Northeast

Simone Development Enters Northern New Jersey Market with Office Building Acquisition

by Amy Works July 19, 2017

HACKENSACK, N.J. — Simone Development Cos. has entered the Northern New Jersey market with the acquisition of Prospect Plaza, a medical office building located at 385 Prospect Ave. in Hackensack. The company purchased the property in a bank auction for an undisclosed price. Simone plans to renovate the three-story, 62,000-square-foot property, which was built in 1983, to upgrade the lobbies and common areas, as well as complete façade work and energy management systems updates. The property is 52 percent occupied by medical tenants, including New Jersey Imaging Network. Joseph Simone and Joseph Deglomini of Simone arranged the acquisition.

July 19, 2017

Multifamily New York Northeast

Cignature Realty Arranges $15.5M Sale of Three-Building Multifamily Portfolio in Manhattan

by Amy Works July 19, 2017

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a three-building multifamily portfolio located in the Hell’s Kitchen section of Manhattan. A private interest fund acquired the portfolio from Yaron LLC for $15.5 million. Totaling 34 apartment units, the portfolio includes 439, 441 and 443 W. 48th St. The adjacent buildings, which total 24,515 square feet, were constructed in 1901. Lazer Sternhell, Peter Vanderpool and Michael Rahimzada of Cignature Realty represented the seller and buyer in the deal.

July 19, 2017

Massachusetts Northeast Office

CBRE/NE Negotiates Sale of 470,258 SF Office Asset in Cambridge, Massachusetts

by Amy Works July 19, 2017

CAMBRIDGE, MASS. — CBRE/New England has brokered the sale of two office buildings located at 125 and 150 Cambridgepark Drive in Cambridge. CBRE Global Investors sold the asset to a joint venture between Longfellow Real Estate Partners and an undisclosed investor for an undisclosed price. The institutional-quality buildings total 470,258 square feet of multi-tenant office space and include a recently constructed 456-space parking garage. Dave Pergola, Brian Doherty, Chuck Kavoogian and Adam Brinch of CBRE represented the seller and procured the buyer in the transaction.

July 19, 2017

Connecticut Loans Multifamily Northeast

Colliers Arranges $13.7M in Refinancing for 152-Unit Apartment Community in Vernon, Connecticut

by Amy Works July 19, 2017

VERNON, CONN. — Colliers International has arranged the $13.7 million in refinancing for Vernon Gardens, a 152-unit apartment community located at 695 Talcottville Road in Vernon. John Banas and Kris Wood of Colliers secured the five-year, fixed-rate loan, which features a five-year reset, for the undisclosed borrower. Built in 1965, the 10-building property features 102 one-bedroom units, 25 two-bedroom apartments, 24 two-bedroom townhouse units and one landlord-occupied office space. At the time of financing, the property was 97 percent occupied.

July 19, 2017

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Secures $6M in Financing for Five-Building Industrial Portfolio in New Jersey

by Amy Works July 19, 2017

ORANGE, N.J. — G.S. Wilcox & Co. has arranged $6 million in financing for a five-building industrial portfolio located in Orange. The properties total more than 115,000 square feet of industrial space, with the majority offering 22-foot ceiling heights. Gretchen S. Wilcox and Al Raymond of G.S. Wilcox secured the financing for the borrower, a private equity firm.

July 19, 2017

Multifamily New York Northeast

Brooklyn Standard Properties, Cohen Commercial Buy Multifamily Portfolio in the Bronx for $26.5M

by Amy Works July 18, 2017

NEW YORK CITY —  Brooklyn Standard Properties and Cohen Commercial Properties have partnered to acquire a 10-building multifamily portfolio in the Bronx for $26.5 million. LAL Property Management Corp. sold the buildings, which total 104 residential units. The properties are located at 2460-2468 and 2490 Belmont Ave.; 2463 and 2481 Hughes Ave.; and 2454 and 2464 Hoffman St. in the Fordham/Belmont neighborhood of the Bronx. Marco Lala of Marcus & Millichap represented the seller in the deal.

July 18, 2017

New York Northeast Retail

American Investment Properties Brokers $2.1M Sale of Retail Strip Center in New York

by Amy Works July 18, 2017

SMITHTOWN, N.Y. — American Investment Properties has arranged the sale of Smithwest Plaza, a retail strip center located at 1041 W. Jericho Turnpike in Smithtown. Smith West Plaza LLC sold the property to Summit Blossom LLC for $2.1 million, or $205 per square foot. The 7,200-square-foot property was constructed in 1987. Ron Koenigsberg of American Investment Properties represented the seller and buyer in the 1031-exchange transaction.

July 18, 2017

Healthcare New York Northeast Office

Marcus & Millichap Negotiates $8.7M Sale of Medical Office Building in Brockport, New York

by Amy Works July 18, 2017

BROCKPORT, N.Y. — Marcus & Millichap has arranged the sale of a medical office building located at 6668 Fourth Section Road in Brockport. A REIT acquired the asset from an undisclosed developer for $8.7 million. Unity Hospital of Rochester leases the entire 29,497-square-foot building on a long-term, triple-net basis. Ryan Moore and Christopher Mitchel of Marcus & Millichap represented the seller and secured the buyer in the deal. Additionally, John Krueger of Marcus & Millichap assisted in the closing.

July 18, 2017

Northeast Pennsylvania Retail

PREIT Repositions 614,000 SF Capital City Mall Near Harrisburg with New Tenants

by Amy Works July 18, 2017

CAMP HILL, PA. — PREIT is repositioning Capital City Mall near Harrisburg with multiple new tenants, including the Dick’s Sporting Goods to replace Sears. The company has executed leases with Fine Wine & Good Spirits, Dick’s Sporting Goods and Dave & Buster’s to remerchandise the 614,000-square-foot mall, located at 3506 Capital City Mall Drive in Camp Hill. The 11,500-square-foot Fine Wine & Good Spirits will be adjacent to the Dick’s Sporting Goods space, which is already under construction. Both tenants are slated to open this fall. Additionally, Dave & Buster’s will open a 28,000-square-foot location — its first in the region — at the property in fall 2018. Current tenants at the property include JCPenney, Macy’s, DSW, Old Navy, Field & Stream, Forever 21, Victoria’s Secret, Kay Jewelers, Bath & Body Works, Buckle, H&M and Build-A-Bear Workshop.

July 18, 2017

New York Northeast Retail

RKF Lands New Bonobos, Lush Cosmetics Locations in Brooklyn, Manhattan

by Amy Works July 18, 2017

NEW YORK CITY — RKF has arranged two leases for new locations for Bonobos and Lush Cosmetics in New York City. Bonobos has leased 2,500 square feet of space at 173 Court St. in Brooklyn’s Cobble Hill neighborhood. The men’s clothing store is slated to open this month. The retail space consists of 1,700 square feet on the ground floor and 800 square feet in the lower level of a four-story brick townhouse. Justin Fantasia of RKF represented the tenant, while Ike Bibi, also of RKF, represented the landlord, Industrie Capital Partners. In the second transaction, Lush Cosmetics leased 2,600 square feet of retail space within Hotel Belleclaire at 2175 Broadway in Manhattan’s Upper West Side. The store, known for its fresh, handmade and ethical bath, body, hair and skincare products, is slated to open this fall. The location features 1,600 square feet of retail on the ground floor and 1,000 square feet of space on the lower level. David Abrams of RKF represented the landlord, Triumph Hotels, while Matthew Krell of Newmark Knight Frank represented Lush Cosmetics in the deal.

July 18, 2017

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