Northeast

Gebroe-Hammer Associates Brokers $7.8M Sale of Multifamily Portfolio in Jersey City, N.J.

by Haisten Willis April 10, 2017

JERSEY CITY, N.J. — Gebroe-Hammer Associates has arranged the $7.8 million sale of a multifamily property in Jersey City. Nicholas Nicolaou represented the seller, an independent real estate investment firm, and identified the buyer in the sale of the 72-unit portfolio. Comprising three separate buildings located at 158 Bergen Ave. (25 units), 162 Bergen Ave. (26 units) and 232 Bidwell Ave. (21 units), the portfolio is situated within the Greenville neighborhood at the southernmost point of Jersey City. The per-unit price of the sale was $107,600. The properties are located near light rail services and bus routes along with high-traffic roads including I-78, I-287 and the New Jersey Turnpike.

April 10, 2017

Connecticut Multifamily Northeast

Press/Cuozzo, Colonial Realty Arranges $4.2M Sale of Apartment Property in Hamden, Conn.

by Haisten Willis April 10, 2017

HAMDEN, CONN. — HLKT 655 Fitch LLC has acquired Willow Woods, a two-building multifamily complex containing 52 units at 655 Fitch St. and 42 Warner St. in Hamden, for $4.2 million. The property, which is contiguous to Southern Connecticut State University, consists of 45 two-bedroom units and seven one-bedroom units on 1.5 acres. Stephen Press of Press/Cuozzo Commercial Services and David Gorbach of Colonial Realty represented the seller, LMJ Properties, and procured the buyer.

April 10, 2017

New Hampshire Northeast Retail

The Wilder Cos. to Lease, Manage Shopping Center in Keene, N.H.

by Haisten Willis April 10, 2017

KEENE, N.H. — The Wilder Cos. has taken on the leasing and management of Fairbanks Plaza in Keene. Effective April 1, the contract was awarded by the center’s owner, Unison Realty Partners of Boston. Fairbanks Plaza is a 143,000-square-foot open-air center with tenants including Kohl’s, Aldi and Walgreens. The property is the fourth Unison Realty Partners center managed by Wilder.

April 10, 2017

New Jersey New York Northeast Retail Top Stories

Urban Edge to Acquire $325M Retail Portfolio in New York, Philadelphia, St. Louis

by Taylor Williams April 10, 2017

NEW YORK, PHILADELPHIA AND ST. LOUIS — Urban Edge Properties (NYSE: UE), a real estate investment trust, has entered into a contract to acquire a seven-property portfolio of retail assets for $325 million. The portfolio was 83 percent leased at the time of sale. The portfolio, which spans approximately 1.5 million square feet of leasable space, will consist primarily of retail properties in the New York City area, with holdings in the Philadelphia and St. Louis areas as well. According to CoStar Group, affiliates of New Jersey-based Acklinis Realty Holding LLC have owned the portfolio for the last four decades. The contributors will exchange their interests for approximately $127 million of UE’s operating partnership units, which are valued at $27.02 per unit. Urban Edge will also assume $33 million in existing debt, issue roughly $117 million of non-recourse, secured debt and fund the remaining $48 million in cash. Among the portfolio’s New York City-area properties are Yonkers Gateway Center, a 436,770-square-foot asset located at 2500 Central Park Ave. in Yonkers, which is 88 percent leased to tenants such as Burlington Coat Factory, PetSmart and Alamo Drafthouse; and The Plaza at Woodbridge, a 413,013-square-foot center located at 675 U.S. Highway 1 in …

April 10, 2017

New York Northeast Office

Tishman Speyer Plans “The Wheeler” Office Hub in Downtown Brooklyn

by Haisten Willis April 7, 2017

NEW YORK CITY — Tishman Speyer has unveiled plans for development of The Wheeler, a 10-story office hub to be located above the Macy’s department store in downtown Brooklyn. The Wheeler, named for 19th century Brooklyn developer Andrew Wheeler, will include 620,000 square feet of office space. Features will include 16-foot ceilings on each floor, an acre of outdoor space, a dedicated amenity floor and views of the New York skyline. The project is scheduled for completion in mid-2019. Construction financing, which was arranged by HFF, is being provided by Bank of the Ozarks.

April 7, 2017

New York Northeast Office

DLC Management Corp. to Relocate Headquarters in Metro NYC

by Haisten Willis April 7, 2017

ELMSFORD, N.Y. — DLC Management Corp., an owner and operator of open-air shopping centers, will relocate its headquarters to a 175,000-square-foot office building located at 565 Taxter Road in the New York City suburb of Elmsford. The move will be effective in August, with construction to begin on the 19,533-square-foot space in May. DLC has collaborated with the Westchester County Industrial Development Agency to facilitate the move. The new office will include open workspaces and collaborative areas for all teams, as well as various meeting and conference rooms able to house up to 90 employees. The property will also include an on-site gym, locker room and cafeteria.

April 7, 2017

Industrial Massachusetts Northeast Office

Avison Young Arranges $26.5M Office/Industrial Portfolio Acquisition in Massachusetts

by Haisten Willis April 7, 2017

BEDFORD, ANDOVER & BILLERICA, MASS. — Avison Young, as buyer representative for Atlantic Management, has arranged the purchase of three office/flex buildings in Massachusetts. Atlantic Management acquired the 211,377-square-foot portfolio from Wheelock-Novaya for $26.5 million. The assets are located at 15 Crosby Dr. in Bedford, 200 Bulfinch Dr. in Andover and 5 Federal St. in Billerica. Tenants at the properties include Ocular Therapeutix and Becton Dickinson. Scott Jamieson of Avison Young worked with Joe Zink and Steve Wyman of Atlantic Management on the buyer’s side, while Wheelock-Novaya was represented by Gary Kamin of Wheelock Street Capital and Scott Tully and Shawn Hawthorne of Novaya Real Estate Ventures.

April 7, 2017

Industrial New York Northeast

Simone Development Brokers 73,000 Industrial Lease for Auto Parts Company in NYC

by Haisten Willis April 7, 2017

NEW YORK CITY — Simone Development Companies has brokered a long-term relocation lease for LKQ Hunts Point Auto Parts in New York City. The company is relocating to a different location in the Bronx. Joanna Simone of Simone Development, which owns the property at 1390 Spofford Ave., negotiated the 15-year lease for 73,000 square feet with LKQ Hunts Point Auto Parts. The tenant was previously located at 1480 Sheridan Expressway. The one-story warehouse/distribution building features 26-foot clear ceiling heights, 11 loading docks, three drive-in bays and on-site parking.

April 7, 2017

Connecticut Northeast Office

Second Foundation Purchases Office Building in Farmington, Conn., for $1.1M

by Haisten Willis April 7, 2017

FARMINGTON, CONN. — Second Foundation has purchased a 9,860-square-foot office property located at 21 Talcott Notch Road in Farmington for $1.1 million. SCEN International was the seller of the three-story property, which is located on .99 acres. Sentry Commercial represented the seller and CBRE represented the buyer in the transaction.

April 7, 2017

Multifamily New Jersey Northeast

Construction Underway on Woodmont Cove at South Amboy Apartment Property in New Jersey

by Haisten Willis April 6, 2017

SOUTH AMBOY, N.J. — Woodmont Properties has commenced construction of Woodmont Cove at South Amboy, a transit-oriented apartment community in South Amboy. Woodmont Cove is located seven blocks from the South Amboy transit train station, which provides a 30-minute ride to Newark Penn Station and a 51-minute train ride to New York City. Woodmont Cove will feature 106 townhouse-style apartments with garage parking and 20 apartment flats. Unit amenities will include quartz countertops, stainless steel appliances and second-floor balconies. Each apartment will also include a washer and dryer. Woodmont Cove is located near the Garden State Parkway, New Jersey Turnpike, Interstate 28, and state highways 35, 1 and 9. Leasing will begin this summer, with occupancy beginning in September.

April 6, 2017

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