Northeast

Colliers Brokers $1.9M Sale of Apartment Property in Paterson, New Jersey

by Amy Works April 25, 2018

PATERSON, N.J. – Colliers International has arranged the sale of Cooke Mills, an apartment building located at 19 Market St. in Paterson. A private investor purchased the property from an undisclosed seller for $1.9 million, or $135,750 per unit. The three-story building features 14 apartments in a mix of two- and three-bedroom layouts. Jacklene Chesler, Patrick Norris, Matthew Brown and Angelo Vitale of Colliers represented the seller and marketed the transaction in conjunction with Ten-X, an online transaction platform for commercial real estate.

April 25, 2018

Hospitality New York Northeast Top Stories

Margaritaville Holdings to Build $300M Hotel in Times Square

by Jeff Shaw April 25, 2018

NEW YORK CITY — Margaritaville Holdings has unveiled its plans for a 29-story Margaritaville resort in the heart of Manhattan’s Times Square. Development costs are estimated at $300 million. Located at 560 Seventh Ave., the property will feature a 234-room hotel, several Margaritaville-branded food and beverage concepts, a rooftop bar, pool, spa/lounge and retail space. The project is slated for completion in late 2020. International Meal Company will operate the food and beverage options, which will include a Margaritaville Restaurant, LandShark Bar & Grill, 5 o’Clock Somewhere Bar, Floridays Airstream Café and an all-new concept, Chill Bar. Retail space is planned for the lobby. The developers of the project are Sharif El-Gamal’s Soho Properties working in partnership with Chip and Andrew Weiss and MHP Real Estate Services. Margaritaville is a global lifestyle brand inspired by the lyrics and lifestyle of singer, songwriter and author Jimmy Buffett. The brand features 12 existing lodging locations with 20 additional projects currently under development, as well as four gaming properties and 60 food and beverage venues. — Jeff Shaw

April 25, 2018

Acquisitions Massachusetts Northeast Office

Invesco Real Estate Acquires Life Science Campus in Cambridge

by Amy Works April 24, 2018

CAMBRIDGE, MASS. – Invesco Real Estate, on behalf of an institutional client, has acquired the Quad, a life science campus located in Cambridge. The Davis Cos. sold the property for an undisclosed price. Totaling 199,487 square feet, the campus comprises four buildings: 75 Moulton St., 10 Wilson Ave., 40 Smith Place and 75 Smith Place. The Davis Cos. will continue to manage the asset and oversee its redevelopment. Coleman Benedict, Christopher Phaneuf, Ben Sayles and Kerry Hawkins of HFF represented the seller and procured the buyer in the deal.

April 24, 2018

Acquisitions New York Northeast Retail

NKF Capital Markets Negotiates $18.5M Sale of Retail Property in Horseheads, New York

by Amy Works April 24, 2018

HORSEHEADS, N.Y. – NKF Capital Markets has brokered the sale of Southern Tier Crossing, a retail property located at Horseheads. A joint venture between DRA Advisors and DLC Management acquired the property from DDR for $18.5 million. Southern Tier Crossing comprises a 174,642-square-foot retail asset within a 522,734-square-foot power center in Upstate New York. At the time of sale, the property was 89 percent leased to a variety of tenants, including Dick’s Sporting Goods, Jo-Ann Fabric, PetSmart, Ulta Beauty, Five Below, Men’s Warehouse, Buffalo Wild Wings, Lane Bryant and Aspen Dental. Geoffrey Millerd and Justin Smith of NKF represented the seller in the transaction.

April 24, 2018

Acquisitions Northeast Pennsylvania Retail

IPA to Arrange Sale of 110,365-Square-Foot Shopping Center in Pennsylvania

by Amy Works April 24, 2018

HARRISBURG, PENN. – Institutional Property Advisors (IPA), a division of Marcus & Millichap, has been retained as the exclusive advisor for the sale of The Shoppes at Susquehanna Marketplace, a 110,365-square-foot shopping center in Harrisburg. The property is listed at $38.2 million. Bill Rose, Mark Taylor and Rick Lechtman of IPA are representing the seller, an institutional advisor. The Shoppes at Susquehanna is home to tenants such as Athleta, Banana Republic, Chico’s, J. Crew, JoS A. Banks, Harvest Seasonal Grill & Wine Bar, Loft, Ramano’s Macaroni Grill, Talbots, White House Black Market and Williams-Sonoma.

April 24, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $12.8M Sale of Shopping Center in New Jersey

by Amy Works April 24, 2018

FRANKLIN PARK, N.J. – Marcus & Millichap has arranged the sale of Somerset Plaza Shopping Center, a retail property located on 8.99 acres at 3151 Route 27 retail corridor in Franklin Park. A private investor acquired the property for $12.8 million. Eleven tenants, including Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank, occupy the 67,530-square-foot shopping center. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the buyer in the deal.

April 24, 2018

Leasing Activity New York Northeast Office

Media iQ Digital Leases Two Floors at 261 Fifth Avenue in Manhattan

by Amy Works April 24, 2018

NEW YORK CITY – Media iQ Digital, a global analytics and technology company, has leased more than 23,000 square feet comprising the entire 25th and 26th floors of 261 Fifth Avenue in Manhattan. The company is nearly tripling its space by relocating from 8,013 square feet at 853 Broadway. The lease brings the 405,000-square-foot building to more than 87 percent occupancy. Other tenants at the building include Himatsingka USA, Richloom Fabrics Group, Dan Klores Communications and Tumi Inc. The Feil Organization owns the property. The asking price for the 10-year lease was $85 per square foot.

April 24, 2018

Acquisitions Multifamily New York Northeast Seniors Housing

Chicago Pacific Founders Acquires 100-Unit Seniors Housing Community in Central New York

by Amy Works April 23, 2018

LIVERPOOL, N.Y. – Chicago Pacific Founders (CPF) has acquired Parkrose Estates, a 100-unit independent living community in the Syracuse suburb of Liverpool, for an undisclosed price. CPF made the purchase along with its subsidiaries, Grace Management and CPF Living Communities. Grace Management will take over operations at the community. CPF plans to make improvements to the campus, but further details were not disclosed.

April 23, 2018

Industrial Leasing Activity New Jersey Northeast

NAI Hanson Negotiates Long-Term Lease for 271,176 SF Industrial Facility in Mahwah, New Jersey

by Amy Works April 23, 2018

MAHWAH, N.J. – NAI James E. Hanson has brokered a lease with Snow Joe DC LLC for Sitex Group’s new industrial facility located at 100 Performance Drive within Stateline Business Park in Mahwah. Situated on 20.7 acres, the warehouse offers a 36-foot clear height, 54-by-60-foot column spacing, 36 dock doors, ESFR sprinklers, two drive-in doors and parking for 25 trailers and 184 cars. Snow Joe is a manufacturer of innovative, eco-friendly and affordable land and garden tools. Kenneth Lundberg and Patrick Lennon of NAI Hanson represented the landlord, while Brian Scheuer of Chaus Realty represented the tenant in the lease transaction.

April 23, 2018

Seashore-Gardens-Living-Center-Galloway-NJ

Loans Multifamily New Jersey Northeast Seniors Housing

Lancaster Pollard Secures $23.1M Refinancing for Seniors Housing Property in New Jersey

by Amy Works April 23, 2018

GALLOWAY, N.J. – Lancaster Pollard has arranged a $23.1 million refinancing for Seashore Gardens Living Center, a nonprofit seniors housing community in the Atlantic City suburb of Galloway. The community first opened in 1916 and has expanded to a 20-acre campus over the years. It offers assisted living, memory care, skilled nursing, rehabilitation, long-term care and home health services. The loan will convert the community’s existing bond debt into FHA financing. The refinancing will save the borrower more than $750,000 in debt-service payments each year. The loan features a fixed interest rate and 35-year term. Tony Ruberg led the transaction for Lancaster Pollard.

April 23, 2018

Newer Posts

Older Posts