Northeast

Senate Construction Completes 615,600 SF Distribution Center in Worcester, Massachusetts

by Amy Works November 1, 2017

WORCESTER, MASS. — Senate Construction has completed the construction of a 615,600-square-foot distribution center located at 150 Blackstone River Road in Worcester. The property was developed by 150 Blackstone River Road LLC, a joint venture between Mid-States Packaging Inc. and GFI Partners. Imperial Distributors occupies 325,000 square feet of property, with G-3 occupying 200,000 square feet and Mid-States Packaging occupying the remaining space. Senate performed the design-build of the foundation, superstructure, HVAC, fire protection, plumbing and electrical work. Jim Thornton of Andover, Mass.-based Applied Form and Space Architects provided architectural services for the project.

November 1, 2017

Massachusetts Northeast Office

PTC Signs Long-Term Lease for 250,000 SF Global Headquarters in Boston’s Seaport District

by Amy Works November 1, 2017

BOSTON — Needham, Mass.-based PTC has signed an 18.5-year lease for 250,000 square feet of office space at 121 Seaport Blvd. in Boston’s Seaport District. PTC will occupy the top nine floors of the 17-story, 400,000-square-foot office building when it is completed in the first quarter of 2018. Developed by Skanska Development and designed by Boston-based CBT Architects, the property will feature large floor plates, two floors of retail and views of the Boston Harbor and downtown Boston. PTC is a global provider of technology that transforms how companies design, manufacture, operate and service the “things” in the Internet of Things. Jack Burns, Adam Subber and Dan Sullivan of Cresa Boston negotiated the lease for PTC, while Bill Anderson and Dave Martel of Newmark Knight Frank represented the developer in the lease transaction.

November 1, 2017

Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Arranges Sale of LCB Senior Living Community Near Boston

by Amy Works November 1, 2017

READING, MASS. — Cushman & Wakefield has arranged the sale of Residence at Pearl Street, an 83-unit assisted living and memory care community in the Boston suburb of Reading, for an undisclosed price. The seller was a joint venture between LCB Senior Living and Virtus Real Estate. A new joint venture between LCB and Artemis Real Estate Properties acquired the asset. LCB will continue to operate the property. The community was originally an elementary school built in 1939 and is now a historic building. In 1996 the building was redeveloped into a seniors housing community and a purpose-built wing was added that currently houses the majority of the residential units. The property underwent a $3.3 million renovation in 2014 and 2015. LCB stabilized the community by the end of 2016 with occupancy over 90 percent. The Cushman & Wakefield team involved in the transactions included Rick Swartz, Jay Wagner, Jim Dooley and Caryn Miller.

November 1, 2017

Multifamily New Jersey Northeast

CBRE Facilitates $6.2M Sale of Apartment Building in Edison, New Jersey

by Amy Works November 1, 2017

EDISON, N.J. — CBRE has arranged the sale of Washington Park Apartments, an apartment complex located at 1940 Lincoln Parkway, Route 27 in Edison. Joseph’s Wish LLC sold the property for $6.2 million. Situated on 1.9 acres, the garden-style apartment complex features 52 units. At the time of sale, the property was fully occupied. Nat Gambuzza and Spencer Beriont of CBRE represented the seller and procured the undisclosed buyer in the deal.

November 1, 2017

Connecticut Northeast Office

RHYS Brokers $2.9M Sale of Office Building in Norwalk, Connecticut

by Amy Works November 1, 2017

NORWALK, CONN. — RHYS has arranged the sale of an office building located at 14 Westport Ave. in downtown Norwalk. Watermill Westport LLC sold the three-story Class B building to Philipos Properties for $2.9 million. Constellation Health Services occupies the 32,000-square-foot building, which was built in 1985. Christian Bangert, Cory Gubner and Alex Haendler of RHYS represented the seller, while John Zervos of DVB Commercial represented the buyer in the transaction.

November 1, 2017

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

New Jersey Multifamily Demand Keeps Pace With Stepped-Up Supply

by Taylor Williams November 1, 2017

With 4,900 new rental units coming on line this year in Northern New Jersey, inquiring minds are asking whether demand here is keeping pace with supply. The short answer is “yes.” New multifamily inventory continues to lease up, especially along the Hudson River Gold Coast, with performance meeting and exceeding developer expectations market-wide. Rental rates for Class A apartment product in Northern New Jersey have increased 3 percent year over year, registering at $2,369 at the midway point of 2017, according to Reis. Vacancy had been trending down since mid-2016, with a slight tick up in the second quarter of 2017, currently resting at 5.2 percent due to the delivery of 1,600 units in the last three months. Compare this to a $1,336 average rent and 4.4 percent vacancy rate nationwide, and New Jersey’s sustained appeal to investors and developers is unquestionable. However, multifamily investment sales to date in 2017 have been fairly measured — with fewer opportunities coming onto the market. For sales in excess of $10 million through August 2017, the volume has totaled $1.07 billion with the number of units sold totaling 4,708 (down 12 percent and 43 percent respectively compared to the same time in 2016) …

November 1, 2017

Loans New York Northeast Office

M&T Bank, Natixis Co-lead $195M in Financing for Office Building in Midtown Manhattan

by Amy Works October 31, 2017

NEW YORK CITY — M&T Bank and Natixis are co-lead arrangers on a $195 million senior loan secured by Tower 46, a Class A office building located at 55 W. 46th St. In Midtown Manhattan. The borrowers, SL Green Realty Corp. and PGIM, acquired the property in 2014. Proceeds of the loan will provide capital to complete the lease up of the building, which was built in 2013. The 347,694-square-foot property includes a commercial condominium unit that comprises the top 13 floors (22 through 34) of the building with a dedicated entrance on 46th Street, as well as retail space on the second floor and ground-floor. Tenant amenities include a Starbucks Coffee, a fitness center for tenant-use only and on-site parking.

October 31, 2017

Multifamily New Jersey Northeast

Post Brothers Acquires 320-Unit Multifamily Development in North Bergen, New Jersey

by Amy Works October 31, 2017

NORTH BERGEN, N.J. — Philadelphia-based Post Brothers has purchased The Duchess, a 320-unit multifamily high-rise development located at 7601 River Road in North Bergen. The developer, LWH Urban Renewal LLC sold the property for $166 million. Comprised of three interconnected 12-story buildings, The Duchess features a mix of studio, one-, two- and three-bedroom layouts, ranging from 600 square feet to a three-bedroom/three-bath, 2,600-square-foot penthouse. On-site amenities include a water terrace with a heated outdoor pool, private cabana beds and sun chaises and a veranda with yoga decks, a sandbox, co-working space and child-friendly spaces. Joseph Brecher, David Oropeza, Eli Rosen and Nicholas Nicolaou of Gebroe-Hammer represented the seller and buyer in the transaction.

October 31, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Completes $14.4M Expansion at Seniors Housing Property in Pennsylvania

by Amy Works October 31, 2017

OXFORD, PA. — Presbyterian Senior Living has completed a $14.4 million expansion at Ware Presbyterian Village, a continuing care retirement community (CCRC) in Oxford, located midway between Philadelphia and Baltimore. The project added a 61-unit building named Westminster Place to the property. Of the new units, 31 have income restrictions set by the Pennsylvania Housing and Financing Administration. Based in nearby Dillsburg, Pa., Presbyterian Senior Living is a nonprofit seniors housing provider with 30 locations in the Mid-Atlantic region.

October 31, 2017

New Jersey Northeast Retail

Hampshire Cos. Sells 4,700 SF Convenience Store in Emerson, New Jersey

by Amy Works October 31, 2017

EMERSON, N.J. — The Hampshire Cos. has completed the disposition of a free-standing convenience store, located at 354 Kinderkamack Road in Emerson, for an undisclosed price. QuickChek, a New Jersey-based convenience store chain, leases the 4,700-square-foot property. Chris Bosworth of CBRE represented the seller in the deal. The name of the buyer was not released.

October 31, 2017

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