Northeast

Jacobson Properties, RE/MAX Right Choice Broker Sale of 80,000 SF Medical Office Portfolio in Connecticut

by Amy Works October 13, 2017

TRUMBULL AND STRATFORD, CONN. — Jacobson Properties and RE/MAX Right Choice have arranged the sale of Fairfield County Medical Office Building Portfolio, a two-building medical office portfolio in Trumbull and Stratford. A private healthcare REIT acquired the portfolio for an undisclosed price. Advanced Radiology anchors the 80,000-square-foot portfolio. Additional tenants include Yale New Haven Health and Ascension Health. At the time of sale, the portfolio was 94 percent occupied. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice represented the undisclosed sellers in the deal.

October 13, 2017

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Arranges $12.7M Sale of Mixed-Use Property in Manhattan

by Amy Works October 13, 2017

NEW YORK CITY — Eastern Consolidated has brokered the sale of a six-story mixed-use building located at 331 E. 81st St. on Manhattan’s Upper East Side. A private investor acquired the building for $12.7 million, or $1,202 per square foot. The 10,606-square-foot property features 14 residential apartments and one retail space, which is leased to Bar Prima. Jeremy Simon and Ronda Rogovin of Eastern Consolidated represented the seller, a real estate investment firm, while Simon also procured the buyer in the deal.

October 13, 2017

New Jersey Northeast Retail

Marcus & Millichap Negotiates $3.4M Sale of Retail Property in Bloomfield, New Jersey

by Amy Works October 13, 2017

BLOOMFIELD, N.J. — Marcus & Millichap has arranged the sale of Terry’s Drugs Retail Strip, a retail property located at 1049 Broad St. in Bloomfield. A private investor sold the property for $3.4 million. At the time of sale, the 8,500-square-foot center was fully leased to five retailers. Ben Sgambati, Alan Cafiero and David Cafiero of Marcus & Millichap represented the seller. The name of the buyer was not released.

October 13, 2017

Massachusetts Multifamily Northeast

CBRE/NE Negotiates the Sale of 162-Unit Apartment Community in Hull, Massachusetts

by Amy Works October 13, 2017

HULL, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of The Estates, an apartment community located in Hull. Invesco Real Estate purchased the 162-unit property from Barings Real Estate Advisers, part of Barings LLC, acting on behalf of an institutional investor, for an undisclosed price. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction. Built in 2000, the property comprises 20 two- and three-story direct-access buildings, as well as a freestanding clubhouse and separate fitness center and outdoor pool. The community features 32 one-bedroom units, 34 two-bedroom lofts, eight two-bedroom/one-bath units, 40 two-bedroom units and 48 two-bedroom lofts with an average size of 1,116 square feet.

October 13, 2017

New York Northeast Office Top Stories

Columbia Property Trust Buys Two Office Properties in Manhattan for $514M

by Nellie Day October 13, 2017

NEW YORK CITY — Columbia Property Trust Inc. (NYSE: CXP) has purchased two office properties in the Chelsea submarket of New York for $514 million. The acquisition includes two adjoining office buildings that total 281,294 square feet at 245-249 W. 17th St., as well as a 165,670-square-foot office building at 218 W. 18th St. The seller was not disclosed. Twitter’s New York headquarters occupies the majority of the boutique buildings on 17th Street. The adjoining buildings include a six-story western tower and a 12-story eastern tower that serves as a showroom for the high-end modern furniture chain Room & Board. The nearby 12-story building on 18th Street houses the New York City headquarters of beverage and lifestyle company Red Bull, along with several other office tenants. This acquisition has allowed Columbia to increase its New York presence to a total of 2.6 million square feet of Class A office space spread throughout seven assets. This represents 44 percent of the trust’s overall portfolio. “Our acquisition of these prime Midtown South buildings allows us to expand within New York, where we already held the largest concentration in our portfolio, and will further establish Columbia as a significant player in Manhattan’s most dynamic …

October 13, 2017

Multifamily Northeast Pennsylvania Student Housing

Goldenberg Group Breaks Ground on $199M Student Housing Community Near Temple University

by Amy Works October 12, 2017

PHILADELPHIA — The Goldenberg Group has broken ground for a $199 million student housing development located on the edge of Temple University’s campus at 12th Street and Cecil B. Moore Avenue in Philadelphia. The 470,000-square-foot property will feature 984 beds within one-, two-, three- and four-bedroom units. All 368 units are fully furnished with flat-screen televisions, stainless steel appliances, quartz countertops, dishwashers, icemakers and garbage disposals. Community amenities include a 24-hour concierge; a coffee bar; fitness center with rooms for fitness on-demand, yoga and spin; an outdoor rooftop terrace; a social activities area; a business center; study and conference areas; a package locker system; sky lounge; indoor bicycle storage and on-site resident parking, including dedicated car sharing spaces and electric charging spaces. Additionally, the property will offer 30,000 square feet of ground-level retail, restaurant and commercial space opening to a plaza with seating, green space and activity areas. The project is designed to complement The View at Montgomery, the company’s existing 832-bed student housing property. This is the second and final phase of Goldenberg’s master-planned redevelopment of the 4.6-acre site of the former John Wanamaker High School. The first phase opened in August 2014. The new development is slated for completion …

October 12, 2017

Loans Massachusetts Multifamily Northeast

IBA Secures $53M in MassHousing Financing to Renovate 181-Unit Apartment Building in Boston

by Amy Works October 12, 2017

BOSTON — IBA, Inquilinos Boricuas en Acción, has secured a $53 million permanent loan from Massachusetts Housing Finance Agency (MassHousing) to renovate Villa Victoria’s Viviendas Apartments, an affordable housing property located in Boston’s South End neighborhood. Renovations will include extensive structural and cosmetic improvements, upgrading the exterior and interior to preserve building quality and enhance tenants’ residential experience. Upgrades will include replacing the asphalt roof with 30-year architectural shingles, improvements to pre-existing draining structures and updating the property’s façade with fresh stucco and paint. Originally built in the 1960s by IBA, Viviendas Apartments is one of four properties that make up Villa Victoria, a 435-unit affordable housing community that promotes wellness, active living, public safety, cultural expression and socioeconomic mobility through a specialized range of residential services.

October 12, 2017

Multifamily New York Northeast

Meridian Investment Negotiates $29.8M Sale of Apartment Building in the Bronx

by Amy Works October 12, 2017

NEW YORK CITY — Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has arranged the sale of an apartment property located at 1555 Grand Concourse in the Mount Eden neighborhood of the Bronx. Pistilli Realty Group purchased the building from Eric Silverstein for $29.8 million. Mark Steinmetz and Richard Velotta of Meridian represented the buyer and seller in the transaction. Built in 1927, the six-story, 139,000-square-foot building features 149 apartment units and was recently upgraded with renovated elevators, a new intercom system and a gas conversion.

October 12, 2017

Massachusetts Multifamily Northeast

CBRE/NE Brokers $23.3M Sale of 148-Unit Multifamily Property in Methuen, Massachusetts

by Amy Works October 12, 2017

METHUEN, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Colonial Village, an apartment community located in Methuen. An affiliate of Newton, Mass.-based Sawyer Realty Holdings acquired the 148-unit property from Colonial Methuen Associates for $23.3 million. The property features six three-story garden-style apartment buildings, a townhouse building and clubhouse. The unit mix comprises 77 one-bedroom, 67 two-bedroom and four two-bedroom townhome units with an average unit size of 816 square feet. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.

October 12, 2017

New Jersey Northeast Retail

Marcus & Millichap Arranges $1.7M Sale of Retail Property in Clifton, New Jersey

by Amy Works October 12, 2017

CLIFTON, N.J. — Marcus & Millichap has negotiated the sale of a retail property located at 449 Lakeview Ave. in Clifton. A developer acquired the property from an undisclosed seller for $1.7 million. Dollar General occupies the 11,500-square-foot building on a net-lease basis. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the seller, while Cafiero, Sgambati and David Cafiero, also of Marcus & Millichap, represented the buyer in the deal.

October 12, 2017

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