UNION CITY, N.J. — Marcus & Millichap has arranged the sale of a multifamily building located at 4322 Kennedy Blvd. in Union City. A developer acquired the seven-unit property for $1 million. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.
NEW YORK AND TOKYO — SoftBank Group Corp., a Tokyo-based tech conglomerate, has entered into a definitive merger agreement under which the company will acquire equity firm Fortress Investment Group LLC (NYSE: FIG) for approximately $3.3 billion in cash. Founded in 1998, Fortress has 1,100 employees and $70.1 billion in assets under management as of Sept. 30, 2016. Private equity funds and permanent capital vehicles, including commercial real estate, comprise about 65 percent of the company’s portfolio. Within the multifamily sector, Fortress manages New Senior Investment Group Inc., a seniors housing REIT that as of Sept. 30 owned 154 properties in 37 states. “Fortress’ excellent track record speaks for itself, and we look forward to benefitting from its leadership, broad-based expertise and world-class investment platform,” says Masayoshi Son, chairman and CEO of SoftBank Group Corp. “For SoftBank, this opportunity will immediately help expand our group capabilities, and, alongside our soon-to-be-established SoftBank Vision Fund platform, will accelerate our SoftBank 2.0 transformation strategy of bold, disciplined investment and world class execution to drive sustainable long-term growth,” adds Son. SoftBank’s global portfolio of companies includes advanced telecommunications, internet services, artificial intelligence, smart robotics, clean energy technology and Internet of Things (IoT) providers. Last …
CHICOPEE, MASS. — Calare Properties has acquired full ownership of a two-building industrial property located at 425 Meadow St. in Chicopee. Calare secured full ownership of the asset through a recapitalization. Calare has managed and owned the property with a joint venture majority partner since 2014. Situated on 47 acres, the 552,000-square-foot asset comprises a 402,000-square-foot manufacturing facility and a 150,000-square-foot high-bay warehouse. Along with the acquisition, Calare has finalized two leases at the property. Callaway Golf Co. has signed a 10-year lease extension for the manufacturing facility through 2028, and Granite City Electric signed a long-term lease for 80,000 square feet of the warehouse space.
LYNDHURST, N.J. — HFF has arranged a $40 million construction loan for The Winston, a multifamily community located at 120 Chubb Ave. within The Station of Lyndhurst in Lyndhurst. The borrower is J.G. Petrucci Co. Slated for completion in early 2018, The Winston will add 218 apartment units to the existing 192 units at The Station at Lyndhurst, which was constructed in 2014. Situated on 6.8 acres, the property will feature a courtyard with lounge deck, resident lounge with billiards and arcade games, fitness center with yoga studio, dog run and complimentary shuttle service. Jon Mikula of HFF secured the financing for the borrower through Provident Bank and Lakeland Bank.
MONTICELLO, N.Y. — A joint venture between Heidenberg Properties Group, Strategic Real Estate Partners and Norse Realty Group has acquired Thompson Square Shopping Center in Monticello. An undisclosed seller sold the 117,944-square-foot property for $19.1 million. A 54,300-square-foot ShopRite anchors the property, which was 90 percent leased at the time of sale. Tenants include Staples, AutoZone, Monticello Cinemas, Catskills Hudson Bank, Brother Bruno’s, Subway and GameStop. This is the second joint venture acquisition between the three companies.
NEWARK, DEL. — HALL Structured Finance has closed a first lien construction loan totaling $14.7 million for the development of a SpringHill Suites by Marriott in Newark. Danneman Hospitality is developing the hotel, which will be the first SpringHill Suites in the state. The property will have 118 one-room suites and seven two-room suites. Amenities at the five-story property will include a breakfast dining area, lobby, bar, three meeting rooms, an indoor pool, fitness center, laundry room, marketplace and on-site restaurant.
SPRINGFIELD, N.J. — Tulfra Real Estate, in partnership with The Hampshire Cos., has completed the disposition of an industrial property located at 21 Fadem Road in Springfield. Shelbourne Global Solutions acquired the property for $12 million. Situated on 5.4 acres, the 122,000-square-foot property was fully leased at the time of closing. Norman Feinstein of The Hampshire Cos. provided in-house representation for the sellers in the deal.
When it comes to the Philadelphia real estate market, the retail industry is the hot topic for many commercial real estate agents. Per a Center City district report released in early December of 2016, the city has experienced a $1 billion surge in retail spending. Subsequently, prime retail rents in Philadelphia have risen by almost 90 percent in the past five years — second to only Miami when compared to cities across the nation. Sales of retail centers in center city peaked in late 2016 at over 18 percent higher than their former top-most numbers, seen in 2008. Popular Philadelphia areas such as Walnut and Chestnut streets have been subject to high-end retail rush. The retail spending increase is thought to be a direct result of the Philadelphia metropolitan area’s new job positions. Going into the fourth quarter, the city increased its jobs by 2.2 percent compared to the previous year’s numbers. Philadelphia’s local rate of employment stood at over half a percent higher than the national employment rate in late 2016. Many of the new positions — created in well- paying, upper-echelon employment sectors — have facilitated a rise in the median household income, and subsequently the disposable income, …
PHILADELPHIA — RED Mortgage Capital, the mortgage banking arm of RED Capital Group, has closed a $31.7 million FHA Section 221(d)(4) loan and RED Capital Markets, the investment banking arm of RED Capital, underwrote $39.7 million of tax-exempt bonds for the rehabilitation of Courtyard at Riverview in Philadelphia. The borrower, The Michaels Organization, is redeveloping the multifamily property in partnership with the Philadelphia Housing Authority. The transaction was arranged in conjunction with the Rental Assistance Demonstration (RAD) program and is one of the largest RAD projects in Pennsylvania. Situated on 13 acres, the 470-unit complex features a 26-story high-rise building with 165 seniors housing units and 37 two-story townhouse buildings totaling 305 modern low-rise units.
LANSDALE, PA. — CBRE has arranged $10 million in financing for the acquisition of Spring Meadows of Lansdale, a 120-unit assisted living and memory care community in the Philadelphia suburb of Lansdale. A joint venture between Care Investment Trust and Greenfield Senior Living purchased the community and will change the name to Greenfield of Lansdale. The five-year, floating-rate loan includes 12 months of interest-only payments. A regional bank provided the capital. Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing. Care Investment Trust is a seniors housing-focused real estate investment company and a wholly owned subsidiary of Tiptree Inc. Greenfield Senior Living is a seniors housing operator based in Virginia with 1,300 residents in six states.