Northeast

Care Investment Trust, Inspirit Buy Two Seniors Housing Communities in Pennsylvania for $13M

by Amy Works June 20, 2017

MACUNGIE AND PALMERTON, PA. — A joint venture between Care Investment Trust LLC and Inspirit Senior Living has acquired The Villages at Palmerton in Palmerton and The Willow in Macungie for $13 million. Both towns are located in the Lehigh Valley, north of Philadelphia and west of New York City. The sellers are LifeCare Holdings LLC and The Weston Group Inc. The new owners will rebrand the properties as “The Willow, an Inspirit Senior Living Community” and “The Palmerton, an Inspirit Senior Living Community.” Both communities were built between 2002 and 2003 and were approximately 90 percent occupied at closing. The properties offer a combined 111 units of assisted living and memory care. Care and Inspirit plan to spend approximately $850,000 to refurbish the communities. Affiliates of Inspirit will operate and manage the communities. Care Investment Trust is a seniors housing real estate investor and wholly owned subsidiary of Tiptree Inc. (NASDAQ: TIPT). Inspirit is a seniors housing owner-operator that, following this acquisition, now operates four communities in Tennessee, Virginia and Pennsylvania. The company was founded in 2015.

June 20, 2017

Multifamily New York Northeast

Fairstead Affordable Acquires 403 Multifamily Units in Brooklyn

by Amy Works June 20, 2017

NEW YORK CITY — Fairstead Affordable, an affiliate of Fairstead Capital, has purchased four separate Section 8 properties in the Sunset Park neighborhood of Brooklyn through a public-private partnership with New York Housing Partnership. The portfolio comprises 42 buildings with a total of 403 units. As part of the transaction, Fairstead entered into new regulatory agreements with New York City Department of Housing Preservation and Development to ensure all 403 units will remain affordable for the next 30 years. Fairstead plans to implement a capital improvement program to modernize and enhance all of the properties, including common area improvements, in-unit repairs, energy system upgrades and other capital renovations. The price and name of the seller were not released.

June 20, 2017

Loans Multifamily Northeast Pennsylvania

NorthMarq Capital Arranges $2.5M in Financing for Apartments in Morristown, Pennsylvania

by Amy Works June 20, 2017

MORRISTOWN, PA. — NorthMarq Capital has arranged $2.5 million in supplemental financing for Castle Club Apartments in Morristown. The property features 158 multifamily units. Robert Ranieri of NorthMarq secured the six-year loan, which features a 30-year amortization schedule, through Freddie Mac for the undisclosed borrower.

June 20, 2017

Civic Massachusetts Northeast Retail

Skanska USA to Build $113M Recreation Center at Boston College

by Amy Works June 19, 2017

BOSTON — Boston College has awarded Skanska USA a $113 million contract to provide construction services for a 244,000-square-foot recreation center at the university. Designed by Cannon Design, the four-story facility will feature a fitness center, jogging track, natatorium with lap and instructional pools, four wood-floor basketball courts, three tennis courts, two multi-activity courts and multi-purpose rooms for spin, yoga and fitness classes. Slated for completion in summer 2019, the new facility will replace the Flynn Recreation Complex.

June 19, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Healthcare Transactions Group Arranges Sale of Operations of 1,906-Bed Skilled Nursing Portfolio in Pennsylvania

by Amy Works June 19, 2017

PHILADELPHIA — Healthcare Transactions Group Inc. has arranged the sale of the operations of an eight-location, 1,906-bed skilled nursing portfolio in Pennsylvania. Mid-Atlantic Health Care LLC of Maryland sold the operations to Mima Healthcare, which is based in New Jersey. Of the properties, six are in the greater Philadelphia area and two are in Central Pennsylvania. The portfolio produces annual revenue in excess of $205 million. The sales price and names of facilities were not disclosed. A national REIT will continue to retain ownership of the real estate involved in the transaction. Mark Davis of Healthcare Transactions Group initiated the transaction for the seller.

June 19, 2017

New Jersey Northeast Office

Rhodium Capital Advisors Acquires Jersey City Office Building for $20M

by Amy Works June 19, 2017

JERSEY CITY, N.J. — Rhodium Capital Advisors has purchased an office building located at 600 Pavonia Ave. in Jersey City. An undisclosed seller sold the 85,000-square-foot property for $20 million. The buyer plans to implement a $3 million new capital expenditure and tenant improvement program at the eight-story building. Rhodium Capital Advisors closed on the property via its newly launched investment platform.

June 19, 2017

Multifamily New Jersey Northeast Seniors Housing

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

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