Northeast

HFF Arranges $51M Sale of Grocery-Anchored Retail Center in Pompton Plains, N.J.

by Haisten Willis March 31, 2017

POMPTON PLAINS, N.J. — HFF has arranged the $51 million sale of Plaza 23, a 161,000-square-foot, grocery-anchored shopping center located in Pompton Plains. HFF marketed the property on behalf of the unnamed seller. Phillips Edison Grocery Center REIT II purchased the asset free and clear of existing debt. Anchored by Stop & Shop, Plaza 23 is the only grocery-anchored shopping center in Pompton Plains. Other tenants include T.J. Maxx, HomeGoods, GNC, Moe’s Southwest Grill and Sally Beauty Supply. Smashburger will also be opening soon. The property has a potential pad development site on its 18.8 acres. Each day, more than 54,000 vehicles pass by the development, which is located at 500 Route 23 N.,. The HFF investment sales team representing the seller included Jose Cruz, Thomas Didio, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Robert Borny.

March 31, 2017

Loans Massachusetts Northeast Office

North River Company Recapitalizes Office Property in Somerville, Mass.

by Haisten Willis March 31, 2017

SOMERVILLE, MASS. — NGKF Capital Markets has completed the recapitalization of 200 Inner Belt Road, a four-story office asset in Somerville. The NGKF Capital Markets Boston team of Robert Griffin, Edward Maher and Matthew Pullen oversaw the recapitalization of the property with North Colony Asset Management on behalf of North River Co. Totaling 190,096 square feet, 200 Inner Belt Road is 97 percent leased to tenants including Harvard University’s Somerville research facility, which includes the Harvard Art Museums Archives, the Archaeological Exploration of Sardis and the museum’s communications division.

March 31, 2017

New York Northeast Restaurant Retail

Nobu Downtown to Open in April at 195 Broadway in Lower Manhattan

by Haisten Willis March 31, 2017

NEW YORK CITY — Nobu Downtown will open in April at L&L Holding Co.’s 195 Broadway office tower. Located between Fulton and Dey Streets, the 12,500-square-foot restaurant includes a 4,500-square-foot street-level bar and lounge, subterranean dining and a private sake table. David Rockwell of Rockwell Group designed the restaurant space.

March 31, 2017

Connecticut Healthcare Northeast Office

Cushman & Wakefield Brokers 100,968 SF Medical Office Lease in Stratford, Conn.

by Haisten Willis March 31, 2017

STRATFORD, CONN. — Cushman & Wakefield has brokered a 10-year lease extension totaling 100,968 square feet for Yale New Haven Health (YNHH) and North East Medical Group (NEMG) at 99 Hawley Lane in Stratford. Jay Hruska of Cushman & Wakefield led the leasing efforts on behalf of the tenants, while Joseph Codi internally represented building owner Mountain Development. YNHH and NEMG will house multiple office and support functions at the location. 99 Hawley Lane, also known as Merritt 8 Corporate Park, is a Class A office building with recently renovated common areas. Amenities include a cafeteria, corporate conference center, fitness center, lobby concierge and structured parking.

March 31, 2017

Industrial Massachusetts Northeast

Wheelock Street Capital, The Seyon Group Form Venture Targeting $300 Million in Industrial Acquisitions

by Haisten Willis March 31, 2017

BOSTON — Wheelock Street Capital and The Seyon Group have formed a joint venture to acquire industrial real estate assets in prime Northeast markets. The joint venture commenced with the acquisition of three assets totaling $32 million along the Route 128 corridor in Greater Boston. The Seyon Group, recently formed by Bryan Blake, Andrew Iglowski and John Meador, pursues real estate investment opportunities varying in size and scope. The Wheelock/Seyon partnership was formed to take advantage of market forces increasing the demand for flex/industrial assets located in close-in suburban markets. Wheelock is targeting an allocation of $100 million from its current investment vehicle, Wheelock Street Real Estate Fund V, for equity investments in the industrial sector. The partnership has been active in the investment market since the start of 2017.

March 31, 2017

New Jersey Northeast Office Top Stories

CitiBank, Goldman Sachs Provide $124.5M Loan for Acquisition of Three Office Buildings in Newark Area

by Jeff Shaw March 31, 2017

FLORHAM PARK, N.J. — CitiBank and Goldman Sachs & Co. have provided $124.5 million in acquisition financing for three Class A office properties in Florham Park, N.J., a city approximately 20 miles west of Newark. HFF arranged the 10-year, fixed-rate loan on behalf of Mack-Cali Realty Corp. (NYSE: CLI), a REIT specializing in office and multifamily properties throughout the Northeast and mid-Atlantic. RXR Realty, a New York City-based developer and property manager, sold the three buildings, which are part of a six-property portfolio, to Mack-Cali for an undisclosed price. Jon Mikula of HFF represented Mack-Cali in the loan placement transaction. All three buildings are located on John F. Kennedy Parkway in the city’s Short Hills neighborhood. The building at 51 JFK Parkway was built in 1988, spans approximately 250,000 square feet and is currently leased to tenants such as Merrill Lynch’s Wealth Management division, Wells Fargo Advisors and accounting firm KPMG. The six-story property at 101 JFK Parkway was constructed in 1981, clocks in at roughly 190,000 square feet and is currently leased to tenants such as Investors Savings Bank. The date of completion and square footage of 103 JFK Parkway were not available, but the property is currently leased to …

March 31, 2017

Multifamily New York Northeast Student Housing

Aptitude Development to Break Ground on 287-Bed Student Housing Community Near Syracuse University

by Haisten Willis March 30, 2017

Syracuse, N.Y. — Aptitude Development, a new partnership between BLVD Equities, Rosen Property Group and Westerleigh Property Group, is set to break ground on a 287-bed mixed-use development near Syracuse University in New York. The property will feature 20,000 square feet of retail space and community amenities including a fitness center and study rooms.

March 30, 2017

Connecticut Loans Multifamily Northeast

KeyBank Secures $30.9M Financing for Multifamily Property in Connecticut

by Haisten Willis March 30, 2017

MANCHESTER, CONN. — KeyBank Real Estate Capital has secured a $30.9 million Fannie Mae first mortgage loan for Broadleaf Apartments, a 224-unit multifamily property in Manchester. The property was built in 2016 and is located eight miles from downtown Hartford. Thomas Peloquin of Key’s commercial mortgage group arranged the 10-year loan, which includes three years of interest-only payments and a 30-year amortization schedule. The loan was used to refinance existing debt.

March 30, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Pembrook Provides $6.2M Loan for Construction of Mixed-use Property in NYC

by Haisten Willis March 30, 2017

NEW YORK CITY — Pembrook Capital Management has provided a $6.2 million first mortgage loan to finance the construction of a 21,341-square-foot mixed-use property located at 144-146 West St. in the Greenpoint neighborhood of Brooklyn. The unnamed sponsor plans to construct a six-story building on an infill site that will include 18 market-rate apartments on top of 1,200 square feet of commercial retail space. The project is expected to be complete in 2018 with nine parking spaces and bike storage.

March 30, 2017

Connecticut Northeast Office

Colliers Brokers $2.1M Sale of Office Building in Wethersfield, Conn.

by Haisten Willis March 30, 2017

WETHERSFIELD, CONN. — Phil Gagnon of Colliers International has brokered the $2.1 million sale of a 44,000-square-foot office building in Wethersfield. The Class B building is located at 936 Silas Deane Highway. Gagnon represented the buyer, CT Peer Review Organization (CPRO), in the transaction. CPRO will occupy a portion of the building and plans to complete upgrades to the facility. Patrick Mulready of CBRE represented the seller, PBE Cos.

March 30, 2017

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