TAMFORD, CONN. — LCB Senior Living has broken ground on The Residence at Summer Street, a 104-unit independent living, assisted living and memory care community in Stamford, approximately 25 miles northeast of New York City. LCB will both own and operate the community, which is scheduled to open in summer 2018. Headquartered in Massachusetts, LCB Senior Living owns and/or operates communities throughout New England and the Mid-Atlantic states.
NEW YORK CITY — Cignature Realty Associates has facilitated the sale of a six-story multifamily building located at 221 Wadsworth Ave. in the Washington Heights section of Manhattan. An undisclosed buyer acquired the building for $13.2 million. Built in 1928, the 41,736-square-foot building features 54 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented the undisclosed seller and buyer in the transaction.
SACO, MAINE — Cardente Real Estate has arranged the sale of an office building located at 42 Industrial Park Road in Saco. Ohio Mutual Insurance Co. sold the property to 42 IPR LLC for $2.1 million. The building features 13,874 square feet of Class A office space. Greg Perry of Cardente Real Estate represented the seller, while Andrew Ingalls of Malone Commercial Brokers represented the buyer in the deal.
ALLENTOWN, PA. — Markward Group has brokered the sale of an industrial building located at 1400 N. Irving St. in Allentown. Evergreen Cos., a full-service landscaping and horticultural service company, acquired the property for $1.2 million. The buyer plans to use the 11,114-square-foot property as a storage and dispatch facility. Amy Hawley of Markward Group represented the undisclosed seller and buyer in the transaction.
PORT CHESTER, N.Y. — Marcus & Millichap has arranged the sale of an industrial property located at 330 N. Main St. in Port Chester. A limited liability company sold the property to an undisclosed buyer for $1.8 million. The 10,800-square-foot property features 2,000 square feet of retail store front space along North Main Street. John Sala of Marcus & Millichap represented the seller in the deal.
NEW YORK CITY — Mizuho Americas has signed a lease with the Rockefeller Group to occupy 270,000 square feet of office space at 1271 Avenue of the Americas in Manhattan. The long-term lease, which follows the June announcement of Mizuho’s lease of 141,000 square feet in the building, brings the company’s total commitment for 1271 Avenue of Americas to 411,000 square feet. The new lease nearly triples the size of the company’s future U.S. headquarters in the building. Mizuho, a subsidiary of Mizuho Financial Group, will begin to take possession of its space in 2019. The company plans to relocate employees from multiple locations to the 2.1 million-square-foot tower. Mitchell Steir, Matthew Barlow, Steve Berliner and David Goldstein of Savills Studley represented Mizuho, while Mary Ann Tighe, Howard Fiddle, John Maher, Sarah Pontius, Evan Haskell and Dave Caperna of CBRE, in coordination with Ed Guiltinan, Jennifer Stein, Yoshinori Nakamura, Yoko Yamada and Eden Jeon of Rockefeller Group’s in-house leasing team, represented Rockefeller Group in the lease transaction.
The commercial real estate market in the Greater Boston area continued its torrid pace in the first half of 2017. All sections of the commercial real estate market inside Route 128 are white hot, especially after the announcement that General Electric will move its corporate headquarters to the Seaport District. Recent data indicates that Boston has one of the hottest economies in the United States and ranks as one of the top economies in the world. The 2017 Investment Intensity Index ranks Boston as the fourth market in the U.S. and 14th in the world for commercial real estate investment. In the industrial sector, which includes warehouse/distribution and flex/R&D product, vacancies are at the lowest point seen in decades. At the end of the first quarter the vacancy rate decreased to 5.7 percent. Net absorption totaled 2.24 million square feet for the quarter. The fact that the urban industrial market is continually shrinking as aging industrial properties are redeveloped into “higher and better uses” has caused a tremendous displacement of companies from inside Route 128 to areas outside the coveted Route 95 corridor. A dearth of available institutional-quality industrial product exists in today’s market with just over 13 percent of …
NEW YORK AND NEW JERSEY — HFF has arranged 16 financings totaling $663 million secured by 15 retail properties and one industrial property totaling 4.6 million square feet in New York and New Jersey. Scott Aiese, Jon Mikula and Mike Tepedino of HFF secured the 16 separate loans with two CMBS lenders, three life company lenders and one bank for the borrower, Urban Edge Properties. The loans include 14 fixed- and two floating-rate facilities with terms ranging from seven to 13 years. Loan proceeds will be used to pay off existing CMBS debt and create additional proceeds, while staggering and lengthening the duration of the borrower’s maturity schedule. The portfolio comprises 98.1-percent-leased retail centers anchored by grocery stores, including ShopRite, Stop & Shop and Aldi; The Home Depot; Lowe’s Home Improvement Warehouse; Costco; BJ’s Wholesale Club and Walmart; and one multi-tenant warehouse property in East Hanover, N.J. The 16 properties are in dense submarkets with affluent demographics, including 15 located in New Jersey and one in New York.
CHARLESTOWN, MASS. — Callahan Construction Managers has completed the construction of Cambridge College’s campus relocation project. Located in Hood Business Park in Charlestown, the project comprises a 108,000-square-foot tenant fit-out with modern classrooms, laboratories, meeting rooms, offices, administrative areas, studies and lounges. Designed by Wilson Architects, the facility features state-of-the-art audio/visual communications and teaching technologies, as well as ancillary support spaces for the college.
HAVERHILL, MASS. — CBRE/New England has brokered the sale of The Bixby, an apartment property located in Haverhill. A partnership between an affiliate of Boston Andes Capital and William Braucher sold the property to Blackfin Real Estate Investors in a joint venture with True North Management Group for $22.5 million. The 12-story apartment building features 128 units in a mix of studio, one- and two-bedroom layouts. Community amenities include a resident lounge with entertainment kitchen, smart televisions, a pool and shuffle board tables, an outdoor riverfront deck, a game room, a fitness center and a landscaped courtyard. Between 2016 and 2017, Boston Andes Capital implemented $4 million in capital improvements at the property. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the deal.