Northeast

NAI Mertz Arranges Trio of Industrial Leases in Metro Philadelphia

by Haisten Willis May 24, 2017

BRISTOL, HATBORO & PHILADELPHIA, PA. — Joe Sternberg of NAI Mertz has arranged three industrial leases totaling over 19,000 square feet in metro Philadelphia. The lease agreements include: A 5,000-square-foot warehouse lease at 200 Rittenhouse Circle in Bristol on behalf of Stiles Machinery. Stiles Machinery manufactures equipment, serving the woodworking, plastics and composites industries and markets. Whitesell Co. owns the facility. A 9,460-square-foot warehouse and office lease at 3235 Sunset Lane in Hatboro. Mike Borski Jr. of the Flynn Co. represented the tenant, Express 4X4 Truck Rental. NAI Mertz represented the building owner. A 5,000-square-foot warehouse and office lease on behalf of Capitol Adjustment Co.at 12285 McNulty Road in Philadelphia.

May 24, 2017

Connecticut Northeast Retail

Northeast Private Client Group Negotiates $2.2M Sale of Retail Property in Connecticut

by Haisten Willis May 24, 2017

OLD SAYBROOK, CONN. — Northeast Private Client Group has negotiated the $2.2 million sale of a 6,500-square-foot retail property known as The Starbucks Building in Old Saybrook. The property is located at 15-19 Main St. Bradley Balletto of Northeast Private Client Group’s Shelton, Conn., office represented the seller, Prospect Realty Partners, and procured the buyer, Developers Consolidated Realty, in the transaction. Tenants at the property include Starbucks and Ben & Jerry’s.

May 24, 2017

New York Northeast Retail Top Stories

LNR Partners Sells 723,326 SF Shopping Mall in Westbury, New York for $92M

by Kristin Harlow May 24, 2017

WESTBURY, N.Y. — LNR Partners LLC has sold The Mall at the Source, a 723,326-square-foot shopping center in the Long Island community of Westbury, for $92 million. The transaction included the 210,798-square-foot Fortunoff Building, a vacant anchor property formerly occupied by now-defunct department store Fortunoff. The property, which includes a four-story parking garage, is situated on 38 acres at 1504 Old Country Road. Located 28 miles from New York City, the mall is positioned within the Nassau Hub submarket. LNR sold the property as the manager for CMAT 99-C1 Old Country Road LLC, which is a subsidiary of Starwood Property Trust Inc. There was also a co-seller on the transaction, a real estate mortgage investment conduit (REMIC) trust for which C-III Asset Management LLC is the special servicer. Jose Cruz, Kevin O’Hearn, Chris Phaneuf, Michael Oliver, Stephen Simonelli and Andrew Scandalios of HFF marketed the property on behalf of the sellers. HFF also secured a loan for the Fortunoff Building. An undisclosed private foreign buyer purchased the mall and acquired the title to the Fortunoff Building. Starwood Property Trust is a commercial mortgage real estate investment trust. C-III Asset Management is a real estate investment management and commercial property services company. …

May 24, 2017

Market Reports New York Northeast Northeast Market Reports Office

Cross-Border Investments Continue to Surge in Manhattan

by Camren Skelton May 24, 2017

As the U.S. economy passes through the third largest expansion cycle in the economic history, every sector in the economy has seen phenomenal growth over the last six to seven years. The growth in other industries has had a trickle-down effect on the real estate sector. U.S. real estate has seen rents surging and even surpassing the previous expansion cycle, as well as an increase in leasing and absorption activity and a record rise in the value of sales transactions. Manhattan has always been at the epicenter of this real estate growth. With the combination of developed market and investment-grade properties, Manhattan has regularly attracted the majority of foreign direct investment in the real estate sector throughout the country. Increased demand from TAMI (technology, advertising, media and information) and FIRE (finance, insurance and real estate) sector tenants have made these properties an attractive investment option for both the local institutional investors and foreign direct investment. The Manhattan commercial real estate market has seen a 33 percent (see footnote 1) increase in the transactions above $1,000 per square foot over the last seven years. These values are no longer limited to only trophy properties in Midtown but have spread across both Midtown …

May 24, 2017

Loans Multifamily New York Northeast

KeyBank Arranges $17.4M Financing for Multifamily Property in Metro NYC

by Haisten Willis May 23, 2017

ROCKVILLE CENTRE, N.Y. — KeyBank Real Estate Capital has arranged a $17.4 million Fannie Mae loan for Mill River Residences in Rockville Centre. The affordable multifamily property was built in 1970 and renovated in 2006. Of the 175 units, 95 are age restricted and the remaining 80 are designated for households earning less than 60 percent of area median income. Dirk Falardeau of Key’s commercial mortgage group arranged the first mortgage financing with a seven-year term and 30-year amortization schedule. The loan was used to refinance existing debt.

May 23, 2017

Northeast Office Pennsylvania

Second-phase Renovations Planned at One Oxford Centre in Pittsburgh

by Haisten Willis May 23, 2017

PITTSBURGH — Shorenstein Properties has unveiled plans for phase two of its renovations at One Oxford Centre in downtown Pittsburgh. Permits have been issued and construction is set to commence later this month on the 45-story office tower. The second phase will include a facelift to the lobby, atrium and tenant amenities. Shorenstein has already invested over $10 million on mechanical updates including HVAC replacement, elevator control modernization, exterior window repairs and parking garage work. Future exterior work will include upgraded LED lighting and façade work.

May 23, 2017

Northeast Office Pennsylvania

Markward Group Brokers Sale of Office Building in Bethlehem, Pennsylvania

by Haisten Willis May 23, 2017

BETHLEHEM, PA. — Markward Group has brokered the sale of a 47,070-square-foot office building on 4.1 acres located at 236 Brodhead Road in Bethlehem. Matt Macdonald and Ann Kline of Markward Group represented the seller, BB&T Bank. The building was the former data and operations center for National Penn Bank. Mike Capobianco of Markward Group represented the buyer, 236 Brodhead Road LLC. The buyer plans to remodel the lobby and common areas, and to repave the parking lot. ABEC is the lead tenant in the building.

May 23, 2017

Connecticut Multifamily Northeast

Chozick Realty Negotiates $4.5M Sale of Two Apartment Complexes in Connecticut

by Haisten Willis May 23, 2017

NEW BRITAIN, CONN. — Steve Pappas of Chozick Realty’s Hartford office has negotiated the $4.5 million sale of Central Townhouse and College West Apartments in New Britain. The two garden-style complexes sold in a single transaction. Central Townhouse, located at 608 Allen St., consists of 42 apartment units in four buildings on a 1.8-acre site. The unit mix includes a single one-bedroom, 35 two-bedroom and six three-bedroom units. College West Apartments, located at 499 Allen St., consists of 22 apartment units on a .59-acre site. The apartments are all two-bedroom units of 900 square feet. Chozick Realty represented the seller, Allen Street Ventures LLC, and procured the purchaser, Up Realty LLC, a New York-based investment group.

May 23, 2017

New Jersey Northeast Office

Marcus & Millichap Completes $2.5M Sale of Office Property in Clifton, New Jersey

by Haisten Willis May 23, 2017

CLIFTON, N.J. — Marcus & Millichap has completed the $4.5 million sale of 3 East, a 21,600-square-foot office property located at 95 Main Ave. in Clifton. Fahri Ozturk of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller. Fahri Ozturk also secured and represented the buyer, a private investor. The property is located near Route 21, Garden State Parkway and the New Jersey turnpike. 3 East features two 10,800-square-foot floors serviced by an elevator and 78 parking spaces.

May 23, 2017

New Jersey Northeast Retail

Triple Five, Ghermezian Family Secure $1.6B Funding for American Dream Meadowlands Project in New Jersey

by Haisten Willis May 22, 2017

EAST RUTHERFORD, N.J. — Triple Five Cos. and the Ghermezian family, developers of the American Dream Meadowlands project, have secured $1.6 billion in private construction financing for the project, which is under construction and scheduled to open in March 2019. J.P.Morgan led the construction financing and Goldman Sachs led a tax-exempt bond offering. The project will include DreamWorks Water Park and the Nickelodeon Universe Theme Park, both of which will be fully enclosed and open year-round. Other attractions will include the Big Snow Indoor Ski & Snowboard Park, a 1,350-seat Cirque Du Soleil theater, movie theaters by Cinemax, Sea Life Aquarium, Legoland Discovery Center, an 18-hole miniature golf course and an ice rink. Retailers will include Saks Fifth Avenue and Hermes.

May 22, 2017

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