Northeast

Colliers Arranges 33,000 SF Lease for CuraHealth Hospital in Stoughton, Mass.

by Haisten Willis March 8, 2017

STOUGHTON, MASS. — Colliers International – Boston, the exclusive agent for CuraHealth Hospital at 909 Sumner St. in Stoughton, has arranged a 26,000-square-foot lease with Bay Cove Human Services, headquartered on Canal Street in Boston. Bay Cove will immediately occupy the space and will relocate its addiction services program, which was previously located on Boston’s Long Island. The program was uprooted in 2014 when the bridge connecting to Boston collapsed. David Ellis of Conway Commercial represented the tenant. The campus consists of a medical office building and a hospital building, connected by a recently renovated lobby. In addition to a full-service cafeteria, the building boasts a new HVAC system, piped oxygen, medical gas, steam sterilization and emergency generators.

March 8, 2017

Connecticut Northeast Office

Avison Young Secures Lease for Western Connecticut Medical Group in Wilton, Conn.

by Haisten Willis March 8, 2017

WILTON, CONN. — Avison Young’s Fairfield/Westchester office has secured a long-term, 15,000-square-foot office lease with Western Connecticut Medical Group Inc., an affiliate of the Western Connecticut Health Network. The health network company will serve as anchor tenant for the new Wilton Wellness Center under construction at 249 Danbury Road in Wilton. Avison Young Fairfield/Westchester’s Sean McDonnell and Lori Baker represented the owner, Cambridge Hanover, a New Canaan, Conn.-based real estate investment firm, in the transaction. Gerry Lees and Maureen O’Boyle of Cushman & Wakefield represented the tenant. Western Connecticut Medical Group will provide primary care services at the new location including internal medicine, family care, women’s services and urgent care.

March 8, 2017

New Jersey Northeast Restaurant Retail

Pastosa Ravioli Opens New Location in Florham Park, NJ

by Haisten Willis March 8, 2017

FLORHAM PARK, N.J. — A new Pastosa Ravioli restaurant has opened in Regency Plaza at 186 Columbia Turnpike in Florham Park. With stores already open in New York City, Cranford and Manalapan, N.J., the Florham Park location became Pastosa’s 11th overall. Pastosa is a family-owned business specializing in ravioli and specialty Italian products, sauces, mozzarella cheese and prepared foods. Alison Horbach of Ripco Real Estate identified the location and brokered the transaction on behalf of Pastosa. Florian Suserman, also of Ripco, represented the owners of Regency Plaza.

March 8, 2017

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Philadelphia Continues to Be One of the Top Performing Industrial Markets in U.S.

by Camren Skelton March 8, 2017

Philadelphia is well positioned in the Northeast to flourish in the industrial sector in 2017. With a centralized position in the Boston-New York-Washington, D.C. corridor, Philadelphia has capitalized on its superb location to firmly establish itself as a distribution hub leading to sustained positive momentum in all key market sectors. The e-commerce market has been experiencing significant growth and the demand for near immediacy in delivery has been the driving force behind the strong performance of the industrial sector nationwide over the past few years, especially in the Northeast. In 2016, the industrial sector in greater Philadelphia had a banner year for absorption with a net positive of 9.27 million square feet absorbed. That represents the largest growth in occupancy since the onset of the Great Recession and places Philadelphia among the top performing markets in the U.S. for net absorption in 2016. Vacancy rates for the region have fallen to 6.9 percent — the lowest they’ve been since 2008. Asking rental rates rose steadily throughout 2016 and stood at $4.77 per square foot at year-end – the highest they’ve been since 2008. Following a record year for industrial sales in 2015, sales volume remained strong in the greater Philadelphia …

March 8, 2017

Mixed-Use New York Northeast

Interior Fit-Out Completed for 45,000 SF Fernandez-Duminuco Hall Addition in Manhattan

by Haisten Willis March 7, 2017

NEW YORK CITY – Construction manager Richter+Ratner (R+R) and architect Beyer Blinder Belle have completed the interior fit-out of Xavier High School’s 45,000-square-foot Fernandez-Duminuco Hall. The project is located on six floors and the cellar level of a 25-story mixed-use building at 35 W. 15th St. Xavier is a Jesuit college preparatory school for young men founded in 1847 in the Chelsea neighborhood of Manhattan. The school’s campus includes six buildings located alongside the Church of Saint Francis Xavier. Fernandez-Duminuco Hall is Xavier’s first campus expansion in more than 90 years. The $11.7 million, nine-month project called for the construction of a science, technology, engineering, arts and math (STEAM) classroom, music facilities, a recording studio, student project space and a multi-use area that hosts theater productions and major assemblies. Fernandez-Duminuco Hall is located within a larger 170,000-square foot, 330-foot tall luxury residential condominium tower named 35XV, which was designed by FXFowle. The developer, Alchemy Properties, obtained the air rights for the new building from Xavier High School in exchange for locating the hall inside the new development. In addition to R+R, Beyer Blinder Belle and McLaren Engineering, the project team included owner’s representative Sterling Project Development; structural engineer for the …

March 7, 2017

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $18M First Mortgage Loan for Mixed-Use Portfolio in Brooklyn

by Haisten Willis March 7, 2017

NEW YORK CITY – Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments, has provided an $18 million first mortgage loan to finance the acquisition of an eight-property, 64,438-square-foot mixed-use portfolio in Greenpoint, Brooklyn. The portfolio consists of 3 Sutton St., 5 Sutton St., 657 Meeker Ave., 661 Meeker Ave., 667 Meeker Ave., 669 Meeker Ave., 673 Meeker Ave. and 164-166 Kingsland Ave. The buyer contributed $11 million of cash equity to complete the acquisition, and plans to maximize value through renovation and repositioning. In total, there are 73 market rate residential units and 14 commercial units in the portfolio. Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Mike Kerwin brokered the deal.

March 7, 2017

Multifamily New Jersey Northeast

FEM South Beach Urban Renewal Unveils Plans for South Beach at Long Branch Multifamily Project in New Jersey

by Haisten Willis March 7, 2017

LONG BRANCH, N.J. – Conceptual renderings of the interiors and common areas are now available for South Beach at Long Branch, a luxury residential project. Currently under construction, South Beach at Long Branch occupies 1.7 oceanfront acres between Ocean Avenue and Ocean Boulevard at the intersection of North Bath Avenue. FEM South Beach Urban Renewal is the developer for the project, which will include 47 one- to five-bedroom multifamily residences ranging from 1,352 to 3,382 square feet, with pre-construction pricing starting at $1.2 million. Completion is slated for spring 2019. Construction crews will pour concrete and place footings and foundations in the next 90 days. Members of the architectural, construction and design teams include construction managers David Ulassin and Jared Yorder of Cornerstone Construction, interior designers Brian Dumervil and Steven Gurowitz of Interiors by Steven G., site engineer John Buletza of Nelson Engineering and architect Stephen Carlidge of Shore Point Architecture.

March 7, 2017

Loans Mixed-Use Northeast Rhode Island

TARC Recapitalizes Mixed-Use Development in Providence, R.I.

by Haisten Willis March 7, 2017

Providence, R.I. – The Armory Revival Co. (TARC) has recapitalized Rising Sun Mills, a 313,000-square-foot mixed-use complex with 135 residential units and 130,000 square feet of commercial space located at 166 Valley Street in Providence. On-site management by TARC will oversee new construction commencing immediately with lobby renovations. The recapitalization will also fund tenant improvement projects, accounting for 90,000 square feet of available commercial space. CBRE’s Andrew Galvin leads the leasing efforts for Rising Sun Mills. Located two miles from downtown Providence, Rising Sun Mills is accessible from Routes 6 and 10 as well as Interstate 95. The campus includes 135 residential units and offers office tenants a parking ratio of four per 1,000 square feet. The site features a waterfall and walking/bike paths along the Woonasquatucket River. The property features the on-site Café at Easy Entertaining and offers proximity to local and regional restaurants in Olneyville Square, Atwells Avenue and on Broadway.

March 7, 2017

Loans Multifamily New Hampshire Northeast

NorthMarq Capital Secures $2.4M Financing for Multifamily Property in New Hampshire

by Haisten Willis March 7, 2017

MANCHESTER, N.H. – Mark Whelan of NorthMarq Capital has arranged $2.4 million in earn-out/supplemental financing for a 123-unit multifamily property located in Manchester. The transaction was structured with an eight-year term on a 28-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional bank.

March 7, 2017

Connecticut Loans Northeast Retail

CBRE Secures $21.3M Bridge Loan for 215,000 SF Retail Center in Connecticut

by Haisten Willis March 6, 2017

CROMWELL, CONN. – CBRE Capital Markets’ debt and structured finance team has secured $21.3 million in bridge financing for Cromwell Square, a 218,000-square-foot shopping center currently anchored by a 100,000-square-foot Kmart in Cromwell. Mark Fisher, Michael Riccio and Alex Furnary of CBRE facilitated the loan on behalf of the borrower, Greenwich-based developer/owner/operator HB Nitkin. The 10-year, fixed-rate bridge loan includes two years of interest-only payments and a 25-year amortization schedule. The loan will be used replace an existing $12.1 million loan and provide additional funds for the buyout of an existing Kmart lease. The store will be replaced with a 65,000-square-foot ShopRite grocery store and other tenants. The redevelopment is anticipated to take 18 months. The property is located at 51 Shunpike Road in Middlesex County, immediately west of Route 9 and 1.5 miles east of I-91 on the northwest corner of Shunpike Road and Route 372.

March 6, 2017

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