Northeast

Moody’s to Acquire Commercial Real Estate Data Provider Reis for $278M

by David Cohen August 31, 2018

NEW YORK CITY — Moody’s Corp. (NYSE: MCO) has agreed to acquire all outstanding shares of Reis Inc. (NASDAQ: REIS) in an all-cash transaction valued at approximately $278 million. Reis is a provider of commercial real estate (CRE) data. The acquisition expands Moody’s Analytics’ network of data and analytics providers in the CRE space, including recent investments in start-ups that apply innovative approaches and new technologies to source data and deliver tools to the market. Under the terms of the merger agreement, Moody’s will commence a tender offer to acquire all issued and outstanding shares of Reis common stock for $23 per share in cash. The transaction is subject to customary closing conditions and regulatory approvals. Moody’s expects to complete the acquisition in the fourth quarter of 2018.

August 31, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

SunTrust, Ziegler Arrange $71M Loan for Quality Life Services Expansion in Pennsylvania

by David Cohen August 31, 2018

BUTLER, PA. — SunTrust has served as joint lead arranger and Ziegler as placement agent for a $71 million refinancing to Quality Life Services. The Butler-based healthcare services company will use the funds for an expansion of its communities, which include skilled nursing facilities and continuing care retirement communities (CCRC). The first renovation project is already underway at Quality Life Services – Sugarcreek, a CCRC in Worthington. The project is slated for completion in February 2019. When the projects are completed, all 10 of Quality Life Services’ skilled nursing facilities will be renovated and expanded. Additionally, the company will improve upon its home health and hospice divisions.

August 31, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

Marcus & Millichap Negotiates Sale of 4,568 SF Mixed-Use Property in Philadelphia

by David Cohen August 31, 2018

PHILADELPHIA — Marcus & Millichap has negotiated the sale of a 4,568-square-foot mixed-use property in Philadelphia. The building, which is located at 262 S. 16th St., sold for $1.2 million or approximately $279.11 per square foot. Lawrence Gariano, Matthew Bess and Mark Taylor of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a limited liability company. The property is located two blocks east of Philadelphia’s Rittenhouse Square.

August 31, 2018

Acquisitions Connecticut Northeast Office

HK Group Orchestrates $1.2M Sale of Office Property in Westport, Connecticut

by David Cohen August 31, 2018

WESTPORT, CONN. — The HK Group has orchestrated the $1.2 million sale of a two-building, 5,571-square-foot office property in Westport. The complex is fully leased to a tenant roster that includes luxury homes builder Milton Development, an Allstate Insurance Agency and Backspace Westport. The seller was Argentini Corp. of Sarasota, Florida, which acquired the property in 1982. Millennium Brothers LLC. purchased the property as part of a 1031 exchange.

August 31, 2018

Leasing Activity New Jersey Northeast Office

Sheldon Gross Realty Secures 21,000 SF of Office Leases in Freehold, New Jersey

by David Cohen August 31, 2018

FREEHOLD, N.J. — Sheldon Gross Realty has secured five leases totaling 21,000 square feet at the Fairfield Corporate Park in Freehold. The 165,000-square-foot office park is located at 920-922 Route 33. The five companies that signed leases are Declarations Inc. (7,425 square feet); 1-800 Junk (3,600 square feet); Utiliquest LLC (3,600 square feet); Garcia Sequeira LLC (3,209 square feet); and Stylecare Salon Services LLC (3,209 square feet). Glenn Jaffe, Jonathan Glick, and Matthew Leonelli of Sheldon Gross Realty represented the undisclosed landlord in the lease transactions.

August 31, 2018

Acquisitions Massachusetts Northeast Office

NKF Capital Markets Brokers $86M Sale of Office Complex Near Boston

by David Cohen August 30, 2018

WALTHAM, MASS. — NKF Capital Markets has brokered the $86 million sale of CenterPoint, a 440,000-square-foot office complex in Waltham. The property comprises two buildings, 41 Seyon St. and 43 Foundry Ave. Edward Maher, Matthew Pullen and Robert Griffin of NKF Capital Markets represented the seller, Rubenstein Partners, in the transaction. The buyer was Hilco Real Estate. Anchor tenants at the property include Repligen, EDC (Education Development Center) and Simpson Gumpertz & Heger.

August 30, 2018

Loans Multifamily New York Northeast

Greystone Provides $20.7M Refinancing for Multifamily Property in Brockport, New York

by David Cohen August 30, 2018

BROCKPORT, N.Y. — Greystone has provided a $20.6 million Fannie Mae DUS loan for the refinancing of Autumn Woods Community in Brockport. Located on more than 25 acres, Autumn Woods is a recently constructed multifamily property comprising 296 units. Brockport is approximately 19 miles west of Rochester. Brian Liske of Greystone arranged the 10-year, fixed-rate refinancing on behalf of borrower, Carl Grasta of Outlook Development LLC. The refinancing replaces an existing construction loan from Genesee Regional Bank.

August 30, 2018

Development Industrial New York Northeast

UOVO to Open 150,000 SF Art Storage Facility in Brooklyn

by David Cohen August 30, 2018

NEW YORK CITY — New York-based art, fashion and collections storage company UOVO is set to open a 150,000-square-foot art storage facility in the Bushwick neighborhood of Brooklyn. Scheduled to open in fall 2019, the property will offer specialized climate-controlled storage designed to the standards of the world’s leading museums. The facility will be the largest of its kind in Brooklyn. UOVO: Brooklyn will be three stories tall and built entirely of reinforced concrete. The facility will also include four loading docks and two freight elevators.

August 30, 2018

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Negotiates $5.6M Sale of Multifamily Portfolio in Philadelphia

by David Cohen August 30, 2018

PHILADELPHIA, PA. — Marcus & Millichap has negotiated the sale of a five-building, 31-unit, multifamily portfolio in Philadelphia. The asset sold for $5.6 million or $182,258 per unit. Dana Newton and Mike Maxwell of Marcus & Millichap represented both the undisclosed seller and the buyer, a New York-based firm, in the transaction. The portfolio consists of 2105-2107 Green St., 2034 and 2036 Mt. Vernon St., 321 South 12th St., and five scattered condominiums.

August 30, 2018

Acquisitions Mixed-Use Northeast Rhode Island

Sweeney Real Estate Arranges Sale of Mixed-Use Development Site in Pawtucket

by David Cohen August 30, 2018

PAWTUCKET, R.I. — Sweeney Real Estate & Appraisal has arranged the $925,000 sale of a mixed-use development site in Pawtucket. Thomas Sweeney of Sweeney Real Estate represented the seller, Ten Mile Associates LLC, in the transaction. The buyer was Churchill & Banks Cos. Located at 1110 Central Ave., the property is currently an 83,000-square-foot industrial facility with three buildings.

August 30, 2018

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