Northeast

Nordblom to Redevelop 695,000 SF Former Boston Globe Building as Tech Hub

by David Cohen April 17, 2018

BOSTON — Boston-area developer Nordblom Co. has received approval from the Boston Planning and Development Agency for an urban innovation campus at the former Boston Globe buildingin Dorchester. The 695,000-square-foot vacant property will undergo a total renovation with an eye on attracting office tenants working in sectors that are moving the Boston economy forward, including technology, life sciences and advanced manufacturing. The development will be renamed “The BEAT” — The Boston Exchange for Accelerated Technology. In addition to office space, the development will feature a fitness center and food hall. The building was constructed in 1958 and expanded several times throughout the years. In 2017, the newspaper sold the building and moved its newsroom and business operations to downtown Boston.

April 17, 2018

Acquisitions Loans New Jersey Northeast

HFF Arranges $7.6M in Acquisition Financing for Industrial Portfolio in Suburban Philadelphia

by David Cohen April 17, 2018

LOGAN TOWNSHIP, N.J. — HFF has arranged $7.6 million in acquisition financing for a three-building industrial portfolio in the suburban Philadelphia community of Logan Township. The borrower is a joint venture between Novaya and Foxfield Ventures. The lender for the first mortgage financing was not disclosed. Totaling 193,379 square feet, the portfolio comprises the 103,241-square-foot 1 Killdeer Court, the 46,888-square-foot 614 Heron Drive and the 43,251-square-foot 603 Heron Drive. All three of the light industrial facilities were built between 1975 and 1977 and are located in Gloucester County off I-295.

April 17, 2018

Acquisitions New York Northeast

Cushman & Wakefield Negotiates Sale of 148-Year-Old Retail Complex in Greenport

by David Cohen April 17, 2018

GREENPORT, N.Y. — Cushman & Wakefield has negotiated the sale of Claudio’s Restaurant, a retail complex located at 111 Main St. in Greenport on Long Island’s North Fork. The property consists of three restaurants, including Claudio’s, Claudio’s Clam Bar and Crabby Jerry’s as well as two deep-water docks and 2.1 acres of developable land. Claudio’s is the oldest family-owned restaurant in the United States, and has been open since 1870, according to Cushman & Wakefield. Guthrie Garvin, Michael Gembecki and Alexander Ball of Cushman & Wakefield represented the seller, The Claudio Family in the transaction. Perry Weitz, David Weitz, Ian Behar and Ryan Sasson were the buyers. The sales price was not disclosed.

April 17, 2018

Acquisitions Loans Massachusetts Northeast

Fantini & Gorga Arranges $1.4M Apartment Acquisition Loan in Suburban Boston

by David Cohen April 17, 2018

ABINGTON, MASS. — Fantini & Gorga has arranged a $1.4 million loan for the acquisition of a multifamily property in Abington, 20 miles south of Boston. Located at 387 Adams St., the 12-unit apartment building is made up of one- and two-bedroom apartments. The community is located near the Massachusetts Bay Transportation Authority’s Abington commuter rail station that provides service to and from downtown Boston. Derek Coulombe and Jon Garcia of Fantini & Gorga arranged the financing on behalf of the buyer.

April 17, 2018

Acquisitions New Jersey Northeast

Marcus & Millichap Brokers $1.8M Sale of Retail Property in New Jersey

by David Cohen April 17, 2018

OAKLYN, N.J. — Marcus & Millichap has brokered the $1.8 million sale of a 7,480-square-foot retail property net-leased to Dollar General in Oaklyn. Located at 301 White Horse Pike, the property is situated on a busy retail corridor nine miles east of Philadelphia. Nearby retailers include CVS, 7-Eleven, Dunkin’ Donuts and Wawa. Alan Cafiero, David Cafiero and Ben Sgambati of Marcus & Millichap represented both the buyer and seller, both developers, in the transaction.

April 17, 2018

Acquisitions Multifamily Northeast Pennsylvania Property Type Top Stories

Aimco Buys Six Apartment Communities in Metro Philadelphia from Developer for $445M

by John Nelson April 17, 2018

PHILADELPHIA — Apartment Investment and Management Co. (Aimco) (NYSE: AIV) has agreed to purchase six apartment communities in the metropolitan Philadelphia area for $445 million. The seller is the portfolio’s developer, Philadelphia-based Dranoff Properties Inc. “The timing is right to sell six of our premier properties to Aimco and become a major investor in the company,” says Carl Dranoff, founder and CEO of Dranoff Properties. “Aimco’s expansion and commitment to Philadelphia make it an ideal steward of these trophy assets that we carefully built, owned and managed. I am incredibly enthusiastic about the future of Dranoff Properties as we begin our third decade.” The portfolio comprises 1,006 existing apartment homes, 110 apartment homes under construction and 185,000 square feet of office and retail space. Three of the properties are situated in Philadelphia’s Center City district, and the others are located in University City, Lower Merion Township and Camden, N.J. The acquisitions are expected to close in the second quarter, except for the purchase of the Lower Merion asset, which is under construction and expected to close in the first half of 2019 following its completion. Aimco is initially funding the acquisition with $290 million of existing property debt, $65 million …

April 17, 2018

Loans New York Northeast

Madison Realty Capital Provides $155M Construction Loan for High-Rise Manhattan Condominium

by David Cohen April 16, 2018

NEW YORK CITY — Madison Realty Capital and an investment fund managed by an affiliate of Apollo Global Management LLC have provided a $155 million loan to Sumaida + Khurana and LENY Equities for the construction of a 35-story condominium in the Hudson West neighborhood of Manhattan. Located at 611 West 56th St., the building will feature 83 units as well as a landscaped roof garden and sundeck. The building, which was designed by Pritzker Prize-winning Portuguese architect Alvaro Siza, is being co-developed by Sumaida + Khurana and LENY Equities. Carl Schwartz and Susan Saslow of Hunton Andrews Kurth LLP provided legal representation for the joint venture. Adi Chugh of Maverick Capital Partners arranged the financing.

April 16, 2018

Acquisitions Industrial New Jersey Northeast Retail

Sheldon Gross Realty Arranges Sale of 41,500 SF Warehouse, Retail Facility in East Brunswick

by David Cohen April 16, 2018

EAST BRUNSWICK, N.J. — Sheldon Gross Realty has arranged the sale of a 41,500-square-foot warehouse and retail facility in East Brunswick. New Jersey based HSJE Realty purchased the property, which is located at 2 Claire Road, for an undisclosed amount. Jonathan Glick and Glenn Jaffe of Sheldon Gross Realty represented the undisclosed seller in the transaction. Corporate America Realty & Advisors represented HSJE Realty. The facility, which is located approximately halfway between New York City and Philadelphia, currently has three tenants, each of which uses a portion of the building for warehousing and retail.

April 16, 2018

Multifamily Northeast Pennsylvania Seniors Housing

Bozzuto Group Completes 231-Unit Active Adult Community Near Philadelphia

by David Cohen April 16, 2018

KING OF PRUSSIA, PA. —The Bozzuto Group has completed the development of Canvas Valley Forge, a 231-unit active adult community in the Philadelphia suburb of King of Prussia. KTGY Architecture + Planning designed the apartment property, which targets residents over age 55. The community is part of King of Prussia Town Center, a mixed-use development. Residents of the community are within walking distance of a variety of grocery stores, restaurants, retail shops and other amenities.

April 16, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $1.5M Sale of Retail Property in New Jersey

by David Cohen April 16, 2018

ORANGE, N.J. — Marcus & Millichap has brokered the sale of a 13,500-square-foot retail property in Orange, about 18 miles west of Manhattan, for $1.5 million. The property, which is located at 206 Main St., is currently occupied by Kicks USA on a net-lease basis. David Cafiero, Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the buyer and seller in the transaction, both private investors. Kicks USA has 41 stores in the United States.

April 16, 2018

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