Northeast

Marcus & Millichap Negotiates $3.6M Sale of Multifamily Property in Slatington, Pennsylvania

by Amy Works January 10, 2017

SLATINGTON, PA. — Marcus & Millichap has arranged the sale of Victory Estates, a multifamily property located in Slatington. A private investor acquired the property for $3.6 million, or $62,069 per unit. Constructed in 1977, the property features 58 apartments in a mix of two-and three-bedroom townhomes and garden-style units. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the seller, a private partnership, while Mark Krantz and Derrick Dougherty, also of Marcus & Millichap, represented the buyer in the deal. Brenton Baskin of Marcus & Millichap was the broker of record in Pennsylvania.

January 10, 2017

Loans Northeast Office Pennsylvania

Eastern Union Funding Arranges $19M Loan to Refinance Data Center in Philadelphia

by Amy Works January 9, 2017

PHILADELPHIA — Eastern Union Funding has arranged a $19 million loan for the refinancing of a data center, located at 2401 Locust St. in Philadelphia. Built in 1928 as a manufacturing facility, the four-story 44,015-square-foot property is now used as a mission-critical data facility. Meir Kessner of Eastern Union represented the borrower, CRCO Phil LP, in the transaction.

January 9, 2017

Northeast Office Pennsylvania

CBRE Global Investors Fund Enters Pittsburgh Market with Office Building Acquisition

by Amy Works January 9, 2017

PITTSBURGH — A fund advised by CBRE Global Investors has acquired Liberty Center, a 27-story Class A office property located in Pittsburgh’s central business district, for an undisclosed price. The property features 529,289 square feet of office space. The buyer plans to enhance the property through implementation of its proprietary 5-Star worldwide service and amenity program.

January 9, 2017

Northeast Pennsylvania Retail

Vastgood Properties Acquires 246,000 SF Retail Center Near Harrisburg for $17M

by Amy Works January 9, 2017

ETTERS, PA. — Vastgood Properties has acquired Newberry Commons, a 246,000-square-foot grocery-anchored retail center located at 10 Newberry Commons in Etters. Newberry Commons LLC sold the property for $17 million. Constructed in 1987, the center underwent an extensive $2 million renovation in 2014. Rite Aid Pharmacy occupies approximately 130,000 square feet of the property. At the time of sale, the property was 95 percent leased. Andy Stape and Vito Lupo of KLNB Retail represented the seller and procured the buyer.

January 9, 2017

New York Northeast Retail

RKF Arranges $10M Sale of Retail Property in Manhattan

by Amy Works January 9, 2017

NEW YORK CITY — RKF has brokered the sale of a 1,400-square-foot retail property located at 682 Broadway in Manhattan’s NoHo district. Premier Equities sold the property to Ascot Properties for $10 million. The property features ground-floor retail space, basement space and 50 feet of street frontage. GNC Holdings currently leases the space on a long-term basis. Brian Segall and Ariel Schuster of RKF represented the seller, while Matthew Marshall of Marshall Real Estate represented the buyer in the transaction.

January 9, 2017

New York Northeast Office

IPsoft Inc. Renews, Expands Office Lease to 139,642 SF in Manhattan

by Amy Works January 9, 2017

NEW YORK CITY — IPsoft Inc. has renewed and expanded its lease at RFR Realty’s 17 State Street, a 42-story office tower located in Manhattan. The artificial intelligence company renewed its 97,955-square-foot lease and expanded to add 41,687 square feet of space on floors 16, 19 and 20. AJ Camhi of RFR Realty, along with Mitch Knosker of JLL, represented the landlord, while Rob Lowe of Cushman & Wakefield represented the tenant in deal.

January 9, 2017

Loans New York Northeast Office Retail

RM Capital Arranges $57.5M in Construction Financing for Redevelopment of Tammany Hall in NYC

by Amy Works January 6, 2017

NEW YORK CITY — RM Capital has arranged $57.5 million in first mortgage and mezzanine construction financing for the redevelopment of the Tammany Hall building at 44 Union Square in New York City. The borrower, Reading International, will use the financing to renovate and repurpose the six-story 73,322-square-foot retail and office building. Upon completion, the building will feature three contiguous lower levels of retail space and three floors of office space. The historic property is the former headquarters for the Tammany Hall political organization and required a variance and Landmarks Commission to move forward with the redevelopment. Tammany Hall was a New York City political organization founded in 1786 and planned a major role in controlling city and state politics and helping immigrants rise up in American politics. Bank of the Ozarks provided the $50 million senior construction loan, and an affiliate of Fisher Brothers provided the $7.5 million mezzanine loan. Marc Sznajderman, Romano Tio and Bo Diamond of RM Capital secured the financing for the borrower.

January 6, 2017

New Jersey Northeast Office

Alexander Property Holdings Acquires 135,000 SF Office Building in New Jersey for $20M

by Amy Works January 6, 2017

LYNDHURST, N.J. — Alexander Property Holdings has acquired CityView Corporate Center, an office building located at 160 Chubb Ave. in Lyndhurst. Rugby Realty Co. sold the 135,000-square-foot property for $20 million. Situated on 8 acres, the property was constructed in 1979 and renovated in 2006 and 2012. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Ryan Larkin and Curtis Foster of Cushman & Wakefield brokered the transaction.

January 6, 2017

Loans Multifamily Northeast Pennsylvania Student Housing

Colliers Secures $12M Loan for 276-Bed Student Housing Complex Near Penn State

by Amy Works January 6, 2017

STATE COLLEGE, PA. — Colliers International has arranged $12 million in financing for the acquisition and completion of Blue Course Commons, a 276-bed student housing complex in State College. John Banas and Kris Wood of Colliers Philadelphia Capital Markets arranged a three-year, fixed-rate loan with a two-year interest-only payment period for the undisclosed borrower.

January 6, 2017

New Jersey Northeast Retail

The Blau & Berg Co. Arranges Sale of 54,126 SF Retail Property in Newark, New Jersey

by Amy Works January 6, 2017

NEWARK, N.J. — The Blau & Berg Co. has brokered the sale of a retail property located at 237-249 S. Orange Ave. in Newark. JJ Operating Inc., a family-owned real estate investment and management company, acquired the 54,126-square-foot property for an undisclosed price. The free-standing building is currently occupied by a 2,100-square-foot Dunkin’ Donuts. The buyer plans to redevelop the property. Alex Conte, Jason Crimmins and Peter Murano of The Blau & Berg Co. represented the seller and buyer in the deal.

January 6, 2017

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