Northeast

CBRE Brokers $30.2M Sale of Office Building in Metro Philadelphia

by Haisten Willis March 22, 2017

KING OF PRUSSIA, PA. — CBRE has brokered the sale of the Triad office building in King of Prussia for $30.2 million. Zamir Equities purchased the four-story, 184,118-square-foot property, which is located at 2200 Renaissance Blvd. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller, Kairos Real Estate Partners. Built in 1985, the Triad building underwent renovations in 2014 including the addition of a café, conference center and fitness center. The lobbies and common areas were also redesigned and upgraded. The building is 96 percent leased with tenants including Liberty Mutual Insurance Co., ASI Business Solutions and Telerx Marketing. CBRE’s Steven Doherty and Nick Harris secured an acquisition loan on behalf of the purchaser; the amount of the loan was not disclosed.

March 22, 2017

New Jersey Northeast Retail

Urstadt Biddle Properties Acquires Van Houten Farms Retail Center in Passaic, N.J., for $7.1M

by Haisten Willis March 22, 2017

PASSAIC, N.J. — Urstadt Biddle Properties has acquired the Van Houten Farms Shopping Center in Passaic for $7.1 million. Van Houten Farms is a 36,500-square-foot shopping center. Tenants include a 30,569-square-foot Gala Fresh Supermarket, Valley National Bank, a local Italian restaurant and a stationery store. The purchase was funded with available cash and the assumption of a $3.5 million first mortgage secured by the property with a 4.6 percent interest rate.

March 22, 2017

Connecticut Industrial Northeast

Calare Properties Sells 200,000 SF Industrial Warehouse in Milford, Conn., for $13.3M

by Haisten Willis March 22, 2017

MILFORD, CONN. — Calare Properties has sold a 200,000-square-foot industrial property located at 40 Pepe’s Farm Road in Milford. An unnamed institutional buyer purchased the property for $13.3 million. Calare purchased the property in 2014 and made several upgrades including LED lighting and landscaping improvements. The entire property is leased to a transportation solutions company.

March 22, 2017

Industrial Loans Mixed-Use Multifamily New York Northeast Restaurant Retail

Houlihan Parnes Arranges $2.15M in Loans for New York Mixed-Use Properties

by Haisten Willis March 22, 2017

YONKERS & NANUET, N.Y. — Jeremiah Houlihan of Houlihan Parnes Realtors has arranged an $850,000 first mortgage loan for a mixed-use building located at 925-939 Yonkers Ave. in Yonkers. The property consists of a two-story building with the Clairmont Diner on the first floor and three apartments on the second floor, along with an attached one-story building containing an automobile service station. Houlihan also arranged a $1.3 million first mortgage loan for a retail center located at 148-164 E. Route 59 in Nanuet. Tenants include Empire State College, Sterling Optical and Bach-to-Rock music school. The 10-year loans were placed with Savings Banks with a 25-year amortization schedule.

March 22, 2017

Market Reports Massachusetts Northeast Northeast Market Reports Office

Boston Office Market Continues Its Run of Positive Returns

by Camren Skelton March 22, 2017

Greater Boston’s office market is continuing a very strong streak, closing 2016 and the fourth quarter on a good note. The year saw 1.4 million square feet positively absorbed with 789,000 square feet absorbed in the fourth quarter. The current vacancy rate is 12.7 percent, slightly lower than the market average over the last five years of 13.6 percent. Average Class A asking rents are $43.12 per square foot, which has appreciated 9.1 percent in the last three years. Neither the quarter nor the year are aberrations. The market is on an extended run of positive returns. Office space in the Greater Boston market has now seen positive absorption in 14 of the last 15 quarters, accumulating 12 million square feet positively absorbed over that period. The Boston CBD contributed 59,000 square feet of positive absorption in the fourth quarter, decreasing the vacancy rate 0.1 percentage points to 9.6 percent. The most absorption of the CBD submarkets occurred in the Financial District, which saw 69,000 square feet positively absorbed. Average Class A asking rents are currently $55.09 per square foot in the CBD, led by Back Bay, which has an average asking rate of $62.51 per square foot. Across the …

March 22, 2017

Loans Multifamily New York Northeast Office

Eastern Consolidated Arranges $85M Loan for 12-Story Property in Manhattan

by Haisten Willis March 21, 2017

NEW YORK CITY — Eastern Consolidated’s capital advisory division has arranged an $85 million refinancing loan for a 12-story, 140,000-square-foot building with 133 residential and eight commercial units located at 2030 Broadway in Manhattan. Jonathan Aghravi and Charles Han represented the borrower, Ormonde Equities LLC, and secured the loan from a life insurance company. Since acquiring the property in 2004, the sponsor has repositioned it with a series of capital improvements. The property is located in the Upper West Side neighborhood of Lincoln Square, near the Lincoln Center. Transportation is available via the 1, 2, 3, B and C trains.

March 21, 2017

New Jersey Northeast Office

Berger Organization Acquires Office Tower in Newark, N.J.

by Haisten Willis March 21, 2017

NEWARK, N.J. — The Berger Organization has acquired 33 Washington Street, a 450,000-square-foot, 18-story office tower located in downtown Newark. The property was built for Horizon Blue Cross/Blue Shield and is now home to multiple tenants. Located on 1.6 acres across the street from Washington Park, the building is in the James Street Commons Historic District. Nearby attractions include the Newark Museum, John Ballantine House and Newark Public Library. The property sits two blocks from the Newark Broad Street commuter light rail and a half a mile from Newark Penn Station. The tower, which was completed in 1970, features a fitness center, shared conference rooms, on-site parking, a granite lobby and views of the Manhattan skyline. HFF marketed the property on behalf of the seller, LNR Property.

March 21, 2017

Industrial Loans New Jersey Northeast

G.S. Wilcox Secures $56M Financing for Industrial Portfolio in New Jersey

by Haisten Willis March 21, 2017

SOUTH BRUNSWICK, MOONACHIE & TETERBORO, N.J. — G.S. Wilcox & Co. has secured $56 million in financing for a six-building industrial portfolio located in South Brunswick, Moonachie and Teterboro. Al Raymond of G.S. Wilcox arranged the 12-year loan, which includes a 3.25 percent fixed interest rate. Thrivent Financial for Lutherans, one of the firm’s correspondent lenders, provided the financing.

March 21, 2017

Connecticut Multifamily Northeast

Chozick Realty Brokers $7M Sale of Brookside Apartments in Bristol, Connecticut

by Haisten Willis March 21, 2017

BRISTOL, CONN. — Rick Chozick and Steve Pappas of Chozick Realty Inc. have brokered the sale of Brookside Apartments in Bristol. The sales price was $7 million or roughly $89,743 per unit for the 78-unit garden-style complex. Brookside Apartments was constructed in 1961 and renovated in 2003. The unit mix includes 12 one-bedroom, 41 two-bedroom and 25 three-bedroom apartments, of which 14 are townhouse style. The property is located at 111-159 Union Street. Chozick Realty represented the seller, Bristol Brookside LLC, and procured the purchaser, Up Realty, a New York-based investment group.

March 21, 2017

Hospitality Northeast Pennsylvania

Cronheim Secures $12M Financing for Holiday Inn Express & Suites in Metro Philadelphia

by Haisten Willis March 21, 2017

KING OF PRUSSIA, PA. — Cronheim Hotel Capital has secured $12 million in financing for a Holiday Inn Express & Suites in King of Prussia, a suburb of Philadelphia. The 10-year, non-recourse CMBS loan includes a fixed interest rate.

March 21, 2017

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