Flemington for $3.2 million. Ben Sgambati, Alan Cafiero, Anthony Asencio and Victor W. Nolletti of Marcus & Millichap represented the seller, a bank/financial institution. Anthony Asencio of Marcus & Millichap represented the buyer, a limited liability company. The class B building is located at 121 State Route 31.

August 14, 2018

Industrial Leasing Activity New Jersey

Cushman & Wakefield Facilitates 86,000 SF Industrial Lease Near Edison, New Jersey

by David Cohen August 14, 2018

SOMERSET, N.J. — Cushman & Wakefield has arranged an 86,000-square-foot, full-building industrial lease in Somerset. Andrew Stypa and Daniel Badenhausen of Cushman & Wakefield represented the landlord, Terreno Realty Corp., in securing a long-term lease for tenant Integrated Supply Network. The class A building is located at 70 Schoolhouse Road, within New Jersey’s Lower I-287 submarket.

August 14, 2018

Acquisitions New Jersey Office

Colliers Negotiates Sale of 138,629 SF Office Building in Piscataway

by David Cohen August 13, 2018

PISCATAWAY, N.J. — Colliers International has negotiated the sale of a 138,629-square-foot office building in Piscataway. The sales price was undisclosed. The property, which is located at 371 Hoes Lane, was built in 1989 and renovated in 1997. Colliers represented the undisclosed seller in the transaction. The buyer was Brandon Rolnick, a private investor. Rolnick has hired Marner Architecture and Haas Construction to fully renovate the building. Colliers will maintain leasing at the property.

August 13, 2018

Acquisitions Multifamily New York

Cushman & Wakefield Arranges $3M Sale of Apartment Building in Queens

by David Cohen August 13, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the $3 million sale of an eight-unit apartment building in the Astoria neighborhood of Queens. The sales price equates to approximately $511 per square foot and a 4.3 percent capitalization rate. Thomas A. Donovan, Tommy Lin, Eugene Kim and Robert Rappa of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed. The property, which is located at 28-08 23rd Ave., consists of eight two-bedroom apartment units. Four units are rent-stabilized, one is rent-controlled and three are free-market.

August 13, 2018

Acquisitions Multifamily Pennsylvania Seniors Housing

Blueprint Brokers Sale of 176-Bed Skilled Nursing Facility in Philadelphia

by David Cohen August 13, 2018

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of Fairview Care Center of Bethlehem Pike, a 176-bed skilled nursing facility in the Chestnut Hill area of Philadelphia. The deal is a follow-up transaction to the recently announced “Lightning Portfolio,” where eight skilled nursing facilities in the Philadelphia metro traded hands. The seller sought to divest of the non-core assets, which featured a concentration of high-barrier-to-entry locations in the Philadelphia area. The buyer was a regional owner-operator looking for a growth opportunity. The price was not disclosed. Blueprint’s Ben Firestone, Christopher Hyldahl, Michael Segal and Gideon Orion handled the transaction.

August 13, 2018

Acquisitions Industrial New Jersey

Sitex Group Acquires 83,000 SF Warehouse in Moonachie, New Jersey

by David Cohen August 13, 2018

MOONACHIE, N.J. — Sitex Group has acquired an 83,000-square-foot warehouse located at 131 W. Commercial Ave. in Moonachie. Sitex purchased the property from a private seller. The sales price was not disclosed. The property, which is located approximately ten miles from New York City, can accommodate one or two occupants and features ceiling heights of up to 20 feet. The building is currently 50 percent occupied by a logistics company. Sitex plans to renovate the interior and exterior of the property in order to appeal to corporate tenants.

August 13, 2018

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