Northeast

IPA Brokers $18.3M Sale of 131-Unit Assisted Living Community in New Jersey

by Amy Works June 19, 2017

OCEAN GROVE, N.J. — Institutional Property Advisors (IPA) has arranged the sale of Francis Asbury Manor, a 131-unit assisted living facility in Ocean Grove, a coastal community adjacent to Asbury Park. Sage Healthcare Partners acquired the community from United Methodist Communities for $18.3 million, or $139,000 per unit. Built in 1949 on a 1.9-acre lot, Francis Asbury Manor comprises 103 assisted living units and 28 memory care units. The facility is within walking distance to downtown Ocean Grove and the boardwalk. Mark Myers, Joshua Jandris and Charles Hilding of IPA represented the seller in the deal.

June 19, 2017

New Jersey Northeast Office

Cushman & Wakefield Arranges $19.9M Sale of Office Building in Hampton, New Jersey

by Amy Works June 19, 2017

HAMPTON, N.J. — Cushman & Wakefield has brokered the sale of Perryville III, an office building located at 53 Frontage Road in the Perryville Corporate Park in Hampton. Shelbourne Global Solutions acquired the property for $19.9 million in a private sale. The buyers are rebranding the property as Shelbourne at Hunterdon. Built in 1996, the 288,280-square-foot property features a two-story atrium lobby, a 12,000-square-foot cafeteria with outdoor seating and a game room, a conference center, two fitness rooms, outdoor tennis courts and basketball courts and a jogging trail. Andrew Merin, Gary Gabriel, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield handled the transaction. The name of the seller was not released.

June 19, 2017

Arkansas New York Northeast Retail Southeast Top Stories

Walmart Agrees to Acquire Apparel Retailer Bonobos for $310M

by Taylor Williams June 19, 2017

BENTONVILLE, ARK., AND NEW YORK CITY — Walmart (NYSE: WMT) has agreed to acquire online apparel retailer Bonobos Inc. for approximately $310 million in cash. Walmart, the giant discount department store chain, expects to complete the transaction by September. The announcement comes on the heels of Walmart’s acquisition of online women’s apparel retailer ModCloth in March. Founded in 2007 by Andy Dunn and Brian Spaly, New York-based Bonobos designs and sells its own brands of clothing for men. These brands will be featured and sold on various Walmart-owned digital platforms, including Jet.com, which Bentonville-based Walmart acquired in August 2016 for approximately $3 billion. Bonobos also operates 35 physical retail locations, known as Guideshops, across the United States. Walmart currently has no plans to feature lines of Bonobos clothing in its brick-and-mortar locations, according to The New York Times. Under the terms of the agreement, Dunn, the current CEO of Bonobos, will oversee the company’s collection of clothing brands that are designed in-house and distributed online. Marc Lore, CEO of Walmart U.S. e-commerce and founder of Jet.com, says the acquisition reflects the company’s long-term e-commerce strategy. “We’re seeing momentum in the [e-commerce] business as we expand our value proposition with customers,” he …

June 19, 2017

Industrial New Jersey Northeast

The Hampshire Cos. Sells Industrial Portfolio in Northern New Jersey for $146.8M

by Amy Works June 16, 2017

CARTERET, LODI, SADDLE BROOK, SOUTH HACKENSACK AND WEST CALDWELL, N.J. — The Hampshire Cos. has completed the sale of a six-building industrial portfolio totaling 1.2 million square feet in Northern New Jersey. An undisclosed buyer acquired the portfolio for $146.8 million. The portfolio comprises 200 Middlesex Avenue in Carteret (408,437 square feet); 39 Robinson Road in Lodi (73,373 square feet); 301 Mayhill Street in Saddle Brook (200,000 square feet); 30 Wesley & Worth in South Hackensack (245,824 square feet); and 5 Henderson Drive (210,530 square feet) and 2 Dedrick Place (80,000 square feet) in West Caldwell. At the time of sale, the stabilized portfolio was 96 percent leased to a variety of tenants, including Continental Terminals, R.R. Donnelley, FreshPro Food Distributors and Sealed Air. Joe Thornton Jr., Jon Mikula, Jose Cruz, David Giancola and Robert Borny of HFF represented the seller in the transaction.

June 16, 2017

New Jersey Northeast Office

Mountain Development Acquires 170,000 SF Office Property in New Providence, New Jersey

by Amy Works June 16, 2017

NEW PROVIDENCE, N.J. — Mountain Development Corp. has acquired an office building located at 41 Spring St. in New Providence for an undisclosed price. The building features 170,000 square feet of Class A office space. Geoffrey Schubert and Nick Savage of CBRE represented the buyer and undisclosed seller in the transaction. Jordan Roeschlaub of Newmark Grubb Knight Frank assisted the buyer in securing financing for the acquisition.

June 16, 2017

Loans Multifamily New Jersey Northeast

HAP Investments Raises $6.8M to Fund 800-Unit Multifamily Development in Jersey City

by Amy Works June 16, 2017

JERSEY CITY, N.J. — HAP Investments has raised $6.8 million through a private placement in Israel for 544 participation units, each valued at $12,500. The units are not tradable and are not listed for trading on any stock exchange. HAP Tower Journal Square Limited Partnership will use the capital to partially fund the development of an 800-unit multifamily tower located in the Journal Square section of Jersey City. In order to fully fund the $437 million project, another funding round will take place. The private placement was approved by the Israeli Securities Authority, an entity similar to the U.S. Securities and Exchange Commission.

June 16, 2017

Loans Massachusetts Multifamily Northeast Seniors Housing

Monticello Provides $69.3M Acquisition Loan for 616-Bed Skilled Nursing Portfolio in Massachusetts

by Amy Works June 16, 2017

NEW YORK CITY — New York-based Monticello Asset Management, through one of its investment vehicles, has provided $69.3 million in acquisition financing for a four-property skilled nursing portfolio in Massachusetts. The borrower was 50 Christy Place LLC. The specific facilities acquired were not disclosed. The portfolio totals 616 beds, including 100 for assisted living, with an average year built is 1994. The properties have an average total land area of 3.8 acres and an average size of 70,000 square feet. The new owners plan to improve operating efficiencies and leverage a large network of corporate services and operating experience. The financing was structured as a bridge-to-HUD transaction.

June 16, 2017

Loans New York Northeast

Madison Realty Capital Funds $23.3M Acquisition Loan for Mixed-Use Development Site in SoHo

by Amy Works June 16, 2017

NEW YORK CITY — Madison Realty Capital has provided a $23.3 million first mortgage acquisition loan collateralized by a mixed-use development site located at 182-188 Spring St. in SoHo. The undisclosed borrower acquired 182-186 Spring Street through a bankruptcy auction and simultaneously closed on the adjacent townhouse located at 188 Spring St., including its air rights. The total consideration for the acquisitions is $31.6 million. The new owner plans to build a 37,278-square-foot mixed-use development on the site with high-end residential units above ground-floor retail space.

June 16, 2017

Loans New York Northeast Office

Paramount Group Completes $300M Refinancing for 543,000 SF Office Building in NYC

by Amy Works June 15, 2017

NEW YORK CITY — Paramount Group has completed a $300 million refinancing for 712 Fifth Avenue, an office building located in the Plaza District of New York City. The new 10-year, interest-only loan matures in July 2027 and has a fixed rate of 3.39 percent. The net proceeds of the loan were used to repay the existing $246.5 million loan that bears interest at 4.41 percent and was scheduled to mature in March 2018. The building features 543,000 square feet of Class A office space. Eastdil Secured arranged the financing for the borrower.

June 15, 2017

Multifamily New York Northeast

Rosewood Realty Arranges $23.4M Sale of Multifamily Property in Queens

by Amy Works June 15, 2017

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a multifamily property located at 89-10 Whitney Ave. in the Elmhurst section of Queens. Antonio Feggoudakis acquired the property from Heller Realty for $23.4 million, or $243,000 per unit. The six-story, 89,300-square-foot building features 96 rent-stabilized apartment units. Aaron Jungreis of Rosewood Realty represented the seller, while Michael Guttman, also of Rosewood, represented the buyer in the transaction.

June 15, 2017

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