Northeast

Vision Real Estate Partners Purchases Office Property in Morristown, N.J.

by Haisten Willis April 12, 2017

MORRISTOWN, N.J. — Vision Real Estate Partners has acquired 1776 On The Green, an office property in downtown Morristown. The company plans to update the 150,000-square-foot tower in collaboration with the adjacent Pioneer Park improvements project. Located at 67 Park Place East, 1776 On The Green is situated on the Morristown Green at the corner of Speedwell Avenue. Cushman & Wakefield arranged the transaction with the seller, Deutsche Bank Asset Management. Built in 1973, the property is undergoing interior upgrades and sits on top of a parking garage shared with the Headquarters Plaza. Vision Real Estate Partners plans to immediately renovate the 10-story building with lobby and common area upgrades and the creation of a third-floor amenity lounge.

April 12, 2017

New York Northeast Retail

Colliers Arranges $16.9M Acquisition of BJ’s Wholesale Club in Metro Rochester, N.Y.

by Haisten Willis April 12, 2017

GREECE, N.Y. — Colliers International has represented the buyer in the $16.9 million purchase of a freestanding BJ’s Wholesale Club located at 300 Bellwood Dr. in the Rochester suburb of Greece. The net leased structure spans 119,600 square feet on 11 acres and includes 485 parking spaces. The Colliers retail team of William Aiello, George Lulos and Larry Kostelac represented the buyer, Professional Properties LLC.

April 12, 2017

New York Northeast Office Top Stories

TF Cornerstone Secures $325M Refinancing for Carnegie Hall Tower in Manhattan

by Nellie Day April 12, 2017

NEW YORK CITY — TF Cornerstone has secured a $325 million refinancing for Carnegie Hall Tower, a 555,000-square-foot, trophy office property on Manhattan’s “Billionaire’s Row.” The 60-story building is located at 152 W. 57th Street. Carnegie Hall Tower opened in 1991 and was designed by Cesar Pelli. The building features a vaulted entrance and a through-block grand lobby adorned with Italian marble, brass and hardwood accents similar to its landmark neighbor, Carnegie Music Hall. Many floors offer 360-degree views of New York City, including Central Park, the skyline, the Hudson and East rivers and the Atlantic Ocean. “Delivered in 1991 during an economic recession, the property took time to lease up and stabilize,” says Jeremy Shell, executive vice president of TF Cornerstone. “The market was soft but the principals of our firm were persistent in waiting out the vacancies of the early 1990s. [Cornerstone] went to great lengths to keep the property solvent and to ultimately realize their vision for Carnegie Hall Tower.” Some of the tower’s current notable tenants include TR Winston & Company, Metacapital, Kingdon Capital, 13D Management, Grubman Indursky Shire & Meiselas law firm and Greystone & Company. Singer & Bassuk Organization (SBO) arranged the financing through …

April 12, 2017

Northeast Office Pennsylvania

CBRE Capital Markets Negotiates Sale of Office Building in Trevose, Pa.

by Haisten Willis April 11, 2017

TREVOSE, PA. — CBRE has arranged the sale of a Class A office building located at 1150 Northbrook Dr. in Trevose. Red River Asset Management, Advalurem Group and Lincoln Property acquired the four-story, 107,742-square-foot property. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller, Rubenstein Partners, during the transaction. Built in 2007, 1150 Northbrook features a two-story atrium lobby and a glass curtain wall. The property, which is located near Neshaminy Mall, is 85 percent leased to tenants including Gamesa, Office of the Comptroller (U.S. Department of the Treasury) and Bracket Global.

April 11, 2017

Industrial Loans Northeast Rhode Island

Webster Bank Secures $7 Million Financing for Brewing Facility in Rhode Island

by Haisten Willis April 11, 2017

PAWTUCKET, R.I. — Webster Bank has secured a $7.2 million portfolio financing deal for Isle Brewers Guild, a craft beer cooperative in Pawtucket co-founded by Devin Kelly and Jeremy Duffy. The Guild is designed to deliver additional capacity, efficiency and control to local brewers. Webster Bank provided $4 million of financing to the Rhode Island Industrial Facilities Corp. in conjunction with a guarantee from the Rhode Island Industrial Recreational Building Authority by purchasing two bonds: one 25-year series and real estate for about $1.4 million plus a 15-year series of $2.6 million for machinery and equipment to establish a brewing operation. Webster also provided $3.1 million under the U. S. Small Business Administration’s 504 program. This portion of the financing consists of $2.8 million of bridge financing and a $350,000 working capital line of credit. Anthony Capuano Jr. of Webster Bank led the transaction.

April 11, 2017

New York Northeast Restaurant Retail

Eastern Consolidated Brokers Lease for Italian Restaurant in New York City

by Haisten Willis April 11, 2017

NEW YORK CITY — Chef Pino Luongo is opening an Italian restaurant in SoHo at 160 Prince St., a space which housed Milady’s neighborhood bar from the 1930s until 2014. Eastern Consolidated brokered the 15-year, 1,850-square-foot ground-floor lease at the corner of Prince and Thompson streets. James Famularo represented the landlord, while Jeff Geoghegan and Greg Goldberg represented the tenant. Luongo has owned and operated restaurants for more than 30 years. Luongo opened Il Cantinori in the East Village in 1983, followed by Coco Pazzo on the Upper East Side in 1990, Tuscan Square in Rockefeller Center in 1997, Centolire in 2001 and Morso in 2011.

April 11, 2017

New York Northeast Office

SVN Negotiates $2.3M Acquisition of People’s United Bank Building in Babylon, N.Y.

by Haisten Willis April 11, 2017

BABYLON, N.Y. — SVN | Realty Three Advisors has negotiated the $2.3 million purchase of the People’s United Bank Building located at 375 Deer Park Ave. in Babylon. An unnamed buyer purchased the net leased retail and office building from 375 Deer Park Avenue LLC. Patricia Posillico of Sperry Van Ness | Realty Three Advisors represented the buyer. Sabre Real Estate Group represented the seller.

April 11, 2017

Industrial New Jersey Northeast

CBRE Arranges 450,000 SF Industrial Lease in South Brunswick, N.J.

by Haisten Willis April 11, 2017

SOUTH BRUNSWICK, N.J. – CBRE has arranged 450,000 square feet of leases at 301 Middlesex Center Blvd., a Class A industrial building in South Brunswick — bringing the newly constructed, speculative facility to full occupancy The transactions include a 250,000-square-foot lease with CDS Logistics and a 200,000-square-foot lease with Best Logistics. CBRE’s Steven Beyda, Mindy Lissner and Scott Belfer arranged the transaction on behalf of landlord IDI Gazeley, an industrial real estate developer. Beyda, Kevin Dudley and William Waxman of CBRE represented Best Logistics. Joe Nitti of Cresa represented CDS. Located near the New Jersey Turnpike, 301 Middlesex includes 36-foot ceiling heights, ESFR sprinkler systems and cross-docked loading.

April 11, 2017

Northeast Pennsylvania Retail

Legoland Discovery Center Opens at Plymouth Meeting Mall in Metro Philadelphia

by Haisten Willis April 10, 2017

PLYMOUTH MEETING, PA. — Legoland Discovery Center Philadelphia has opened at Plymouth Meeting Mall in Plymouth Meeting, a suburb of Philadelphia. The attraction is a first-to-portfolio tenant for Pennsylvania Real Estate Investment Trust (PREIT), a publicly traded real estate investment trust focused on retail properties. Legoland Discovery Center is the only Legoland location in Pennsylvania and the ninth nationally. The 33,000-square-foot attraction features a LEGO-themed ride, cinema and miniature replica of landmarks in Philadelphia. It complements tenants at Plymouth Meeting Mall including Whole Foods Market and Dave & Buster’s.

April 10, 2017

Delaware Industrial Northeast

Grandbridge Secures $44.5M Refinance of Self-Storage Portfolio in Wilmington, Del.

by Haisten Willis April 10, 2017

WILMINGTON, DEL. — Grandbridge Real Estate Capital has arranged a $44.5 million first mortgage loan secured by an eight-property, 4,400-unit self-storage portfolio in Wilmington. Michael Balan of Grandbridge originated the refinancing transaction for Storage Rentals of America. The fixed-rate loan was funded through BB&T Real Estate Funding and features a 10-year term and 25-year amortization schedule.

April 10, 2017

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