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1300-Clinton-St-Hoboken-NJ
MultifamilyNew JerseyNortheast

Advance Realty Acquires Multifamily Property in Hoboken, New Jersey

by Amy Works

HOBOKEN, N.J. — Advance Realty has acquired The Metropolitan, a residential property located at 1300 Clinton St. in Hoboken, for an undisclosed price. Built in 2000, two-building property features 128 apartment units, an above-ground parking garage, fitness center, residents’ lounge, clubroom and 2,000 square feet of retail space. The property is located adjacent to Advance Realty’s Harlow, a recently developed lifestyle-oriented apartment building. Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the undisclosed seller in the deal, while Jon Mikula and Jim

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2-Bailey-Farm-Rd-Harriman-NY
IndustrialNew YorkNortheast

NAI Hanson Negotiates Sale of 96,500 SF Industrial Building in Harriman, New York

by Amy Works

HARRIMAN, N.Y. — NAI James E. Hanson has brokered the sale of an industrial building, located at 2 Bailey Farm Road in Harriman. Contract Packaging Services acquired the 96,500-square-foot property from Why Associates for an undisclosed price. Situated on 20 acres, the property features five loading docks and 80 parking spaces, as well as the option for a 100,000-square-foot expansion. The buyer exercised its purchasing option on the property after completing a five-year lease at the location. Kenneth Lundberg and Patrick Lennon of NAI Hanson represented the seller in the deal.

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MultifamilyNew YorkNortheast

Clipper Realty to Acquire Apartment Property in Brooklyn for $87.5M

by Amy Works

NEW YORK CITY — Clipper Realty has entered into an agreement to acquire a residential property located at 107 Columbia Heights in Brooklyn. The Jehovah’s Witnesses is selling the apartment property for $87.5 million, or $569 per square foot. The 154,000-square-foot property features 161 apartment units. The buyer plans to create 12 additional units by converting various public spaces on the property. The acquisition is expected to close in May.

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Cast-Iron-Lofts-Jersey-City-NJ
LoansMultifamilyNew JerseyNortheast

KeyBank Originates $62M Loan for 232-Unit Apartment Community in Jersey City

by Amy Works

JERSEY CITY, N.J. — KeyBank Real Estate Capital has originated a $62 million first mortgage loan for Cast Iron Lofts Phase II in Jersey City. The name of the borrower was not released. The 26-story apartment community features 232 units. Tom Peloquin of KeyBank’s commercial mortgage group arranged the financing through a correspondent life company relationship.

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2819-JFK-Blvd-North-Bergen-NJ
New JerseyNortheastRetail

Cushman & Wakefield Arranges $19M Sale of Shopping Center in North Bergen, New Jersey

by Amy Works

NORTH BERGEN, N.J. — Cushman & Wakefield has brokered the sale of a shopping center located at 2819 JFK Blvd. in North Bergen. A 1031 exchange buyer acquired the asset from an undisclosed joint venture partnership for $19 million. Aldi and Crunch Fitness anchor the 41,000-square-foot property, which was redeveloped in 2015. The center also includes a freestanding Sonic restaurant. Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Nick Karali of Cushman & Wakefield represented the seller and procured the buyer in the deal.

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4-World-Trade-Center-NYC
New YorkNortheastOffice

Spotify Relocates to 378,000 SF of Office Space at 4 World Trade Center in Lower Manhattan

by Amy Works

NEW YORK CITY — Spotify, a digital music service, is relocating its U.S. headquarters to 4 World Trade Center in Lower Manhattan from its current location in Midtown South. The company will occupy 378,000 square feet at the office building, which is owned by Silverstein Properties. Spotify is expected to move in early 2018. The relocation and expansion will accommodate more than 1,000 new jobs as well as 832 existing jobs.

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MultifamilyNew JerseyNortheast

Marcus & Millichap Brokers $1M Sale of Apartment Building in Union City, New Jersey

by Amy Works

UNION CITY, N.J. — Marcus & Millichap has arranged the sale of a multifamily building located at 4322 Kennedy Blvd. in Union City. A developer acquired the seven-unit property for $1 million. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

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New YorkNortheastTop Stories

Japanese Tech Conglomerate to Acquire Fortress Investment Group for $3.3B

by John Nelson

NEW YORK AND TOKYO — SoftBank Group Corp., a Tokyo-based tech conglomerate, has entered into a definitive merger agreement under which the company will acquire equity firm Fortress Investment Group LLC (NYSE: FIG) for approximately $3.3 billion in cash. Founded in 1998, Fortress has 1,100 employees and $70.1 billion in assets under management as of Sept. 30, 2016. Private equity funds and permanent capital vehicles, including commercial real estate, comprise about 65 percent of the company’s portfolio. Within the multifamily sector, Fortress manages New Senior Investment Group Inc., a seniors housing REIT that as of Sept. 30 owned 154 properties in 37 states. “Fortress’ excellent track record speaks for itself, and we look forward to benefitting from its leadership, broad-based expertise and world-class investment platform,” says Masayoshi Son, chairman and CEO of SoftBank Group Corp. “For SoftBank, this opportunity will immediately help expand our group capabilities, and, alongside our soon-to-be-established SoftBank Vision Fund platform, will accelerate our SoftBank 2.0 transformation strategy of bold, disciplined investment and world class execution to drive sustainable long-term growth,” adds Son. SoftBank’s global portfolio of companies includes advanced telecommunications, internet services, artificial intelligence, smart robotics, clean energy technology and Internet of Things (IoT) providers. Last …

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425-Meadow-St-Chicopee-MA
IndustrialMassachusettsNortheast

Calare Properties Secures Full Ownership of 552,000 SF Industrial Property in Chicopee, Massachusetts

by Amy Works

CHICOPEE, MASS. — Calare Properties has acquired full ownership of a two-building industrial property located at 425 Meadow St. in Chicopee. Calare secured full ownership of the asset through a recapitalization. Calare has managed and owned the property with a joint venture majority partner since 2014. Situated on 47 acres, the 552,000-square-foot asset comprises a 402,000-square-foot manufacturing facility and a 150,000-square-foot high-bay warehouse. Along with the acquisition, Calare has finalized two leases at the property. Callaway Golf Co. has signed a 10-year lease extension for the manufacturing facility through 2028, and Granite City Electric signed a long-term lease for 80,000 square feet of the warehouse space.

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LoansMultifamilyNew JerseyNortheast

HFF Arranges $40M in Financing for Phase II of Multifamily Community in Lyndhurst, New Jersey

by Amy Works

LYNDHURST, N.J. — HFF has arranged a $40 million construction loan for The Winston, a multifamily community located at 120 Chubb Ave. within The Station of Lyndhurst in Lyndhurst. The borrower is J.G. Petrucci Co. Slated for completion in early 2018, The Winston will add 218 apartment units to the existing 192 units at The Station at Lyndhurst, which was constructed in 2014. Situated on 6.8 acres, the property will feature a courtyard with lounge deck, resident lounge with billiards and arcade games, fitness center with yoga studio, dog run and complimentary shuttle service. Jon Mikula of HFF secured the financing for the borrower through Provident Bank and Lakeland Bank.

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