CARLSTADT, N.J. — Terreno Realty Corp. has acquired an industrial property, located at 248 Paterson Plank Road in Carlstadt, for $5 million. Situated on 5.2 acres, the 31,000-square-foot property features 64 dock-high and two grade-level loading positions, parking for 25 cars and trailer storage. At the time of sale, the property was fully leased to two tenants. The name of the seller was not released.
BRICK, N.J. — Marquis Health Services, the healthcare affiliate of Tryko Partners LLC, has completed a $2.8 million renovation and repositioning of Willow Springs Rehabilitation and Healthcare Center in Brick. Located at 1049 Burnt Tavern Road, the property features 148 skilled nursing beds, an expanded rehabilitation therapy gym, a putting green, gourmet coffee lounge and updated common areas and patient rooms.
The Capital Region continues to experience low vacancy rates across the industrial sector. The region’s growth over the last decade has primarily been driven by multibillion-dollar investments by GlobalFoundries, a semiconductor foundry, and State University of New York Polytechnic Institute (known as SUNY Poly). With limited new construction and virtually no spec-built facilities, the rates on existing spaces have finally experienced some rental appreciation after remaining relatively flat over the decade from 2005 to 2015. For the most part, the region has seen existing tenants shifting to new locations within the marketplace as opposed to companies entering to the marketplace for the first time. Generally, new entrants to the market that have some technology component to their business are locating at the SUNY Poly campus or related facilities. One of the most notable recent transactions was the $57 million sale of The Beltrone Portfolio to The Rosenblum Companies. The portfolio totaled 23 buildings made up of a mix of office and industrial properties. The industrial assets included 10 buildings that would be classified as Class A and B product. Historically the entire portfolio maintained a low vacancy status and at the time of sale it was approximately 5 percent vacant. …
PHILADELPHIA — TD Bank has invested a total of $20.6 million to convert the long-vacant Spring Garden School in Philadelphia into a 49-unit affordable community for seniors and homeless veterans. The investment includes $11.6 million in tax credit equity and a $9 million construction loan. When completed, the conversion will offer 37 units for low-income seniors and 12 units for homeless veterans. Spring Garden School was built in 1927 and added to the National Register of Historic Places in 1986. The property has been vacant for nearly 40 years. The project will include restoring the interior and exteriors of the building, while intentionally preserving some of the graffiti. HELP USA, a national homeless service provider and low-income housing developer, is developing the project.
NEW YORK CITY — Bestreich Realty Group has brokered the sale of a 38-unit five-building assemblage of multifamily properties located at 255-265 Linden St. in Brooklyn’s Bushwick neighborhood. Linden Street Group acquired the properties from Excelsior Equities for $9.5 million. The assemblage comprises four contiguous eight-unit properties and one six-unit property. The buyer plans to hold the property and maximize value. Derek Bestreich, Luke Sproviero, Steve Reynolds of Bestreich represented the buyer and seller in the deal.
MORRISTOWN, N.J. — NAI James E. Hanson has arranged the acquisition of a 22,000-square-foot retail property located at 110 Washington St. in Morristown. E&H Members LLC acquired the property, which is occupied by Whole Foods Market, for an undisclosed sum. Scott Perkins, Greg James and Chris Todd of NAI Hanson represented the buyer in the deal. The name of the seller was not released.
SHELBURNE, VT. — Nedde Real Estate has arranged an office lease at 181 Falls Road in Shelburne. NorthEast Estates and Trusts PLLC and Law Office of Richard J. Fox will occupy 955 square feet at the property. The lease will begin in January 2017 and expire in two years. Fernando Cresta of Nedde Real Estate arranged the lease transaction. The landlord is LaPlatte Partnership.
EPHRATA, PA. — A joint venture between Heidenberg Properties Group and Strategic Real Estate Partners has acquired Ephrata Commons Shopping Center, located at 385 N. Reading Road in Ephrata. An undisclosed seller sold the property for $6.1 million. Tenants at the 54,810-square-foot shopping center include Redner’s Warehouse Market, Tokyo Asian Cuisine, RadioShack, Cecilia’s Beauty Salon, Wild Wings Pizza & Things and Gehman Jewelers.
NEW YORK CITY — Forest City Ratner Cos. has opened 461 Dean, the world’s tallest modular tower and only modular residential high rise. Located at Greenland Forest City Partners’ Pacific Park Brooklyn, the 32-story high-rise tower features 363 rental apartments. Designed by SHoP Architects, the tower features 149 studios, 166 one-bedroom apartments and 48 two-bedroom apartments, with 23 original unit configurations. Unit prices for studios start at $2,450, one bedrooms start at $3,125 and two bedrooms start at $4,750. On-site amenities include a 24-hour doorman, modern fitness center, yoga and dance studio, sky lounge and rooftop terrace, game room, and children’s playroom as well as in-unit washers/dryers. The property, which is slated for LEED Silver certification, is the first residential building to open at the 22-acre Pacific Park Brooklyn mixed-use community. Pacific Park Brooklyn is being developed by a joint venture between Greenland USA and Forest City Ratner Cos., which is a wholly owned subsidiary of Forest City Realty Trust.
NEW YORK CITY — HFF has arranged two loans on behalf of Short Hills, N.J.-based Garden Homes Development for an office property and a residential property in Manhattan. The firm secured $38 million in financing for the office property totaling 103,389 rentable square feet at 13-15 W. 54th St. and 20 W. 55th St. in Midtown Manhattan and $21.5 million in financing for the six-story residential building with ground-floor retail at 194 E. Second St. in the East Village. Built in 1897, the office properties are two adjacent five-story mansions that were home to John D. Rockefeller and known as the Rockefeller Townhouses. Completed in 1997, the residential building features 8,465 square feet of ground-floor retail space and 61 luxury residential units. Andrew Scandalios and Geoff Goldstein of HFF arranged the financing for the borrower.