Northeast

Colliers Secures $115M Bridge Loan for Former NECCO Candy Manufacturing Facility Near Boston

by David Cohen January 16, 2019

REVERE, MASS. — Colliers International has arranged a $115 million bridge loan for a former NECCO candy manufacturing facility in Revere. The loan replaces the acquisition financing also arranged by Colliers. Located at 135 American Legion Highway, the 49-acre property includes a single-story, high-bay warehouse and a two-story manufacturing and distribution space. Adam Coppola, Thomas Welch, John Poole and Tonia Jenkins secured the financing on behalf of the borrower, Atlantic Management and VMD Companies. The lender was LoanCore Capital.

January 16, 2019

Acquisitions Industrial New Jersey Northeast

NAI Mertz Brokers $13.5M Sale of Industrial Property in New Jersey

by David Cohen January 16, 2019

MOORESTOWN, N.J. — NAI Mertz has brokered the $13.5 million sale of a 209,000-square-foot industrial property in Moorestown. Located at 540 Glen Ave., the property is currently fully leased to two tenants and features 18- to 24-foot clear heights as well as 40-by-40 foot column spacing. Fred Meyer and Jonathan Klear of NAI Mertz represented the seller, 540 Glen LLC, in the transaction. The buyer was One Liberty Properties Inc.

January 16, 2019

Acquisitions Multifamily Northeast Rhode Island Seniors Housing

Greystone Arranges Sale of Two-Property Seniors Housing Portfolio in Rhode Island

by David Cohen January 16, 2019

PROVIDENCE, R.I. — Greystone Real Estate Advisors has closed the sale of two seniors housing properties in Rhode Island: Chapel Hill in Cumberland and Smithfield Woods in Smithfield. The sales price was not disclosed. Both properties are located in the Providence metro area. Mike Garbers and Cody Tremper of Greystone Real Estate Advisors represented the seller in the transaction, a publicly traded REIT. The buyer was a partnership between GMF Capital, a New York-based private equity firm, and Meridian Senior Living, which will operate the properties. The communities were built between 1989 and 1999. The properties offer 272 units of assisted living, memory care and skilled nursing.

January 16, 2019

Acquisitions Industrial Northeast Pennsylvania

Markward Group Negotiates Sale of 32,000 SF Flex Facility in Bethlehem, Pennsylvania

by David Cohen January 16, 2019

BETHLEHEM, PA. — Markward Group has negotiated the sale of a 32,000-square-foot flex facility in Bethlehem. The sales price was undisclosed. Located at 2147 Ave. C, the property consists of a 30,500-square-foot heated warehouse and 1,500 square feet of office space. Michael Capobianco of Markward Group represented both the buyer, J.G. Petrucci, and the undisclosed seller in the transaction.

January 16, 2019

Acquisitions Industrial Northeast Rhode Island

CBRE Orchestrates Sale of 64,000 SF Industrial Facility in Pawtucket

by David Cohen January 16, 2019

PAWTUCKET, R.I. — CBRE has arranged the sale of a 64,000-square-foot industrial flex facility in Pawtucket. Located at 670-710 Narragansett Park Drive, the property is currently 96 percent occupied by a tenant roster that includes Cintas, Granite City Electrical Supply, Johnson Controls, Rhode Island PBS, Shred-It and Sprint Corp. Situated on the first turn of the former Narragansett race track where famed race horse Seabiscuit once ran, the building and park are adjacent to the East Providence city line. Alden Anderson and Dan Cregan of CBRE represented the seller, Marshall Properties, in the transaction. The buyer was Legacy Gansett LLC, an entity owned by Legacy Real Estate Ventures.

January 16, 2019

Loans Multifamily New Jersey Northeast

HFF Arranges $70M Refinancing for Apartment Community in Harrison, New Jersey

by David Cohen January 15, 2019

HARRISON, N.J. — HFF has arranged a $70 million loan to refinance Steel Works, a recently completed, 286-unit apartment community in Harrison. Located at 1200 Frank E. Rodgers Boulevard South, the five-story property is currently 96 percent occupied and consists of a mix of studio, one- and two-bedroom floor plans. Amenities include an outdoor swimming pool with sundeck, fitness center, resident clubroom, dog park and electric car charging stations. Greg Nalbandian and Jim Cadranell of HFF secured financing for the borrower, a joint venture between Advance Realty and DeBartolo Development, to secure a 10-year, fixed-rate loan through an institutional lender. Loan proceeds were used to retire existing construction financing.

January 15, 2019

Acquisitions Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of 41,700 SF Industrial Building in Piscataway

by David Cohen January 15, 2019

PISCATAWAY, N.J. — NAI James E. Hanson has negotiated the sale of a 41,700-square-foot industrial building in Piscataway. The sales price was not disclosed. Located at 727 S. Ave., the property features 14-foot ceilings, five loading platforms and one drive-in door as well as 2,500 square feet of office space. Eric Demmers and Russell Verducci of NAI James E. Hanson represented the buyer, cabinet manufacturer Cavalli Cabinets LLC, in the transaction. The seller was Deals for Less LLC. Cavalli Cabinets plans to use the space for kitchen cabinet manufacturing, warehouse and distribution.

January 15, 2019

Acquisitions Development Northeast Pennsylvania

Colliers Orchestrates Sale of 29-Acre Development Site in Bethlehem, Pennsylvania

by David Cohen January 15, 2019

BETHLEHEM TOWNSHIP, PA. — Colliers International has arranged the sale of a 29-acre development site in Bethlehem Township. The sales price was not disclosed. The parcel is located near Route 33, I-78 and Route 22. Future plans have not been finalized, but the property’s zoning allows for multiple uses. Kelly Berfield and Ryan Dietrick of Colliers International’s Allentown office represented the buyer, River Hills Estates, in the transaction. The seller was Joanne Turocy.

January 15, 2019

Acquisitions Connecticut Development Industrial Northeast Self-Storage

Hampshire Cos. To Develop 100,000 SF Self-Storage Facility in Connecticut

by David Cohen January 15, 2019

NEW LONDON, CONN. — The Hampshire Cos. has acquired a two-acre parcel in New London and has unveiled plans to develop a 100,000-square-foot self-storage facility on the site. The development site is located at 351 N. Frontage Road. The 800-unit facility will feature modern architecture with four levels of climate-controlled storage space. Construction is slated to begin in the second quarter. Hampshire Cos. has repositioned or developed 33 self-storage facilities with an aggregate value of more than $415 million since 2012.

January 15, 2019

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $4.7M Sale of Apartment Building in Brooklyn

by David Cohen January 15, 2019

NEW YORK CITY — Marcus & Millichap has brokered the $4.7 million sale of a four-unit apartment property in Brooklyn. Located at 91 1st Place, the five-story property measures 7,200 square feet. Shaun Riney, Michael Salvatico and John Barney of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

January 15, 2019

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