Northeast

Joint Venture Acquires 340,000 SF Office Property in Parsippany, New Jersey

by Amy Works March 1, 2018

PARSIPPANY, N.J. — A joint venture between Vision Real Estate Partners and Rubenstein Partners has purchased Morris Corporate Center IV, Phase I, from a partnership of Northwestern Mutual and SJP Properties for an undisclosed price. Situated on 14 acres at 389 and 399 Interpace Parkway in Parsippany, the property consists of two interconnected four-story buildings totaling 340,000 square feet of Class A office space. At the time of sale, the property was 71 percent occupied by four tenants, including Reckitt Benckiser and Skanska USA Building Inc. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew MacDonald and Bill Brown of Cushman & Wakefield represented the seller in the deal.

March 1, 2018

Massachusetts Multifamily Northeast

CBRE/NE Negotiates $11.8M Sale of Apartment Building in Cambridge, Massachusetts

by Amy Works March 1, 2018

CAMBRIDGE, MASS. — CBRE/New England has arranged the sale of 14 Centre Street, an apartment building located between Central and Harvard squares in Cambridge. Cambridge Centre LLC, an affiliate of Chestnut Hill Realty, sold the property for $11.8 million. Built in 1910, the four-story building features nine one-bedroom units and eight two-bedroom apartments with an average unit size of 1,159 square feet. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.

March 1, 2018

Loans Multifamily Northeast Pennsylvania

Hunt Mortgage Group Provides $5.5M Acquisition Loan for a Multifamily Property in Philadelphia

by Amy Works March 1, 2018

PHILADELPHIA — Hunt Mortgage Group has provided a $5.5 million Freddie Mac Small Business Loan to finance the acquisition of Reach Lofts Apartments, an affordable multifamily property located at 1701-1707 Tulip St. in Philadelphia. The borrower is MM Equity Partners Philly LLC. The seven-year fixed-rate loan features an 84-month overall term with the first two years as interest-only payments followed by seven years of 30-year amortization and a yield management prepayment schedule. The five-story apartment building features 30 residential units in a mix of one- and two-bedroom layouts. Property amenities include in-unit washers and dryers, bike storage and a furnished roof deck.

March 1, 2018

Industrial Massachusetts Northeast

NAI Hunneman Brokers $2.6M Sale of Industrial Building in Brockton, Massachusetts

by Amy Works March 1, 2018

BROCKTON, MASS. — NAI Hunneman has arranged the sale of an industrial building located at 120 N. Main St. in Brockton. Brockton & Main LLC acquired the property for $2.6 million. The buyer plans to convert the property into a 75,000-square-foot fully climate-controlled self-storage facility. Over Osvold, Cathy Minnerly and Sean Hannigan of NAI Hunneman represented the seller, Micro Wire Products, and procured the buyer in the transaction. Additionally, the NAI Hunneman team represented Micro Wire in its relocation to an 18,000-square-foot sublease at 5 Year Road in Holbrook, Massachusetts.

March 1, 2018

New Jersey Northeast Office

Delaney Real Estate Sells 20,000 SF Office Building in Mountainside, New Jersey

by Amy Works March 1, 2018

MOUNTAINSIDE, N.J. — Delaney Real Estate Holdings has completed the disposition of an office building located at 1139 Spruce Drive in Mountainside. Jiljo Real Estate Holdings acquired the 20,000-square-foot two-story property for an undisclosed price. Eric Demmers and Russ Verducci of NAI James E. Hanson represented the seller in the deal.

March 1, 2018