Northeast

Cushman & Wakefield Negotiates $82.3M Sale of Office Tower in New Jersey

by Amy Works June 3, 2016

ISELIN, N.J. — Cushman & Wakefield has arranged the sale of Metro 101, an office tower located at 101 Wood Ave. S. in Iselin. Mack-Cali Realty Corp. acquired the 10-story property from Spear Street Capital for $82.3 million. Developed in 1990, the 263,000-square-foot tower was redeveloped in 2008 for multi-tenant occupancy. At the time of sale, the building was 95 percent occupied. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield brokered the transaction.

June 3, 2016

New York Northeast Office

Easterly Government Properties Acquires 98,184 SF Office Building in New York for $20.2M

by Amy Works June 3, 2016

ALBANY, N.Y. — Easterly Government Properties has agreed to acquire FBI – Albany, a build-to-suit property located in Albany, for $20.2 million. Completed in 1998, the 98,184-square-foot facility is 100 percent leased through 2018 to the U.S. General Services Administration on behalf of the FBI. FBI – Albany is one of the two field offices located in New York with a territory encompassing 32 counties in Upstate New York and 14 counties in Vermont. The property offers a variety of security features, including 100-foot setbacks, reinforced security fencing and hydraulic vehicle barricades, blast resistant envelope and window features, and intrusion detection systems. The acquisition is slated to close in the fourth quarter. The name of the seller was not released.

June 3, 2016

Hospitality Massachusetts Northeast

Pebblebrook Hotel Trust Sells Land Parcel in Boston for $6M

by Amy Works June 3, 2016

BOSTON — Pebblebrook Hotel Trust has completed the sale of an excess land parcel adjacent to Revere Hotel Boston Common in Boston. An undisclosed buyer purchased the undeveloped land for $6 million. Proceeds of the sale will be utilized for general business purposes, which may include reducing the company’s outstanding debt, special cash dividends resulting from taxable gains on the sales and repurchasing common shares.

June 3, 2016

Massachusetts Northeast Retail

Integrated Builders Completes Construction of 32,000 SF Auto Dealership in Massachusetts

by Amy Works June 3, 2016

GREENFIELD, MASS. — Integrated Builders has completed the construction of Greenfield Toyota and Ford, a joint car dealership located at 1 Main St. in Greenfield. Costing $5.8 million, the new 32,000-square-foot facility replaced the outdated dealership previously located on the site. The facility features 30,000 square feet of dealership space and a 2,000-square-foot system parts mezzanine level. Integrated Builders provided construction management services, while The Curtis Architectural Group served as project architect. The project team also included SVE Associates, Flood Consulting and Environmental Design Engineering Inc.

June 3, 2016

Healthcare Northeast Office Pennsylvania

CBRE Group Arranges $2.8M Sale of Medical Office Building in Pennsylvania

by Amy Works June 3, 2016

DEVON, PA. — CBRE Group has arranged the sale of the Patient First Medical Center located at 133 Lancaster Ave. in Devon. The 7,000-square-foot asset sold for $2.8 million. With the sale of the property comes a 20-year corporately guaranteed ground lease and no landlord responsibilities of expenses. Matthew Gorman and Michael Shover of CBRE represented the seller and buyer in the deal.

June 3, 2016

California New York Northeast Top Stories Western

NorthStar, Colony to Merge Creating $17B REIT

by Christina Cannon June 3, 2016

NEW YORK AND LOS ANGELES — NorthStar Asset Management Group Inc. (NYSE: NSAM), Colony Capital Inc. (NYSE: CLNY) and NorthStar Realty Finance Corp. (NYSE: NRF) have entered into a definitive merger agreement under which the companies will combine in an all-stock merger to create a diversified global equity REIT with a total capitalization of $17 billion. NorthStar Asset Management Group (NSAM), which is currently publicly traded but not a REIT, will elect to be treated as a REIT beginning in 2017. Additionally, NRF and Colony, through a series of transactions, will merge with and into NSAM. The company, to be named Colony NorthStar Inc., will have $58 billion of assets under management, placing it in the top quartile of the REIT sector overall. Upon completion of the transaction NSAM shareholders will own approximately 32.85 percent, Colony shareholders will own approximately 33.25 percent and NRF shareholders will own approximately 33.90 percent of the combined company. “We are incredibly excited to merge with Colony to create a global real estate leader well positioned for long-term growth,” says David Hamamoto, executive chairman of NSAM and chairman of NRF. “This strategic combination is the next logical step for NSAM and NRF, creating substantial value for shareholders and …

June 3, 2016

New York Northeast Office

Thor Equities to Develop 7.7-Acre Waterfront Office Property in Brooklyn

by Amy Works June 2, 2016

NEW YORK CITY — Thor Equities is developing a waterfront office project located in Brooklyn’s Red Hook district. Designed by Foster + Partners, the 7.7-acre property will include two heavy timber frame buildings totaling more than 600,000 square feet of creative office space and 23,000 square feet of retail and restaurant space. Additionally, the design will feature 100,000-square-foot open floor plates. Surrounded by water on three sides, the campus will feature a public waterfront esplanade designed by SCAPE/Landscape Architecture and a central open courtyard and rooftop space for future tenants. The project is being built to fit the needs of a TAMI (technology, advertising, media and information) tenant or other appropriate user of the space.

June 2, 2016

Multifamily New Jersey Northeast

Manhattan Building Co. Opens 232-Unit Cast Iron Lofts II in Jersey City

by Amy Works June 2, 2016

JERSEY CITY, N.J. — Manhattan Building Co. has opened Cast Iron Lofts II, a 27-story luxury residential building in Jersey City. Located at 300 Coles St., the industrial-inspired building features 232 apartments in a mix of one-, two- and three-bedroom layouts, indoor and outdoor amenities and 20,000 square feet of street-level retail space. The building is the second property to open within the Cast Iron Lofts collection, which is spearheading the creation of SoHo West (South of Hoboken, N.J., West of New York City), a new neighborhood of oversized residences in highly-amenitized buildings on the border of Jersey City and Hoboken. Construction is well underway on the next two-tower building, which will include 337 residences. When complete, the SoHo West development will comprise 1,360 residences in multiple buildings and street-level retail space.

June 2, 2016

Loans Massachusetts New Hampshire Northeast Retail

Fantini & Gorga Arranges $5.3M in Financing for Two Single-Tenant Properties

by Amy Works June 2, 2016

AMESBURY, MASS., AND LEBANON, N.H. — Fantini & Gorga has arranged $5.3 million in separate first mortgage financings for a freestanding Family Dollar in Amesbury and a newly constructed Tractor Supply Co. in Lebanon. Originally constructed in 1994 as a CVS/pharmacy, the Family Dollar location contains 8,536 square feet of gross leasable area. The property was renovated in 2014 and is now fully occupied by Family Dollar. Constructed in 2015, the build-to-suit Tractor Supply Co. store features 19,097 square feet of gross leasable area. John Gorga and Chris Miller of Fantini & Gorga represented the borrower, a long-term client, and arranged both financings with a regional financial institution.

June 2, 2016

Connecticut Healthcare Northeast Office Retail

Fischer Real Estate Negotiates $1.4M Sale of 4,440 SF Commercial Building in Connecticut

by Amy Works June 2, 2016

FAIRFIELD, CONN. — Fischer Real Estate Inc. has negotiated the sale of a commercial building located at 2060 Black Rock Turnpike in Fairfield. An undisclosed investor purchased the property from TPSJ LLC for $1.4 million. The 4,440-square-foot property is fully occupied by retail and medical office tenants. Alan Fischer of Fischer Real Estate represented both parties in the off-market transaction.

June 2, 2016

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