Northeast

Unilever Headquarters, Englewood Cliffs, N.J.

OVG, Normandy Real Estate Partners to Redevelop Unilever HQ in New Jersey

by Jaime Lackey September 16, 2016

ENGLEWOOD CLIFFS, N.J. — Unilever has chosen a joint venture between OVG Real Estate and Normandy Real Estate Partners to acquire and redevelop the company’s 23-acre, 325,000-square-foot North American headquarters. The site is located at 700 Sylvan Ave. in Englewood Cliffs, just across the Hudson River from New York City. The agreement provides that upon closing, the land and the building will be leased back to Unilever via an 18-year triple-net lease. The sale is expected to close prior the end of 2016. The renovated headquarters will be both LEED- and WELL-certified and benefits will include reducing CO2 emissions, reducing energy consumption by 50 percent, reducing water demand via low-flow plumbing and diverting 75 percent of construction waste from landfills. OVG plans to increase the size of the property by 28 percent to accommodate 1,600 employees. Unilever expects the new campus to be largely finished by the fourth quarter of 2017. Cushman and Wakefield advised in the partnership formation. Other partners include Perkins + Will Architects; Unilever’s legal advisor Robinson Cole; Drinker Biddle & Reith and AKD Advocaten, both serving as legal advisors to the OVG-Normandy joint venture; general contractor StructureTone; and insurance advisor Parallel. — Jaime Lackey

September 16, 2016

New Jersey Northeast Office

H&M Group Buys Polygon Plaza in Fort Lee from BFE Affiliate for $22M

by Jaime Lackey September 15, 2016

FORT LEE, N.J. — A BFE affiliate has sold the fully leased Polygon Plaza in Fort Lee’s redevelopment district to H&M Group Inc., a New York investor, for $22 million. The 90,000-square foot property is located at 2050 Center Ave. BFE acquired the building in 1994 for $6.4 million from Connecticut Mutual Life, which had acquired it through a foreclosure. Today, Polygon Plaza is leased to a mix of small and mid-sized tenants, including many long-term occupants. Trans-Hudson Management Corp., a BFE affiliate, will continue to manage the building for the new owner. Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer of Cushman & Wakefield represented BFE in the sale. Ashley Kim and Bowen Pak of Eastern International Realty Inc. served as co-brokers for the seller in the transaction.

September 15, 2016

New York Northeast Office

Marcus & Millichap Brokers $14.47M Sale of Upstate New York Office Park

by Jaime Lackey September 15, 2016

ALBANY, N.Y. — Marcus & Millichap has arranged the sale of Corporate Plaza, a 149,460-square-foot office park in Albany, for $14.47 million, or just under $100 per square foot. The eight buildings were 93 percent occupied at the time of sale to local owner/developer Cass Hill Development Cos. Ben Sgambati, Chip Collins, and Anthony Asencio of Marcus & Millichap represented the seller, Rosenblum Cos., an Albany-based owner/developer, and procured the buyer. J.D. Parker is Marcus & Millichap’s broker of record in the state of New York.

September 15, 2016

Hospitality Loans New Jersey Northeast

Silver Arch Originates $10.75M Loan for Hotel Project in Jersey City

by Jaime Lackey September 15, 2016

JERSEY CITY, N.J. — Silver Arch Capital Partners has originated a $10.75 million loan allowing Tramz Hotels Group to refinance a 15,300-square-foot land parcel located at 155 Luis Munoz Marin Boulevard in Hudson County, N.J., on which it will develop a 202,495-square-foot, 276-room Marriott hotel. The property will include a full-service restaurant, a bar and lounge area plus associated services such as concierge, salon, meeting/banquet rooms and a full-service fitness center. Tarrunumn Murad along with her husband Tajjammal Murad founded Tramz Hotels Group in 1987. She was only the second woman to become a chartered accountant in Pakistan in 1976. In the U.S., she has financed transactions of more than $150 million and holds an MBA from Columbia University in New York.

September 15, 2016

Healthcare Massachusetts Northeast

Tryko Partners Acquires Skilled Nursing Facility in Massachusetts, Plans $2.5M Renovation

by Jaime Lackey September 15, 2016

METHUEN, MASS. — Brick, N.J.-based private equity investment group Tryko Partners has acquired Methuen Health & Rehabilitation Center, which is being renamed Cedar View Rehabilitation and Healthcare Center. SMV Methuen LLC sold the property, which was built in 1960 and renovated in 1995. The property is licensed for 107 beds and currently operates 98 beds in 46 resident rooms. The 33,500-square-foot, single-story building sits on a seven-acre parcel at 480 Jackson Street in Methuen. It is the closest skilled nursing facility to Steward Health System’s Holy Family Hospital, a 345-bed short-term acute care hospital, and also near Lawrence General Hospital, a 189-bed short-term acute care hospital. Tryko affiliate Marquis Health Services will immediately launch a $2.5 million renovation to modernize the building and accommodate expanded programming. Steve Thomes and Jacob Gehl of Blueprint Healthcare Real Estate Advisors served as brokers in the sale. Chicago-based Private Bank provided acquisition financing.

September 15, 2016

Delaware Loans Multifamily Northeast

NorthMarq Negotiates $2.4M Refinance of Millstone Plaza Apartments in Delaware

by Jaime Lackey September 15, 2016

NEWARK, DEL. — NorthMarq Capital has arranged the $2.4 million refinance of Millstone Plaza Apartments, a 24-unit multifamily property with 2,500 square feet of office space. The transaction was structured with a 10-year term and 30-year amortization schedule. Ed Riekstins of NorthMarq secured financing for the borrower through a national bank.

September 15, 2016

Multifamily New York Northeast

Eastern Consolidated Sells 167-Unit Queens Multifamily Property for $40.73M

by Jaime Lackey September 14, 2016

NEW YORK CITY — Eastern Consolidated has arranged the $40.73 million sale of a 167-unit, 187,800-square-foot multifamily property at 94-25 57th Avenue in Elmhurst, Queens. The fully occupied property, located on Junction Boulevard between 56th and 57th Avenues, includes 15 studios, 101 one-bedrooms, 35 two-bedrooms, 12 three-bedrooms, and three professional units. Matt Sparks and Ted Volynets of Eastern Consolidated represented the seller, a private investor, and Sparks procured the buyer, Treetop Development, in the off-market transaction.

September 14, 2016

Mixed-Use Multifamily New Jersey Northeast

University Place Underway in Jersey City

by Jaime Lackey September 14, 2016

JERSEY CITY, N.J. — The Hampshire Companies and joint venture partner Claremont Companies, along with project investment advisor Circle Squared Alternative Investments, have broken ground on the first phase of University Place along the west campus of New Jersey City University. The first phase will include 163 market-rate units and approximately 10,000 square feet of retail on West Side Avenue, along with 177 structured parking spaces, two bike terminals and more than 25,000 square feet of indoor/outdoor amenity space. The residential units will consist of 27 studio apartments, 112 one-bedroom, and 24 two-bedroom units ranging from 550 square feet to 1,300 square feet. Occupancy for the first project is slated for 2017. The remaining phases of development for University Place are expected to be completed and available for occupancy in 2018. The master redevelopment plan calls for eight buildings including a 100,000-square-foot performing arts center/academic building.

September 14, 2016

25-fid-kennedy-raymond-l-flynn-marine-industrial-park

Industrial Massachusetts Northeast

Auburndale Realty Co. Represents Manufacturing Tenant in 157,000 SF Boston Lease

by Jaime Lackey September 14, 2016

BOSTON — J.C. Cannistraro LLC has signed a lease to relocate to a 157,000-square-foot building at 25 Fid Kennedy in Boston’s Raymond L. Flynn Marine Industrial Park and will consolidate its machine shops currently located in Wilmington, Stoughton and Watertown, Mass. Robert Cleary, now at Colliers International, and Rob Nahigian, of Auburndale Realty Co., handled the tenant advisory assignment for the company, which offers plumbing, HVAC, piping, sheet metal and fire protection services. Cannistraro will move roughly 140 manufacturing jobs to the property after its renovation. The lease term with the Economic Development and Industrial Corporation is 50 years with a control period of 70 years.

September 14, 2016

Loans Multifamily New Jersey Northeast

Meridian Capital Group Arranges $22M in Acquisition Financing for Brooklyn Multifamily Property

by Jaime Lackey September 14, 2016

NEW YORK CITY — Meridian Capital Group has arranged $22 million in acquisition financing for the purchase of a 51-unit loft multifamily building located at 315 Seigel Street on the border of East Williamsburg and Bushwick, on behalf of Sugar Hill Capital Partners. The five-year loan, provided by a regional balance sheet lender, features a fixed-rate in the 3 percent range with one year of interest-only payments and a five-year extension option. Shamir Seidman and Daniel Neiss of Meridian negotiated the transaction.

September 14, 2016

Newer Posts

Older Posts