Northeast

Tulfra Sells 115,000 SF Industrial Building in New Jersey to Penwood Real Estate

by Amy Works May 23, 2016

LINDEN, N.J. — Tulfra Real Estate has completed the disposition of an industrial building located at 1501 W. Blancke St. in Linden. Penwood Real Estate Management acquired the 115,000-square-foot property for an undisclosed price. Jordan Metz of Bussel Realty arranged the transaction. Originally built in 1973 and situated on 4.6 acres, the building features 15,000 square feet of office space, 16-foot to 24-foot clear ceiling heights and 100 on-site parking spaces. The building is currently occupied by Vantage Specialty Chemicals and Hello Fresh.

May 23, 2016

Hospitality New York Northeast

TJM Properties Acquires 276-Room Crowne Plaza Syracuse

by Amy Works May 23, 2016

SYRACUSE, N.Y. — TJM Properties has acquired Crowne Plaza Syracuse, located at 701 E. Genesee St. in Syracuse, for an undisclosed price. The hotel offers 276 guest rooms and 12,243 square feet of conference space. The property will retain the Crowne Plaza flag and continue to offer all the amenities and incentive programs of the Crowne Plaza brand. The name of the seller was not released. This purchase is the latest expansion of the TJM Properties and its fourth hotel in the Northeast. TJM plans to add approximately three hotels per year to its growing portfolio.

May 23, 2016

Multifamily New York Northeast

Marcus & Millichap Brokers $12.3M Sale of Three-Building Multifamily Portfolio in Brooklyn

by Amy Works May 23, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of a three-building multifamily portfolio located in the Bedford-Stuyvesant neighborhood of Brooklyn. The assets sold for $12.3 million, or $514,000 for unit. Located at 293 Stuyvesant Ave., 3 MacDonough St. and 5 MacDonough St., the portfolio totals 29,872 square feet and features 24 multifamily units. Shaun Riney, Peter Von Der Ahe, Joe Koicim and Thomas Shihadeh of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer.

May 23, 2016

Industrial New Jersey Northeast

Denholtz Associates Acquires, Redevelops 74,325 SF Manufacturing Facility in New Jersey

by Amy Works May 23, 2016

FRANKLIN, N.J. — Denholtz Associates has acquired the former manufacturing home of Acme Tube, located 655 Howard Ave. in Franklin. The 74,325-square-foot building had been foreclosed upon and has been vacant for a number of years. Denholtz plans to remediate the site and will invest $1.5 million into a complete rehabilitation of the property, including a new roof, heating, lighting, landscaping, electric, parking lot and paint. The industrial property, which will be available for occupancy in August, is already being marketed for sale or lease by Zimmel Associates.

May 23, 2016

Northeast Pennsylvania Texas Top Stories

C-III Capital Partners Agrees to Acquire Resource America for $207M

by John Nelson May 23, 2016

IRVING, TEXAS AND PHILADELPHIA — C-III Capital Partners LLC, a commercial real estate investment manager and property services firm, has agreed to purchase Resource America Inc. (NASDAQ: REXI), an asset management company that specializes in commercial real estate and credit investments. Under the terms of the agreement, Resource America stockholders will receive $9.78 per share in cash, for a total of approximately $207 million. Resource America’s board of directors unanimously approved the agreement. The price per share represents a 51 percent premium over Resource America’s closing price on May 20. “Having undertaken a thorough strategic review, during which we evaluated a wide variety of options, the board has unanimously concluded that partnering with C-III is the best way to maximize value,” says Jonathan Cohen, president and CEO of Resource America. “C-III is a highly regarded real estate services and investment management organization with outstanding leadership.” Philadelphia-based Resource America is the external manager of one publicly traded REIT, four non-traded REITS and two other registered investment companies and focuses on capital-raising activities through the independent broker-dealer network. Irving-based C-III Capital Partners currently manages $3.8 billion on behalf of institutional investors in both debt and equity funds, a separate account and several …

May 23, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Springhouse Partners Receives $37M Acquisition, Renovation Financing for NYC Mixed-Use Property

by Amy Works May 20, 2016

NEW YORK CITY — Springhouse Partners has received $37 million in acquisition and renovation financing for the purchase and renovation of a mixed-use property located at 51-55 Irving Place between New York City’s Gramercy and Union Square neighborhoods. Ronnie Levine and Jeff Berkes of Meridian Capital Group negotiated the three-year loan, provided by Mesa West Capital, for the buyer. The loan features full-term interest-only payments and two one-year extension options. The seven-story property totals 56 residential units, five retail spaces and one office space, as well as unused air rights. Springhouse Partners is an investment firm founded by Adam Verner in 2010.

May 20, 2016

New Jersey Northeast Office

Torseillo Organization Acquires 40,000 SF Office Building in New Jersey

by Amy Works May 20, 2016

MANALAPAN, N.J. — Torseillo Organization has acquired Justin Corporate Center I, a two-story office building located at 198 Route 9 N. in Manalapan. KABR Group sold the 40,000-square-foot property for an undisclosed price. Constructed in 1985, the property recently underwent a renovation to improve its lobby, public areas, parking lot and HVAC system, and add a conference room. At the time of sale, the property was 94 percent occupied by 12 professional tenants in the financial services, healthcare and publishing fields. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield represented the seller and procured the buyer.

May 20, 2016

Industrial Massachusetts Northeast

Deutsche Bank Sells 203,840 SF Data Center in Massachusetts

by Amy Works May 20, 2016

MARLBOROUGH, MASS. — Deutsche Bank has completed the sale of a mission-critical data center located at 34 St. Martin Drive in Marlborough. Lincoln Property Co. acquired the 203,840-square-foot asset for an undisclosed price. At the time of sale, the property was fully leased to nine tenants, including Tierpoint and Lightower. The facility features enhanced fire protection, environmental control, security, electrical power and technology infrastructure. Frank Petz, Chris Angelone, Jessica Hughes, Matthew Sherry and George Gregory of JLL represented the seller in the deal.

May 20, 2016

Multifamily Northeast Rhode Island

Marcus & Millichap Arranges $2.5M Sale of 36-Unit Apartment Complex in Rhode Island

by Amy Works May 20, 2016

WOONSOCKET, R.I. — Marcus & Millichap has arranged the sale of Peters River Residences, an apartment complex located on Fulton Street in Woonsocket. A limited liability company sold the 36-unit property for $2.5 million. Constructed in 2008, the complex comprises three buildings with 12 two-bedroom/one-bath units per building. Units feature fully equipped kitchens, in-unit laundry machines, central air conditioning, intercom systems and private porches. Tony Pepdjonovic and John Slyman of Marcus & Millichap’s Boston office represented the seller and procured the buyer.

May 20, 2016

Civic New Hampshire Northeast Office

Eckman Construction to Build 9,000 SF Fire, Rescue Station in New Hampshire

by Amy Works May 20, 2016

MILTON, N.H. — Bedford, N.H.-based Eckman Construction Co. has begun site work and will soon commence construction on a new 9,000-square-foot fire and rescue station in Milton. Designed by Cowan-Goudreau Architects, the facility will include four apparatus bays and will be designed to accommodate a full-time staff with living quarters. Situated on a plot of land donated by the Downs family, the property will replace the 65-year-old current station.

May 20, 2016

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