Northeast

Nordblom Co. Acquires Former Boston Globe Headquarters in Boston

by Amy Works December 21, 2017

BOSTON — Nordblom Co., in partnership with Alcion Ventures, has purchased 135 Morrissey Boulevard, a 700,000-square-foot office building in Boston, for an undisclosed price. The company plans to redevelop the property, which was first constructed in 1958 by The Boston Globe. into an urban innovation campus offering office space for Boston’s businesses to think bigger, act bolder and move the city’s economy forward. The property is in close proximity to MBTA’s Red Line JFK/UMass station and abuts Interstate 93. The name of the seller was not released.

December 21, 2017

New York Northeast Office

Acadia Realty Trust Sells 276,622 SF Office Building in the Bronx

by Amy Works December 21, 2017

NEW YORK CITY — Acadia Realty Trust has completed the disposition of an office and retail building located at 260 E. 161st St. in the Bronx. Jamestown acquired the 276,622-square-foot property for an undisclosed price. Originally built in 1930, the property was renovated in 2016 and features 245,470 square feet of office space and 20,572 square feet of retail space. The 10-story property is leased to office tenants, including The City of New York, The Legal Aid Society, and Montefiore Medical Center, as well as retail tenants, Walgreens, Starbucks Coffee and Chipotle Mexican Grill. Michael Tepedino, Andrew Scandalios, Graham Stephens, David Giancola and David Fowler of HFF represented the seller in the deal. Additionally, Christopher Peck and Peter Rotchford of HFF are working on behalf of the buyer to arrange financing for the asset.

December 21, 2017

Multifamily New York Northeast

J. Wasser & Co. Buys Two Multifamily Buildings in the Bronx for $10M

by Amy Works December 21, 2017

NEW YORK CITY — J. Wasser & Co. has purchased two apartment buildings in the Fordham section of the Bronx for $10 million. Located at 2263 Morris Ave. and 2342 Ryer Ave., the buildings total 46,370 square feet and feature a total of 64 apartments. Aaron Jungreis of Rosewood Realty Group represented the buyer and sellers, 2342 Ryer Avenue Partners LLC and 2263 Morris Avenue Partners LLC.

December 21, 2017

Loans Massachusetts Multifamily Northeast

Hunt Mortgage Provides Refinancing for Multifamily Property in Fall River, Massachusetts

by Amy Works December 21, 2017

FALL RIVER, MASS. — Hunt Mortgage has provided a conventional Fannie Mae loan facility and mezzanine loan to refinance South Coast Landings, a multifamily property located in Fall River. The borrower is South Coast Landings LLC. The mezzanine loan will be subordinate to the Hunt Mortgage Capital FNMA loan. The senior loan amount is $23.5 million and the facility is a fixed-rate loan with a 30-year amortization schedule, four years of interest-only payments and a 12-year maturity. The $1 million mezzanine loan has a coterminous maturity with the senior loan at 12 years. The property comprises eight two-story residential buildings featuring a total of 240 units. Situated on 17 acres, the property features a clubhouse and 370 parking spaces.

December 21, 2017

Massachusetts Northeast Retail

NKF Capital Markets Orchestrates Sale of 40,000 SF Retail Building in Saugus, Massachusetts

by Amy Works December 21, 2017

SAUGUS, MASS. — NKF Capital Markets has arranged the sale of a retail property located at the intersection of Route 1 and Main Street in Saugus. Ocean State Job Lot purchased the 40,000-square-foot building from Taylor Saugus Limited Partnership, a joint venture between Eastern Real Estate and a partnership between Josh Katzen and Steve Tannenbaum. The property is fully leased to Bob’s Stores, a regional apparel and footwear retailer. Geoffrey Millerd, Justin Smith and Christoper Peterson of the NKF Capital Markets Boston office represented the seller in the deal.

December 21, 2017

Northeast Pennsylvania Retail

Katz Properties Acquires 266,565 SF Retail Property in Quakertown, Pennsylvania, for $47.2M

by Amy Works December 20, 2017

QUAKERTOWN, PA. — Katz Properties has purchased Richland Marketplace, a shopping center located on 36.9 acres on Route 309 in Quakertown. An undisclosed seller sold the property, which was built in 2008, for $47.2 million. Aldi, Best Buy and BJ’s Warehouse anchor the 266,565-square-foot retail center. At the time of acquisition, the property was 90 percent occupied. Additional tenants include Petsmart, Five Below, Mattress Firm, Ulta, Red Robin, Chick-fil-A, WaWa and BB&T Bank. Chris Munley of HFF represented the buyer and seller in the deal. Katz Properties will provide leasing and property management services for the retail center.

December 20, 2017

New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 541,466 SF Office Property in Parsippany, New Jersey

by Amy Works December 20, 2017

PARSIPPANY, N.J. — Cushman & Wakefield has arranged the sale of Morris Corporate Center III (MCCIII), an office property in Parsippany. P3 Properties acquired the 541,466-square-foot Class A asset from institutional investors advised by J.P. Morgan Asset Management for an undisclosed price. The property includes four interconnected buildings on a 27-acre, amenity-rich campus at 400 Interpace Parkway. The park is 62 percent leased to four occupants, including TEVA Pharmaceuticals and Ogilvy CommonHealth Worldwide. Gary Gabriel, Andrew Morin, David Bernhaut, Kevin Donner, Brian Whitmer and Andrew MacDonald of Cushman & Wakefield brokered the sales transaction. John Alascio and Sridhar Vankayala of Cushman & Wakefield’s Equity Debt and Structured Finance Group arranged $58.8 million in acquisition financing, including approximately $15 million of future funding earmarked for property upgrades.

December 20, 2017

New York Northeast Office Retail

Domain Cos. Acquires Development Site in Brooklyn for $26.5M

by Amy Works December 20, 2017

NEW YORK CITY — The Domain Cos. has acquired a development site located at 545 Sackett St. in the Gowanus section of Brooklyn for $26.5 million. The site, which includes an existing 42,000-square-foot building, is zoned for up to 80,000 square feet of development. The site is a part of the area covered by the Bridging Gowanus community planning and land use process, an initiative to create a sustainable, livable and inclusive future for the Gowanus area. Dan Marks, Ofer Cohen and Mike Hernandez of TerraCRG represented the seller, ATS Realty Inc., in the deal.

December 20, 2017

Connecticut Multifamily Northeast Seniors Housing

Maplewood Senior Living Breaks Ground on Seniors Housing Community in Connecticut

by Amy Works December 20, 2017

SOUTHPORT, CONN. — Maplewood Senior Living has started construction of Maplewood at Southport, a 98-unit assisted living and memory care community in Southport, located between Hartford and New York City. Maplewood is building the 93,000-square-foot community on a 27-acre plot. Stein Troost Architecture of Norwalk is the architectural firm on the project. Milone & McBroom of Cheshire will serve as the landscape architects, with Landtech of Westport as civil engineers and KBE Building Corporation of Farmington as the construction manager. The project is scheduled to open in 2019. Based in nearby Westport, Maplewood currently owns and operates 15 communities in Connecticut, Massachusetts and Ohio. The company is expanding to New Jersey and has a high-profile project under construction on the Upper East Side of Manhattan.

December 20, 2017

Loans Maine Multifamily Northeast Seniors Housing

Lancaster Pollard Arranges $15.3M Bridge Financing for Assisted Living Community in Portland, Maine

by Amy Works December 20, 2017

PORTLAND, MAINE — Lancaster Pollard has arranged $15.3 million in bridge financing for Portland Center for Assisted Living, an 85-unit assisted living and memory care community in Portland. The borrower is First Atlantic Healthcare Corp., which sought to refinance existing debt. The financing will also fund repairs and reserves for the property, which was built in 1964. Aaron Becker led the transaction for Lancaster Pollard.

December 20, 2017

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