Northeast

NIA Secures 20,000 SF of Leases at Mixed-Use Building in New Jersey

by David Cohen May 30, 2018

PARAMUS, N.J. — NIA National Realty has arranged five lease transactions totaling 20,000 square feet at a retail and office building in Paramus. Located at 66 Route 17 North, the two-story, 40,000-square-foot building recently underwent a $1 million renovation that included a new façade and windows. A high-end rug company signed a new 10-year lease for 5,000 square feet on the ground floor; Lois Law Firm has signed a 12,500-square-foot lease and Primerica has signed a 1,500-square-foot lease. Educational consultant Shift New Jersey and the Forman Holt law firm both extended their current leases. NIA is also headquartered at the property.

May 30, 2018

Acquisitions Healthcare New York Northeast Office Top Stories

Columbia Property Trust Sells 25-Story Manhattan Office Tower for $332.5M

by David Cohen May 30, 2018

NEW YORK CITY — Columbia Property Trust has sold 222 E. 41st St., a 390,000-square-foot office tower in Midtown Manhattan, for $332.5 million. Commerz Real, the real estate investment management arm of German Commerzbank, purchased the property. CBRE’s capital markets team represented Columbia in the transaction. The building was originally constructed in 2001. Law firm Jones Day occupied the 25-story building from 2007 until 2016. When the Jones Day lease expired, Columbia signed NYU Langone Medical Center to a full-building, 30-year lease. The building has since been converted into a multi-specialty ambulatory care facility that began accepting patients last month. “We were very pleased to secure an esteemed tenant on a long-term lease, which significantly increased the value of the property,” says Nelson Mills, president and chief executive officer of Columbia. “Proceeds will further strengthen our balance sheet in the near term and will eventually be recycled into higher growth investment opportunities.” Following this disposition, Columbia’s portfolio now includes seven New York City properties after the recent purchase of 149 Madison Ave. in November and the acquisition of 245-249 W. 17th St. and 218 W. 18th St. in October. — David Cohen

May 30, 2018

Company News New York Northeast

Newmark Group to Acquire RKF Retail Holdings for Undisclosed Price

by David Cohen May 30, 2018

NEW YORK CITY — Newmark Group Inc. (NASDAQ: NMRK) has agreed to acquire RKF Retail Holdings LLC, a real estate firm specializing in retail leasing, for an undisclosed price. The acquisition is expected to close later this year, and will grow New York-based Newmark’s already robust retail business, which includes leasing, investment sales and retail occupier services alongside Excess Space Retail Services Inc., a Newmark company specializing in real estate disposition and lease restructuring. Robert K. Futterman will serve as chairman of Newmark RKF, Newmark’s retail leasing division, and will be responsible for leading the growth of the company’s retail real estate business throughout North America.

May 30, 2018

Acquisitions Mixed-Use New York Northeast

Meridian Brokers $22.5M Sale of Mixed-Use Portfolio in Brooklyn

by David Cohen May 29, 2018

NEW YORK CITY — Meridian Investment Sales has brokered the $22.5 million sale of three contiguous mixed-use buildings in the Williamsburg neighborhood of Brooklyn. The Williamsburg neighborhood underwent gentrification starting in the late 1990s mostly due to low rents. Average rents today range from $1,400 for a studio apartment to $2,600 to $4,000 for a two-bedroom unit. Located at 119-123 Kent Avenue, the buildings contain 17 fully renovated residential apartment units and three ground-floor retail units. David Schechtman, Lipa Lieberman and Abie Kassin of Meridian represented the undisclosed seller in the transaction. The buyer was a private family via a 1031 exchange. Meridian also arranged $12 million in acquisition financing through a local savings bank.

May 29, 2018

Loans Mixed-Use New York Northeast

Leviathan Capital Arranges $7.3M Loan for Mixed-Use Property in Soho

by David Cohen May 29, 2018

NEW YORK CITY — Leviathan Capital has arranged $7.3 million in permanent mortgage financing for a mixed-use property in the Soho neighborhood of Manhattan. The property consists of 10 apartments and one retail unit occupied by a long-term tenant. Leviathan secured a 10-year, fixed-rate loan at 4.26 percent with five years of interest-only financing. The lender, a money center bank, charged no origination fee. The borrower was a local owner-operator.

May 29, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates Sale of Apartment Tower in New Jersey for $22M

by David Cohen May 29, 2018

EAST ORANGE, N.J. — Marcus & Millichap has negotiated the $22 million sale of Robert Towers, an 11-story, 206-unit multifamily tower in East Orange. The sales price equates to $106,796 per unit. Built in 1950, Robert Towers is located at 60 S Munn Ave., near the East Orange and Brick Church train stations, I-280 and the Garden State Parkway. The property is 10 minutes from Newark International Airport. Marcus & Millichap represented the seller, Metropolitan America, in the transaction. Marcus & Millichap Capital Corp. arranged $19.8 million in acquisition financing for the buyer, EOA 206 LP. The lender was undisclosed.

May 29, 2018

Acquisitions Healthcare Northeast Rhode Island

CBRE Brokers $1.7M Sale of Medical Facility in Rhode Island

by David Cohen May 29, 2018

NORTH PROVIDENCE, R.I. — CBRE has brokered the $1.7 million sale of 1635 Mineral Spring Ave., a two-story, 20,694-square-foot medical office facility in North Providence. The property, which is 80 percent leased, was built in 1976 and renovated in 2016. Located on a two-acre lot, the property includes 82 parking spaces. John Cregan of CBRE represented the undisclosed seller in the transaction. The buyer was Arkland LLC.

May 29, 2018

Loans Massachusetts Mixed-Use Northeast

Cornerstone Realty Capital Arranges $6.5M Construction Loan for Condo Development in Boston

by David Cohen May 29, 2018

BOSTON — Cornerstone Realty Capital has arranged a $6.5 million construction loan for a 12-unit mixed-use condominium development in Boston’s Jamaica Plain neighborhood. The borrower was undisclosed. Located at 114-120 Brookside Ave., the building will feature three retail and nine residential condominiums. All residences will feature hardwood floors, in-unit washers and dryers and high-end finishes that include granite countertops, stainless steel appliances and custom-tile surround showers. Each unit will also have a private balcony. The square footage will vary depending on the unit style, but will average around 1,098 square feet. The building is slated for completion in 2019.

May 29, 2018

Acquisitions New York Northeast Office

Savanna Acquires Office Tower in Midtown Manhattan for $640M

by David Cohen May 25, 2018

NEW YORK CITY — New York City-based real estate investment manager Savanna has acquired a 682,988-square-foot office and retail property in Midtown Manhattan for $640 million. The property, known as 5 Bryant Park, was purchased from an affiliate of Blackstone. Savanna plans to modernize the property through a capital improvement program that will include a redesigned lobby, entrance and building signage. 5 Bryant Park is located directly across from Bryant Park on Sixth Avenue and features 100 feet of frontage facing the park. A joint team of JLL and HFF represented Savanna in the financing of the acquisition. Laurie Grasso of Hunton Andrews Kurth represented Savanna as legal counsel in the transaction. CBRE has been selected as the exclusive leasing agent for the property.

May 25, 2018

Acquisitions Industrial Leasing Activity Northeast Pennsylvania

CBRE Arranges Sale-Leaseback of 300,000 SF Industrial Facility in Pennsburg

by David Cohen May 25, 2018

PENNSBURG, PA. — CBRE has arranged the sale-leaseback of a 291,203-square-foot industrial building located at 2452 Quakertown Road in Pennsburg. The building, which is net leased through 2028, was acquired by One Liberty Properties. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, RAF Industries, in the transaction. The warehouse and distribution facility was completed and expanded between 1986 and 1994 and has served as the headquarters for both Campania International and U.S. Tape, portfolio companies of RAF Industries since 2006.

May 25, 2018

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