Northeast

Savanna Acquires 303,943 SF Office Building in Midtown Manhattan

by Amy Works October 25, 2017

NEW YORK CITY — Savanna has acquired an office building located at 19 W. 44th St. in Midtown Manhattan. Deka Immobilien GmbH sold the 18-story, 303,943-square-foot property for an undisclosed price. Originally constructed in 1916, the property features pre-war architecture as well as oversized loft-style windows, outdoor terraces and a historic masonry façade and entrance. Savanna plans to reposition the building through a series of cosmetic and base building capital improvements, along with a new branding campaign. Mesa West Capital provided financing for the acquisition and repositioning of the property. Russell Frahm of Mesa West Capital originated the financing, which was arranged by Lawrence Britvan, Matt Jacobs and Michael Straw of Hodges Ward Elliott. Cole Schotz PC advised Savanna in the transaction, while Colliers International represented the seller in the deal.

October 25, 2017

Massachusetts Northeast Office

CBRE/NE Brokers $40.7M Sale of Four-Building Office Park in Westborough, Massachusetts

by Amy Works October 25, 2017

WESTBOROUGH, MASS. — CBRE/New England has arranged the sale of Westborough Office Park, a four-building Class A office park located in Westborough. Equus Capital Partners sold the property to Carruth Capital for $40.7 million. Situated on 46 acres, the 384,000-square-foot property comprises 1700, 1800, 1900 and 2000 W. Park Drive. At the time of sale, the property was 90 percent occupied. Dave Pergola and Brian Doherty of CBRE/NE represented the seller and procured the buyer in the deal.

October 25, 2017

New Jersey Northeast Retail

Colliers Facilitates Sale of 81,000 SF Shopping Center in South Marlton, New Jersey

by Amy Works October 25, 2017

SOUTH MARLTON, N.J. — Colliers International has arranged the sale of Evesham Crossing Shopping Center, located at 515 Route 73 in South Marlton. Starwood Capital and Goodman Properties sold the 81,000-square-foot property to Raymour and Flanigan for an undisclosed price. Todd Sussman and Josh Goldine of Colliers were the sole brokers in the transaction.

October 25, 2017

Loans New Jersey Northeast Retail

Cronheim Mortgage Secures $6M in Financing for Retail Property in Cherry Hill, New Jersey

by Amy Works October 25, 2017

CHERRY HILL, N.J. — Cronheim Mortgage has arranged $6 million in financing for Village Walk, a retail property located along Route 70 in Cherry Hill. The loan, provided by a local New Jersey bank, was structured with a five-year term. The 60,000-square-foot property is currently 100 percent leased to 14 tenants, including a yoga studio, Italian restaurant, sneaker store, bridal boutique, fitness center and hair salon. Allison Villamagna, Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the loan for the undisclosed borrower.

October 25, 2017

Industrial New York Northeast

GFI Realty Arranges $5M Sale of Industrial Property in Brooklyn

by Amy Works October 25, 2017

NEW YORK CITY — GFI Realty Services has brokered the sale of an industrial property, located at 237, 245 and 247 Kent St. in the Greenpoint section of Brooklyn. An undisclosed buyer acquired the property for $5 million. The buyer plans to use property, which comprises three contiguous parcels, as a warehouse and office facility. Sasha Berg of GFI Realty represented the undisclosed seller and buyer in the transaction.

October 25, 2017

Market Reports New Jersey Northeast Northeast Market Reports Office

Northern New Jersey Shows Strength in Office Construction and Redevelopment

by Taylor Williams October 25, 2017

Despite a slow start to the year, the Northern New Jersey office market decreased vacancy to 20.2 percent as we moved from fourth quarter 2016 into 2017. More than 750,000 square feet of office space is expected to be absorbed in the market to drop the vacancy rate 20 basis points. New deliveries in Morris and Essex Counties, including a 200,000-square-foot office for UPS in Parsippany, are leading the way. Moreover, landlords and investors alike are upgrading and investing in larger redevelopment projects throughout the state which has increased leasing activity. In response to healthier market conditions, owners have also increased rents for office space, which caused higher vacancy rates at the beginning of the year. The average asking rent is anticipated to climb to $27.59 per square foot this year, outpacing the 2 percent rise in office rents posted in 2016. In first quarter, the Hudson Waterfront saw an increase of 3.6 percent per square foot. Hudson Waterfront The main trends in Jersey City and Hoboken are driven by the large populations of millennials in and around surrounding areas. Millennials account for 27.2 percent of the population in Hudson County. In the last 12 months, investors — particularly New …

October 25, 2017

Industrial Massachusetts Northeast

Tritower Financial Group Completes $45.1M Sale of Amazon Robotics Headquarters in North Reading, Massachusetts

by Amy Works October 24, 2017

NORTH READING, MASS. — Tritower Financial Group has completed the disposition of a technology headquarters facility located at 300 Riverpark Drive in North Reading. A partnership between Lincoln Property Co., Ibdar Bank and Ritz Banc Group purchased the facility for $45.1 million. Amazon utilizes the 228,921-square-foot facility as its robotics headquarters; it is the only facility in the world that designs, assembles and tests all proprietary fulfillment robotics used by all Amazon distribution facilities. Dave Pergola and Brian Doherty of CBRE/New England represented the seller and procured the buyer in the transaction.

October 24, 2017

Hospitality Maine Northeast

HFF Negotiates Sales of 179-Suite Residence Inn in Portland, Maine

by Amy Works October 24, 2017

PORTLAND, MAINE — HFF has brokered the sale of Residence Inn Portland Downtown/Waterfront hotel, located at 145 Fore St. in downtown Portland. Norwich Partners sold the 179-suite property for an undisclosed price. Completed in 2009, the five-story property features suites fully equipped kitchens, the Shipyard Lounge, 1,235 square feet of event space, an outdoor courtyard, a business center, a fitness center, an indoor pool and complimentary hot breakfast. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller and procured the undisclosed buyer. The hotel was purchased unencumbered of management.

October 24, 2017

Multifamily Northeast Rhode Island Student Housing

GMH Capital Breaks Ground on 174-Unit Student Housing Community in Providence, Rhode Island

by Amy Works October 24, 2017

Providence, R.I. — GMH Capital Partners has broken ground on River House, a 174-unit student housing community located in Providence, Rhode Island. The property will be located near Brown’s Alpert Medical School, Brown University, Johnson and Wales University, University of Rhode Island-Providence Campus and the Rhode Island School of Design. The community will consist of two seven-story buildings with approximately 5,000 square feet of retail and restaurant space fronting Point Street and the Providence River. The development is scheduled for completion in May 2019.

October 24, 2017

Industrial Maine Northeast

Cardente Real Estate Negotiates Sale of Warehouse Building in Auburn, Maine

by Amy Works October 24, 2017

AUBURN, MAINE — Cardente Real Estate has arranged the sale of a warehouse building located at 279 Washington St. South in Auburn. Maurice Eastman and Lauren Eastman sold the 5,500-square-foot property to an undisclosed buyer. Cheri Bonawitz of Cardente Real Estate represented the seller, while Greg Perry, also of Cardente Real Estate, represented the buyer in the transaction.

October 24, 2017

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