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460-Totten-Pond-Rd-Waltham-MA
MassachusettsNortheastOffice

NKF Facilitates $51.5M Sale of Office Park in Waltham, Massachusetts

by Amy Works

WALTHAM, MASS. — Newmark Knight Frank (NKF) has arranged the sale of Totten Pond Office Park, an office complex located in Waltham. Anchor Line Partners in a joint venture with Northwood Investors acquired the property from TA Realty for $51.5 million. Located at 400, 410 and 460 Totten Pond Road, the three-building office park was 87 percent leased to 43 tenants at the time of sale. On-site amenities for the office park include a cafeteria, fitness center, conference room and café. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF represented the seller in the deal.

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Embassy-Suites-Syracuse-NY
HospitalityNew YorkNortheast

Pyramid Management Opens New Embassy Suites by Hilton at Destiny USA in Syracuse, New York

by Amy Works

SYRACUSE, N.Y. — Pyramid Management, as owner, has opened Embassy Suites by Hilton Syracuse Destiny USA, located at 311 Hiawatha Blvd. W in Syracuse. Situated at Destiny USA, a shopping, dining and entertainment destination, the hotel features 209 suites, 10,000 square feet of flexible meeting space, an indoor heated pool, fitness center, full-service restaurant and 24-hour convenience shop. Aimbridge Hospitality manages the hotel.

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Wake-Robin-Shelburne-VT
LoansMultifamilyNortheastSeniors HousingVermont

Ziegler Arranges $67.1M Bond Financing for 294-Unit CCRC in Vermont

by Amy Works

SHELBURNE, VT. — Ziegler, a specialty investment bank, has arranged $67.1 million in bond financing for Wake Robin, a continuing care retirement community in Shelburne, located along Lake Champlain just south of Burlington. The community is situated on 136 acres and feature 212 independent living units, 31 assisted living units and 51 skilled nursing units. The nonprofit Wake Robin Corp. was incorporated in 1984 to develop, own and operate the community. It was the first CCRC in Vermont. Wake Robin is undergoing an expansion that will add 38 independent living units, 10 assisted living units and six skilled nursing units, as well as renovate common areas and the skilled nursing facility. The proceeds of the fixed-rate bonds will be used to refinance 2006 bonds, finance the expansion, pay the costs of bond issuance and fund a debt service reserve fund. M&T Bank was the purchaser of the bonds, and Greenbrier Development acted as development consultant on the expansion project.

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New YorkNortheastOffice

Empire State Realty Brokers 108,000 SF Office Lease at 1400 Broadway in Manhattan

by Amy Works

NEW YORK CITY — Empire State Realty Trust (ESRT) has arranged the lease of three full floors at 1400 Broadway in Manhattan’s Times Square South. International law firm Fragomen, Del Rey, Bernsen & Loewy LLP will occupy the space. The firm currently has more than 40 offices in 20 countries. John Shaunfield, Seth Weinstein and Paul Ippolito of Newmark Knight Frank represented the tenant. Scott Klau, Erik Harris and Neil Rubin of Newmark Knight Frank, along with Keith Cody of ESRT, represented the landlord in the deal.

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New YorkNortheastRetail

Madison International to Acquire 51 Percent Interest in 2.1 MSF Retail Portfolio in NYC

by Amy Works

NEW YORK CITY — Madison International Realty and Forest City Realty Trust have signed definitive agreements for Madison’s acquisition of Forest City’s 51 percent interest in a 2.1 million-square-foot retail portfolio. The transaction is valued at $1 billion. Scattered across Manhattan, Brooklyn, Queens, the Bronx, Staten Island and Northern New Jersey, the 12-property portfolio is 95 percent leased. Madison plans to engage Cushman & Wakefield as the third-party property management and leasing team for the portfolio. The transaction is expected to close in the fourth quarter.

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Dock-Square-Garage-Boston
MassachusettsNortheastRetail

Fortis Property Group Buys Dock Square Garage in Boston for $170M

by Amy Works

BOSTON — Fortis Property Group has purchased Dock Square Garage, a parking garage and retail property located adjacent to Faneuil Hall in downtown Boston, for $170 million. The property features 698 parking spaces and 16,100 square feet of retail space, which is leased to Hard Rock Café. The asset also offers three to four stories of additional development potential. Robert Griffin, Edward Maher, Matthew Pullen and James Tribble of Newmark Knight Frank represented the seller, Dock Square Parking Associates, in the transaction.

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Hilton-Garden-Inn-Portsmouth-NH
HospitalityNew HampshireNortheast

Chatham Lodging Purchases 131-Room Hilton Garden Inn in Portsmouth, New Hampshire

by Amy Works

PORTSMOUTH, N.H. — Chatham Lodging Trust has acquired Hilton Garden Inn Portsmouth Downtown for $43.5 million, or $332,000 per room. Located at 100 High St. in Portsmouth, the 131-room hotel opened in 2006 and recently underwent a full renovation. Island Hospitality Management will manage the hotel. The name of the seller was not released.

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Hooper-Commons-Toms-River-NJ
New JerseyNortheastRetail

Unison Realty, ALTO Real Estate Acquire 120,349 SF Shopping Center in Toms River, New Jersey

by Amy Works

TOMS RIVER, N.J. — Unison Realty Partners and ALTO Real Estate Funds have acquired Commons at Hooper, a community shopping center located at 1350 Hooper Ave. in Toms River, for $21.1 million. Built in 1987, the 120.349-square-foot property is situated on 14.6 acres and has a pad site for future development. Michaels, DSW Shoe Warehouse, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial are tenants at the 86 percent-leased center. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF marketed the property with bidding procedures approved by the United States Bankruptcy Court for the Southern District of New York in the Chapter 11 case of AC I Toms River LLC.

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604-Laurel-Ave-Point-Pleasant-Beach-NJ
New JerseyNortheastOffice

Marcus & Millichap Arranges $1.6M Sale of Office Building in New Jersey

by Amy Works

POINT PLEASANT BEACH, N.J. — Marcus & Millichap has brokered the sale of an office property located at 604 Laurel Ave. in Point Pleasant Beach. A private investor sold the property to an undisclosed buyer for $1.6 million. Provident Bank occupies the 3,000-square-foot building on a net-lease basis. Michael Lombardi and Greg Babaian of Marcus & Millichap represented the seller in the deal.

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SoHo-Lofts-Jersey-City-NJ
MultifamilyNew JerseyNortheast

Manhattan Building Co. Develops 377-Unit Apartment Building in Jersey City

by Amy Works

JERSEY CITY, N.J. — Manhattan Building Co. is developing SoHo Lofts, a rental multifamily property located at 273 16th St. in Jersey City’s SoHo West district. Slated for delivery this October, the two-building property features 377 rental units housed in 13-story and 20-story towers, which are connected by a five-story podium. SoHo Lofts is the second phase of the larger SoHo West neighborhood concept that Manhattan Building Co. is developing. The first phase, The Cast Iron Lofts Collection, features 387 apartments and 20,000 square feet of retail space. SoHo Lofts will feature one-, two-, three- and four-bedroom apartments, as well as a limited number of private townhome rentals. On-site amenities include an infinity-edge pool, private cabanas, surround-sound media room, Zen garden, clubroom, attended lobby, arcade lounge, 10-person sauna and enclosed parking garage. City Homes and Gardens is directing the marketing program at SoHo Lofts, which has begun pre-leasing.

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