Northeast

Fisher Brothers Signs B. Riley Financial to 29,173 SF Office Lease In Manhattan

by David Cohen March 28, 2018

NEW YORK CITY — Fisher Brothers has signed B. Riley Financial to a 29,173-square-foot lease at 299 Park Avenue in Midtown Manhattan. The property is one of Fisher Brothers’ signature buildings. Los Angeles-based B. Riley, a full-service investment bank, signed a 10-year lease to occupy the entire 21st floor of the 42-story building. The building, which was constructed in 1967, occupies the full block between 48th and 49th streets. B. Riley was represented by Jared Horowitz and Justin Pollner of Newmark Knight Frank in the transaction. Fisher Brothers was represented in-house by Marc Packman and Charles P. Laginestra. 299 Park Avenue is now 90 percent leased.

March 28, 2018

Loans Northeast Retail Rhode Island

EagleBridge Capital Provides $6.4M in Financing for CVS-Anchored Shopping Center in Rhode Island

by David Cohen March 28, 2018

TIVERTON, R.I. — EagleBridge Capital has provided $6.4 million in financing for CVS Plaza in Tiverton, a shopping center anchored by a freestanding 13,500-square-foot CVS Pharmacy. Other tenants in the shopping center located at 500 Main Road include The Saconnet River Grille and an Allstate insurance agency. The term of the loan is 10 years with a 30 year amortization. Ted M. Sidel and Brian D. Sheehan of EagleBridge Capital arranged the financing provided by a CMBS lender. The law firm of DarrowEverett represented the undisclosed borrower in closing the loan.

March 28, 2018

Acquisitions Mixed-Use New York Northeast

Rosewood Realty Arranges Sale of Two Mixed-Use Buildings in Manhattan for $14M

by David Cohen March 28, 2018

NEW YORK CITY — Rosewood Realty Group has arranged the sale of two five-story mixed-use buildings located at 943 and 973 Columbus Ave. in Manhattan for $14 million at a capitalization rate of 5.2 percent. The two buildings combined span 18,123 square feet. Built in 1910, the properties feature 36 apartments and four retail stores. Aaron Jungreis of Rosewood represented the seller, the Orbach Group. Ben Khakshoor represented the buyer, the Mehta family. The two properties are one-half mile southeast of Columbia University.

March 28, 2018

Acquisitions Hospitality Northeast Pennsylvania Top Stories

RLJ Lodging Sells 364-Room Hotel in Philadelphia for $95.5M

by David Cohen March 28, 2018

PHILADELPHIA — RLJ Lodging Trust (NYSE: RLJ) has sold Sheraton Society Hill, a 364-room hotel located in Philadelphia, for $95.5 million. The price represents a capitalization rate of 5.6 percent on the hotel’s net operating income (NOI) for 2017, as well as a price per room of approximately $262,000. Maryland-based RLJ has now generated $300 million from asset sales since merging with Texas-based FelCor Lodging Trust Inc. in September 2017. The company is planning to generate an additional $200 million to $400 million in proceeds this year, according to Ross H. Bierkan, president and CEO of RLJ. “The sale of another non-core asset at a highly accretive valuation highlights the meaningful progress we have achieved in realizing the embedded value from the FelCor merger,” says Bierkan. The Buccini/Pollin Group purchased the property and plans a multi-million dollar renovation and rebranding. PM Hotel Group, a national hotel management company, will manage the hotel. Located in the Old City district of Philadelphia at One Dock St., the hotel offers a close proximity to a number of historic attractions, including the National Constitution Center and Penn’s Landing. Amenities at the hotel include an indoor swimming pool, fitness center and onsite restaurant, as well …

March 28, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Associates Arranges $50M Sale of 452-Unit Apartment Complex in Newark

by David Cohen March 27, 2018

NEWARK, N.J. — Gebroe-Hammer Associates has arranged the sale of Forrest Hill Terrace Apartments, a 452-unit apartment complex in Newark, for $50 million. The 1940s-era property is located at 325 Grafton Ave. in the Forest Hill neighborhood of Newark’s North Ward. The complex includes 94 studios, 297 one-bedroom and 60 two-bedroom units. Also included in the sale is a four-bedroom home that is on the property. Gebroe-Hammer represented the seller in the transaction, Kamson Corp., and procured the buyer, a private family-office entity. Allen Popowitz of Brach Eichler served as legal counsel for the seller.

March 27, 2018

Acquisitions Industrial New Jersey Northeast

Duke Realty Acquires Six Industrial Buildings, Two Land Sites in Central New Jersey

by David Cohen March 27, 2018

EAST RUTHERFORD, N.J. — Duke Realty has acquired six industrial buildings and two land sites for future development along the I-95 corridor in central New Jersey. Three of the six buildings are located in Cranbury, South Brunswick, and Carteret and three buildings are located in Perth Amboy. Together, the six properties total 3.1 million square feet of industrial space and increase Duke Realty’s New Jersey industrial portfolio to 5.6 million square feet. Development has already begun on a 661,000-square-foot warehouse on one of the acquired land sites at 429 Delancy St. in Newark and a 194,000-square-foot warehouse is also proposed at the second land site, 5 Ethel Blvd. in Wood-Ridge. Duke Realty’s New Jersey office is located in East Rutherford.

March 27, 2018

Industrial Leasing Activity New York Northeast

Stubblebine Co./CORFAC International Arranges 180,000 SF Industrial Lease in Newburgh

by David Cohen March 27, 2018

NEWBURGH, N.Y. — The Stubblebine Co./CORFAC International has arranged a 180,000-square-foot industrial lease for Gekay Sales & Service Co. at 3 Enterprise Drive in Newburgh. Gekay specializes in fountain system repairs in the soft drink and vending machine industries. David and James Stubblebine of Stubblebine Co. represented the tenant while Art Ross and Lisa Ann Pollakowski of Newmark Knight Frank represented the landlord, Newburgh Industrial Associates. The property, which features 24-foot ceiling heights and 33 loading docks, was previously a distribution facility and is located seven miles east of Stewart International Airport.

March 27, 2018

Northeast Pennsylvania

HREC Brokers Sale of 115-Room Hotel in Wilkes-Barre

by David Cohen March 27, 2018

WILKES-BARRE, PA. — HREC Investment Advisors has brokered the sale of the 115-room Red Roof Inn Wilkes-Barre Arena, 20 miles south of Scranton. The sales price was not disclosed. The buyer is a northeast operator and an existing Red Roof franchisee. HREC represented the seller in the transaction, Red Roof Inn Corporate. The sale was negotiated by Zane Varvel and Herb Warmbrodt of HREC. The hotel is six miles south of a 400,000-square-foot Amazon distribution center.

March 27, 2018

Illinois Midwest New York Northeast

ReadyCap Commercial Expands Bridge Lending Team in New York, Chicago

by David Cohen March 27, 2018

NEW YORK CITY — ReadyCap Commercial has hired new team members in Chicago and New York to expand its bridge lending team. Fernando Mendez has been hired as associate director and Joram Coxworth has been hired as a production analyst for the New York City office. Mark Blaha has been hired as director of originations for the Chicago and Midwest regions. Blaha has more than seven years of commercial real estate lending and finance experience in the Chicago and Midwest markets. Coxworth previously served as a credit analyst with M&T Bank and was added to the New York City office to support originations. The bridge lending team is headquartered at the Sutherland Asset Management offices located in New York City.

March 27, 2018

Acquisitions Company News Illinois Midwest New York Northeast Property Type Retail Top Stories

Brookfield to Buy Mall Owner GGP for $9.25B in Cash Plus Stock

by John Nelson March 27, 2018

NEW YORK AND CHICAGO — Brookfield Property Partners (NASDAQ: BPY) has agreed to acquire all remaining shares of GGP Inc. (NYSE: GGP), a Chicago-based mall owner. BPY, a global real estate company based in New York City, and its affiliates already hold a 34 percent stake in GGP. The deal struck between the two parties is for GGP shareholders to receive $23.50 per share in cash, a total cash consideration of $9.25 billion. Alternately, shareholders may elect to receive stock in either BPY or a new REIT that BPY plans to list on one of the major U.S. exchanges. “This is a compelling transaction that enables GGP shareholders to receive premium value for their shares and gives them the ability to participate in the long-term upside of their investment,” says Brian Kingston, CEO of BPY. The newly agreed-upon deal comprises a cash-to-equity ratio of 61/39, which is more cash-centric than BPY’s original 50/50 cash-to-equity offer to acquire the remainder of GGP last November. Shares in the new REIT will be equivalent to that of a BPY unit. BPY’s parent company, Brookfield Asset Management (NYSE: BAM), has guaranteed the exchange of the shares between the two stocks (totaling 254 million units) …

March 27, 2018

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