Northeast

CBRE Brokers $22.6M Sale of Office Building in Stamford, Connecticut

by Amy Works June 21, 2017

STAMFORD, CONN. — CBRE has arranged the sale of an office building located at 225 High Ridge Road in Stamford. TNREF III High Ridge LLC, a joint venture between Baywater Properties and True North Management Group, acquired the property from RA 225 High Ridge LLC, an entity controlled by RNY Property Trust, for $22.6 million. At the time of acquisition, the 244,104-square-foot property was 81 percent leased to a variety of tenants, including Synapse, Bank of America and Mass Mutual. Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE represented the seller in the deal.

June 21, 2017

Loans Multifamily New York Northeast Seniors Housing

Monticello Provides $34.1M Acquisition Loan for 256-Bed Skilled Nursing Facility in New York

by Amy Works June 21, 2017

NEW YORK CITY — Monticello Asset Management LLC has provided $34.1 million in financing to Elener Associates LLC and W Management Group, which will use the funds to acquire a 256-bed skilled nursing facility in New York. The four-story building was constructed in 1961 and features 120 resident rooms. It totals 35,525 square feet on 0.82 acres. The name of the facility was not disclosed. The borrowers plan to make improvements to the physical building as well as the operations. Renovations, which will require closing an entire floor at a time, will include addition of a kitchenette, changes to the telecommunication systems and improvements to the fire sprinkler system.

June 21, 2017

Delaware Mixed-Use Northeast Retail

NFK Arranges $13.5M Sale of Retail/Mixed-Use Development Site in Rehoboth Beach, Delaware

by Amy Works June 21, 2017

REHOBOTH BEACH, DEL. — Newmark Knight Frank (NKF) has brokered the sale of a 10.3-acre development parcel located at the southeast corner of Coastal Highway and Holland Glade Road in Rehoboth Beach. The Corrado Family LLC sold the 448,668-square-foot site to Coastal Station Development Co. for $13.5 million. The buyer plans to redevelop the site, with the first phase featuring a Royal Farms convenience store and Iron Hill Brewery & Restaurant. Mike Margolis, Dave Dolan and Neal Dangello of NKF represented the seller in the transaction.

June 21, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Facilitates $6.3M Sale of Two Apartment Buildings in Weehawken, New Jersey

by Amy Works June 21, 2017

WEEHAWKEN, N.J. — Gebroe-Hammer Associates has arranged the sale of two apartment properties, located at 10-12 48th St. and 4614-16 Park Ave. in Weehawken. A local private investor acquired the properties, which total 38 units, for $6.3 million. The properties were owned by a single seller under the entity names of 10-12 48th St LLC and 4614-4616 Park Avenue LLC. The four-story building on 48th Street features 13 two-bedroom units and four three-bedroom units, while the five-story Park Avenue building features 21 units in a mix of studio, one-, two- and three-bedroom layouts. Nicholas Nicolaou of Gebroe-Hammer represented the seller and procured the buyer in the deal.

June 21, 2017

Hospitality New York Northeast Top Stories

Pebblebrook Hotel Trust Sells Dumont NYC for $118M

by Nellie Day June 21, 2017

NEW YORK — Pebblebrook Hotel Trust (NYSE: PEB) has sold the 252-room Dumont NYC in New York for $118 million. The transaction marks Pebblebrook’s exit from the New York market. The upper upscale hotel is located at 150 E. 34th St. at Lexington Avenue in Manhattan. It was built in 1986. The buyer was LeFrak Organization, which plans to convert the hotel into apartments, according to The Real Deal. Dumont NYC was previously part of a six-hotel portfolio Pebblebrook held with joint venture partner Denihan Hospitality Group. Denihan Investments completed a redemption agreement with Pebblebrook that transferred ownership of the jointly owned hotels in October. Denihan became the sole owner of four of the assets. This included The Benjamin, Fifty NYC, Gardens NYC and Shelburne NYC for a total of 917 rooms. Pebblebrook assumed full ownership of Dumont NYC and Manhattan NYC, totaling 870 rooms. Manhattan NYC was then sold to a joint venture between Sioni Group, Patriarch Equities and Highgate for $217.5 million. It was rebranded as the Stewart Hotel. Proceeds from the Dumont NYC sale will be used for general business purposes, which may include reducing Pebblebrook’s outstanding debt or repurchasing some of the company’s common shares. “With …

June 21, 2017

Industrial Market Reports Northeast Northeast Market Reports Rhode Island

The Changing Face of the Providence, Rhode Island Industrial Market

by Camren Skelton June 21, 2017

The latest CoStar Industrial Report for Providence reports that 2016 ended on a positive note on many fronts for the industrial real estate sector. The Providence industrial vacancy rate overall was down to 4.6 percent, a steady drop from 4.8 percent at the end of third quarter 2016, 5.3 percent at the end of second quarter 2016 and 6.4 percent at end of first quarter 2016. Flex projects showed a vacancy rate of 7.1 percent at end of fourth quarter 2016, a sharp drop from a rate that held largely steady for most of 2016 (11.4 percent for end of third quarter 2016, 11 percent at end of second and 11.5 percent at end of first quarter). For warehouse projects, the vacancy rate at the end of fourth quarter was just 4.4 percent, no change from end of third quarter, but down from 5 percent at end of second quarter and 6 percent at end of first quarter. It’s more good news for the state’s industrial outlook that the current administration has prioritized bringing businesses and jobs here. There’s evidence in the CoStar report to support that claim. Look at the third-largest lease signing of 2016. It was enacted by …

June 21, 2017

Industrial Northeast Pennsylvania

UPS Acquires 595,000 SF Distribution Center in Carlisle, Pennsylvania

by Amy Works June 20, 2017

CARLISLE, PA. — The United Parcel Service (UPS) has purchased LogistiCenter at Carlisle, a distribution center located at 1 Ames Drive in Carlisle. Dermody Properties sold the 595,000-square-foot center for an undisclosed price. The Class A bulk warehouse facility was built in 2015. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller in the transaction.

June 20, 2017

Northeast Office Pennsylvania

Brookwood Sells Three Office Properties in Pennsylvania Totaling $22.7M

by Amy Works June 20, 2017

ALLENTOWN, BENSALEM AND HORSHAM, PA. — Brookwood Financial Partners has completed the disposition of three office properties totaling $22.7 million. In the first transaction, Infinera Corp., the sole tenant, acquired a 59,910-square-foot office building at 7360 Windsor Drive in Allentown for $12.4 million, or $207 per square foot. In the second deal, Police and Fire Federal Credit Union purchased One Greenwood Square, a 60,700-square-foot office property located in Bensalem, for $6.8 million, or $112 per square foot. In the third transaction, Pliner Properties acquired a 28,894-square-foot property located at 630 Dresher Road in Horsham for $3.5 million, or $122 per square foot. The buildings are part of a 29-building portfolio that Brookwood acquired in 2015 through its affiliates, Brookwood Philadelphia I and Brookwood Philadelphia II.

June 20, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Care Investment Trust, Inspirit Buy Two Seniors Housing Communities in Pennsylvania for $13M

by Amy Works June 20, 2017

MACUNGIE AND PALMERTON, PA. — A joint venture between Care Investment Trust LLC and Inspirit Senior Living has acquired The Villages at Palmerton in Palmerton and The Willow in Macungie for $13 million. Both towns are located in the Lehigh Valley, north of Philadelphia and west of New York City. The sellers are LifeCare Holdings LLC and The Weston Group Inc. The new owners will rebrand the properties as “The Willow, an Inspirit Senior Living Community” and “The Palmerton, an Inspirit Senior Living Community.” Both communities were built between 2002 and 2003 and were approximately 90 percent occupied at closing. The properties offer a combined 111 units of assisted living and memory care. Care and Inspirit plan to spend approximately $850,000 to refurbish the communities. Affiliates of Inspirit will operate and manage the communities. Care Investment Trust is a seniors housing real estate investor and wholly owned subsidiary of Tiptree Inc. (NASDAQ: TIPT). Inspirit is a seniors housing owner-operator that, following this acquisition, now operates four communities in Tennessee, Virginia and Pennsylvania. The company was founded in 2015.

June 20, 2017

Multifamily New York Northeast

Fairstead Affordable Acquires 403 Multifamily Units in Brooklyn

by Amy Works June 20, 2017

NEW YORK CITY — Fairstead Affordable, an affiliate of Fairstead Capital, has purchased four separate Section 8 properties in the Sunset Park neighborhood of Brooklyn through a public-private partnership with New York Housing Partnership. The portfolio comprises 42 buildings with a total of 403 units. As part of the transaction, Fairstead entered into new regulatory agreements with New York City Department of Housing Preservation and Development to ensure all 403 units will remain affordable for the next 30 years. Fairstead plans to implement a capital improvement program to modernize and enhance all of the properties, including common area improvements, in-unit repairs, energy system upgrades and other capital renovations. The price and name of the seller were not released.

June 20, 2017

Newer Posts

Older Posts