Northeast

J.G. Petrucci Co. Receives $25M in Refinancing for Multifamily Property in Philadelphia

by Amy Works February 10, 2017

PHILADELPHIA — J.G. Petrucci Co. has received a $25 million loan for The Station at Manayunk, a multifamily property located at 1 Parker Road in Philadelphia’s Manayunk neighborhood. Jon Mikula of HFF arranged the 15-year loan with Principal Real Estate Investors. Loan proceeds were used to refinance the construction loan on the property. Completed in 2014, the property features 149 units with open-concept floor plans, nine-foot ceilings, walk-in closets, private patios or balconies, washers and dryers, faux wood flooring and gourmet kitchens. Community amenities include a fitness center, bike share program and outdoor spaces with grilling stations.

February 10, 2017

Industrial New Jersey Northeast

NAI James E. Hanson Negotiates Sale of 108,237 SF Industrial Building in Mahwah, New Jersey

by Amy Works February 10, 2017

MAHWAH, N.J. — NAI James E. Hanson has brokered the sale of an industrial building located at 211 Island Road in Mahwah. 211 Island Road Associates LP sold the 108,237-square-foot building to Mahwah 2016 LLC for an undisclosed price. The buyer will relocate and expand its current Rockland County, N.J.-based business to 32,547 square feet of space at the property. Kenneth Lundberg and Patrick Lennon of NAI James E. Hanson represented the seller in the deal.

February 10, 2017

Industrial Massachusetts Northeast

The Stubblebine Co. Brokers $5.1M Sale of 227,422 SF Industrial Building in Leominster, Massachusetts

by Amy Works February 10, 2017

LEOMINSTER, MASS. — The Stubblebine Co./CORFAC International has arranged the sale of a 227,422-square-foot industrial building located at 175 Pioneer Drive in Leominister. Star Realty sold the property to F&M Plastics for $5.1 million. David Stubblebine and James Stubblebine of The Stubblebine Co./CORFAC represented the seller, while Andrew Sacher of AIS Development represented the buyer in the transaction.

February 10, 2017

Massachusetts Northeast Office

The Davis Cos. Starts Construction on 223,000 SF Research Center in Cambridge

by Amy Works February 9, 2017

CAMBRIDGE, MASS. — The Davis Cos. has started construction on The Alewife Research Center, a transit-oriented lab building located at 45 Cambridgepark Drive in Cambridge. Slated for completion in summer 2018, the 223,000-square-foot building will feature ground-floor retail space and is adjacent to the Alewife Subway Station. The facility will offer highly flexible lab and R&D space, an employee lounge, conference meeting area, a fitness center with showers and lockers, and a bike room with secure storage. Project members include Spagnolo Gisness & Associates as architect, AHA Consulting Engineers and John Moriarty & Associates.

February 9, 2017

Connecticut Multifamily Northeast

Paredim Partners Purchases Multifamily Property in Stamford, Connecticut, for $33.3M

by Amy Works February 9, 2017

STAMFORD, CONN. — Paredim Partners has acquired Parallel 41 Apartments, a multifamily property located in Stamford, for $33.3 million. The property was nearly 100 percent occupied at the time of acquisition. The property features 124 apartments, a fitness center, lounge and roof deck. The buyer plans to implement a renovation and rebranding program for the property, which was built in 2012. The name of the seller was not released.

February 9, 2017

Massachusetts Northeast Office

HFF Arranges $18M Sale of 180,000 SF Office Asset in Danvers, Massachusetts

by Amy Works February 9, 2017

DANVERS, MASS. — HFF has arranged the sale of Tower at Northwoods, an office building located at 222 Rosewood Drive in Danvers, a suburb of Boston. LNR Partners sold the 180,000-square-foot property to an undisclosed buyer for $18 million. At the time of sale, the 11-story building was 90.8 percent leased. Tenants include Copyright Clearance, MetLife and Royal Bank of Canada. Chris Phaneuf and Patrick McAneny of HFF, along with Dustin Smith of LNR, represented the seller in the deal. Additionally, Brett Paulsrud of HFF secured a 10-year, fixed-rate acquisition loan through East Boston Savings Bank for the buyer.

February 9, 2017

Massachusetts Northeast Office

Oxford Properties, Alony Hetz Acquire 220,000 SF Office Building in Cambridge

by Amy Works February 9, 2017

CAMBRIDGE, MASS. — Oxford Properties Group and Alony Hetz Properties & Investments have purchased The Davenport Building, an office building located at 25 First St. in Cambridge, for an undisclosed price. At the time of sale, the four-story, 220,000-square-foot building was fully leased. Oxford Properties Group will manage the property. The name of the seller was not released.

February 9, 2017

Maine Northeast Office

Time Management Buys 114,017 SF Office Building in Portland, Maine

by Amy Works February 9, 2017

PORTLAND, MAINE — Time Management Corp. has acquired a four-story office building located at 82 Running Hill Road in Portland. Dead River Co. sold the 114,017-square-foot asset for an undisclosed price. Fairchild Semiconductor and Dead River Co. occupy the building, which was developed in 1987. CBRE | The Boulos Co. represented the seller, while Tom Moulton of NAI The Durham Group represented the buyer in the deal.

February 9, 2017

Civic New York Northeast Top Stories

Lendlease-Turner Joint Venture Awarded $1.5B Expansion of Javits Center in Manhattan

by John Nelson February 9, 2017

NEW YORK — Empire State Development Corp. has selected a design-build team led by Lendlease Construction LMB Inc. and Turner Construction to oversee the $1.5 billion expansion of the Jacob K. Javits Convention Center in New York City. The team also includes Atlanta-based architect tvsdesign, which is aiming for the center’s expansion to be certified LEED Silver. Named after a former U.S. Senator from New York, the conference center is located on 11th Avenue in Manhattan’s Westside and bills itself as the busiest convention center in the country. The venue hosted events on 337 days in 2015. The six-block convention center opened in 1986 and spans 2.1 million square feet, of which 840,000 square feet is exhibition space. According to media reports, the Lendlease-Turner team is planning on a 46-month construction schedule for the expansion. The expansion will add 90,000 square feet of permanent space to the center’s current exhibit space, which will create an approximately 500,000-square-foot exhibition hall. Additionally the project will include 45,000 square feet of meeting room space and a 55,000 square-foot ballroom, the largest of its kind in New York City. The expansion will also reroute 20,000 event-related trucks off area streets each year, which is …

February 9, 2017

Affordable Housing Multifamily New York Northeast

Jonathan Rose Cos., L+M Development to Construct 655-Unit Affordable Housing Project in East Harlem

by Amy Works February 8, 2017

NEW YORK CITY — New York City Department of Housing Preservation and Development and Housing Development Corp. have selected Jonathan Rose Cos. and L+M Development Partners to develop a mixed-use, sustainable community on East 111th Street in East Harlem. Slated to be constructed in three phases, the property will bring 655 affordable rental units to the area with 163 designated as permanently affordable, 20 percent for extremely low-income households, nearly 60 percent for low-income households and 79 affordable seniors housing units. The development will also include an 85,000-square-foot Harlem RBI/Dream Charter School, an 11,000-square-foot Union Settlement Community Space, a 29,000-square-foot YMCA facility, a 26,000-square-foot Mount Sinai East Harlem Community Health Center, a 7,500-square-foot Urban Market grocery store and a Two Boots Pizza location. Designed by Handel Architects, the project is utilizing a passive design that will result in 60 to 70 percent less energy usage than a standard building of its kind. Passive design uses building placement within a site to maximize environmental factors to reduce energy usage for heating and cooling.

February 8, 2017

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