MELVILLE, N.Y. — A&G Realty Partners has launched a division focused on maximizing the value of real estate assets and leases in non-retail sectors. The formal launch of the non-retail properties division follows several years in which A&G worked to broaden its reach to sectors including office, industrial, higher education and multifamily.
GARDNER, MASS. — MassHousing has provided $9.3 million in financing to an affiliate of the non-profit Retirement Housing Foundation (RHF) for the preservation and renovation of 134 affordable housing units at Binnall House in Gardner. Binnall House is home to senior citizens and residents with disabilities who will see the affordability of their units extended for at least 15 years. The Binnall House refinancing is one of the first nationally in which a Housing Finance Agency (HFA) has completed a transaction through the Federal Housing Administration’s Housing Tax Credit Pilot Program. The program allows borrowers to utilize federal low-income housing tax credits and an affordable fast-track mortgage product insured by the Federal Housing Administration (FHA). MassHousing refinanced Binnall House through the Agency’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. The Schochet Cos. provided development consulting and its affiliate, Federal Management Co., is the property manager for Binnall House.
NEW YORK CITY — A partnership between Ivanhoé Cambridge and Callahan Capital Properties has acquired 85 Broad Street, a 1.1 million-square-foot office tower located in Manhattan’s Financial District, for $650 million. The 30-story tower recently underwent a capital improvement program, which included the renovation of existing amenities and the addition of new building services. The property amenities include a 14,000-square-foot wellness center with a yoga room, Le Pain Quotidien restaurant, a 125-seat tenant cafeteria, conference center and bike room. “We are proud to acquire such a high-quality, marquee property,” says Arthur Lloyd, president of Ivanhoé Cambridge. “85 Broad Street features state-of-the-art building services and amenities and appeals to both traditional and TAMI users. This acquisition expands our footprint, and brings our New York office portfolio to more than 6.7 million square feet.” Office tenants at the tower include Oppenheimer & Co., WeWork, PureFunds, MSQ Ventures and Nielsen. Goldman Sachs originally built the tower to serve as its headquarters in the 1980s, according to reports by Bloomberg. The company moved to 200 West St. in 2010. Montreal-based Ivanhoé Cambridge invests in properties and real estate companies in select cities around the world. Through subsidiaries and partnerships, the company holds interests in …
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $72.9 million sale of a multifamily portfolio in New York City. The portfolio includes 17 buildings containing 194 residential units and five commercial spaces in central and northern Brooklyn. IPA’s Peter Von Der Ahe, Joe Koicim, Shaun Riney, Daniel Greenblatt and Thomas Shihadeh represented the seller, a private investor, and procured the buyer, a real estate fund. Located in Brooklyn’s Prospect Heights, Crown Heights, Williamsburg and Bedford-Stuyvesant neighborhoods, the portfolio includes 167,668 square feet. The properties are located at 874 Bergen St., 942 Bergen St., 267 Clifton Place, 1400 Dean St., 135 Devoe St., 147 Grand St., 95 Kingston Ave., 403 Macon St., 244 New York Ave., 585 Park Place, 306 Prospect Place, 299 Putnam Ave., 303 Putnam Ave., 927 Putnam Ave., 931 Putnam Ave., 701 Saint Marks Ave. and 276 Throop Ave.
NEW YORK CITY — Zeev Douek of Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has secured $29.3 million in financing for two apartment buildings in the Queens borough of New York City. The buildings include a total of 240 units with a unit mix of studios and one- and two-bedroom units. Both loans were placed with a New York-based bank. The five-year, fixed-rate loans provided for a cash-out refinancing of $6 million.
WHITE PLAINS, NEW YORK — CBRE has arranged a 101,000-square-foot office lease for Sumitomo Mitsui Banking Corp. at 1 N. Lexington Ave. in White Plains. Sumitomo is a Japanese banking and financial services company headquartered in Tokyo. The company signed a 13-year lease at the office complex. CBRE’s William Cuddy Jr. and Jacqueline Novotny represented the landlord, Gateway One Group, in the transaction. Williams Peters, Derek Trulson, Robert Ageloff and Paul Tortora of Jones Lang LaSalle acted on behalf of Sumitomo.
VALHALLA, N.Y. — Reckson, a division of SL Green Realty Corp., has landed a pair of new offices leases at The Summit in Valhalla, a suburb of New York City. The first is an 11-year, 65,000-square-foot lease with Ascensia Diabetes Care US, a diabetes health management company, and the second is a 16,442-square-foot lease with Exelon Generation Co. an energy company. The Summit is a three-building, 700,000-square-foot office complex, which is now 93 percent occupied. Ascensia will occupy space on the top two floors of 100 Summit when it moves into the building in the fourth quarter of 2017. Exelon is expected to move in this summer and has committed to space on the first floor of 500 Summit. Steve Rotter and Conor Gill of Jones Lang LaSalle acted on behalf of Ascensia. Exelon did not have tenant representation. Reckson was represented in-house on both transactions. CBRE’s Brian Carcaterra and Jacqueline Novotny represented SL Green.
FRANKLIN, MASS. — Novaya Real Estate Ventures has signed a lease with defense contractor Qinetiq North America for 100 percent of the space at 130 Constitution Blvd. in Franklin. Novaya acquired the 59,970-square-foot industrial building in 2013 and launched a capital improvement program. Transwestern’s John Lashar represented Novaya and Bill Bailey of JLL represented Qinetiq North America in the transaction.
NEW YORK CITY — Urban Edge Properties (NYSE: UE) has purchased a seven-property retail portfolio primarily within the New York City metro area and Missouri for $325 million. The portfolio contains a total of 1.5 million square feet. The acquisition includes Yonkers Gateway Center in Yonkers, N.Y.; Manchester Plaza in Manchester, Mo.; and The Plaza at Woodbridge in Woodbridge, The Plaza at Cherry Hill in Cherry Hill and 21 E. Broad Street/One Lincoln Plaza in Westfield, all in New Jersey. The portfolio is currently 83 percent leased. The tenant rosters contain a mix of big-box stores such as Burlington, Best Buy, DSW and Toys “R” Us; grocers like Aldi and Trader Joe’s; furniture outposts like Raymour & Flanigan and Bob’s Furniture; and restaurants like Five Guys, Cake Boss and Alamo Drafthouse Cinema, among others. Occupancy rates range from 74 percent for The Plaza at Cheery Hill to 100 percent for the Westfield asset. New Jersey-based Acklinis Realty Holding LLC owned the portfolio for more than 30 years. The contributors exchanged their property interests for about $122 million of Urban Edge operating partnership units, which were valued at $27.02 per unit. Urban Edge assumed about $33 million of existing mortgage debt, …
PHILADELPHIA — Penn Medicine and IMC Construction have broken ground on the new Center for Healthcare Technology in Philadelphia. Located on Civic Center Boulevard, the first phase of the project will be a 250,000-square-foot, eight-story office building. The facility will be used for information technology and human resources. A second phase of the project will add an additional 10 stories totaling 290,000 square feet, bringing the tower to a total height of 18 stories and 540,000 square feet.