NEW YORK CITY — Equicap has arranged $8.1 million in financing for the acquisition of an office condo in the Manhattan’s Chelsea neighborhood. The 10-year loan features a competitive interest rate and will be used to fund the $10.8 million acquisition price. Additionally, the undisclosed borrower will use proceeds of the loan to build out the 13,000-square-foot office space. Daniel Hilpert of Equicap negotiated the financing.
NEW YORK — Gramercy Property Trust (NYSE: GPT) has acquired a 12-building industrial portfolio for $115.2 million. The seller in the deal was undisclosed. The portfolio consists of approximately 1.5 million square feet. The majority of the assets are located in major markets including New Jersey, Los Angeles, Chicago, Baltimore and Toronto. The aggregate net operating income for the first year is approximately $9.4 million with an 8.1 percent initial cap rate. The weighted average remaining lease term is 13 years. In addition to the acquisition, Gramercy assumed three mortgages totaling $37.3 million and one mortgage totaling approximately $10.9 million in Canadian dollars. Collectively, the loans have a remaining term of 5.5 years and a weighted average interest rate of 4.8 percent. Gramercy is a real estate investment trust specializing in acquiring and managing single-tenant, net-leased industrial and office properties. The company’s stock price closed Thursday, April 28 at $8.46 per share, up from $7.79 a year ago.
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of an apartment building located at 15 E. 36th St. in Manhattan’s Midtown South neighborhood. The eight-story property sold for $33 million, or just under $590,000 per unit. The building features 16 one-bedroom apartments, 39 studios and a basement apartment. The property features 34 free-market apartments and 21 rent-stabilized units. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of IPA represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.
NEW YORK CITY — Riverside Developers is constructing The William Vale, a 21-story boutique hotel in Brooklyn’s Williamsburg neighborhood. Slated to open in late June, the hotel will feature 183 rooms with floor-to-ceiling windows, complimentary WiFi, smart television systems and turndown service. Additional hotel features include a 60-foot pool and deck, rooftop lounge, 24-hour fitness center, a ballroom and meeting rooms, as well as food and beverage options led by NoHo Hospitality Group and Chef Andrew Carmellini. Albo Liberis designed the hotel, which is located on Wythe Avenue between 12th and 13th streets.
NEW YORK CITY — Avison Young has arranged the sale of an office and retail building located at 310 Lenox Ave. in Manhattan’s Central Harlem section. A group of New York-based real estate investors acquired the property for $21 million. Built in 1940 and improved in 2006, the three-story building consists of approximately 24,659 gross square feet of above-grade space and a full basement of approximately 8,493 square feet. Additionally, the property has approximately 9,313 square feet of additional zoning floor area that is expected to be accessed by the new ownership entity. The property’s best-known tenant is Red Rooster, a restaurant led by chef Marcus Samuelsson. Neil Helman, Charles Kingsley, Jon Epstein and Vincent Carrega of Avison Young represented the seller, National Basketball Players Association, in the transaction.
NEWARK, DEL. — The Emory Hill Companies has completed the second phase of the sale of White Clay Corporate Center, an office and industrial complex in Newark. Shelbourne Global Solutions LLC purchased four of the seven buildings at the complex in 2015, and recently purchased the remaining three buildings to complete the acquisition for an undisclosed sum. The campus totals 493,581 square feet. Neil Killian of NAI Emory Hill represented the undisclosed seller in the transaction. NAI Emory Hill manages the property.
ELMONT, N.Y. — Target is opening a flexible format store as an anchor tenant at the Home Depot shopping center located at 600 Hempstead Turnpike in Elmont. The 24,500-square-foot store is slated to open late this fall or early spring 2017 in a space formerly occupied by OfficeMax. The new format stores vary in size and assortment, allowing for smaller footprints and locally relevant experiences for shoppers. Jeffrey Howard of Ripco Realty represented the tenant, while Randall Briskin provided in-house representation for the landlord, The Feil Organization.
PHILADELPHIA — NGKF Capital Markets has arranged the sale of 2.0 University Place, a multi-tenant office building located at 30 N. 41st St. in Philadelphia. 2.0 University Place Associates sold the 100,000-square-foot property to a member company of Zurich North America for $41.2 million, or $420 per square foot. The building is the first double-platinum, multi-tenant office property in the United States, with both LEED Platinum Core & Shell v2.0 and commercial interior – LEED v2009 Platinum certifications. Dave Dolan and Brett Segal of NGKF Capital Markets represented the seller, while Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management advised the buyer in the transaction.
MALDEN, MASS. — Berkeley Investments Inc. has acquired an office building located at 200 Exchange St. in Malden. An affiliate of KBS Real Estate Investment Trust Inc. sold the 314,176-square-foot property for $21.8 million. The buyer plans to reposition the property into a mixed-used asset with street-level retail, a state-of-the-art data center and approximately 200,000 square feet of creative office space. Coleman Benedict, Chris Phaneuf, Ben Sayles and Mark Campbell of HFF represented the seller, while Gramercy Property Trust, as asset manager, advised the seller on the transaction.
KUTZTOWN, PA. — Woodmont Industrial Partners (WIP) has completed the sale of an industrial property located at 9747 Commerce Circle in Kutztown. The 385,000-square-foot property sold for an undisclosed price. Built in 2007, the property features an ESFR sprinkler system, T5 lighting, 32-foot ceiling heights, 50-foot by 50-foot column spacing, 20 loading docks and 10 additional knock-out dock door panels. Hearth & Home, a producer and installer of hearth product, leases 173,701 square feet of the property. Michael Hines, Brian Fiumara and Brad Ruppel of CBRE represented WIP in the transaction. WIP acquired the property in 2012 in a joint venture with AEW Capital Management.
