Northeast

Urban Edge Properties Obtains $100M Loan to Refinance Tonnelle Commons in North Bergen

by Nellie Day May 12, 2017

NORTH BERGEN, N.J. — Urban Edge Properties (NYSE: UE) has obtained a $100 million loan to refinance Tonnelle Commons, a 410,015-square-foot retail power center in the New York City suburb of North Bergen. The Class A center is located at 2100 88th St. at the corner of Tonnelle Avenue. Tonnelle Commons is fully leased to 16 tenants. Anchors include Walmart, BJ’s Wholesale Club, PetSmart and Staples. Other tenants include Applebee’s, the Vitamin Shoppe, GameStop, SuperCuts and Mattress Firm. The property was built in 2009 less than 10 miles from Midtown Manhattan and four miles from the entrance to the New Jersey Turnpike. The center is situated at the northern edge of Hudson County, the most densely populated county in New Jersey. HFF’s debt placement team, led by Scott Aiese and Mike Tepedino , secured the 10-year, non-recourse, fixed-rate loan. Urban Edge Properties is a REIT that manages, acquires, develops and redevelops retail real estate in urban communities, primarily in the New York metropolitan region. The REIT’s stock closed at $24.93 per share on Thursday, May 11, down from $27.38 one year ago. — Nellie Day

May 12, 2017

Hospitality Loans Mixed-Use Multifamily New York Northeast

HFZ Capital Secures Construction Financing for The Eleventh in NYC

by Haisten Willis May 11, 2017

NEW YORK CITY — HFZ Capital Group, a Manhattan-based real estate development and investment company, has secured construction financing for The Eleventh, a mixed-use development located at 76 11th Ave. between 17th and 18th streets. A British financial institution provided HFZ Capital with construction financing for the development. HFZ’s John Shannon directed the firm’s negotiations to secure the financing. Situated on the Far West Side of Chelsea, The Eleventh is slated to open in 2019 featuring two towers between the High Line and the Hudson River. Bjarke Ingels Group designed the project. In addition to residences, Six Senses Hotels Resorts Spas will open its flagship North American hotel inside the project. HFZ originally secured $870 million in acquisition and pre-development financing in May 2015 from a consortium of lenders, including JPMorgan, BlackRock and SL Green Realty. Construction of The Eleventh has already begun, and sales of condominium residences will begin later this year.

May 11, 2017

Mixed-Use New Jersey Northeast Office Restaurant Retail

Edison Properties Begins Redevelopment of Ironside Newark in New Jersey

by Haisten Willis May 11, 2017

NEWARK, N.J. — Edison Properties has begun construction at Ironside Newark, a mixed-use building in downtown Newark. Located at the corner of Edison Place and McCarter Highway (Route 21), Ironside Newark will transform the warehouse building into a commercial and retail destination. Designed by New York City-based Perkins Eastman, the project will include 456,000 square feet of offices across its six upper floors, with access to a rooftop featuring green space and views of Newark and Manhattan. Two floors of retail and restaurant space will front the newly announced Mulberry Commons Park, providing a link between Ironside Newark and Newark Penn Station, Prudential Center arena and downtown Newark. Hollister Construction Services will serve as the sole construction manager on the project. Construction on the building is expected to last 18 months, with opening tentatively scheduled for fall 2018.

May 11, 2017

New Jersey Northeast Restaurant Retail

Anchor Tenants Announced at The Shoppes at Middletown in Middletown, N.J.

by Haisten Willis May 11, 2017

MIDDLETOWN, N.J. — National Realty & Development Corp. (NRDC) has signed the first anchor tenants at The Shoppes at Middletown, a retail development in Middletown. A 130,000-square-foot Wegmans Food Markets store and a 26,530-square-foot, six-screen CMX, The VIP Cinema Experience will join the 340,000-square-foot development. When complete, The Shoppes at Middletown will include national, regional and local retailers and restaurants. The project is located on Route 35 at its intersection with Kings Highway East in eastern Monmouth County.

May 11, 2017

Multifamily New York Northeast

Cushman & Wakefield Arranges $3.8M Sale of Townhomes in NYC

by Haisten Willis May 11, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the $3.8 million sale of a six-unit, multifamily townhouse complex at 331 W. 87th St. in Manhattan’s Upper West Side. Four of the units in the five-story, 4,109-square-foot property are rent-stabilized, one is rent-controlled and the sixth is market-rate. The sale price equaled $922 per square foot. Cushman & Wakefield did not disclose the identity of either the seller or buyer. Stephen Palmese, Hall Oster, Teddy Galligan, Michael Mazzara, James Berluti and Bryan Smadbeck led the Cushman & Wakefield team in the transaction.

May 11, 2017

Healthcare Northeast Office Pennsylvania

Good Shepherd Medical Center Opens at Weis Plaza in Kutztown, Pa.

by Haisten Willis May 11, 2017

KUTZTOWN, PA. — Good Shepherd Medical Center at Weis Plaza has opened in Kutztown. Weis Plaza is a retail center anchored by Weis Supermarket, with other tenants including Dollar General and National Auto Stores. The center is located one mile from the University of Kutztown. Good Shepherd is an Allentown, Pa.-based rehabilitation center offering care for people with medical needs, physical disabilities, cognitive disabilities and injuries. Nassimi Realty, a privately held development and investment company specializing in the redevelopment of existing properties, is the owner of Weis Plaza.

May 11, 2017

Northeast Pennsylvania Retail Top Stories

CBRE Global Investor Fund Acquires King of Prussia Town Center for $183M

by John Nelson May 11, 2017

KING OF PRUSSIA, PA. — A fund advised by CBRE Global Investors has acquired King of Prussia Town Center, a newly constructed, open-air shopping center located at 155 Village Drive in King of Prussia, an affluent suburb of Philadelphia. The sales price and seller were undisclosed, but various media outlets have reported that the fund acquired the 263,423-square-foot project from developer JBG Cos. for $183 million. King of Prussia Town Center is the retail component of The Village at Valley Forge, a 122-acre master planned development by Realen Corp. that will feature nearly 3,000 residential units and 1 million square feet of commercial space upon completion. The development also features the newly opened Children’s Hospital of Philadelphia Specialty Care & Surgery, King of Prussia and a 130,000-square-foot Wegmans grocery store, which is owned by the same CBRE-backed fund. King of Prussia Town Center’s average traffic count is more than 360,000 vehicles daily, according to CBRE Global Investors. The development is situated near King of Prussia Mall, a 2.3 million-square-foot superregional mall owned and operated by Simon Property Group. King of Prussia Town Center was 87 percent leased at the time of sale to retailers including REI, LA Fitness, Muse Paintbar, …

May 11, 2017

Massachusetts Northeast Office

Boston Realty Advisors Arranges $20.9M Sale of Paragon Towers in Newton, Mass.

by Haisten Willis May 10, 2017

NEWTON, MASS. — Boston Realty Advisors has arranged the $20.9 million sale of Paragon Towers in Newton. The 60,826-square-foot property at 233 Needham St. sold to Massachusetts Credit Union Share Insurance Corp. (MSIC), which purchased it from KS Partners. Boston Realty Advisors’ Jeremy Freid and Adam Meixner represented KS Partners in the transaction. Jason Weisman, Nick Herz, and Michael D’Hemecourt of Boston Realty Advisors were also involved in the sale process.

May 10, 2017

Northeast Office Pennsylvania

Keystone Property Group Sells Metro Philadelphia Office Complex for $33.5M

by Haisten Willis May 10, 2017

WAYNE, PA. — A joint venture between Keystone Property Group and Argosy Real Estate Partners has sold Devon Square in Wayne. The two-building, 140,000-square-foot office complex is located at 724-744 W. Lancaster Ave. and sold for $33.5 million. Doug Rodio and Ben Appel of HFF represented the sellers in the transaction. After acquiring the property in 2005, Keystone conducted a capital improvement campaign updating the interiors and exteriors and remodeling common areas. The office buildings are 95 percent occupied with tenants including Merrill Lynch, Penn Liberty Bank, Keller Williams and Main Line Surgery Center. Situated on Route 30, the property is located near I-76, I-476, Route 202 and SEPTA train lines. Across Lancaster Avenue from Devon Square is Devon Village, a Whole Foods-anchored shopping center.

May 10, 2017

Multifamily New York Northeast Student Housing

EdR Begins Construction on Student Housing Complex at Cornell University

by Haisten Willis May 10, 2017

ITHACA, N.Y. — EdR has begun construction on a new on-campus housing project at Cornell University. The Maplewood Graduate and Professional Student Housing complex will feature 872 beds in 441 units, a playground for children, a community center, study areas and Wi-Fi. The 15-acre project is set to open in August 2018 with a mix of townhouses and apartments.

May 10, 2017

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