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Northeast

Holliday-Towne-Center-Duncansville-PA
NortheastPennsylvaniaRetail

CBRE Arranges Sale of 83,122 SF Shopping Center in Duncansville, Pennsylvania

by Amy Works

DUNCANSVILLE, PA. — CBRE has brokered the sale of Holliday Towne Center, a community shopping center located at 221 Glimcher Drive in Duncansville. RPAI sold the 83,122-square-foot property to Equity Investment Group for an undisclosed price. At the time of sale, the center was 81 percent occupied. Tenants include a 54,322-square-foot Martin’s Food, Dollar Tree, Domino’s Pizza and Holiday Hair. Brad Nathanson, Adam Rosenzweig, Kyle Prawdzik and John Colussi of CBRE represented the seller and identified the buyer in the transaction.

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580-Chelsea-St-Boston
IndustrialLoansMassachusettsNortheastOffice

Valencia Realty Capital Secures $6.5M in Refinancing for Mixed-Use Building in Boston

by Amy Works

BOSTON — Valencia Realty Capital has arranged $6.5 million in refinancing for a two-story, mixed-use building located at 580 Chelsea St. in Boston’s East Boston neighborhood. The 90,000-square-foot property features clear heights as high as 30 feet and is the closest warehouse and office facility to Boston Logan International Airport’s tarmac. Boston-based Valencia Realty secured the financing, which features a 30-year amortization schedule, for the undisclosed borrower.

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HospitalityMassachusettsNortheast

DoubleTree Suites by Hilton Boston – Cambridge Completes $4M Guest Suite Renovation

by Amy Works

CAMBRIDGE, MASS. — DoubleTree Suites by Hilton Boston – Cambridge has completed a $4 million renovation to the guest suites. The renovation will introduce the brand’s modern suite concept, Urban Bed, to the Boston market. Each of the 170 two-room Urban Bed suites offer travelers a flexible living space with a full-size pull-down bed that can be utilized on demand. Unlike a sofa bed, the Urban Bed does not fold, providing additional guests the same comfort of a standard DoubleTree Suites by Hilton bed. Additionally, the suites feature a microwave, refrigerator and coffeemaker in the living room, as well as a separate bedroom with a king-sized bed. Other renovations include upgrades to the remaining 138 guest rooms, including King Bed guest rooms with balconies, standard two-room King Suites, two-story Loft King Suites and the Presidential Suite. Additionally, the property’s Scullers Jazz Club was renovated to increase its capacity to 200 seats per show.

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100-Binney-St-Cambridge-MA
MassachusettsNortheastOffice

Alexandria Real Estate Developing 431,000 SF Office/Laboratory Space in Cambridge, Massachusetts

by Amy Works

CAMBRIDGE, MASS. — Alexandria Real Estate Equities is developing an office and laboratory project at 100 Binney St. in Cambridge. Slated for delivery in the fourth quarter, the property will feature 431,000 rentable square feet of office and laboratory space. The project is 100 percent pre-leased. The tenant roster includes Facebook, Bristol-Myers Squibb Co., Foghorn Therapeutics, Sigilon Therapeutics, Tango Therapeutics and TCR2 Therapeutics. Additionally, the company is pre-leasing for 399 Binney Street, a 164,000-square-foot ground-up development at Alexandria Center at One Kendall Square. Alexandria Real Estate acquired One Kendall Square, a 645,000-square-foot, nine-building life science and technology campus in Cambridge, in 2016.

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One-Park-Cliffside-Park-NJ
MultifamilyNew JerseyNortheast

DMG Tops Out 14-Story Multifamily Project in Cliffside Park, New Jersey

by Amy Works

CLIFFSIDE PARK, N.J. — DMG Investments has topped out One Park, a 14-story multifamily project in Cliffside Park. Slated for completion in fall 2018, the development will feature 204 one-, two-, three- and four-bedroom condominiums, starting at $495,000. Designed by Architectura, with interior spaces by VLDG Inc., the residences feature kitchens with chef-caliber appliances, floor-to-ceiling windows, freestanding sculpted tubs and open showers. Additionally, the property will feature 25,000 square feet of indoor and outdoor amenity space, including a 24-hour attended front desk; aquatic center with indoor heated pool; adjoining outdoor sun deck, sauna and steam rooms; furnished roof deck with grilling stations, fire pits, intimate seating areas and an outdoor movie theater; fitness center with Pilates room, squash court, golf simulator, children’s playroom, pet spa and guest suites; and a secure parking garage.

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IndustrialNew JerseyNortheast

Terreno Realty Acquires Three Industrial Properties in Carlstadt, New Jersey, for $13.5M

by Amy Works

CARLSTADT, N.J. — Terreno Realty Corp. has acquired three adjacent industrial properties in Carlstadt for $13.5 million. Situated on 7.8 acres, the properties consist of two transshipment facilities totaling 43,400 square feet with 77 dock-high and 10 grade-level loading positions. The acquisition included one improved land parcel comprising 1.1 acres at 50 and 100 Kero Road. The properties are 100 percent leased to three tenants, two of which are on a short-term basis. The name of the seller was not released.

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649-Argyle-Road-Brooklyn-NYC
Mixed-UseMultifamilyNew YorkNortheastRetail

Bestreich Realty Group Brokers Two Mixed-Use Building Sales in Brooklyn Totaling $7.1M

by Amy Works

NEW YORK CITY — Bestreich Realty Group has arranged the sales of two mixed-use properties located in Brooklyn. In the first transaction, Starr Lofts sold a newly constructed 4,500-square-foot mixed-use building, located at 100 Starr St. in Bushwick. Private investors acquired the property, which features eight multifamily units, for $3.2 million. Derek Bestreich, Steve Reynolds, Tom Reynolds and Greg Rhodes of Bestreich Realty represented the buyer and seller in the deal. In the second transaction, Alchemy acquired a 20,468-square-foot mixed-use property located at 649 Argyle Road in Ditmas Park for $3.9 million. The property features 19 apartments and three retail stores. Bestreich, Erik Rodriguez and Brian Underkofler of Bestreich Realty represented the buyer and seller, a private investor, in the transaction.

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New YorkNortheastOfficeRetail

Cushman & Wakefield Arranges $5.2M Sale of Mixed-Use Building in Manhattan

by Amy Works

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use building located at 219 E. 60th St. in Manhattan’s Midtown East section for $5.2 million. Vacant at the time of sale, the five-story building features retail space on the ground and second floors and open-floorplan offices on the remaining floors, which leaves options available for a residential conversion. Clint Olsen, Alex Woodlief and Will Conrad of Cushman & Wakefield represented the undisclosed seller, while Leslie Wang of Essential New York Real Estate represented the buyer, Ling Jiou Mountain Buddhist Society, in the deal.

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New YorkNortheastOfficeTop Stories

Joint Venture Receives $1.5B Construction Financing for 50 Hudson Yards Office Tower in Manhattan

by Katie Sloan

NEW YORK CITY — A joint venture between Related Cos., Oxford Properties Group and Mitsui Fudosan America Inc. has received $1.5 billion in construction financing for 50 Hudson Yards, a 58-story office tower located within the Hudson Yards development on Manhattan’s West Side. The joint venture has also committed $2.3 billion, bringing the total planned construction costs to $3.8 billion. Wells Fargo, Deutsche Bank, HSBC, Bank of China and Sumitomo Mitsui Banking Corp. served as co-lead arrangers for the $1.5 billion senior construction loan. Located at the northwest corner of 33rd Street and 10th Avenue, the 2.9 million-square-foot building will be New York City’s fourth largest commercial office tower, according to the joint venture. BlackRock, an investment management firm, will locate its corporate headquarters at the property, occupying 850,000 square feet across 15 floors. The building — designed by architecture firm Foster + Partners — will feature access points on all four sides and a subway concourse below; private sky lobbies; outdoor terraces; executive valet parking; on-site bike storage; connection to shops and restaurants at Hudson Yards; and an outdoor observation deck. Site work has commenced with vertical construction scheduled to begin this fall. The building is slated for completion in 2022. Related Cos. and Oxford Properties …

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MultifamilyNew YorkNortheast

Jefferson Avenue Apartments Underway in Buffalo, New York

by Jaime Lackey

BUFFALO, N.Y. — Sinatra & Company Real Estate and People Inc. have broken ground on Jefferson Avenue Apartments, a $24 million, two-building project in Buffalo’s Masten District. The project will include 84 mixed-income units, with 16 units to be reserved for people who have developmental disabilities but live independently. The apartment buildings will feature one- and two-bedroom units, a community room with a small kitchen, on-site laundry facilities, green space and off-street parking. The project will also include a 23,000-square-foot space that will house a recruitment and program services office for People Inc. Development team partners include Creative Structures Services, Bellamy Enterprises and Long Associates Architects. Financing for the project is expected to come from the City of Buffalo, Empire State Development, NYS Housing Finance Agency, NYS Housing and Community Renewal and the NYS Office for Persons with Developmental Disabilities, as well as federal and state low-income housing tax credits.

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