Northeast

Gladstone Commercial Acquires 300,000 SF Industrial Building in Philadelphia

by Amy Works July 27, 2017

PHILADELPHIA — Gladstone Commercial has purchased a single-tenant industrial building in Philadelphia. PNC Realty Investors, as investment advisor to the AFL-CIO Building Investment Fund, sold the 300,000-square-foot facility for an undisclosed price. The National Archives and Records Administration has leased the building through 2032, with a termination option beginning in 2027. The property is located on a 30.3-acre site with the ability to accommodate future expansion. Michael Hines, Brian Fiumara, Brad Ruppel, Lauren Dawicki and Jeffrey Shell of CBRE represented the seller in the transaction.

July 27, 2017

Loans New York Northeast Office Retail

Houlihan-Parnes Realtors Secures $52.5M Loan for 285,000 SF Office, Retail Building in the Bronx

by Amy Works July 27, 2017

NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $52.5 million first mortgage loan for a 285,000-square-foot office and retail property located at 2501 Grand Concourse in the Bronx. The 10-year loan features interest-only payments. The former Alexander’s/Caldor’s department store was converted into a multi-tenant office and retail property in 2001. PC Richard & Son, Marshalls, Children’s Place, Capital One Bank, the City University of New York, the U.S. Social Security Administration and 1199 SEIU Health Care Training and Child Care Center are current tenants. Christie Houlihan, Bryan Houlihan and James Houlihan of Houlihan-Parnes Realtors arranged the loan for the borrowers, which include Samuel Jemal, members of the Jemal family, James Houlihan and members of Houlihan Partners.

July 27, 2017

Loans Mixed-Use Multifamily New York Northeast Office Retail

HFF Arranges $28M in Refinancing for Mixed-Use Building in Brooklyn

by Amy Works July 27, 2017

NEW YORK CITY — HFF has arranged $28 million in refinancing for a mixed-use building located at 110 Fourth Ave. in Brooklyn’s Boerum Hill neighborhood. Scott Aiese of HFF secured the 10-year, fixed-rate, interest-only loan for the undisclosed borrower. The property features 49 residential units in a mix of studio, one- and two-bedroom layouts, and 5,197 square feet of retail and medical office space on the ground level. On-site amenities include a concierge, common room and fitness center. Additionally, most units feature balconies and/or in-unit washers and dryers. Built in 2007, the property was 100 percent leased at the time of financing.

July 27, 2017

Multifamily New York Northeast

Akelius Buys Multifamily Building in Brooklyn for $7.2M

by Amy Works July 27, 2017

NEW YORK CITY — Akelius has acquired a multifamily building located at 185 Prospect Park West in Brooklyn. A private local investor sold the property for $7.2 million, or $725,000 per unit. Built in 1920, the building features 10 apartment units. Michael Stimler of Greysteel represented the buyer and seller in the transaction.

July 27, 2017

Northeast Office Pennsylvania

CBRE Arranges Sale of 1.8 MSF Office Complex in Philadelphia

by Amy Works July 26, 2017

PHILADELPHIA — CBRE Capital Markets has brokered the sale of Centre Square, a two-building, 1.8 million-square-foot office complex located at 1500 Market St. in Philadelphia. An affiliate of Nightingale Properties acquired the complex for an undisclosed price. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE represented the seller, Chicago-based Equity Commonwealth, in the transaction. Built in 1974, the complex consists of a 36-story East Tower, a 43-story West Tower, a 450-vehicle parking garage and 41,000 square feet of retail space. The University of Pennsylvania Health System, Towers Watson, PHMC, Saul Ewing, Dilworth Paxson and Radian are tenants at the complex.

July 26, 2017

Hospitality Multifamily New Jersey Northeast

Korman Communities, Rockefeller Group Open 256-Unit Flexible-Stay Residences in New Jersey

by Amy Works July 26, 2017

FLORHAM PARK, N.J. — Korman Communities and Rockefeller Group have opened AVE Florham Park, a flexible-stay residential community located at 90 Park Ave. in Florham Park. The 256-unit community is designed for extended-stay business travelers and individuals in transition. AVE Florham Park features 65,000 square feet of indoor and outdoor amenity space, including courtyards, a pool, fire pits, 24-hour business center, conference room, media theatre, spa room, a 3,600-square-foot fitness center and a 24-hour resident service team. The property is located within The Green at Florham Park, Rockefeller Group’s 268-acre master-planned development.

July 26, 2017

Multifamily Northeast Pennsylvania

High Real Estate Group Acquires 412-Unit Multifamily Portfolio in Central Pennsylvania

by Amy Works July 26, 2017

LANCASTER, ELIZABETHTOWN AND LEBANON, PA. — High Real Estate Group has purchased a four-property, value-add multifamily portfolio in Central Pennsylvania from Equus Capital Partners for an undisclosed price. The portfolio comprises the 112-unit Greenview Terrace and 85-unit Barrcrest Manor in Lancaster, the 128-unit Village Green in Elizabethtown and the 87-unit Lebanon Court in Lebanon. Mark Thomson, Carl Fiebig, Francis Coyne, Jose Cruz and Matthew Lawton of HFF represented the seller in the transaction. High Real Estate acquired the portfolio free and clear of debt.

July 26, 2017

Multifamily New York Northeast

Ariel Property Advisors Negotiates $15.8M Sale of Two Apartment Buildings in Manhattan

by Amy Works July 26, 2017

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a two-building multifamily portfolio located at 517 W. 180th St. and 570 W. 182nd St. in the Washington Heights neighborhood of Manhattan. A private investor acquired the portfolio for $15.8 million. Totaling 37,305 square feet, the portfolio features 51 residential units in one-, two-, three- and five-bedroom layouts. Thirty-nine of the units are rent stabilized and 12 are free-market apartments. Michael Tortorici, Victor Sozio, Matthew Gillis and Shimon Shkury of Ariel Property Advisors represented the seller, a private investor, and the buyer in the deal.

July 26, 2017

Multifamily Northeast Pennsylvania Student Housing

Campus First Student Living to Develop 152-Bed Student Housing Expansion in Slippery Rock, Pennsylvania

by Amy Works July 26, 2017

SLIPPERY ROCK, PA. — Campus First Student Living is developing the second phase of University Village at Slippery Rock in Slippery Rock. Located in close proximity to Slippery Rock University, the second phase will include five buildings totaling 44 units and 152 beds. The unit mix will include two-bed/two-bath, three-bed/three-bath and four-bed/four-bath layouts. All residences will feature stainless steel, high-efficiency appliances, new furniture packages and granite counter tops. Construction is slated to begin by June 2018. The first phase of the property consists of 200 units and 632 beds in two-bed/two-bath and four-bed/four-bath layouts.

July 26, 2017

Massachusetts Multifamily Northeast Top Stories

Bell Partners Buys 196-Unit Olmsted Place Apartments in Boston for $103M

by Nellie Day July 26, 2017

BOSTON — Bell Partners has purchased the 196-unit Olmsted Place apartment complex in the Boston submarket of Jamaica Plain for $103 million. The community is located at 161 S. Huntington Ave. Olmsted Place debuted in 2015. It is fully leased. The community overlooks Jamaica Pond, part of the Emerald Necklace park system designed by legendary landscape architect Frederick Law Olmsted. The seller was a joint venture between Boston Residential Group and the Carlyle Group. The JV purchased the site in 2012 for $10 million from Home for Little Wanderers, a nonprofit, then completed the development. “We are thrilled to have created a win for our partnership and for the City of Boston by creating middle-class housing in a community that has long needed it,” says Curtis Kemeny, CEO of Boston Residential Group. Olmsted Place features studios to three-bedroom units. The units range in size from 530 square feet to 1,300 square feet. The community was the first new residential project for several decades in a rapidly improving section of Jamaica Plain. Boston Residential Group is a residential developer with projects in Boston submarkets such as Back Bay, South Boston and the Charlestown Navy Yard. The Carlyle Group is a Washington, …

July 26, 2017

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