Northeast

1788 Holdings Acquires 423,900 SF Industrial Building in Eastern Pennsylvania for $11.7M

by David Cohen March 15, 2018

WHITEHALL, PA. — 1788/Riverside Business Center, an affiliate of 1788 Holdings, has acquired Riverside Business Center, a 423,900-square-foot single-story light industrial building in Whitehall for $11.7 million. Located at 1139 Lehigh Ave., the Class B light industrial property was 87 percent leased at the time of acquisition. Constructed in 1910, the building has been improved and renovated multiple times, most recently in 2006 when the property was converted from a single-user manufacturing facility into a multi-tenanted warehouse. Positioned on 34 acres of land, the structure features average ceiling heights of 20 feet and is located less than three miles from Lehigh Valley International Airport.

March 15, 2018

Mixed-Use New York Northeast

Ariel Property Advisors Arranges $16.4M Sale of 41-Unit Mixed-Use Portfolio in Harlem

by David Cohen March 15, 2018

NEW YORK CITY — Ariel Property Advisors has facilitated the sale of Adam Clayton Powell Cluster, a mixed-use portfolio in Central Harlem. The portfolio, which includes four mixed-use buildings and a vacant lot between 133rd and 134th streets, sold for $16.4 million. The four walk-up buildings contain 41 residential and six retail units spanning 39,445 square feet. The vacant lot is zoned R7-2/C1-4, allowing for 7,500 buildable square feet of retail and residential development. Victor Sozio, Shimon Shkury, Michael A. Tortorici and Orry Michael of Ariel represented the undisclosed seller.

March 15, 2018

Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Acquires 129-Bed Skilled Nursing Facility in Philadelphia-Area

by David Cohen March 15, 2018

YEADON, PA. — Tryko Partners has acquired ManorCare Health Services at Mercy Fitzgerald Hospital, a 52,000-square-foot skilled nursing facility at 600 S. Wycombe Ave. in Yeadon, a suburb of Philadelphia. A $2.5 million renovation is planned by Marquis Health Services, Tryko’s healthcare affiliate. The facility has been renamed the Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald. Built in 1995, the facility sits adjacent to Mercy Fitzgerald Hospital, which is part of the Mercy Health System. The two-story, 129-bed facility provides post-hospital care, short-term rehab and long-term residential care. Tryko purchased the facility from a ManorCare Health Services/Mercy Fitzgerald Hospital joint venture for an undisclosed price. The hospital will retain ownership of the land. CIBC financed the transaction.

March 15, 2018

Acquisitions Industrial Northeast Pennsylvania Self-Storage

US Storage Centers Buys 107,606 SF Self-Storage Facility in Philadelphia

by David Cohen March 15, 2018

PHILADELPHIA — US Storage Centers has acquired a 107,606-square-foot facility in Philadelphia from Philly Self Storage. The 1,545-unit self-storage facility is located at 1910 S. Christopher Columbus Blvd. in Pennsport, directly off Interstate 95. The property is the first US Storage Centers location in Pennsylvania and will be rebranded as a US Storage Centers self-storage facility. Terms of the sale were not disclosed.

March 15, 2018

Massachusetts Multifamily Northeast

NAI Hunneman Brokers $4.3M Multifamily Sale in Boston’s South End

by David Cohen March 15, 2018

BOSTON — NAI Hunneman’s Capital Markets Group has arranged the sale of a 10-unit brownstone building in Boston’s South End neighborhood at 665-667 Massachusetts Ave. for $4.3 million. The property is made up of five one-bedroom and five two-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the undisclosed seller and procured the buyer, High Street Properties. The property features access to public transportation via the Silver Line stop on Washington Street.

March 15, 2018

Company News New Jersey Northeast Retail Top Stories

Toys ‘R’ Us to Close or Sell All 735 U.S. Stores

by John Nelson March 15, 2018

WAYNE, N.J. — Toys ‘R’ Us is taking the next step in what the Wayne-based retailer is calling an “orderly wind down” of it’s U.S. business. In a U.S. Bankruptcy Court filing early this morning, Toys ‘R’ Us is requesting approval to begin the liquidation of inventory in all 735 of its remaining stores across the country, including stores in Puerto Rico. The closures threaten up to 33,000 American jobs in the coming months, according to the Wall Street Journal. “I am very disappointed with the result, but we no longer have the financial support to continue the company’s U.S. operations,” said David Brandon, chairman and CEO of Toys ‘R’ Us, in an official statement. In January, the toy chain announced plans to shutter up to 182 underperforming stores, including those under the Babies ‘R’ Us banner, as part of its restructuring efforts to revive business. The 70-year-old retailer filed for Chapter 11 Bankruptcy last September. Toys ‘R’ Us was facing $5 billion in debt, largely stemming from a $6.6 billion buyout in 2005 led by KKR & Co. LP, Bain Capital LP and Vornado Realty Trust. Continued debt, combined with poor holiday sales, forced the retailer’s latest move. For …

March 15, 2018

Northeast Pennsylvania

Cushman & Wakefield Brokers Sale of 278,582 SF Distribution Facility in York, Pennsylvania for $18M

by David Cohen March 14, 2018

YORK, PA. — Cushman & Wakefield has arranged the sale of 57 Grumbacher Road, a 278,582-square-foot, one-story industrial property in York. STAG Industrial Inc. purchased the single-tenant, functional distribution facility from High Street Realty Co. LLC for $18 million. Located in the Interstate 83 Industrial Park, the property provides access to Interstate 83 via the exit 24 interchange, which is home to nearly 10 million square feet of industrial and manufacturing facilities.

March 14, 2018

Multifamily New York Northeast

Avison Young Arranges $32.5M Sale of Upper West Side Multifamily Building

by David Cohen March 14, 2018

NEW YORK CITY — Avison Young Tri-State has arranged the $32.5 million sale of the Canterbury, a pre-war 42,186-square-foot, 48-unit rental building located at 204 W. 108th St. in Manhattan’s Upper West Side. Sam Schertz of Avison Young was the sole broker in the transaction between the seller, The Orbach Group, and the buyer, Arkar Inc. Built in 1915, the six-story Canterbury building is a low-rise elevator-served rental property featuring two- to five-bedroom units. The property is situated near Columbia University and both Riverside Park and Central Park as well as several major transportation lines. A number of the units in the building have been recently renovated.

March 14, 2018

Leasing Activity New Jersey Northeast

Bergen Logistics Closes 404,000 SF Lease in Meadowlands

by David Cohen March 14, 2018

RUTHERFORD, N.J. — Cushman & Wakefield has closed a lease on behalf of Bergen Logistics for a 404,000-square-foot fully automated distribution center at 299 Thomas E. Dunn Memorial Highway in Rutherford. It is the largest Meadowlands industrial deal since mid-2016, according to Cushman & Wakefield. The long-term lease of the recently renovated Murray Metro Distribution Center closed in December and was handled by Bonni Heller of Cushman & Wakefield. The landlord, Murray Construction Co. Inc., was represented in house by Michael Nachtome and Thomas Monahan of CBRE. Located off exit 16W of the New Jersey Turnpike, the 25.5-acre property offers easy access to commuter rail lines and is about 15 minutes from Newark Liberty International Airport. The transaction will result in the creation of around 200 new jobs, according to Ron Roman, CEO of Bergen Logistics.

March 14, 2018

New Jersey Northeast

Cronheim Mortgage Arranges $6M in Financing for 106,290 SF Retail Property in Central New Jersey

by David Cohen March 14, 2018

TOMS RIVER, N.J. — Cronheim Mortgage has arranged $6 million in financing for a 106,290-square-foot retail property in Toms River. The State Life Insurance Co. provided the 17.5-year, self-liquidating loan. The interest rate was locked six months prior to closing at 3.93 percent. The property, built in 1994, is situated on an 11.3-acre site just off the Garden State Parkway in Ocean County. Currently, the property is fully leased to Home Depot, which shadow anchors a 130,000-square-foot retail development. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim arranged the loan.

March 14, 2018

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