Northeast

university-station-westwood-massachusetts

American Realty Advisors Purchases 400,000 SF Retail Center Near Boston for $206M

by Haisten Willis August 17, 2016

WESTWOOD, MASS. — American Realty Advisors, an institutional real estate investment manager, has acquired the shops at University Station, a newly constructed, 400,000-square-foot retail asset in the Boston suburb of Westwood. Located within a 130-acre mixed-use development, the purchase price was $206 million. Wegmans, a regional supermarket chain, anchors the retail portion of University Station. Other tenants include Nordstrom Rack, Marshalls and PetSmart. “The average term of in-place leases for the property is approximately 15 years, while 95 percent of the asset’s total income is generated from its national tenant base,” says Shelley. “We believe these characteristics will provide stabilized, risk-adjusted returns for our investors over time.” University Station services a 13-town area with 214,700 residents and an average annual household income in excess of $121,000. The property is situated 15 miles from downtown Boston near I-95 and Route 128, which draw 140,000 vehicles per day. It is located across the street from the area’s sole Amtrak/MBTA commuter rail station, which transports 1.3 million travelers annually. New England Development will continue to serve as the management and leasing agent for the retail center. Robert Griffin Jr., who was with Cushman & Wakefield and is now with Newmark Grubb Knight Frank, …

August 17, 2016

Maine Market Reports Northeast Northeast Market Reports Office

Availability Continues to Tighten in Greater Portland, Maine, Office Market

by Jaime Lackey August 17, 2016

The real estate environment in the Greater Portland region has been incredibly strong this year. On top of the favorable vacancy rates in the industrial, retail, and multifamily sectors, the office market vacancy in the region continues to dwindle, following the trend we’ve seen over the last five years. In a state with a geographic footprint that could nearly fit the rest of New England, the bulk of office inventory is concentrated in the southern region. Specifically, the supply is in the Greater Portland area, which comprises seven cities and towns. This region features just over 10.5 million square feet of Class A and Class B office space, with an additional 1.25 million square feet of medical space. Of that, 40 percent is located in downtown Portland. Portland is in the midst of a renaissance of sorts. Demand and desirability to live and work here, especially downtown, has grown significantly in recent years. We’ve become a “foodie” destination with a surge of new high-end restaurants and hotels. This coupled with beautiful water views and a unique way of life has attracted a younger demographic. Baby boomers and empty nesters are also relocating to this area from the suburbs. The movement …

August 17, 2016

Mixed-Use Northeast Office Retail Vermont

Cypress Equities Acquires 488,975 SF Retail/Office Property in Vermont for $90M

by Amy Works August 16, 2016

WILLISTON, VT. — Cypress Equities has acquired Maple Tree Place, a mixed-use retail/office property located in Williston. Retail Properties of America sold the 488,975-square-foot property for $90 million. Developed between 2001 and 2005, Maple Tree Place is anchored by a variety of national and regional retailers including Dick’s Sporting Goods, Christmas Tree Shops, Best Buy, Shaw’s, Staples, Guitar Center and Majestic Cinemas. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer in the transaction.

August 16, 2016

Multifamily New Jersey Northeast

Joint Venture Sells 316-Unit Apartment Community in New Jersey for $91.5M

by Amy Works August 16, 2016

EAST RUTHERFORD, N.J. — A partnership between a New Jersey-based developer and an institutional owner has completed the disposition of The Monarch, a Class A apartment community located at 100-120 Schindler in East Rutherford. A private group acquired the property for $91.5 million. Situated on 15.8 acres across from the MetLife Stadium, the property features 316 units averaging 922 square feet. Community amenities include an outdoor swimming pool with sundeck, two outdoor courtyards with fire pits and grilling stations, fitness center with yoga studio, lounge with bar and gaming area, children’s play room, business center, on-site sundries store, covered parking and a two-story lobby with 24/7 concierge. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Robert Borny of HFF represented the seller in the deal.

August 16, 2016

New York Northeast Retail

Cushman & Wakefield Arranges $15.1M Sale of Commercial Building in Tribeca

by Amy Works August 16, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a commercial building located at 73 Hudson St. in Tribeca. An undisclosed buyer acquired the five-story building for $15.1 million, or $1,315 per square foot. The building contains 11,500 square feet as built and offers approximately 2,800 square feet of unused development rights. The building features a ground-floor retail unit and four floor-through units above, which were delivered vacant upon sale. Will Suarez, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the undisclosed sellers, while Alex Pisa of The Corcoran Group represented the buyer.

August 16, 2016

Multifamily New Jersey Northeast

Augustus Cos. Brokers $9.2M Sale of 28-Unit Multifamily Property in New Jersey

by Amy Works August 16, 2016

WEST NEW YORK, N.J. — Augustus Cos. has arranged the sale and acquisition of Jaclyn Heights, a multifamily property located at 5805 Jefferson St. in West New York. An undisclosed buyer acquired the 28-unit property from Shrewsbury, N.J.-based Jaclyn 28 LLC for $9.2 million. Lodi, N.J.-based Augustus Cos. represented the seller and buyer in the deal.

August 16, 2016

New Jersey Northeast Retail

Trader Joe’s Signs Lease for 11,700 SF Location in New Jersey

by Amy Works August 16, 2016

HOBOKEN, N.J. — Monrovia, Calif.-based Trader Joe’s has signed a lease to open a new location at Harlow Hoboken at the southeast corner of Willow Avenue and 14th Street in Hoboken. The 11,700-square-foot location is slated to open in the first half of 2017. Trader Joe’s carries an extensive array of domestic and imported foods and beverages.

August 16, 2016

New York Northeast Office

PGIM Real Estate Takes 40 Percent Interest in Eleven Madison Avenue in Manhattan for $480M

by Amy Works August 15, 2016

NEW YORK CITY — PGIM Realty Estate has acquired a 40 percent interest in Eleven Madison Avenue, a 2.3 million-square-foot office property in Midtown South, from SL Green Realty Corp. for $480 million. The new ownership joint venture is seeking a modification to the mortgage on the property. If the modification is not obtained within six months after the closing, SL Green may repurchase the sold interest from PGIM Real Estate. The partnership expects the modification to be granted during the fourth quarter of 2016. PGIM Real Estate has a one-year option to acquire an additional 9 percent stake in the venture at the same gross property valuation of $2.6 million. Darcy Stacom and William Shanahan of CBRE advised SL Green on the deal.

August 15, 2016

Multifamily New York Northeast

RXR Realty Buys Long-Term Leasehold in Brooklyn for $28.7M to Develop Residential Building

by Amy Works August 15, 2016

NEW YORK CITY — An affiliate of RXR Realty has acquired the long-term leasehold of 810 Fulton Street in Brooklyn from an affiliate of GFI Development Co. for $28.7 million. Located in Brooklyn’s Fort Greene neighborhood, the property includes approved plans for a 363-unit, 328,000-zoning-square-foot residential building. Totaling 393,000 gross square feet, the property will also feature below-grade parking and 33,235 square feet of retail space facing Vanderbilt Avenue, Fulton Street and Clermont Avenue. Initial site work for the project began in 2015. Broadway Construction Group, an affiliate of GFI Capital Resources Group, and RXR have entered into a construction management agreement for the construction of the property. Construction is expected to begin in earnest this fall, with leasing slated to start in 2018.

August 15, 2016

New Jersey Northeast Office

Four Springs Capital Trust Acquires New Jersey Office Building for $19.4M

by Amy Works August 15, 2016

MT. LAUREL, N.J. — Four Springs Capital Trust has acquired a single-tenant office building located in Mt. Laurel. An undisclosed seller sold the property for $19.4 million. The 87,460-square-foot office building is home to the Southern New Jersey operations of Blue Cross Blue Shield of New Jersey, which serves approximately 3.8 million members. Four Springs Capital Trust’s portfolio now contains 44 properties, which are leased to 22 tenants, in located 20 states.

August 15, 2016

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