Northeast

Construction Nears Completion at Meriel Marina Bay Mixed-Use Development in Metro Boston

by Haisten Willis April 4, 2017

QUINCY, MASS. — Hines is nearing completion of Meriel Marina Bay, a mixed-use development in the Boston suburb of Quincy. Located on a seaside peninsula, the property is situated near I-93 and offers a complimentary shuttle to the Red Line North Quincy MBTA station and a water ferry to downtown Boston. Meriel Marina Bay is a mixed-use development comprising two five-story buildings featuring 352 apartments with garage parking, plus 20,000 square feet of ground-level retail space. Layout options include studios, one-, two- and three-bedroom homes offering views of the Boston skyline, Boston Harbor and the Marina Bay boardwalk. Hines is now leasing the property, with rents ranging from approximately $2,100 to $4,600 per month. The Bozzuto Group will manage Meriel Marina Bay.

April 4, 2017

Multifamily New York Northeast

Rosewood Realty Brokers $31.5M Sale of Apartment Properties in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — Rosewood Realty has brokered the $31.5 million sale of two apartment properties in Queens. A local investor purchased the contiguous properties, which are located at 71-05 and 71-11 37th Ave. in the Jackson Heights neighborhood. Benson Co. was the seller. The six-story buildings, which were built in 1920, include a combined 106 apartments and span 85,856 square feet. The average rent at the properties is $1,477 per month. Aaron Jungreis of Rosewood Realty Group represented both the buyer and seller in the transaction.

April 4, 2017

Industrial New York Northeast

ABC Carpet & Home Leases 78,000 SF Industrial Space in NYC

by Haisten Willis April 4, 2017

NEW YORK CITY — ABC Carpet & Home has leased 78,000 square feet in Industry City, the 16-building, 6 million-square-foot innovation and manufacturing complex located in the Sunset Park neighborhood in Brooklyn. ABC Carpet & Home, a New York-based seller of home goods, is consolidating its operations — currently located in Hackensack, N.J., and the Bronx — into the space at Industry City’s building 19. Industry City’s director of leasing, Kathe Chase, led the deal alongside Chase Welles of The Shopping Center Group, which was brought onto the project to lease the property’s ground-floor spaces. ABC Carpet was represented internally.

April 4, 2017

Massachusetts Northeast Office

The Davis Companies Acquires Leasehold Interest in 88 Black Falcon Avenue in Boston’s Seaport District

by Jaime Lackey April 3, 2017

BOSTON — Following a long-term ground lease with the Massachusetts Port Authority (Massport), The Davis Companies (TDC) plans to significantly update 88 Black Falcon Avenue in Boston’s Seaport District. The property, which consists of two three-story interconnected buildings totaling 376,000 square feet, is located within the Raymond L. Flynn Marine Park, which is also home to Cruiseport Boston and the 1.4 million-square-foot Innovation and Design Building. The location offers views of the Boston Harbor as well as direct access to Route 93 and the Massachusetts Turnpike, 550 onsite parking spaces, and its own Massachusetts Bay Transportation Authority (MBTA) Silver Line Stop. The buildings at 88 Black Falcon Ave. feature ceiling heights ranging from 14 to 20 feet, as well as efficient office and industrial/R&D infrastructure. Optimus Ride Inc., which develops autonomous vehicle technologies, occupies 19,000 square feet on the building’s first floor. As part of the property’s redevelopment, TDC will improve a portion of the Boston Harborwalk, a public promenade that follows the edge of piers, wharves, beaches, and the shoreline around the Harbor. Completion is scheduled for second quarter 2018. “We are undertaking a thorough re-envisioning of this highly flexible, high-quality historic asset as a premier mixed-use development that …

April 3, 2017

Loans Massachusetts Northeast

Novaya, Hawk Properties Complete $13.25M Recapitalization of Lowell, Mass., Office Properties

by Jaime Lackey April 3, 2017

LOWELL, MASS. — Novaya in a joint venture with Hawk Properties entered into a $13.25 million recapitalization of 10 Technology Drive and 55 Technology Drive located in Lowell. The two assets total 146,696 square of office/R&D space. The portfolio, which was initially acquired in 2012, is 84 percent occupied. Tenants include Evoqua Water Technologies, Borrego Solar and Lowell General Hospital.

April 3, 2017

New Jersey Northeast Office

HFF Arranges Sale of 114,000 SF Office Property in Parsippany, New Jersey

by Jaime Lackey April 3, 2017

Parsippany, N.J. — Holliday Fenoglio Fowler (HFF) arranged the sale of 1 Gatehall Drive, a 114,000-square-foot, four-story, Class A office building in Parsippany, to Lincoln Property Company. HFF represented the seller in the transaction. The property was 63 percent leased at the time of sale; tenants include software, consulting, communications, staffing and foodservice companies. The property is situated along Route 202, in close proximity to Route 10 and Interstates 287 and 80. The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Michael Oliver.

April 3, 2017

Connecticut Northeast Retail

Island Associates, EXP Realty Advisors Arrange $4.3M Sale of CVS/Pharmacy in Watertown, Conn.

by Haisten Willis April 3, 2017

WATERTOWN, CONN. — Island Associates and EXP Realty have arranged the $4.3 million sale of a CVS/pharmacy in Watertown. Roger Delisle of Island Associates represented the buyer, while Daniel de Sa’ of EXP Realty Advisors represented the seller. The 13,000-square-foot net-leased property is located on 1.7 acres at 26 Davis St. More than 20 years remain on the lease. The unnamed buyer purchased the property utilizing a 1031 tax-deferred exchange.

April 3, 2017

New York Northeast Office

Cushman & Wakefield Negotiates 25,000 SF Office Lease in NYC

by Haisten Willis April 3, 2017

NEW YORK CITY — Cushman & Wakefield has negotiated a 25,000-square-foot office lease in New York. C&W’s represented Callen-Lorde Community Health Center in securing a 20-year lease at 40 Flatbush Extension in downtown Brooklyn. Callen-Lorde, which is dedicated to meeting the healthcare needs of the LGBTQ community and those living with HIV/AIDS, will open its Brooklyn location in 2019. Carri Lyon and Mitzi Flexer of Cushman & Wakefield represented Callen-Lorde in the lease. Joseph Jemal of ISJ Management represented the landlord, 40 Flatbush Realty Associates.

April 3, 2017

New Jersey Northeast Retail

HFF Arranges $51M Sale of Grocery-Anchored Retail Center in Pompton Plains, N.J.

by Haisten Willis March 31, 2017

POMPTON PLAINS, N.J. — HFF has arranged the $51 million sale of Plaza 23, a 161,000-square-foot, grocery-anchored shopping center located in Pompton Plains. HFF marketed the property on behalf of the unnamed seller. Phillips Edison Grocery Center REIT II purchased the asset free and clear of existing debt. Anchored by Stop & Shop, Plaza 23 is the only grocery-anchored shopping center in Pompton Plains. Other tenants include T.J. Maxx, HomeGoods, GNC, Moe’s Southwest Grill and Sally Beauty Supply. Smashburger will also be opening soon. The property has a potential pad development site on its 18.8 acres. Each day, more than 54,000 vehicles pass by the development, which is located at 500 Route 23 N.,. The HFF investment sales team representing the seller included Jose Cruz, Thomas Didio, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Robert Borny.

March 31, 2017

Loans Massachusetts Northeast Office

North River Company Recapitalizes Office Property in Somerville, Mass.

by Haisten Willis March 31, 2017

SOMERVILLE, MASS. — NGKF Capital Markets has completed the recapitalization of 200 Inner Belt Road, a four-story office asset in Somerville. The NGKF Capital Markets Boston team of Robert Griffin, Edward Maher and Matthew Pullen oversaw the recapitalization of the property with North Colony Asset Management on behalf of North River Co. Totaling 190,096 square feet, 200 Inner Belt Road is 97 percent leased to tenants including Harvard University’s Somerville research facility, which includes the Harvard Art Museums Archives, the Archaeological Exploration of Sardis and the museum’s communications division.

March 31, 2017

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