Northeast

212-Church-Road-Upper-Gwynedd-Township-PA

NKF Brokers $3.7M Sale of Commercial Building in Suburban Philadelphia

by Amy Works July 20, 2017

UPPER GWYNEDD TOWNSHIP, PA. — Newmark Knight Frank (NKF) has arranged the sale of a commercial building located at 212 Church Road in Upper Gwynedd Township, approximately 30 miles north of Philadelphia. Patriarch VIII, a part of Patriarch Management, sold the one-story building to Gorman & Co. for $3.7 million. The buyer plans to convert the 94,000-square-foot building into a high-end, climate-controlled self-storage facility. Neil Shupak and Justin Bell of NKF represented the seller in the transaction.

July 20, 2017

Connecticut Multifamily Northeast

Aria Legacy Group Buys 65-Unit Multifamily Portfolio in Hartford, Connecticut, for $3.2M

by Amy Works July 20, 2017

HARTFORD, CONN. — Aria Legacy Group has purchased Congress Street Apartments, a 65-unit multifamily portfolio located in downtown Hartford. Redbrick Partners sold the portfolio for $3.2 million, or nearly $50,000 per unit. The portfolio comprises 11 historic multifamily townhouses with parking on Congress, Morris and Alden streets. Edward Jordan and Taylor Perun of Northeast Private Client Group represented the seller and sourced the buyer in the deal.

July 20, 2017

New Jersey Northeast Office

NAI Hanson Arranges Sale of 4,500 SF Office Building in Ridgefield Park, New Jersey

by Amy Works July 20, 2017

RIDGEFIELD PARK, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 158 Bergen Turnpike in Ridgefield Park. Wooti Realty LLC sold the 4,500-square-foot building to 158 Bergen Owners LLC for an undisclosed price. The buyer plans to relocate its fire and security systems sales business from Brooklyn to the new site. Anthony Cassano of NAI Hanson represented the seller, while Marcus & Millichap represented the buyer in the transaction.

July 20, 2017

New Jersey Northeast Office

Simone Development Enters Northern New Jersey Market with Office Building Acquisition

by Amy Works July 19, 2017

HACKENSACK, N.J. — Simone Development Cos. has entered the Northern New Jersey market with the acquisition of Prospect Plaza, a medical office building located at 385 Prospect Ave. in Hackensack. The company purchased the property in a bank auction for an undisclosed price. Simone plans to renovate the three-story, 62,000-square-foot property, which was built in 1983, to upgrade the lobbies and common areas, as well as complete façade work and energy management systems updates. The property is 52 percent occupied by medical tenants, including New Jersey Imaging Network. Joseph Simone and Joseph Deglomini of Simone arranged the acquisition.

July 19, 2017

Multifamily New York Northeast

Cignature Realty Arranges $15.5M Sale of Three-Building Multifamily Portfolio in Manhattan

by Amy Works July 19, 2017

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a three-building multifamily portfolio located in the Hell’s Kitchen section of Manhattan. A private interest fund acquired the portfolio from Yaron LLC for $15.5 million. Totaling 34 apartment units, the portfolio includes 439, 441 and 443 W. 48th St. The adjacent buildings, which total 24,515 square feet, were constructed in 1901. Lazer Sternhell, Peter Vanderpool and Michael Rahimzada of Cignature Realty represented the seller and buyer in the deal.

July 19, 2017

Massachusetts Northeast Office

CBRE/NE Negotiates Sale of 470,258 SF Office Asset in Cambridge, Massachusetts

by Amy Works July 19, 2017

CAMBRIDGE, MASS. — CBRE/New England has brokered the sale of two office buildings located at 125 and 150 Cambridgepark Drive in Cambridge. CBRE Global Investors sold the asset to a joint venture between Longfellow Real Estate Partners and an undisclosed investor for an undisclosed price. The institutional-quality buildings total 470,258 square feet of multi-tenant office space and include a recently constructed 456-space parking garage. Dave Pergola, Brian Doherty, Chuck Kavoogian and Adam Brinch of CBRE represented the seller and procured the buyer in the transaction.

July 19, 2017

Connecticut Loans Multifamily Northeast

Colliers Arranges $13.7M in Refinancing for 152-Unit Apartment Community in Vernon, Connecticut

by Amy Works July 19, 2017

VERNON, CONN. — Colliers International has arranged the $13.7 million in refinancing for Vernon Gardens, a 152-unit apartment community located at 695 Talcottville Road in Vernon. John Banas and Kris Wood of Colliers secured the five-year, fixed-rate loan, which features a five-year reset, for the undisclosed borrower. Built in 1965, the 10-building property features 102 one-bedroom units, 25 two-bedroom apartments, 24 two-bedroom townhouse units and one landlord-occupied office space. At the time of financing, the property was 97 percent occupied.

July 19, 2017

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Secures $6M in Financing for Five-Building Industrial Portfolio in New Jersey

by Amy Works July 19, 2017

ORANGE, N.J. — G.S. Wilcox & Co. has arranged $6 million in financing for a five-building industrial portfolio located in Orange. The properties total more than 115,000 square feet of industrial space, with the majority offering 22-foot ceiling heights. Gretchen S. Wilcox and Al Raymond of G.S. Wilcox secured the financing for the borrower, a private equity firm.

July 19, 2017

Multifamily New York Northeast

Brooklyn Standard Properties, Cohen Commercial Buy Multifamily Portfolio in the Bronx for $26.5M

by Amy Works July 18, 2017

NEW YORK CITY —  Brooklyn Standard Properties and Cohen Commercial Properties have partnered to acquire a 10-building multifamily portfolio in the Bronx for $26.5 million. LAL Property Management Corp. sold the buildings, which total 104 residential units. The properties are located at 2460-2468 and 2490 Belmont Ave.; 2463 and 2481 Hughes Ave.; and 2454 and 2464 Hoffman St. in the Fordham/Belmont neighborhood of the Bronx. Marco Lala of Marcus & Millichap represented the seller in the deal.

July 18, 2017

New York Northeast Retail

American Investment Properties Brokers $2.1M Sale of Retail Strip Center in New York

by Amy Works July 18, 2017

SMITHTOWN, N.Y. — American Investment Properties has arranged the sale of Smithwest Plaza, a retail strip center located at 1041 W. Jericho Turnpike in Smithtown. Smith West Plaza LLC sold the property to Summit Blossom LLC for $2.1 million, or $205 per square foot. The 7,200-square-foot property was constructed in 1987. Ron Koenigsberg of American Investment Properties represented the seller and buyer in the 1031-exchange transaction.

July 18, 2017

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