Northeast

Bergman, Gottesman Acquire 94,000 SF Office Building in Roseland, New Jersey

by David Cohen April 10, 2018

ROSELAND, N.J. — Bergman Real Estate Group and Gottesman Real Estate Partners have acquired 75 Livingston Ave. in Roseland through a joint venture. The sale price was not disclosed. The three-story, 94,000-square-foot office property was purchased from Mack-Cali Realty Corp. Michael DiFede of Bergman and Patrick Leary of Gottesman represented the joint venture in the transaction. TriState Capital Bank provided acquisition financing. The acquisition is the fourth joint venture between Bergman and Gottesman, which plans to invest more than $1.7 million in capital improvements to the building over the next 24 months.

April 10, 2018

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $9.8M Loan for Refinancing of Three Flex Buildings in New Jersey

by David Cohen April 10, 2018

WALL TOWNSHIP, N.J. — G.S. Wilcox & Co. has arranged a $9.8 million loan for the refinancing of three flex buildings in the Allaire Corporate Campus in Wall Township. Thrivent Financial for Lutherans provided the 10-year term loan. The borrower was a repeat client of G.S. Wilcox. The property, which is currently 100 percent leased to three tenants, is located less than two miles from I-95.

April 10, 2018

Acquisitions Connecticut Northeast

R.D. Scinto Pays $1.5M for Land, Plans to Build Retail Center in Southern Connecticut

by David Cohen April 10, 2018

SHELTON, CONN. — R.D. Scinto Co. has purchased a 2.83-acre parcel of land in Shelton for the construction of a 27,000-square-foot retail center. Shelton is 10 miles west of New Haven. The land was purchased from 900 Shelton Plaza Associates for $1.5 million, or just over $530,000 per acre. When completed, the building will be a single-story center with a terra cotta exterior. Bruce Wettenstein of Vidal/Wettenstein was the listing broker and also represented R.D. Scinto in the transaction. Cohen & Thomas PC provided legal counsel for the seller.

April 10, 2018

Development New York Northeast Office Property Type Top Stories

Tishman Speyer to Break Ground on $3.7B, Pfizer-Anchored Office Tower in Manhattan

by John Nelson April 10, 2018

NEW YORK CITY — Tishman Speyer, a New York-based owner and developer of trophy office assets around the world, plans to break ground in June on The Spiral, a $3.7 billion office tower that will rise 65 stories at 66 Hudson Blvd. in Manhattan. Global pharmaceutical company Pfizer recently signed an 800,000-square-foot, 20-year lease at The Spiral, which is slated for completion in 2022. Pfizer will occupy floors seven through 21, as well as some lobby space. The Spiral will serve as Pfizer’s new home, replacing its existing global headquarters at 235 E. 42nd St. in Manhattan. Blackstone Mortgage Trust Inc. (NYSE: BXMT) recently provided a $1.8 billion construction loan for the project. Tishman Speyer will finance the remaining $1.9 billion of development costs with its own equity, as well as financing from more than a dozen other institutional, pension fund and individual investors. Designed by BIG-Bjarke Ingels Group, each floor of The Spiral’s façade will feature landscaped terraces and hanging gardens that will be accessible to tenants. At one outdoor terrace per floor, the tower’s façade will be wrapped around by green space in a swirling pattern that serves as the tower’s signature element. The trophy office tower will …

April 10, 2018

Acquisitions Industrial Northeast Office Rhode Island

CBRE Negotiates Sale of 280,982 SF Flex Property in Rhode Island

by David Cohen April 9, 2018

LINCOLN, R.I. — CBRE New England has negotiated the sale of Albion Crossing, a 280,982-square-foot flex building in Lincoln. The sales price was not disclosed. CBRE represented the seller in the transaction, Albion Crossing LLC. The buyer was an affiliate of FoxRock Properties LLC. Located at One Albion Road in Lincoln, the property was originally developed as the global headquarters for A.T. Cross Co., a manufacturer of high-quality ballpoint and fountain pens. In 2007, Cross sold the building and it was converted to a mixed-use flex office building. Current tenants include United Natural Foods, Zebra Technologies, Granite Telecommunications and Vicor Technologies Inc.

April 9, 2018

Loans Massachusetts Northeast Office

Colliers Secures $38M Refinancing for Two Office Buildings in Boston

by David Cohen April 9, 2018

BOSTON — Colliers | Boston has secured a $38 million refinancing for two office buildings at 155 Federal and 10 High streets in Boston’s financial district. Farley White Interests owns and manages the two adjacent buildings, which total 294,000 square feet. The two properties are currently 98 percent leased and feature ground-floor retail and more than 60 tenants. Nationwide Life Insurance Co. provided the long-term, fixed-rate financing on an interest-only basis. Colliers | Boston will service the loan until maturity.

April 9, 2018

Acquisitions Hospitality New Jersey Northeast

HREC Arranges Sale of 276-Room Sheraton Hotel in New Jersey

by David Cohen April 9, 2018

EDISON, N.J. — HREC has arranged the sale of the Sheraton Edison Raritan Center in Edison, about 33 miles south of Manhattan. The sales price for the 276-room hotel was not disclosed. The hotel is located in the Raritan Center business park, which is home to local cable television station News 12 New Jersey and the regional operations for both UPS and FedEx. Kevin Hanley, Ketan Patel, Mark von Dwingelo and Bill Schoenenberger of HREC represented the undisclosed seller in the transaction. The buyer was also not disclosed. Edison has recently attracted a large amount of commercial business to the area, according to HREC.

April 9, 2018

Acquisitions Connecticut Northeast Office

RHYS Arranges Sale of Office Building in Southern Connecticut for $5M

by David Cohen April 9, 2018

FAIRFIELD, CONN. — RHYS has arranged the sale of 1 Eliot Place, a 25,000-square-foot office building in Fairfield, approximately 25 miles southwest of New Haven. Rockwest Real Estate Partners purchased the three-story property, which was constructed in 1985, for $5 million. The building is fully leased. The seller was FNL Enterprises. Alex Haendler, Ted Grogan and Greg Romano of RHYS were the sole brokers in the transaction. An office of Northwestern Mutual Insurance Co. is the building’s largest tenant. The Fairfield office market has recorded 15 percent rent growth since 2015, according to RHYS.

April 9, 2018

Loans Multifamily New York Northeast

KeyBank Provides $30M in Financing for Apartment Complex in Queens

by David Cohen April 9, 2018

NEW YORK CITY — KeyBank Real Estate Capital has provided $30 million in first-mortgage financing through Freddie Mac for The Lanes, a seven-story apartment complex in Long Island City. The 57-unit, Class A complex was built in 2017 and totals 83,000 square feet with 11,000 square feet of ground-floor retail space. Tom Peloquin of KeyBank arranged the fixed-rate financing. The loan includes a 10-year term with five years of interest-only payments and a 30-year amortization schedule. The loan was used to refinance existing debt.

April 9, 2018

Loans New Jersey Northeast Office

Thorofare Capital Provides $27M Loan for Acquisition of Office Park in Northern New Jersey

by David Cohen April 6, 2018

MORRISTOWN, N.J. — Thorofare Capital has provided a $27.1 million loan for the acquisition of Mount Kemble Corporate Center, a 229,685-square-foot office campus in Morristown. The loan proceeds will also be used for property improvements and lease-up efforts. The borrower is a joint venture between Vision Properties and The Birch Group. The property was built in 1999 and is comprised of two, three-story Class A office buildings. At the time of closing, the property was 81 percent leased with a tenant roster that included Coughlin Duffy LLP, Avaya, Tenfour and Artech. Thorofare’s floating-rate mortgage featured a three-year initial term and two, one-year extension options.

April 6, 2018

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