Northeast

SVN/Parsons Commercial Acquires Retail Plaza in Ashland, Massachusetts

by Amy Works February 1, 2018

ASHLAND, MASS. — SVN/Parsons Commercial Group/Boston has purchased a retail plaza located at 310 Pond St. in Ashland for an undisclosed price. The plaza features a 31,000-square-foot building and a 5,000-square-foot freestanding building situated at the front of the plaza. Additionally, SVN/Parsons secured a long-term deal with Habitat for Humanity – ReStore to occupy the property. Other tenants include Domino’s. Garrett Quinn of SVN/Parson provided in-house representation for the buyer, while Richard Diamond of The Diamond Group represented the seller, Saxon Partners, in the deal.

February 1, 2018

Industrial New Jersey Northeast

NAI Hanson Negotiates 1031 Exchange Sale of Two Flex Buildings in Saddle Brook, New Jersey

by Amy Works February 1, 2018

SADDLE BROOK, N.J. — NAI James E. Hanson has brokered the sale of two industrial/flex buildings located in Saddle Brook in a 1031 exchange. The properties are a 10,200-square-foot building at 431 N. Midland Ave., which features 3,300 square feet of office space, 4,700 square feet of high-tech space and 2,200 square feet of warehouse space; and a 24,000-square-foot building at 435 N. Midland Ave., which features 4,000 square feet of office space, two tailgate loading docks and 14-foot ceilings. Anthony Cassano of NAI Hanson represented the undisclosed seller, while Kenneth Lundberg and Patrick Lennon, also of NAI Hanson, represented the undisclosed buyer in the transaction.

February 1, 2018

Mixed-Use New York Northeast Top Stories

Oxford Properties, CPPIB Acquire Manhattan Site for $700M, Plan Mixed-Use Development

by John Nelson February 1, 2018

NEW YORK CITY — Oxford Properties Group and Canada Pension Plan Investment Board (CPPIB) have closed on the $700 million acquisition of a 3.25-acre development site in the Hudson Square district of Manhattan’s Midtown South submarket. The historic St. John’s Terminal site, which will be redeveloped into a mixed-use project, is situated south of West Houston Street and features 600 feet of frontage along the Hudson River. The northern portion of the site was not included in the transaction and will be developed separately. The joint venture between Toronto-based Oxford and CPPIB purchased the site from Westbrook Partners and Atlas Capital Group. Oxford owns a 52.5 percent interest in this joint venture and will manage the future development, details of which will be announced in the second half of the year. CPPIB owns the remaining 47.5 percent interest in the site. The parcel includes an existing 1.3 million-square-foot structure that was built in 1934 as the rail freight terminus to New York Central Railroad’s West Side Line. In December 2016, the New York City Council approved the air rights rezoning of the site to develop up 1.7 million square feet of mixed-use space. Cushman and Wakefield’s New York Capital Markets …

February 1, 2018

Delaware Multifamily Northeast

HFF Facilitates $20M Sale of Two Apartment Communities in Dover, Delaware

by Amy Works January 31, 2018

DOVER, DEL. — HFF has arranged the sale of two adjacent apartment communities: Alder Park Apartments and Pine Grove Apartments in Dover. Dover Investors LP, an affiliate of Anderson Vedic, sold the properties to a regional private buyer for $20 million. Totaling 311 units, the properties were 95 percent occupied at the time of sale. The 215-unit Alder Park is located at 51 Webbs Lane, and the 96-unit Pine Grove is located at 255 Webbs Lane. The communities share amenities, including a swimming pool with a clubhouse, a fitness center, a barbecue area, on-site laundry facilities and on-site public transit access. Carl Fiebig, Mark Thomson and Francis Coyne of HFF, along with Robert Stella of Financial & Consulting Services, represented the seller in the transaction.

January 31, 2018

Mixed-Use Multifamily New York Northeast Retail

Alpha Realty Brokers $8.8M Sale of Mixed-Use Property in Greenwich Village

by Amy Works January 31, 2018

NEW YORK CITY — Alpha Realty arranged the sale of a mixed-use building located at 133 W. Third St. in Manhattan’s Greenwich Village. An undisclosed buyer acquired the 6,200-square-foot property for $8.8 million, or $1,437 per square foot. The building features seven apartments and one retail space. Scott Schwartz of Alpha Realty represented the buyer, while Michael Coratolo of Coratolo Associates and Jim Mann of Friedman Roth represented the seller in the deal.

January 31, 2018

New York Northeast Retail

Nassimi Realty Buys 11,250 SF Retail Building in Great Neck, New York

by Amy Works January 31, 2018

GREAT NECK, N.Y. — Nassimi Realty has acquired a retail strip center located at 25 Cuttermill Road in Great Neck for an undisclosed price. The property features approximately 11,250 square feet of retail space, including a 4,160-square-foot basement. At the time of acquisition, seven of the property’s 11 retail spaces were occupied. The name of the seller was not released.

January 31, 2018

Loans Mixed-Use Multifamily New York Northeast Retail

Pembrook Capital Provides $2.3M Loan for Mixed-Use Property in Brooklyn

by Amy Works January 31, 2018

NEW YORK CITY — Pembrook Capital Management has provided a $2.3 million second mortgage loan to finalize the construction of a mixed-use property located at 144-146 West St. in Brooklyn’s Greenpoint neighborhood. Pembrook previously closed a $6.2 million first mortgage loan for the project in March 2017. The sponsor, comprised of multiple developers, began construction on the six-story, 21,341-square-foot apartment building, with commercial space, on an infill site. The additional $2.3 million loan will fund the construction of four additional apartments, which are targeting individuals or households up to 80 percent average median income (AMI), while agreeing to restrict three additional units to 130 percent AMI. Completion is slated for this year.

January 31, 2018

New York Northeast Retail

Marcus & Millichap Negotiates $2.1M Sale of Retail Building in White Plains, New York

by Amy Works January 31, 2018

WHITE PLAINS, N.Y. — Marcus & Millichap has brokered the sale of a single-tenant retail building located at 75 Mamaroneck Ave. in White Plains. A private investor sold the building to an undisclosed buyer for $2.1 million. Built in circa 1923, the building features a total of 5,300 square feet above grade and 800 square feet on the second floor. Joseph C. French Jr. and Roger Reddy Jr. of Marcus & Millichap represented the seller in the transaction.

January 31, 2018

Industrial New York Northeast

Goldman Sachs, DH to Develop Three-Story Warehouse, Distribution Center in Brooklyn

by Amy Works January 30, 2018

NEW YORK CITY — A joint venture between Goldman Sachs Asset Management Private Real Estate (GSAM PRE) and DH Property Holdings plans to develop a three-story warehouse and distribution center located at 640 Columbia St. on the Red Hook waterfront in Brooklyn. The 370,000-square-foot facility will be one of the first industrial buildings in North America to feature multi-level distribution and warehousing. Designed by Ware Malcomb, the facility will feature Class A industrial specs, including 130-foot truck courts that can accommodate full-size tractor trailers on both the ground and second levels. The multi-level loading facility will also include 28-foot ceiling heights, 33 loading doors and an attached parking deck. Hollister Construction Services is the construction manager for the project.

January 30, 2018

Loans Northeast Pennsylvania Retail

Cole Schotz PC Advises Procida Funding for $56M Loan to Restore Philadelphia Met Opera House

by Amy Works January 30, 2018

PHILADELPHIA — Cole Schotz PC has advised Procida Funding on a $56 million loan for the restoration of the Philadelphia Metropolitan Opera House, which originally opened in 1908 at 858 N. Broad St. in Philadelphia. Procida Funding provided the financing in conjunction with Fulton Bank, PIDC and an equity investment from New Orleans-based Enhanced Capital. The financing will help reopen the 39,200-square-foot theater as a Philadelphia concert venue for Live Nation. Developer Eric Blumenfield anticipates an opening as early as December. The restoration will include renovating the entire building, including the roof, ceilings, floorings, lighting, proscenium and exterior masonry. Leo Leyva, Rab Nalavala, Alan Rubin and Danielle Pasquariello of Cole Schotz advised on the financing.

January 30, 2018

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