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MultifamilyNew JerseyNortheast

Redwood Realty Negotiates $3.5M Sale of Multifamily Site in Westfield, New Jersey

by Haisten Willis

WESTFIELD, N.J. — Redwood Realty Advisors has negotiated the $3.5 million sale of a multifamily development site in Westfield. The site will be developed into a three-story apartment project known as “The Parker,” featuring 26 market-rate units and five affordable rentals. Westfield Auto Wash formerly occupied the location at the corner of West Broad Street. Redwood’s Jeremy Wernick represented both the seller, Jeff Zoraian, and the buyer, a New Jersey-based multifamily developer, in the transaction.

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New JerseyNortheastRetail

BJ’s Shopping Center to be Developed in Hanover, New Jersey

by Haisten Willis

HANOVER, N.J. — RD Management and JMF Properties will develop BJ’s Shopping Center, a retail project, in Hanover. BJ’s Wholesale Club will occupy 89,770 square feet of the center, with almost 28,000 square feet available for leasing. The site will share a traffic light with the Mennen Sports Arena, located directly across from the center on Hanover Avenue. Nearby retailers include Walmart, TJ Maxx, Home Goods, ShopRite and Acme/SavOn Drugs.

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IndustrialMassachusettsNortheastOffice

NAI Hunneman Brokers $6.3M Sale of Office/Industrial Property in Greater Boston

by Haisten Willis

REVERE, MASS. — NAI Hunneman has brokered the $6.3 million sale of 777 N. Shore Road, a 31,950-square-foot office/warehouse building located on Route 1A in Revere. The location will be the new headquarters location for AmQuip, a crane rental company. NAI Hunneman’s Trey Agnew represented the landlord, N.S. Realty Trust, while Steve Clancy of CBRE represented the buyer, Alterra LLC. The property includes a one- and two-story office and warehouse building, with the office component accounting for 25 percent. The warehouse component features 23-foot clear heights and 10 overhead doors.

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LoansMixed-UseMultifamilyNew YorkNortheastRetail

Madison Realty Capital Provides $53.5M Loan for NYC Mixed-Use Development

by Haisten Willis

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million first mortgage loan for the acquisition of a 90,000-square-foot development site located on Metropolitan Avenue and Graham Avenue in the Williamsburg neighborhood of Brooklyn. SL Development acquired the property, which operated as an umbrella factory since 1933. The financing also will also fund the conversion of the asset into a mixed-use property. Upon completion, the development will include 69 residential condominiums with 18 parking spaces and 20,000 square feet of retail. Rawlings Architects designed the project, which will also feature a resident gym and a roof deck. Construction is expected to begin this month and be completed in July 2019.  Aaron Appel, Michael Diaz and Alex Witt from Jones Lang LaSalle sourced the deal to MRC and represented the borrower in the transaction.

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MultifamilyNew JerseyNortheast

Gebroe-Hammer Arranges $11.3M Sale of Apartment Complex in East Orange, New Jersey

by Haisten Willis

EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $11.3 million sale of 44 apartment units at 75 Prospect St. in East Orange. The property is known as Castle on Prospect. Gebroe-Hammer’s David Oropeza represented the seller and procured the buyer, a longtime East Orange investor, in the transaction. Built in the late 1920s, the property includes three two bedroom/one bath units, three two bedroom/two bath units, 21 three bedroom/two bath units, 17 four bedroom/three bath units and one five bedroom/four bath unit.

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MassachusettsMultifamilyNortheastSeniors Housing

IPA Brokers Sale of Seniors Housing in Greater Boston

by Haisten Willis

FRANKLIN, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Estate at Franklin, an 81-unit seniors housing facility in Franklin. Mark Myers, Joshua Jandris and Matthew Andriano of IPA represented the seller, a family-owned real estate development company, and procured the buyer, a privately held real estate investment and property management firm. Completed in 2014, The Estate at Franklin is located seven miles from the 141-bed Landmark Medical Center.

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Company NewsNortheastPennsylvaniaRetail

Rue21 Files Chapter 11 Bankruptcy

by Haisten Willis

WARRENDALE, PA. — Teen apparel retailer Rue21 filed Chapter 11 bankruptcy on Monday, May 15 with plans to reorganize and restructure its assets and debts. In April, the company began to close approximately 400 underperforming stores of the 1,179 stores that it operates. The company stated Monday that it may evaluate further store closures as it continues to manage its real estate lease portfolio. The company expects to emerge from Chapter 11 in fall 2017 with a significantly deleveraged balance sheet. The company has obtained $125 million in debtor-in-possession financing, enabling it to continue day-to-day operations, including payment of employee wages, payment of vendors and honoring customer programs, such as gift cards. Kirkland & Ellis LLP is Rue21’s legal advisor, Rothschild Inc., as its investment banker and financial advisor and Berkeley Research Group as its restructuring advisor.

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MultifamilyNew YorkNortheast

Strategic Capital Forms Joint Venture for Multifamily Development in NYC

by Haisten Willis

NEW YORK CITY — Strategic Capital has made a $140 million equity investment for a multifamily development in the Hudson Square neighborhood of Manhattan. Strategic’s investment consists of equity and mezzanine components invested in a joint venture with Cape Advisors and Forum Absolute Capital Partners (FACP). Strategic Capital will co-develop the property with Cape Advisors. Strategic Capital is the investment arm of China Construction America (CCA), which is the American subsidiary of China State Construction and Engineering Company (CSCEC). The site is located at 110 Charlton St. and 537 Greenwich St. When complete, the project will span 280,000 square feet with 170 residential units, ground-floor retail and parking. Plaza Construction, an affiliate of Strategic Capital is the general contractor for the project. Construction will begin in June and sales for the condominiums will begin in spring 2018.

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