Northeast

HFF Arranges Sale of 360-Unit Apartment Community in Hackensack

by David Cohen April 5, 2018

HACKENSACK, N.J. — HFF has arranged the sale of Prospect Place, a 360-unit, two-building apartment community in Hackensack, for $100 million. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the undisclosed seller in the transaction. The buyer, Kushner Co. purchased the property free and clear of existing debt. Located at 300 and 310 Prospect Avenue, Prospect Place consists of an 18-story high-rise building with 157 units and a four-story mid-rise building with 203 units. Amenities include an outdoor pool, grilling stations, fitness centers, billiards room and 653 covered parking spaces. The community is currently 96 percent occupied.

April 5, 2018

Development Massachusetts Multifamily Northeast

Trammell Crow Breaks Ground on 240-Unit Apartment Community in Suburban Boston

by David Cohen April 5, 2018

WRENTHAM, MASS. — Trammell Crow Residential has broken ground on a 240-unit apartment development in Wrentham, approximately 30 miles south of Boston. The complex, which will be called Alexan Wrentham, will anchor a 50-acre mixed-use development with restaurants, a hotel and an assisted living facility. The property is adjacent to the Wrentham State Forest, which offers miles of hiking and biking trails.Slated to be completed in the fall of 2019, the community will feature one-, two-, and three-bedroom units with stainless steel appliances, tile back splashes and hardwood flooring. Amenities will include a 7,000-square-foot clubhouse, fitness center, pet park and outdoor pool. Trammell Crow is serving as developer and general contractor for the project.

April 5, 2018

Development Mixed-Use Northeast Pennsylvania Retail

Kimco’s Lincoln Square to Feature Philadelphia’s First Sprouts Farmers Market

by David Cohen April 5, 2018

PHILADELPHIA — Kimco Realty’s Lincoln Square mixed-use project currently under development will be the site of Philadelphia’s first Sprouts Farmers Market. The 32,000-square-foot store is part of the adaptive reuse of Lincoln Square’s historic train station and will incorporate the Gothic Revival elements of the property. Work on the redevelopment project at the corner of South Broad Street and Washington Avenue, began in late 2016. Sprouts is one of the fastest growing grocers in the United States and has opened 30 stores in 2018. Other retail tenants that have signed on to the development include Target, PetSmart, Starbucks and Sprint. The project will also include 322 residential units. Residential move-ins are planned to begin this summer, with Sprouts set to open in the third quarter of 2018.

April 5, 2018

Acquisitions Connecticut Northeast Retail

New England Retail Properties Facilitates Sale of Tractor Supply in Suburban Hartford for $3.6M

by David Cohen April 5, 2018

FARMINGTON, CONN. — New England Retail Properties has brokered the sale of the Tractor Supply store located at 361 Scott Swamp Road in Farmington for $3.6 million. New England Retail Properties arranged the transaction between the seller, AEI Property Corp., and the buyer, 361 Scott Swamp Road LLC. The property, a former Frank’s Nursery & Crafts, was acquired in 2010 and opened in 2011 as a Tractor Supply store after a retrofit of the building and grounds. The property, which is nine miles west of Hartford, serves the Farmington, Burlington, Plainville and surrounding markets. Founded in 1939, Tractor Supply has more than 1,700 stores in 49 states.

April 5, 2018

Loans New Jersey Northeast

Progress Capital Arranges $5.2M in Financing for Apartment Community in Newark

by David Cohen April 5, 2018

NEWARK, N.J. — Progress Capital has arranged $5.2 million in permanent financing on behalf of West of Hudson Properties for the acquisition of a two-building apartment community in Newark. The lender was Sabal Financial. The terms of the loan include a $5.2 million non-recorse permanent mortgage with five years of interest-only payments at a fixed rate of 3.86 percent. The loan represents a 65 percent loan-to-purchase price accompanied by a 20-year term and 30-year amortization. After the five-year interest-only period expires, the rate will reset. Located at 10-36 Osbornse Terrace and 9 Hedden Terrace, the 70-unit community was fully renovated in 2007. Brad Domenico of Progress Capital arranged the loan on behalf of West of Hudson Properties.

April 5, 2018

Acquisitions Hospitality Massachusetts Northeast Top Stories

Iconiq Capital Acquires $196M Stake in 90-Year Old Taj Boston Hotel

by Camren Skelton April 5, 2018

BOSTON — San Francisco-based Iconiq Capital has invested in the 90-year old Taj Boston hotel, located at 15 Arlington St. in Boston. Financial terms were not disclosed, but the Boston Business Journal reports the private equity firm — which manages money for Facebook founder Mark Zuckerburg — acquired a $196 million stake in the property. A group of investors including New England Development, Eastern Real Estate, Rockpoint Group, Lubert-Adler and Highgate originally acquired the 273-room hotel in 2016 for $125 million, and will retain an interest in the asset. The new partnership plans to execute a major capital improvement program that will include a comprehensive renovation of guestrooms, public areas and food and beverage outlets. According to a release, hotel owners have spent the past two years working with a team of architectural and interior design firms, consultants and engineers to develop a new vision for the property. A construction timeline for the project was not disclosed. Situated at the corner of Newbury and Arlington streets in Boston’s high-end Back Bay neighborhood, the hotel overlooks the Boston Public Garden and is adjacent to the city’s retail district. Amenities include nightly turndown, a 24-hour fitness center, business center, and onsite dining and bar …

April 5, 2018

Acquisitions Healthcare Maine Northeast

Remic Properties Acquires 34,000 SF Maine Eye Center in Portland for $8.2M

by David Cohen April 4, 2018

PORTLAND, MAINE — Remic Properties has acquired the 34,000-square-foot Maine Eye Center at 15 Lowell St. in Portland for $8.2 million. Both Remic Properties and the seller, Maine Eye SPE LLC, were represented by Stan Johnson Company in the transaction. Maine Eye, an ophthalmology practice, is the sole tenant in the building. The acquisition was part of a 1031 exchange that Remic completed following the sale of a property in Peabody, Mass. Tom St. Jean and Mary Lambert of Brookline Bank served as the qualified intermediary in the transaction.

April 4, 2018

Acquisitions Northeast Pennsylvania Retail

HFF Arranges Sale of CVS Pharmacy in Allentown for $3M

by David Cohen April 4, 2018

ALLENTOWN, PA. — HFF has arranged the $3 million sale of a 10,000-square-foot, single-tenant retail building leased to CVS Pharmacy in Allentown. HFF represented the undisclosed seller in the transaction. The buyer was Grove City Property. Located at 1802 Lehigh St., the CVS Pharmacy sees traffic counts of more than 15,000 vehicles per day and is less than a mile from I-78. The building was built in 1996 and is leased to CVS Pharmacy through December 2037.

April 4, 2018

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Blueprint Negotiates $18.8M Sale of 180-Bed Skilled Nursing Facility in Pennsylvania

by David Cohen April 4, 2018

LEHIGH VALLEY, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 180-bed skilled nursing facility located in the Lehigh Valley region of eastern Pennsylvania. A regional owner-operator acquired the property for $18.8 million, or approximately $104,000 per bed. The seller was looking to restructure its regional portfolio. Michael Segal and Ben Firestone of Blueprint negotiated the transaction.

April 4, 2018

Acquisitions Multifamily New York Northeast

TerraCRG Brokers $2.7M Sale of Apartment Building in Brooklyn

by David Cohen April 4, 2018

NEW YORK CITY — TerraCRG has arranged the sale of a vacant, six-unit apartment building in the Bushwick neighborhood of Brooklyn. Located one block from the Jefferson Street L subway station at 1271 Willoughby Ave., the 5,000-square-foot property is situated in a popular retail corridor. Matt Cosentino, Fred Bijou and Eric Satanovsky of TerraCRG brokered the deal. TerraCRG represented the seller, Bushwack LLC, which purchased the property in 2014. The brokerage firm also represented the buyer, Cycamore Capital, an investment firm based in Brooklyn.

April 4, 2018

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