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ConnecticutMultifamilyNortheast

Navarino Acquisition Buys Six-Property Multifamily Portfolio in Connecticut for $90M

by Amy Works

FARMINGTON, ENFIELD, VERNON, ELLINGTON AND NEWINGTON, CONN. — Navarino Acquisition LLC has purchased a six-property, 741-unit multifamily portfolio located in central Connecticut. A series of Delaware limited liability companies sold the portfolio for $90 million, or $121,457 per unit. The properties are the 13-building, 186-unit Summit and Birch Hill Apartments in Farmington; the 23-building, 168-unit Fox Hill Apartments in Enfield; the 15-building, 150-unit Briar Knoll Apartments in Vernon; the six-building, 100-unit High Meadow Apartments in Ellington; the eight-building, 64-unit Bradford Commons in Newington; and six-building, 73-unit Woodbridge Apartments in Newington. Victor Nolletti, Steve Witten, Still Hunter III and Eric Pentore of Institutional Property Advisors (IPA) represented the seller, while Nolletti and Pentore also represented the buyer in the deal. IPA is a division of Marcus & Millichap specializing in serving institutional and major private real estate investors.

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LoansNew YorkNortheastOfficeRetail

Cushman & Wakefield Arranges $185M in Financing for 10 Times Square in NYC

by Amy Works

NEW YORK CITY — Cushman & Wakefield advised L.H. Charney Associates Inc. on a $185 million senior mortgage financing for 10 Times Square, also known at 1441 Broadway, in New York City. The fixed-rate financing was provided by an affiliate of Metropolitan Life Insurance Co. The 36-story building features more than 540,000 square feet of office/showroom and retail space, including 31 floors of fully-leased office/showroom space and 55,000 square feet of ground-floor, concourse and second/mezzanine-level retail space. The building’s newly designed retail space and lobby will be delivered in 2017. Alex Hernandez, Steve Kohn, Chris Moyer and Alex Lapidus of Cushman & Wakefield’s Equity, Debt and Finance team arranged the the financing.

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ConnecticutNortheastRetail

Binswanger Brokers Sale of 7,200 SF Retail Property in Connecticut

by Amy Works

MANCHESTER, CONN. — Binswanger has arranged the sale of a retail property located at 550 N. Main St. in Manchester. Richard Edward Vogel acquired the 7,200-square-foot property as a net-lease investment from Rodino LP for an undisclosed price. Constructed in 1982 and situated on 1.9 acres, the property is fully leased to Maaco Collision Repair. Jim Panczykowski of Binswanger brokered the transaction.

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MassachusettsNortheastOffice

O’Connell Hospitality Group Merges with HREC

by Amy Works

BOSTON — O’Connell Hospitality Group is merging its Northeast hotel brokerage practice with HREC’s national hotel platform effective Sept. 8. With the merged companies, Jim O’Connell will be principal at HREC Investment Advisors, as well as HREC’s practice leader in the new Boston office. Combined the two firms will offer hotel investors expertise and contacts of approximately 40 dedicated lodging and gaming insiders across the North American hospitality industry.

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New JerseyNortheastRetail

CBRE Brokers $15.6M Sale of Retail Property in New Jersey

by Amy Works

MAPLE SHADE, N.J. — CBRE has arranged the sale of a retail property located at 131 E. Kings Highway in Maple Shade. Apex Financial Advisors acquired the property from SIN Ventures Maple Shade for $15.6 million. The 109,841-square-foot, free-standing property is occupied by BJ’s Wholesale Club. Brad Nathanson of CBRE represented the seller and procured the buyer in the deal.

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New JerseyNortheastOffice

Colliers Facilitates $63M Sale of 650,000 SF Office Property in New Jersey

by Amy Works

HACKENSACK, N.J. — Colliers International has arranged the sale of Continental Plaza, a landmark corporate property located at 401, 411 and 433 Hackensack Ave. in Hackensack. Capstone Realty Group and JD Cos. acquired the three-building complex from a Miami-based special servicer for $63 million. The 650,000-square-foot office was 72 percent leased at the time of sale. Jacklene Chesler of Colliers, along with her team, brokered the transaction.

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LoansNew HampshireNortheastOffice

NorthMarq Capital Secures $1.8M in Refinancing for Office Building in New Hampshire

by Amy Works

NASHUA, N.H. — NorthMarq Capital has secured $1.8 million in refinancing for an office building in Nashua. Michael Chase of NorthMarq’s Boston office arranged the long-term financing through a regional bank for the undisclosed borrower. The two-story building features 33,000 square feet of office space.

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IndustrialNew YorkNortheastOffice

BEB Real Estate Signs New Tenant to 56,000 SF of Office/Industrial Space in New York

by Amy Works

PORT WASHINGTON, N.Y. — BEB Real Estate has leased 56,000 square feet of office and industrial space to Cintas Corp. The Cincinnati-based company will occupy space on the first and second floors at 12 Harbor Park Drive in Port Washington. Lee Brodsky, Dan Oliver and Dan Marcus of Newmark Grubb Knight Frank represented the landlord, BEB Real Estate, in the deal.

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New JerseyNortheastRetail

Milbrook Properties Signs Three New Tenants to Shopping Center in New Jersey

by Amy Works

LINDEN, N.J. — Milbrook Properties has signed three new tenants to Aviation Marketplace, its 644,565-square-foot shopping center located at 601-901 W. Edgar Road in Linden. In the first deal, Massage Envy Spa inked a 10-year lease for 2,598 square feet of space. Jeffrey Realty and RJ Brunelli Real Estate co-brokered the transaction. In the second lease, European Wax Center signed a 10-year deal for 1,522 square feet of space. Jeffrey Realty and RJ Brunelli Real Estate also co-brokered this lease. In the final transaction, Source Plasma Manufacturing leased 3,661 square feet of space for 11 years. Jeffrey Realty co-brokered the deal. Additional tenants at the center include Shop Rite, The Home Depot, Marshalls, Old Navy, AC Moore, The Avenue, Applebee’s, Ten Spot, GNC, Allstate and GameStop.

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New YorkNortheastRetailTop Stories

Two Non-Traded Retail REITs Merge in $1.4B Transaction

by John Nelson

NEW YORK CITY — American Finance Trust Inc. (AFIN) has acquired all of the outstanding common stock of American Realty Capital – Retail Centers of America Inc. (RCA) for approximately $1.4 billion, including the assumption or repayment of $432 million in debt. The merger of the two New York-based, non-traded REITs creates a retail REIT with an enterprise value of approximately $3.9 billion. The combined company will retain the AFIN name and continue to be led by AFIN’s management team, with the addition of Kase Abusharkh from RCA, who will serve as AFIN’s chief investment officer of the multi-tenant portfolio. Members of both boards of directors will continue to serve on the board of the combined company. “The combination of AFIN and RCA will help the company achieve critical scale, afford improved access to capital markets, result in significant cost savings for shareholders and increase coverage of our distributions,” said Michael Weil, CEO of AFIN. “For AFIN, today’s announcement is a key step forward in our plan to grow earnings.” AFIN, formerly known as American Realty Capital Trust V Inc., was formed in January 2013 to acquire mostly freestanding, single-tenant retail properties leased to investment grade or other creditworthy tenants. …

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