MEDFORD, MASS. — Linear Retail has purchased a retail property, located at 85 High St. in Medford, from Case Real Estate Capital for $4.7 million. CVS/pharmacy occupies the 15,700-square-foot property, which was built in 1996. Geoffrey Millerd, Justin Smith, Paul Penman and Matthew Waisnor of NGKF Capital Markets represented the seller in the deal.
PHILADELPHIA — Harrison Street Real Estate Capital has purchased two medical office buildings, located at 8001 and 8040 Roosevelt Blvd. in Philadelphia. An affiliate of George Comfort & Sons sold the properties, which total 86,000 square feet, for $17 million. The properties recently underwent renovations and were 94.7 percent leased at the time of sale. Thomas Jefferson University Hospital anchors the facilities. Ben Appel, Philip Mahler, Evan Kovac and Eric Anton of HFF represented the seller in the transaction.
BILLERICA AND MARLBOROUGH, MASS. — The RAM Cos. has acquired two industrial and flex buildings, located at 35 Dunham Road in Billerica and 734 Forest St. in Marlborough, for $10.1 million. The Billerica property offers 65,912 square feet of space and is located within Middlesex Corporate Park. Tark Inc., SciSafe and Microchips Biotech are tenants at the property. Situated within Cedar Hill Business Park, the Marlborough property features 54,884 square feet of industrial space. At the time of sale, the property was fully leased to a variety of tenants, including CeQur Corp., Sunrun, Chroma Systems Solutions and Commonwealth Financial Network. The name of the seller was not released.
WHITE PLAINS, N.Y. — Houlihan-Parnes Realtors has arranged a $12.5 million first mortgage for an office building located at 4 W. Red Oak Lane in White Plains. Christie Houlihan of Houlihan-Parnes secured the non-recourse loan, which features a fixed rate for seven years and a five-year extension option, for the undisclosed borrower. The 132,995-square-foot building was 99 percent leased at the time of financing.
NEW YORK CITY — CTA Architects, as architect, and Brend Renovation, as general contractor, have completed a $10 million exterior renovation of Morningside Gardens, a six-building, 980-unit apartment complex in Manhattan’s West Harlem section, for Morningside Heights Housing Corp. The project repaired 560,000 square feet of façades and 80,500 square feet of roofs. Renovations included repairs to and repointing of the brick façade; replacement and repairs of deteriorated and delaminated metal-clad blue stone window sills; renovations to selection flashings, lintels and concrete balconies and rails; gutter and scupper drain repairs; waterproofing of roofs; replacement of all roof rails; and repairs to rooftop elevator bulkheads. Morningside Heights Housing Corp. manages the apartment complex and support facilities.
RIDGEFIELD, N.J. — KW International has signed a long-term lease for an industrial building located at 2 Bell Drive in Ridgefield. The Carson, Calif.-based company will occupy the entire 83,000-square-foot speculative building. Mike Markey, Jon Tesser and Reid Wilbraham of Colliers International represented the tenant, while Stephen Elman of Cushman & Wakefield represented the landlord, Sitex Group, in the deal.
Philadelphia’s diverse local economy, healthy hiring trends and area-employers’ ability to draw fresh talent from the metro’s deep college-graduate pool, continue to attract businesses to the area and support improvements in the office property segment. In 2016, Philadelphia firms increased payrolls by 1.9 percent with the creation of 54,000 new positions. Hiring was driven by office-using employment sectors which, over the four-quarter period ending with the second quarter of 2016, accounted for the addition of 21,700 jobs, or nearly 37 percent of all new hires. This year, it is expected that the local workforce will add 49,000 to its ranks, representing a 1.7 percent expansion. Hiring will continue to be strong among office-using companies, as well as in the healthcare and education segments. In the first half of 2016, developers sluggishly completed 178,000 square feet of new office space. In the second half of last year, the construction pipeline exploded, and by year-end 1.2 million square feet of office space had been delivered to the marketplace, with a significant amount of completions pre-leased, which helped mitigate any effects to vacancy levels. Office projects completed in 2016 were spread throughout the metro within the submarkets of Delaware County, Lehigh-Northampton, Harrisburg Area …
MONROE, N.J. — Cushman & Wakefield has arranged the sale of an industrial building located at 26 Englehard Drive in Monroe. A Boston-based advisor acquired the 324,540-square-foot property from Principal Real Estate Investors for an undisclosed price. The property features 45- by 50-foot column spacing, 170-foot truck courts, 48 loading positions and rail line service by Conrail. Gary Gabriel, David Bernhaut, Andrew Merin, Kyle Schmidt, Brian Whitmer, Jules Nissim and Jason Goldman of Cushman & Wakefield represented the seller in the deal.
BOSTON — Affiliates of Rockwood Capital have completed the disposition of Courtyard Boston Logan Airport, located at 225 William F. McClellan Highway in Boston. The 12-story hotel features 351 guest rooms, 2,257 square feet of function space, an indoor swimming pool, fitness room, business center, complimentary shuttle service and Brinkley’s Restaurant & Lounge. Daniel Peek, Denny Meikleham, KC Patel and Alan Suzuki of HFF represented the seller in the transaction. The name of the buyer and acquisition price were not released.
NEW YORK CITY — Ariel Property Advisors has brokered two transactions of multifamily properties in Northern Manhattan. In the first deal, an undisclosed buyer acquired a 15,300-square-foot property, located at 304 E. 147th St. in Hamilton Heights, for $7.3 million. The building features 33 residential units in a mix of studio, one- and two-bedroom layouts. Victor Sozio, Shimon Shkury, Michael Tortorici, Matthew Gillis and Joshua Kwilecki of Ariel Properties represented the buyer and undisclosed seller. In the second transaction, an undisclosed buyer acquired an 11,105-square-foot apartment building located at 422 Saint Nicholas Ave. in Central Harlem for $4.3 million. The building features two two-bedroom units and eight three-bedroom units, as well as 9,178 square feet of air rights for future development. Victor Sozio, Joshua Kwilecki and Matthew Gillis represented the buyer and undisclosed seller in the deal.
