Northeast

Brunetti Organization to Develop 2,400-Acre Mixed-Use Town Center in New Jersey

by Amy Works May 25, 2016

OLD BRIDGE, N.J. — The Brunetti Organization is developing The Oaks at Glenwood, a 2,400-acre mixed-use town center development in Old Bridge. Construction for the 90,000-square-foot ShopRite supercenter is slated to begin soon, with occupancy of the grocery store and other retail tenants scheduled for summer 2017. ShopRite will anchor the retail portion of the property. Upon completion, the mixed-use property will feature 2,000 residential units and more than 500,000 square feet of retail space. The Goldstein Group is marketing the retail portion of the property.

May 25, 2016

New York Northeast Office

Kinsey Capital Negotiates $38.2M Acquisition of 29,162 SF Office Property in Manhattan

by Amy Works May 25, 2016

NEW YORK CITY — Kinsey Capital has arranged the acquisition of an office property located at 4-6 E. 34th St. in Manhattan’s NoMad neighborhood. An affiliate of Caerus Group acquired the 29,162-square-foot property from the Zionist Organization of America for $38.2 million, or $1,312 per square foot. The property also features air rights to allow for a total of 52,300 square feet. Brent Glodowski of Kinsey Capital represented the buyer, while CBRE represented the seller.

May 25, 2016

Delaware Healthcare Northeast Office

Capital & Guarantee to Develop 120,000 SF Medical Complex in Delaware

by Amy Works May 25, 2016

WILMINGTON, DEL. — Capital & Guarantee is developing Fenwick Medical Complex, a six-building facility in Wilmington. When complete, the property will feature 120,000 square feet of space, ample parking and a heliport. Anchored by a full-service emergency medical center, the complex will be occupied by various medical specialists and physicians, including cardiovascular, family practice, gastroenterology, gynecology, podiatry, internal medicine, psychology, spinal care and vein care offices. Physician and office space is available as build-to-suit units regardless of size or floor plans.

May 25, 2016

Loans Massachusetts Northeast Office

NorthMarq Arranges $2.4M in Refinancing for Office Property in Massachusetts

by Amy Works May 25, 2016

NORWELL, MASS. — NorthMarq Capital has arranged $2.4 million in refinancing for Longwater Circle, an office property located in Norwell. The commercial mortgage transaction features a long-term fixed rate for more than 10 years with a 30-year amortization and a flexible prepayment schedule. Michael Chase of NorthMarq secured the financing through a regional bank for the undisclosed borrower.

May 25, 2016

Maine Multifamily Northeast

Jones Street Investment Partners Acquires 620-Unit Multifamily Portfolio in Maine for $87.5M

by Amy Works May 24, 2016

SOUTH PORTLAND, MAINE — CBRE/New England and CBRE – The Boulos Company have arranged the sale of Liberty Commons and Redbank Village, two adjacent multifamily properties in South Portland. Jones Street Investment Partners acquired the 620-unit portfolio for $87.5 million. Delivered in 2006, Liberty Commons features 40 one-bedroom units, four two-bedroom/one-bath units, four two-bedroom/one-and-half-bath units and 72 two-bedroom/two-bath units with the average size of 1,075 square feet. Built in 1945, Redbank Village features 48 one-bedroom units, 302 two-bedroom/one-bath units and 150 three-bedroom/one-bath units with an average size of 752 square feet. The communities share a free clubhouse amenity center, which is also home to Roots and Fruits Daycare and Preschool. Simon Butler and Biria St. John of CBRE/NE, along with Joe Porta of CBRE – The Boulos Company, represented the undisclosed seller in the transaction.

May 24, 2016

Connecticut Multifamily Northeast

Winthrop Realty Trust Sells 93-Unit Apartment Community in Connecticut for $87.5M

by Amy Works May 24, 2016

STAMFORD, CONN. — Winthrop Realty Trust has completed the sale of Highgrove, an ultra-luxury apartment community located in Stamford. A private investment group acquired the property for $87.5 million, or $940,860 per unit. Designed by Robert A.M. Stern, the 18-story high-rise features 93 condominium units, a grand resident lobby, clubroom, media screening room, wine cellar, caterer’s kitchen, private elevator entrances, expansive fitness center with sauna, steam room and pool facilities. Units feature gourmet kitchens with marble counters, high-end appliances, oversized cabinets, 10-foot ceilings, crown moldings, hardwood flooring, fireplaces, private balconies, six-piece master baths and walk-in closets. Jeffery Dunne, Gene Pride and Travis Langer of CBRE represented the seller in the transaction.

May 24, 2016

Industrial New Jersey Northeast Office

Commercial Realty Group Acquires 446,076 SF Industrial, Office Complex in New Jersey

by Amy Works May 24, 2016

MOUNT OLIVE, N.J. — Commercial Realty Group has acquired a 446,076-square-foot industrial and office complex located at 350 Clark Drive in Mount Olive. North Jersey Development Group sold the property for an undisclosed price. Situated on 40.5 acres, the asset features a 335,122-square-foot industrial building with 29,340 square feet of mezzanine space and a three-story, 75,000-square-foot Class A office building, which was built in 1995. The industrial portion is 100 percent leased to two tenants, Performance Food Group and 350 Logistics, while the office portion is home to eight tenants, including Mars Incorporated, Lion Ribbon Co., Hundley Burns and FC Architects. Michael Nachamkin, Jose Cruz and Robert Borny of HFF represented the seller in the transaction.

May 24, 2016

New Jersey Northeast Office

NAI Hanson Arranges Sale of 30,459 SF Office Property in New Jersey

by Amy Works May 24, 2016

PARSIPPANY, N.J. —NAI James E. Hanson has brokered the sale of an office building located at 140 Littleton Road in Parsippany. Choice Properties acquired the 30,459-square-foot building from Gisella Haidar for an undisclosed price. The three-story office building was 80 percent leased at the time of sale. Josh Levering and Andrew Kirshenbaum of NAI James E. Hanson represented the seller in the transaction.

May 24, 2016

Massachusetts Mixed-Use Multifamily Northeast Retail

Marcus & Millichap Negotiates $1.6M Sale of Mixed-Use Asset in Boston

by Amy Works May 24, 2016

BOSTON — Marcus & Millichap has arranged the sale of a mixed-use property located at 46-50 Blue Hill Ave. in Boston. A private investor sold the property to an undisclosed private investor for $1.6 million. The property features six apartments and three retail spaces. Evan Griffith of Marcus & Millichap represented the seller and procured the buyer in the deal.

May 24, 2016

Loans Massachusetts Northeast Retail

NorthMarq Arranges $50M in Refinancing for 303,096 SF Mixed-Use Property in Massachusetts

by Amy Works May 23, 2016

FRANKLIN, MASS. — NorthMarq Capital has arranged $50 million for the refinancing of Franklin Village, a grocery-anchored mixed-use property located at 250 Franklin Village Drive in Franklin. The 10-year loan features a 30-year amortization schedule. Greg Nalbandian and Doug Nickerson of NorthMarq arranged the financing through NorthMarq’s correspondent relationship with Sun Life of Canada for the undisclosed borrower. Major tenants at the 303,096-square-foot property are Stop & Shop, Dress Barn and Marshalls.

May 23, 2016

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