Northeast

Chozick Realty Facilitates $6.7M Sale of 97 Condo Units in Connecticut

by Amy Works January 11, 2017

EAST HARTFORD, CONN. — Chozick Realty has brokered the sale of 97 condominium units, along with controlling and managing interest, in the 156-unit Gateway Estate Condominiums complex in East Hartford. Up Realty LLC acquired the units for $6.7 million, or $69,072 per unit for the 97 units. Following the acquisition, Chozick Realty sourced and facilitated the acquisition of an additional 39 units from individual unit owners within the property, bringing the buyer’s total common ownership to 136 units in the complex. The initial 97-unit acquisition includes a mix of two studios, 37 one-bedroom, 40 two-bedroom and 19 three-bedroom units. The additional condos purchased include a variety of layouts at a range of prices. The three-building complex was constructed in two phases between 1969 and 1976. Rick Chozick and Steve Pappas of Chozick Realty represented seller, 231 Ellington LLC, and the procured the buyer in the deal.

January 11, 2017

Massachusetts Northeast Office

Normandy Real Estate Partners Sells Office Building in Concord, Massachusetts, for $63.5M

by Amy Works January 10, 2017

CONCORD, MASS. — Normandy Real Estate Partners has completed the sale of 300 Baker Avenue, an office building located in Concord. Novaya Real Estate Ventures acquired the property for $63.5 million. The 413,415-square-foot office building recently underwent significant renovations, including an updated lobby, common area, amenity and building system upgrades. Amenities at the building include a full-service cafeteria, fitness center, conference center and basketball and volleyball courts. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of NGKF Capital Markets represented the seller in the deal. Additionally, David Douvadjian and Brian Butler of Newmark Grubb Knight Frank arranged acquisition financing for the buyer.

January 10, 2017

Industrial New Jersey Northeast

Seagis Property Group Acquires 504,000 SF Industrial Asset in Linden, New Jersey

by Amy Works January 10, 2017

LINDEN, N.J. — Seagis Property Group has purchased a 504,000-square-foot industrial asset, located at 340 Stiles St. in Linden. 500 West Edgar LLC sold the property for an undisclosed price. The buyer has commenced a multi-million-dollar renovation program at the property. Planned improvements include roofing, new entrances, new building façades and windows, modernization of the building’s 98 loading doors and five drive-in dock doors, as well as the installation of T-5 lighting. Additionally, Seagis will upgrade and pave nearly 13 acres of parking, creating new trailer and automobile parking spaces, and the company will also upgrade the landscaping and fencing throughout the site. The renovations are slated for completion in spring 2017. Chuck Fern of Cushman & Wakefield represented the seller and procured the buyer in the deal.

January 10, 2017

New Jersey Northeast Office

HFF Arranges $44M Sale of 125,735 SF Office Property in Parsippany, New Jersey

by Amy Works January 10, 2017

PARSIPPANY, N.J. — HFF has brokered the sale of an office building located at 10 Sylvan Way in Parsippany. Griffin Capital Essential Asset REIT II acquired the property from Normandy Real Estate Partners and funds managed by Partners Groups for $44 million. Situated on 23.1 acres within the Mack-Cali Business Campus, the three-story, 125,735-square-foot property is fully leased to a pharmaceutical company. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver of HFF represented the seller the transaction.

January 10, 2017

Loans Multifamily New York Northeast

G.S Wilcox & Co. Secures $31.2M Loan for Apartment Community in Newburgh, New York

by Amy Works January 10, 2017

NEWBURGH, N.Y. — G.S. Wilcox & Co. has arranged a $31.2 million loan secured by a garden-style apartment community located in Newburgh. The property features 12 two-story residential buildings and a clubhouse. AIG provided the financing for the borrower, a partnership between The Fidelco Group and Diversified Realty Advisors. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox & Co. arranged the financing for the borrower.

January 10, 2017

Multifamily Northeast Pennsylvania

Marcus & Millichap Negotiates $3.6M Sale of Multifamily Property in Slatington, Pennsylvania

by Amy Works January 10, 2017

SLATINGTON, PA. — Marcus & Millichap has arranged the sale of Victory Estates, a multifamily property located in Slatington. A private investor acquired the property for $3.6 million, or $62,069 per unit. Constructed in 1977, the property features 58 apartments in a mix of two-and three-bedroom townhomes and garden-style units. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the seller, a private partnership, while Mark Krantz and Derrick Dougherty, also of Marcus & Millichap, represented the buyer in the deal. Brenton Baskin of Marcus & Millichap was the broker of record in Pennsylvania.

January 10, 2017

Loans Northeast Office Pennsylvania

Eastern Union Funding Arranges $19M Loan to Refinance Data Center in Philadelphia

by Amy Works January 9, 2017

PHILADELPHIA — Eastern Union Funding has arranged a $19 million loan for the refinancing of a data center, located at 2401 Locust St. in Philadelphia. Built in 1928 as a manufacturing facility, the four-story 44,015-square-foot property is now used as a mission-critical data facility. Meir Kessner of Eastern Union represented the borrower, CRCO Phil LP, in the transaction.

January 9, 2017

Northeast Office Pennsylvania

CBRE Global Investors Fund Enters Pittsburgh Market with Office Building Acquisition

by Amy Works January 9, 2017

PITTSBURGH — A fund advised by CBRE Global Investors has acquired Liberty Center, a 27-story Class A office property located in Pittsburgh’s central business district, for an undisclosed price. The property features 529,289 square feet of office space. The buyer plans to enhance the property through implementation of its proprietary 5-Star worldwide service and amenity program.

January 9, 2017

Northeast Pennsylvania Retail

Vastgood Properties Acquires 246,000 SF Retail Center Near Harrisburg for $17M

by Amy Works January 9, 2017

ETTERS, PA. — Vastgood Properties has acquired Newberry Commons, a 246,000-square-foot grocery-anchored retail center located at 10 Newberry Commons in Etters. Newberry Commons LLC sold the property for $17 million. Constructed in 1987, the center underwent an extensive $2 million renovation in 2014. Rite Aid Pharmacy occupies approximately 130,000 square feet of the property. At the time of sale, the property was 95 percent leased. Andy Stape and Vito Lupo of KLNB Retail represented the seller and procured the buyer.

January 9, 2017

New York Northeast Retail

RKF Arranges $10M Sale of Retail Property in Manhattan

by Amy Works January 9, 2017

NEW YORK CITY — RKF has brokered the sale of a 1,400-square-foot retail property located at 682 Broadway in Manhattan’s NoHo district. Premier Equities sold the property to Ascot Properties for $10 million. The property features ground-floor retail space, basement space and 50 feet of street frontage. GNC Holdings currently leases the space on a long-term basis. Brian Segall and Ariel Schuster of RKF represented the seller, while Matthew Marshall of Marshall Real Estate represented the buyer in the transaction.

January 9, 2017

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