Northeast

Mori Trust Acquires 10 St. James and 75 Arlington Office Buildings in Boston for $673M

by Katie Sloan January 12, 2017

BOSTON — Tokyo-based Mori Trust Co. Ltd. has acquired 10 St. James and 75 Arlington, a two-building office property totaling 824,772 square feet in Boston’s Back Bay neighborhood, for $673 million. The LEED Silver-certified portfolio features an enclosed-glass galleria joining the lobbies of both buildings, on-site dining and a 400-space underground parking garage. The property was acquired from Liberty Mutual Insurance, and is home to the company’s Boston headquarters. Liberty Mutual has already moved many of its workers from the two connected buildings to a $300 million tower built at 157 Berkeley St. in 2013, according to reports by The Boston Globe. The company plans to continue to lease space at 10 St. James and 75 Arlington. Robert Griffin, Edward Maher, Matthew Pullen, Alex Foshay, William Anderson and David Martel of NGKF Capital Markets represented the seller in the transaction. John Butterworth, Tim Howe and Andrea DeSimone of CBRE’s New England office are in charge of leasing for the property. An agreement to continue their services has yet to be announced. Mori Trust Co. established its U.S. subsidiary, Mori America LLC, in November 2016. This acquisition is Mori Trust’s first in the United States. Mori Trust is a developer, owner and manager …

January 12, 2017

New Jersey Northeast Office

HFF Brokers Sale of 161,217 SF Office Building in Somerset, New Jersey

by Amy Works January 11, 2017

SOMERSET, N.J. — HFF has arranged the sale of an office building located at 220 Davidson Ave. in Somerset. A private buyer acquired the four-story, 161,217-square-foot property from an affiliate of NextBridge Group and Two Kings Real Estate Co. for an undisclosed price. Situated on 9.2. acres, the property was 85 percent occupied at the time of sale by a variety of tenants, including McKesson, Berkshire Hathaway and the American Arbitration Association. Renovated in 2007, the property features an atrium lobby with marble finishes, full-service café and fitness center with showers and lockers. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller in the transaction.

January 11, 2017

Industrial Loans Massachusetts Northeast Office

Colliers Closes $19.7M in Financing for Manufacturing, Office Property in Lowell, Massachusetts

by Amy Works January 11, 2017

LOWELL, MASS. — Colliers International Boston has arranged $19.7 million in financing for Calare Properties’ acquisition of MACOM Technology Solutions Inc.’s 150,000-square-foot headquarters, located in Lowell. The seller, MACOM Technology Solutions, has leased back the property for a 20-year term. Proceeds of the financing will be used to purchase the manufacturing facility at 100-144 Chelmsford St., as well as construct a connected 58,000-square-foot office addition to serve MACOM’s expanded headquarters. The financing consists of a first mortgage acquisition and construction loan from Boston Private Bank and Rockland Trust as well as subordinate debt from a community loan fund. Tom Welch, Adam Coppola and John Poole of Colliers secured the financing.

January 11, 2017

Massachusetts Northeast Retail

Joint Venture Acquires 7,000 SF Retail Property in Boston for $13.1M

by Amy Works January 11, 2017

BOSTON — UMNV 346 Newbury LLC, a joint venture between UrbanMeritage and Novaya Real Estate Ventures, has purchased a retail property located at 346 Newbury in Boston. Studio Realty Trust sold the property for $13.1 million. Patagonia occupies the two-story 7,000-square-foot property. Michael Carucci of Gibson Sotheby’s International Realty represented the seller and identified the buyer in the deal.

January 11, 2017

Industrial Loans New Jersey Northeast Office Pennsylvania

G.S. Wilcox & Co. Arranges $13.8M in Financing for Two Properties in New Jersey, Pennsylvania

by Amy Works January 11, 2017

TOTOWA, N.J., AND BETHLEHEM, PA. — G.S. Wilcox & Co. has arranged $13.8 million in financing for two separate properties in New Jersey and Pennsylvania. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox & Co. arranged the financing in both transactions. In the first transaction, the firm secured a $7 million loan for a 252,000-square-foot former manufacturing facility in Totowa. The borrower, The Hampshire Cos., will be convert the property into a 383,000-square-foot single-tenant warehouse distribution facility. Provident Bank provided the financing for the borrower. In the second loan, the company arranged $5.8 million in financing for an office call center in Bethlehem. Thrivent Financing provided the financing for the borrower, J.G. Petrucci Co.

January 11, 2017

Connecticut Multifamily Northeast

Chozick Realty Facilitates $6.7M Sale of 97 Condo Units in Connecticut

by Amy Works January 11, 2017

EAST HARTFORD, CONN. — Chozick Realty has brokered the sale of 97 condominium units, along with controlling and managing interest, in the 156-unit Gateway Estate Condominiums complex in East Hartford. Up Realty LLC acquired the units for $6.7 million, or $69,072 per unit for the 97 units. Following the acquisition, Chozick Realty sourced and facilitated the acquisition of an additional 39 units from individual unit owners within the property, bringing the buyer’s total common ownership to 136 units in the complex. The initial 97-unit acquisition includes a mix of two studios, 37 one-bedroom, 40 two-bedroom and 19 three-bedroom units. The additional condos purchased include a variety of layouts at a range of prices. The three-building complex was constructed in two phases between 1969 and 1976. Rick Chozick and Steve Pappas of Chozick Realty represented seller, 231 Ellington LLC, and the procured the buyer in the deal.

January 11, 2017

Massachusetts Northeast Office

Normandy Real Estate Partners Sells Office Building in Concord, Massachusetts, for $63.5M

by Amy Works January 10, 2017

CONCORD, MASS. — Normandy Real Estate Partners has completed the sale of 300 Baker Avenue, an office building located in Concord. Novaya Real Estate Ventures acquired the property for $63.5 million. The 413,415-square-foot office building recently underwent significant renovations, including an updated lobby, common area, amenity and building system upgrades. Amenities at the building include a full-service cafeteria, fitness center, conference center and basketball and volleyball courts. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of NGKF Capital Markets represented the seller in the deal. Additionally, David Douvadjian and Brian Butler of Newmark Grubb Knight Frank arranged acquisition financing for the buyer.

January 10, 2017

Industrial New Jersey Northeast

Seagis Property Group Acquires 504,000 SF Industrial Asset in Linden, New Jersey

by Amy Works January 10, 2017

LINDEN, N.J. — Seagis Property Group has purchased a 504,000-square-foot industrial asset, located at 340 Stiles St. in Linden. 500 West Edgar LLC sold the property for an undisclosed price. The buyer has commenced a multi-million-dollar renovation program at the property. Planned improvements include roofing, new entrances, new building façades and windows, modernization of the building’s 98 loading doors and five drive-in dock doors, as well as the installation of T-5 lighting. Additionally, Seagis will upgrade and pave nearly 13 acres of parking, creating new trailer and automobile parking spaces, and the company will also upgrade the landscaping and fencing throughout the site. The renovations are slated for completion in spring 2017. Chuck Fern of Cushman & Wakefield represented the seller and procured the buyer in the deal.

January 10, 2017

New Jersey Northeast Office

HFF Arranges $44M Sale of 125,735 SF Office Property in Parsippany, New Jersey

by Amy Works January 10, 2017

PARSIPPANY, N.J. — HFF has brokered the sale of an office building located at 10 Sylvan Way in Parsippany. Griffin Capital Essential Asset REIT II acquired the property from Normandy Real Estate Partners and funds managed by Partners Groups for $44 million. Situated on 23.1 acres within the Mack-Cali Business Campus, the three-story, 125,735-square-foot property is fully leased to a pharmaceutical company. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller the transaction.

January 10, 2017

Loans Multifamily New York Northeast

G.S Wilcox & Co. Secures $31.2M Loan for Apartment Community in Newburgh, New York

by Amy Works January 10, 2017

NEWBURGH, N.Y. — G.S. Wilcox & Co. has arranged a $31.2 million loan secured by a garden-style apartment community located in Newburgh. The property features 12 two-story residential buildings and a clubhouse. AIG provided the financing for the borrower, a partnership between The Fidelco Group and Diversified Realty Advisors. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox & Co. arranged the financing for the borrower.

January 10, 2017

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