WEST HARTFORD, CONN. — Sentry Commercial has brokered the acquisition of an office building located at 28 N. Main St. in West Hartford. North Main Holdings LLC purchased the property from Rosenfield/Hollander Associates for $1.2 million. Situated on half an acre, the property features 9,392 square feet of office space. Sentry Commercial represented the buyer, while Chozick Realty represented the seller in the deal.
OAKLAND, N.J. — Tryko Partners and Marquis Health Services have completed $3.5 million in renovations to Oakland Rehabilitation and Healthcare Center, a 215-bed skilled nursing facility in Oakland, 25 miles northwest of New York City. Tryko acquired the facility in 2015. Marquis, an affiliate of Tryko, operates the property, which offers sub-acute rehab, dementia care and long-term care wings, and specializes in cardio pulmonary and orthopedic rehab. The renovations include a 3,500-square-foot gym and expansion of the common-area lounge space, as well as updates to 50 rooms within the building’s sub-acute rehab unit.
As 2018 begins, it appears that the Greater Portland office market has continued to hold on to low vacancy rates as supply remains low across both Class A and Class B buildings throughout the market. CBRE/The Boulos Co is conducting its annual market outlook; it will be exciting to see the results, which we release in January. I anticipate the numbers to show a steady or slight decrease in vacancy rates across all submarkets but also show a much lower absorption rate, as momentum has appeared to slow down over the last 18 months. Transaction volume is trending far lower than in previous years and could possibly be the lowest number of transactions in the last seven years. However, there were a number a relatively large transactions completed over the last six months that will have a larger impact on the overall vacancy rate than simple transact ion volume. And we must consider that the small number of leases signed could also be due in part to limited supply. The Downtown Portland Class A office market, in particular, continues to operate at historically low vacancy rates. Over the last five years, there has been a steady decline in Class A …
NEW YORK CITY — TerraCRG has brokered the sale of 1501 Pitkin Avenue, a 165,000-square-foot mixed-use building in Brooklyn. POKO Partners sold the property to an undisclosed buyer for $53 million. Built in 1929, the former movie theater has been redeveloped into a mixed-use property featuring retail and educational space. The building features 12,371 square feet of retail space occupied by Pizza Hut, Subway and Dollar Tree, and a 152,404-square-foot charter school that serves 1,000 students. Ofer Cohen, Dan Marks, Matt Cosentino, Fred Bijou and Eric Satanovsky of TerraCRG brokered the deal.
NEW YORK CITY — HFF has arranged $126.6 million in refinancing for Mondrian Park Avenue, a luxury lifestyle hotel located at 444 Park Ave. in Manhattan. The sponsor was David Moinian of Moin Development Corp. Provided by JPMorgan Chase Bank, the proceeds of the floating-rate loan were used to refinance the construction loan. Designed by Philippe Starck, the 190-room hotel opened in October 2017 and features a rooftop lounge, Cleo Restaurant and Never Never night club. Evan Pariser and KC Patel of HFF secured the financing for the borrower.
FREEHOLD, N.J. — Freehold-based UMH Properties has acquired five manufactured home communities located in Pennsylvania for a total purchase price of $22.8 million. The portfolio consists of three all-age communities and two age-restricted communities with a total of 643 developed home sites. The portfolio is situated on approximately 141 acres, with a weighted-average occupancy rate of 72 percent. With this acquisition, UMH now owns and operates 112 manufactured home communities with 20,000 developed home sites throughout New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan.
NEW YORK CITY — Forest City Realty Trust has completed the conversion of its common ownership interest to preferred interest in 10 specialty retail centers in the New York City metro area. The closing covers 10 of the 13 centers that are part of a joint venture between Forest City and Madison International Realty. Final closings on each of the individual centers are expected to occur as Forest City secures replacement assets into which to redeploy its preferred interest. The properties included in this round of closings are Shops at Gun Hill Road (Waring), Shops at Gun Hill Road (Ely) and Castle Center in the Bronx; Harlem Center in Manhattan; The Heights, Atlantic Terminal Mall and Atlantic Center in Brooklyn; Forest Avenue and Shops at Richmond Avenue in Staten Island; and Columbia Park Center in North Bergen, N.J. Closings on the conversions on the remaining two centers — Shops at Northern Boulevard and Queens Place — are expected by the end of the first quarter of 2018. The last center in the joint venture, a retail/entertainment complex on 42nd Street, is expected to transact at a later date upon resolution of the ground lease dispute with the city of New …
NEW HAVEN, CONN. — Fischer Commercial Real Estate has arranged the sale of an industrial property located at 300 East St. in New Haven. Space Craft Holdings sold the property to 300 East Street LLC, a title-holding entity whose members are the owners of New Haven-based Luckey Climbers, for $1.5 million. Situated on 2.3 acres, the property features 27,238 square feet of space. Luckey Climbers is a bespoke design-build firm specializing in creating unique and imaginative three-dimensional climbing structures for children-oriented institutional and commercial clients. The firm plans to relocate its manufacturing and executive offices from Chapel Street in New Haven to the new property. Alan Fischer of Fischer Commercial Real Estate represented the seller and buyer in the off-market transaction.
Retail inventory in Southern New Hampshire totaled 29.8 million square feet in 2017, a modest decline of 59,400 square feet, or 0.2 percent, largely due to retail demolitions and conversions to non-retail space, including auto dealerships, office, and residential. Some former retailer spaces that have been demolished include the 17,800-square-foot Grenon Trading Co. in Bedford, the 10,700-square-foot New Hampshire Liquor & Wine Outlet in Salem, and the 8,400-square-foot Weathervane Restaurant in Salem. The big story in the market is the notable decline in vacancy. Several retailers absorbed large vacancies, reducing unoccupied space by more than 400,000 square feet, and cutting the vacancy rate from 10.5 percent in 2016 to the current level of 9.1 percent. Larger retailers who filled vacant space include Chunky’s Cinema in Manchester, which opened in a portion of the former Lowe’s store; Hobby Lobby in Nashua, filling a vacant Market Basket at Somerset Plaza; and Ocean State Job Lot in Seabrook, which opened in the former Walmart at Southgate Shopping Center. As a result of relatively stable inventory and considerable decline in vacancy, the region finished the year with positive net absorption of 352,400 square feet. There’s been no change in the top 10 largest regional …
NEW YORK — New York REIT has completed the previously announced disposition of 1440 Broadway in New York for a total of $520 million to an unaffiliated third party. The office property was encumbered by a $305 million mortgage loan, which was fully satisfied at closing. Separately, New York REIT has entered into three separate contracts to sell its properties located at 306 E. 61st St., One Jackson Square and 350 W. 42nd St. in New York City to third-party buyers for an aggregate amount of $103.1 million. In the aggregate, the three properties are encumbered by approximately $43.4 million of mortgage debt, which will be satisfied in full at the respective closings. The closings are expected to occur in early 2018.