Northeast

Clarion Partners Sells 284-Unit Apartment Property for $81.9M in Holbrook, New York

by Amy Works January 18, 2017

HOLBROOK, N.Y. — Clarion Partners has completed the sale of Broadway Knolls, a garden-style apartment building located at 2200 Dolphin Lane in Holbrook. A private buyer acquired the property for $81.9 million, or $290,000 per unit. Built in 2006, the 22-building property features 284 units in one- and two-bedroom layouts, a fitness center, outdoor swimming pool, grilling area, fire pit, basketball and tennis courts, playground, dog park, community room, business center and walking trail. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF, in collaboration with Select Real Equity Advisors, represented the seller in the deal.

January 18, 2017

Loans New Jersey Northeast Office

New York Life Real Estate Investors Originates $146.6M Loan for Office Building in Jersey City

by Amy Works January 18, 2017

JERSEY CITY, N.J. — New York Life Real Estate Investors, on behalf of Dividend Capital Diversified Property Fund Inc., has originated a $146.6 million loan for an office building located at 3 Second St. in Jersey City. The floating-rate loan has an initial term of three years with two one-year extensions.

January 18, 2017

Northeast Pennsylvania Retail

PREIT Sells Beaver Valley Mall in Monaca, Pennsylvania, for $24.2M

by Amy Works January 18, 2017

MONACA, PA. — PREIT has sold Beavery Valley Mall, located at 570 Beaver Valley Mall Blvd. in Monaca, for $24.2 million. Boscov’s, J.C. Penney and Dick’s Sporting Goods anchor the approximately 1.1 million-square-foot property. The name of the buyer was not released.

January 18, 2017

New York Northeast Retail

Casey Storage Solutions Sells 13-Property Self-Storage Portfolio Across New England

by Amy Works January 18, 2017

NEW YORK CITY — Casey Storage Solutions has completed the sale of 13 self-storage properties across four New England states. A joint venture led by an institutional investment firm acquired the portfolio for an undisclosed price. The 700,000-square-foot portfolio includes 5,800 units and 25,000 square feet of RV/vehicle parking across the 13 properties. Six assets are located in Massachusetts, three in Connecticut, two in Rhode Island and two in Vermont. A publicly traded REIT will manage the properties. Aaron Swerdlin and Kenneth Cox of NGKF Capital Markets’ New York City office represented the seller in the transaction.

January 18, 2017

Dolce-Basking-Ridge-Hotel-Basking-Ridge-NJ

Hospitality New Jersey Northeast

Broadreach Capital Partners Completes $30M Sale of 171-Room Hotel in Basking Ridge, New Jersey

by Amy Works January 18, 2017

BASKING RIDGE, N.J. — Broadreach Capital Partners has completed the disposition of Dolce Basking Ridge Hotel, a full-service hotel located at 300 N. Maple Ave. in Basking Ridge. An undisclosed buyer acquired the 171-room hotel for $30 million. Built in 1995, the property features 21,000 square feet of function space, Vita Restaurant, Vita Bar, an indoor pool, whirlpool, fitness center, business center, basketball court and tennis court. Daniel Peek, KC Patel and Marc Duval of HFF represented the seller in the deal.

January 18, 2017

Loans New Jersey Northeast Office

Cohen Financial Secures $42M Refinance Loan for Office Building in Newark

by Amy Works January 17, 2017

NEWARK, N.J. — Cohen Financial has closed a $42 million loan for the refinancing of Centre Market Building in downtown Newark. Built in the 1960s, the building features 393,343 square feet of office space. The U.S. Customs and Border Protection, U.S. Drug Enforcement Agency and U.S. Social Security Administration occupy 90 percent of the building. Dan Rosenberg and Matt Terpstra of Cohen Financial secured the fixed-rate, 10-year CMBS loan for the borrower, an affiliate of Kaufman Jacobs.

January 17, 2017

Maine Northeast Office

FD Stonewater to Acquire, Redevelop Office Facility in Augusta, Maine

by Amy Works January 17, 2017

AUGUSTA, MAINE — FD Stonewater has been awarded the exclusive rights to negotiate a 30-year lease contract with the State of Maine Bureau of General Services to acquire and redevelop the Maine Department of Transportation facility located at 109 Capitol St. in Augusta. Situated on 9.2 acres, the property features eight connecting buildings and other out-buildings. FD Stonewater plans to demolish the existing structures and construct an 89,000-square-foot facility for the Department of Health & Human Services. Construction is slated to begin in mid-2017. Alexandria, Va.-based HGS Architects and Maine-based Mark Mueller Architects are providing architectural services and Landry/French is serving as general contractor for the project.

January 17, 2017

New Jersey Northeast Retail

Marcus & Millichap Negotiates $5.9M Sale of Shopping Center in Northfield, New Jersey

by Amy Works January 17, 2017

NORTHFIELD, N.J. — Marcus & Millichap has brokered the sale of Island Gym Plaza, a shopping center located at 801 Tilton Road in Northfield. An undisclosed buyer acquired the 48,536-square-foot property for $5.9 million. At the time of sale, the property was 95 percent occupied. Derrick Dougherty of Marcus & Millichap, in collaboration with DSM Commercial Real Estate Services, represented the undisclosed seller, while Shannon Bona of Marcus & Millichap represented the buyer in the deal. J.D. Parker was the Marcus & Millichap broker of record in New Jersey.

January 17, 2017

Loans New York Northeast Retail

NorthMarq Capital Finalizes $2.6M Construction Loan for Retail Property in White Plains, New York

by Amy Works January 17, 2017

WHITE PLAINS, N.Y. — NorthMarq Capital has arranged a $2.6 million construction loan for a retail property located at 316-332 Tarrytown Road in White Plains. Harbor Freight Tools will be the sole tenant at the 15,000-square-foot property. Robert Ranieri of NorthMarq secured the one-year interest-only loan for the undisclosed borrower.

January 17, 2017

Northeast Office Pennsylvania

Berger-Epstein Associates Brokers 8,180 SF Office Lease in Bethlehem, Pennsylvania

by Amy Works January 17, 2017

BETHLEHEM, PA. — Berger-Epstein Associates has arranged an office lease at 2820-2830 Emrick Blvd. in Bethlehem. United Electric Supply Co. will occupy 8,180 square feet of office space at the property. Founded in 1965, United Electric Supply Co. is a general-line distributor of electrical supplies to local industrial, commercial and construction customers. Jonathan Epstein of Berger-Epstein Associates represented the undisclosed landlord in the deal.

January 17, 2017

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