Northeast

Markward Group Brokers Sale of Office Building in Bethlehem, Pennsylvania

by Haisten Willis May 23, 2017

BETHLEHEM, PA. — Markward Group has brokered the sale of a 47,070-square-foot office building on 4.1 acres located at 236 Brodhead Road in Bethlehem. Matt Macdonald and Ann Kline of Markward Group represented the seller, BB&T Bank. The building was the former data and operations center for National Penn Bank. Mike Capobianco of Markward Group represented the buyer, 236 Brodhead Road LLC. The buyer plans to remodel the lobby and common areas, and to repave the parking lot. ABEC is the lead tenant in the building.

May 23, 2017

Connecticut Multifamily Northeast

Chozick Realty Negotiates $4.5M Sale of Two Apartment Complexes in Connecticut

by Haisten Willis May 23, 2017

NEW BRITAIN, CONN. — Steve Pappas of Chozick Realty’s Hartford office has negotiated the $4.5 million sale of Central Townhouse and College West Apartments in New Britain. The two garden-style complexes sold in a single transaction. Central Townhouse, located at 608 Allen St., consists of 42 apartment units in four buildings on a 1.8-acre site. The unit mix includes a single one-bedroom, 35 two-bedroom and six three-bedroom units. College West Apartments, located at 499 Allen St., consists of 22 apartment units on a .59-acre site. The apartments are all two-bedroom units of 900 square feet. Chozick Realty represented the seller, Allen Street Ventures LLC, and procured the purchaser, Up Realty LLC, a New York-based investment group.

May 23, 2017

New Jersey Northeast Office

Marcus & Millichap Completes $2.5M Sale of Office Property in Clifton, New Jersey

by Haisten Willis May 23, 2017

CLIFTON, N.J. — Marcus & Millichap has completed the $4.5 million sale of 3 East, a 21,600-square-foot office property located at 95 Main Ave. in Clifton. Fahri Ozturk of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller. Fahri Ozturk also secured and represented the buyer, a private investor. The property is located near Route 21, Garden State Parkway and the New Jersey turnpike. 3 East features two 10,800-square-foot floors serviced by an elevator and 78 parking spaces.

May 23, 2017

New Jersey Northeast Retail

Triple Five, Ghermezian Family Secure $1.6B Funding for American Dream Meadowlands Project in New Jersey

by Haisten Willis May 22, 2017

EAST RUTHERFORD, N.J. — Triple Five Cos. and the Ghermezian family, developers of the American Dream Meadowlands project, have secured $1.6 billion in private construction financing for the project, which is under construction and scheduled to open in March 2019. J.P.Morgan led the construction financing and Goldman Sachs led a tax-exempt bond offering. The project will include DreamWorks Water Park and the Nickelodeon Universe Theme Park, both of which will be fully enclosed and open year-round. Other attractions will include the Big Snow Indoor Ski & Snowboard Park, a 1,350-seat Cirque Du Soleil theater, movie theaters by Cinemax, Sea Life Aquarium, Legoland Discovery Center, an 18-hole miniature golf course and an ice rink. Retailers will include Saks Fifth Avenue and Hermes.

May 22, 2017

Multifamily New York Northeast

Avanath Capital Acquires 17-Property Multifamily Portfolio in NYC for $73M

by Haisten Willis May 22, 2017

NEW YORK CITY — Avanath Capital Management has acquired an affordable housing portfolio of 17 apartment buildings totaling 198 units in Brooklyn for $73 million. The properties were purchased from a private investor in joint partnership with New York-based Oak Tree Management. Located in the Prospect Heights, Crown Heights, Williamsburg and Bedford-Stuyvesant neighborhoods, the properties include 115 rent-stabilized units, 79 free market units and four commercial spaces. Average rents range from $1,700 to $2,500 per month. Avanath’s Ben Finley was responsible for sourcing and acquiring the deal. Peter Von Der Ahe, Joseph Koicim and Shaun Riney of Institutional Property Advisors (IPA), and DJ Johnston of Cushman & Wakefield represented the seller. Andrew Dansker of Marcus & Millichap arranged the financing for the buyer. The portfolio’s four commercial spaces are leased to tenants including Sunday Routine, Fool’s Gold Records and a day care center.

May 22, 2017

Healthcare Northeast Pennsylvania

Laurus Arranges $22.5M Sale of Hilton Garden Inn in Metro Philadelphia

by Haisten Willis May 22, 2017

FORT WASHINGTON, PA. — Laurus Corp. has arranged the $22.5 million sale of the Hilton Garden Inn located in the Philadelphia suburb of Fort Washington. Laurus acted as sponsor on behalf of Ethika Diversified Opportunity Real Estate Fund. After acquiring the hotel in 2013, Laurus implemented a $2.5 million value-add strategy including a renovated lobby and outdoor seating areas as well as enhancements to the guest rooms. Laurus also selected a new management company. The property is located adjacent to the Fort Washington Office Park.

May 22, 2017

New York Northeast Office

Cushman & Wakefield Brokers Sale of Office Property in Tarrytown, New York

by Haisten Willis May 22, 2017

TARRYTOWN, N.Y. — Cushman & Wakefield has brokered the sale of an office property at 555 White Plains Road in Tarrytown to Robert Martin Co. (RMC). RNY Property Trust sold the 133,645-square-foot, five-story office building, which sits on 4.2 acres with frontage along White Plains Road. Currently 25 percent leased to two tenants, the building features floor sizes of 33,000 square feet with 386 parking spaces. Cushman & Wakefield’s team included Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso II and Al Mirin.

May 22, 2017

New Hampshire Northeast Office

NAI Norwood Negotiates $2.4M Sale of Former Granite Rose Events Center in New Hampshire

by Haisten Willis May 22, 2017

HAMPSTEAD, N.H. — NAI Norwood Group has negotiated the $2.4 million sale of the former Granite Rose events center located at 22 Garland Drive in Hampstead. Matt Bacon, Pam Lynch and Karl Norwood of NAI Norwood Group represented the seller of the 32,000-square-foot property. Z Golf Food & Beverage was the buyer. Z Golf operates a collection of banquet and meeting centers under the Wedgewood Wedding & Banquet Center brand, and will rename the center Wedgewood Granite Rose.

May 22, 2017

Loans New York Northeast Office

Meridian Capital Group Arranges $21M Acquisition Financing for Office Property in Syracuse, New York

by Haisten Willis May 19, 2017

SYRACUSE, N.Y. — Meridian Capital Group has arranged $19 million in acquisition financing and $2 million for the repositioning of One Lincoln Center, an office property in Syracuse. The financing was arranged on behalf of Asher Zamir of Zamir Equities. Meridian’s Steven Edelstein, Steven Adler and Luke Hingson negotiated the loan, which was provided by a debt fund. One Lincoln Center is a 19-story, 305,594-square-foot office tower anchored by JPMorgan Chase, Bond, Schoeneck & King, CadaretGrant, Arcadis, and Earthlink. Located at 110 W. Fayette St., the property is adjacent to the intersection of I-81 and I-690.

May 19, 2017

Massachusetts Northeast Office

HFF Secures $8.9M Sale of Newmarket Center in Boston

by Haisten Willis May 19, 2017

BOSTON — HFF has secured the $8.9 million sale of Newmarket Center, a 55,000-square-foot office building located at 67 Kemble St. in Boston’s Roxbury submarket. HFF arranged the sale on behalf of the seller, DDJB Real Estate Holdings, and procured the buyer, The Winhall Cos., on an off-market basis. Urban Core Development redeveloped the property and served as its manager. Newmarket Center was originally built in the 1880s to house one of the area’s blacksmith shops, which operated until the 1930s. After sitting vacant, the building was again occupied in the 1940s by Newmarket Wool and operated as a wool storage and sorting warehouse for roughly 50 years. The building then ended up vacant during the late 1990s. Urban Core Development redeveloped the former warehouse into a loft-style office building in 2014 and 2015. Ben Sayles and Adam Dunn led the HFF investment sales team representing the seller.

May 19, 2017

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