Northeast

MIDI Opens New $5M Headquarters, Innovation Center in New York

by Amy Works May 27, 2016

SMITHTOWN, N.Y. — MIDI, an international medical research, design and engineering firm, has opened its new 6,500-square-foot headquarters and innovation center in the Village of The Branch, a part of Smithtown on Long Island. Stalco Construction served as general contractor for the new $5 million medical and life sciences facility, which is located at 226 E. Main St. Whitetop Mountain Professional Properties developed the17,300-square-foot building, which also houses a 10,800-square-foot diagnostic imaging center operated by Northwell Health, formerly North Shore-LIJ Health System. Featuring an open-space layout, the facility features a collaborative workspace, an engineering and design lab, a manufacturing shop, and a conference room with teleconferencing system, as well as executive and administrative offices.

May 27, 2016

Industrial New Jersey Northeast

NAI Hanson Brokers Sale of 26,928 SF Warehouse in New Jersey

by Amy Works May 27, 2016

NORWOOD, N.J. — NAI James E. Hanson has arranged the sale of an industrial building located at 380 Chestnut St. in Norwood. Pro Source Inc., a housewares distributor, acquired the 26,928-square-foot property for an undisclosed price. The buyer is relocating from Mahwah, N.J. The property features 17-foot clear ceiling heights, three tailgates, a drive-in door, 3,500 square feet of office space and ample parking. Steven Leitner of NAI Hanson represented the buyer, while Bill Pastuszak of Resource Realty represented the seller, 380 Chestnut Street LCC, in the deal.

May 27, 2016

Multifamily New York Northeast

SunCal, Diversified Realty Break Ground on $1B Mixed-Use Development along Hudson River in New York

by Amy Works May 26, 2016

SLEEPY HOLLOW, N.Y. — A joint venture between SunCal and Diversified Realty Advisors has broken ground on Edge-On-Hudson, a $1 billion development on the Hudson River in Sleepy Hollow, located approximately 20 miles upriver from New York City. The 70-acre project will contain 1,177 units of housing, 135,000 square feet of retail space, 30,000 square feet of office space and a 140-room boutique hotel, the first in Sleepy Hollow. The project will also feature 16 acres of open space and a waterfront promenade that links the existing Westchester County RiverWalk to the south and Kingsland Point Park to the north. Edge-On-Hudson is being built on the site of the former General Motors assembly plant. The space has been empty since the automotive manufacturer vacated in 1996. Phase I will include 306 units of housing, including 40 senior affordable units and 21 affordable workforce units. There will be 188 loft-style apartments in the four-story Loft District section at the eastern edge of the property, plus 46 three- and four-story condominium homes and 72 townhomes in the Central Park District. These neighborhoods will also include green space, a central park, a new roundabout and a village green at the base of Beekman …

May 26, 2016

Multifamily New York Northeast

IPA Brokers $58M Sale of Three Multifamily Buildings in Manhattan

by Amy Works May 26, 2016

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of three contiguous multifamily buildings located at 50-58 E. Third St. in Manhattan’s East Village neighborhood. The assets sold for $58 million, or $817,000 per unit. The properties feature 51 free-market apartments, 18 rent-stabilized units and two rent-controlled apartments. Some of the apartments were recently renovated to include stainless-steel appliances, wine coolers, Caesarstone countertops, washer/dryers, video-intercom systems, recessed lighting, wide-plank oak flooring, marble-clad bathroom and high-gloss white cabinets. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of IPA represented the undisclosed seller and procured the undisclosed buyer.

May 26, 2016

1955-2009-Black-Rock-Turnpike-Fairfield-CT

Connecticut Loans Northeast Retail

NorthMarq Capital Secures $11M Refinance for 110,000 SF Retail Property in Connecticut

by Amy Works May 26, 2016

FAIRFIELD, CONN. — NorthMarq Capital has arranged $11 million in refinancing for Turnpike Shopping Center, a retail property located at 1955-2009 Black Rock Turnpike in Fairfield. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The 110,000-square-foot retail center is occupied by ShopRite Supermarket, Eastern Mountain Sports and Party City. Ernest DesRochers of NorthMarq secured the financing for the undisclosed borrower.

May 26, 2016

Hospitality Loans Mixed-Use Northeast Office Retail Rhode Island

Rhode Island Approves $7M in State Relocation, Redevelopment Credits for Three Project

by Amy Works May 26, 2016

WESTERLY, PROVIDENCE AND WARWICK, R.I. — Rhode Island Commerce Corp. Board of Directors and Rhode Island Governor Gina Raimondo have approved more than $7 million in state relocation and redevelopment credits. Funding three projects, the economic development tools include $362,055 in tax credits under the Qualified Jobs Incentive Tax Credit Program to support company relocation and growth, $3 million for the first Tax Increment Financing agreement to support hotel development and $3.6 million Rebuild Rhode Island tax credits to fund the redevelopment of a historic property. Ivory Ella, a socially-minded online retailer, will receive the $362,055 for the relocation of 40 of its current jobs, 19 of which qualify under the Qualified Jobs Incentive Tax Credit program, from Connecticut to Westerly. Homewood Suites Hotels – Exchange Street LLC will receive $3 million for the construction of a $24.5 million 120-room hotel with ground-floor retail in downtown Providence. The board approved $3.6 million in Rebuild Rhode Island tax credits to support the adaptive reuse of a vacant historic mill complex along the Pawtuxet River in Warwick. The property will be redeveloped into a 200,000-square-foot mixed-use development, costing an estimated $34.6 million.

May 26, 2016

Northeast Office Retail Vermont

Nedde Real Estate Acquires 49,200 SF Commercial Building in Vermont

by Amy Works May 26, 2016

SOUTH BURLINGTON, VT. — Doug Nedde and Fernando Cresta of Nedde Real Estate have acquired a multi-tenant commercial building located at 1891 Williston Road in South Burlington. Lee Zachary, owner of the Zachary’s restaurant chain, sold the 49,200-square-foot property for an undisclosed sum. The property is occupied by Enterprise Rentals, Treehouse Woodworking, MAACO, United Fighting Arts Institute and MOTO VT.

May 26, 2016

Northeast Office Top Stories

New York REIT, JBG to Merge, Creating $8.4B REIT

by Nellie Day May 26, 2016

NEW YORK CITY — New York REIT (NYSE: NYRT) has agreed to acquire all properties of JBG Cos. and some of its private funds, creating an $8.4 billion real estate investment trust (REIT) named JBG Realty Trust. JBG Realty Trust’s portfolio will span more than 14.5 million square feet of office, residential and retail properties across the gateway markets of New York City and Washington, D.C. The properties are concentrated in transportation-served, urban-infill submarkets. The combined company will be headquartered in Chevy Chase, Md., with a regional office in New York City. JBG has received all required approvals for the transaction from its owners and JBG Fund Advisory Committee members. The board of directors of NYRT has approved the merger agreement and recommended that its stockholders approve the issuance of common stock and operating partnership units in the transaction. JBG Cos. will receive 319.9 million shares of common stock and operating partnership units of NYRT in exchange for the contributed JBG properties. NYRT stockholders will own about 34.8 percent of the combined company’s shares and units, while JBG equity holders will own about 65.2 percent once the deal is complete. The Eastdil Secured group of Wells Fargo Securities acted as …

May 26, 2016

Market Reports Northeast Northeast Market Reports Office Rhode Island

Rhode Island Office Market Sees Positives, Despite Shadow of Superman Building

by Jaime Lackey May 26, 2016

Overall the Rhode Island office market exited 2015 with positive momentum, which resulted in a strong first quarter 2016. While much of the activity is intrastate, it is a sign that local businesses have regained confidence in the overall economy outside of Rhode Island. In Providence, office building conversions to residential apartments continues to drive much of the urban office building demand. The largest of the recent residential conversions include the sale of 95 Chestnut Street (57,000 square feet) and 170 Westminster Street (62,000 square feet), which has resulted in contraction of the Class B Providence office market. In addition, The Rhode Island School of Design’s (RISD) recent expansion/purchase of a 12,000-square-foot office condominium at 123 Dyer Street has also spurred downtown demand. The Providence office market has also been affected by corporate consolidation. Citizens Bank, Bank of America, Textron and Blue Cross have all reduced the size of their footprints in Providence over the past 18 months. As a result, the Providence office market experienced a slight uptick in vacancy rates ending 2015, at about 16.5 percent. In the Jewelry District, three construction projects are well underway. The South Street Landing project is a $220 million dollar renovation of …

May 26, 2016

Life Sciences Loans Massachusetts Northeast Office

Longfellow Real Estate Partners Receives $51M in Financing for Biotech Building in Massachusetts

by Amy Works May 25, 2016

CAMBRIDGE, MASS. — An affiliate of Longfellow Real Estate Partners has received $51 million in recapitalization financing for a laboratory/biotechnology building located at 1030 Massachusetts Ave. in Cambridge. Greg LaBine of HFF placed the five-year, fixed-rate loan with Capital One Healthcare for the borrower. The 77,805-square-foot property is fully leased to seven tenants: five biotech tenants, an indoor cycling studio and a restaurant, which is slated to open in early this summer.

May 25, 2016

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