Northeast

Meridian Arranges $23M Sale of Commercial Building in Brooklyn

by David Cohen April 6, 2018

NEW YORK CITY — Meridian Investment Sales has arranged the sale of a newly renovated commercial building at 2857 West 8th St. in Brooklyn for $23 million. David Schechtman and Rich Velotta of Meridian represented the undisclosed seller and procured the unidentified buyer in the transaction. Located in the West Brighton neighborhood of Brooklyn, the 52,302-square-foot office building is fully leased. The tenant roster includes New York City Human Resources Administration, Blink Fitness and Dollar Tree. The two-story building also has a Verizon cell and GPS tower on the roof. The property was recently renovated to include a new façade, an updated plumbing system and electrical upgrades.

April 6, 2018

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of Three-Building Office Park in Basking Ridge, New Jersey

by David Cohen April 6, 2018

BASKING RIDGE, N.J. — Cushman & Wakefield has brokered the sale of a three-building office park in Basking Ridge, approximately 40 miles west of Manhattan. Signature Acquisitions purchased the 524,260-square-foot property, located at 106, 110 and 150 Allen Road for an undisclosed price. The seller, The Silverman Group, acquired the property in three separate transactions starting in 2010 and subsequently rebranded the office park as The Offices at Liberty Corner.

April 6, 2018

Affordable Housing Loans Multifamily New York Northeast

Keybank Provides $38.5M in Financing for Affordable Housing Community in Albany

by David Cohen April 6, 2018

ALBANY, N.Y. — KeyBank Community Development Lending and Investment (CDLI) has provided $38.5 million in financing for the construction of an affordable housing community in Albany. The 76-unit development, which will be called Ida Yarbrough Homes, will set aside 12 apartments for households at risk of homelessness. The borrower is Ida Yarbrough Phase II LLC, an entity owned by the Albany Housing Authority. Keybank provided $18.1 million in equity through the Low Income Housing Tax Credit program. In addition, Keybank also provided a $17.2 million construction loan and a $3.2 million Freddie Mac first mortgage loan. John Berry, Jen Seamons, Victoria O’Brien and Joe Eicheldinger of Keybank’s CDLI group, and Jeff Rodman of the Commercial Mortgage Group arranged the financing.

April 6, 2018

Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $3.5M Land Development Loan in Plymouth

by David Cohen April 6, 2018

PLYMOUTH, MASS. — Fantini & Gorga has arranged $3.5 million in land development financing for a 40-acre parcel in Plymouth. The lender was a major Massachusetts-based banking institution. Harald LLC, the borrower, plans to add roads and utilities, and then subdivide the commercially zoned land into five or six parcels, to be sold for additional development.The site, about 40 miles south of Boston, is located near the Grove at Plymouth shopping center. Tenants at the retail center include a 130,000-square foot Home Depot store, West Marine, Ethan Allen Furniture and Mattress Firm.

April 6, 2018

Acquisitions Industrial New York Northeast Top Stories

Gramercy Acquires Six Distribution Centers for $538M

by Kristin Harlow April 6, 2018

NEW YORK CITY — Gramercy Property Trust (NYSE: GPT), a New York-based REIT, has acquired six distribution centers located throughout the United States. The properties are the first acquisitions for a Gramercy-led e-commerce joint venture, which was launched in August 2017. The venture was established to acquire, own and manage Class A distribution centers across the country. Gramercy is a 51 percent partner in the venture. An undisclosed sovereign investor is the other partner. The portfolio is composed of six newly constructed distribution properties totaling 5.2 million square feet for a combined purchase price of $538 million. The first two properties were acquired on Jan. 31 for $178 million. The second pair of properties, totaling $181 million, closed on April 3. The remaining two assets are under contract for $179 million, with the sale expected to close between late 2018 and early 2019. Each building is expected to be fully leased to an e-commerce company on an initial 15-year term. Two of the properties are located in California’s Inland Empire, with the remainder in Dallas; Jacksonville, Fla.; southern New Jersey; and Winchester, Va. Gramercy is a real estate investment trust that specializes in acquiring and managing assets in the United States and Europe. The company’s stock …

April 6, 2018

Acquisitions Multifamily New Jersey Northeast

HFF Arranges Sale of 360-Unit Apartment Community in Hackensack

by David Cohen April 5, 2018

HACKENSACK, N.J. — HFF has arranged the sale of Prospect Place, a 360-unit, two-building apartment community in Hackensack, for $100 million. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the undisclosed seller in the transaction. The buyer, Kushner Co. purchased the property free and clear of existing debt. Located at 300 and 310 Prospect Avenue, Prospect Place consists of an 18-story high-rise building with 157 units and a four-story mid-rise building with 203 units. Amenities include an outdoor pool, grilling stations, fitness centers, billiards room and 653 covered parking spaces. The community is currently 96 percent occupied.

April 5, 2018

Development Massachusetts Multifamily Northeast

Trammell Crow Breaks Ground on 240-Unit Apartment Community in Suburban Boston

by David Cohen April 5, 2018

WRENTHAM, MASS. — Trammell Crow Residential has broken ground on a 240-unit apartment development in Wrentham, approximately 30 miles south of Boston. The complex, which will be called Alexan Wrentham, will anchor a 50-acre mixed-use development with restaurants, a hotel and an assisted living facility. The property is adjacent to the Wrentham State Forest, which offers miles of hiking and biking trails.Slated to be completed in the fall of 2019, the community will feature one-, two-, and three-bedroom units with stainless steel appliances, tile back splashes and hardwood flooring. Amenities will include a 7,000-square-foot clubhouse, fitness center, pet park and outdoor pool. Trammell Crow is serving as developer and general contractor for the project.

April 5, 2018

Development Mixed-Use Northeast Pennsylvania Retail

Kimco’s Lincoln Square to Feature Philadelphia’s First Sprouts Farmers Market

by David Cohen April 5, 2018

PHILADELPHIA — Kimco Realty’s Lincoln Square mixed-use project currently under development will be the site of Philadelphia’s first Sprouts Farmers Market. The 32,000-square-foot store is part of the adaptive reuse of Lincoln Square’s historic train station and will incorporate the Gothic Revival elements of the property. Work on the redevelopment project at the corner of South Broad Street and Washington Avenue, began in late 2016. Sprouts is one of the fastest growing grocers in the United States and has opened 30 stores in 2018. Other retail tenants that have signed on to the development include Target, PetSmart, Starbucks and Sprint. The project will also include 322 residential units. Residential move-ins are planned to begin this summer, with Sprouts set to open in the third quarter of 2018.

April 5, 2018

Acquisitions Connecticut Northeast Retail

New England Retail Properties Facilitates Sale of Tractor Supply in Suburban Hartford for $3.6M

by David Cohen April 5, 2018

FARMINGTON, CONN. — New England Retail Properties has brokered the sale of the Tractor Supply store located at 361 Scott Swamp Road in Farmington for $3.6 million. New England Retail Properties arranged the transaction between the seller, AEI Property Corp., and the buyer, 361 Scott Swamp Road LLC. The property, a former Frank’s Nursery & Crafts, was acquired in 2010 and opened in 2011 as a Tractor Supply store after a retrofit of the building and grounds. The property, which is nine miles west of Hartford, serves the Farmington, Burlington, Plainville and surrounding markets. Founded in 1939, Tractor Supply has more than 1,700 stores in 49 states.

April 5, 2018

Loans New Jersey Northeast

Progress Capital Arranges $5.2M in Financing for Apartment Community in Newark

by David Cohen April 5, 2018

NEWARK, N.J. — Progress Capital has arranged $5.2 million in permanent financing on behalf of West of Hudson Properties for the acquisition of a two-building apartment community in Newark. The lender was Sabal Financial. The terms of the loan include a $5.2 million non-recorse permanent mortgage with five years of interest-only payments at a fixed rate of 3.86 percent. The loan represents a 65 percent loan-to-purchase price accompanied by a 20-year term and 30-year amortization. After the five-year interest-only period expires, the rate will reset. Located at 10-36 Osbornse Terrace and 9 Hedden Terrace, the 70-unit community was fully renovated in 2007. Brad Domenico of Progress Capital arranged the loan on behalf of West of Hudson Properties.

April 5, 2018

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