Northeast

PFG Capital Sells Five-Property Self-Storage Portfolio in Harrisburg for $35M

by Amy Works April 21, 2016

HARRISBURG, PA. — PFG Capital has completed the sale of a five-property self-storage portfolio in Harrisburg. Self Storage Capital Partners purchased the assets, which total 310,257 rentable square feet, for $35 million. The Storage Depot-branded portfolio consists of properties located at 6325 Allentown Blvd., 32 Milroy Road, 4401 N. Sixth St., 350 S. Seventh St. and 115 Cumberland Parkway. The portfolio consists of 243 climate-controlled units, 2,271 non-climate-controlled units, 87 income-producing surface parking spaces and eight warehouse/commercial units totaling 14,054 square feet. Richard Schontz, Barbara Guffey and Matthew Weckesser of HFF represented the seller in the transaction. James Conley of HFF arranged $25.5 million in acquisition financing for the buyer in the transaction.

April 21, 2016

Industrial Northeast Pennsylvania

The Garibaldi Group Brokers 483,990 SF Warehouse/Distribution Lease in Pennsylvania

by Amy Works April 21, 2016

BETHLEHEM, PA. — The Garibaldi Group has arranged the lease of an industrial spec building located at 4770 Hanoverville Road in Bethlehem. Stitch Fix, an online subscription and personal shopping service, leased the single-tenant 483,990-square-foot warehouse facility to use a distribution center as it expands its user base on the East Coast. Developed and owned by Prologis, the building features 4,250 square feet of office space, 75 dock high doors and two grade-level positions. Michael Bartolacci and Jerry Moore of The Garibaldi Group, along with Meg Buffington and Bill Bumber of Prologis, represented the landlord, while Kim Meincke Jacobsen and Paul Torosian of JLL represented the tenant in the transaction.

April 21, 2016

Industrial Northeast Pennsylvania

CBRE Arranges Sale of 85,113 SF Industrial Facility in Pennsylvania

by Amy Works April 21, 2016

SCHUYLKILL HAVEN, PA. — CBRE Group has arranged the sale of an industrial facility located at 3 Earl St. in Schuylkill Haven. The 85,113-square-foot facility sold for an undisclosed sum. At the time of sale, the property was fully occupied by M&Q Packaging Corp. on a long-term basis. Constructed in phases between 1969 and 2003, the facility is located 12 to 13 miles from both 78 and 81 interstates. Stephen Marzullo, Adam Silverman, Paul Touhey and Drew Green of CBRE brokered the transaction. The names of the seller and buyer were not released.

April 21, 2016

New York Northeast Office Top Stories

SL Green, Citigroup Agree on Early Purchase of Office Campus in Manhattan

by John Nelson April 21, 2016

NEW YORK — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, has reached an agreement with an affiliate of Citigroup Inc. (NYSE: C) to accelerate the sale of the global bank’s office campus at 388-390 Greenwich St. in Manhattan’s Tribeca neighborhood. The early sale is pursuant to the $2 billion purchase option that Citigroup exercised in January. Separately, SL Green announced that it has reached an agreement for the early termination of Citigroup’s lease at the property as a result of the sale acceleration. The sale is now scheduled to close in June. SL Green will realize approximately $1.8 billion in sale proceeds at closing, including the lease termination payment. The REIT plans to repay a portion of its corporate credit facility and retire the $1.45 billion mortgage on the office campus. “We are pleased to reach an agreement on the early sale of 388-390 Greenwich Street. In addition, by retiring approximately $1.8 billion of debt, we further strengthen our balance sheet and enhance our liquidity position to in excess of $1.4 billion,” says Marc Holliday, CEO of SL Green. “Our longstanding, multi-faceted relationship with Citi, one of the world’s leading financial institutions, has been …

April 21, 2016

Multifamily New York Northeast Seniors Housing

Welltower, Hines Acquire Midtown Manhattan Site to Develop 15-Story Assisted Living Community

by Amy Works April 20, 2016

NEW YORK CITY — Welltower Inc. (NYSE: HCN) and Hines have purchased a development site at 139 E. 56th St. in Midtown Manhattan for an undisclosed price. The new owners plan to build a 15-story assisted living and memory care community on the site. Design and development plans are in progress and will be released at a later date. One known detail is that the ground floor will contain retail. Eastern Consolidated represented the sellers, Stephen Meringoff and Dennis Riese, the owners of the two existing properties that comprise the site, in the transaction. The existing buildings will be demolished to make way for the new community. This is the first venture into senior living for Hines, an international real estate development, investment and management company. Although the company is based in Houston, this deal was made through the New York office. Toledo, Ohio-based Welltower, meanwhile, is the largest healthcare REIT in the United States by market cap. Formerly known as Health Care REIT, the company was the third-largest owner of seniors housing properties in the country as of June 1, according to the American Seniors Housing Association.

April 20, 2016

Civic New Jersey Northeast

BelovED Community Charter School Acquires Development Site in New Jersey

by Amy Works April 20, 2016

JERSEY CITY, N.J. — BelovED Community Charter School has acquired a half-acre parcel of land located at 535 Grand St. in Jersey City. Friends of the BelovED Charter School, a non-profit organization to support the development of the school and other charter schools, will develop a 40,000-square-foot middle school on the site. The non-profit is expected to obtain a mortgage and construction financing of $12 million from New Jersey Community Capital for the project. Designed by Urbahn Architects, the four-story school will serve 240 students in grades six to nine and feature 15 classrooms, four half classrooms, two science rooms, two art rooms, a music room, a cafetorium with warming kitchen, a gymnasium with a mezzanine, a media center/library, administrative offices and a large sub-dividable multipurpose room, as well as a 31-car parking lot and an outdoor assembly/recreation space.

April 20, 2016

New Jersey Northeast Office

Daiichi Sankyo Inc. Leases 305,000 SF Office Property in New Jersey

by Amy Works April 20, 2016

BASKING RIDGE, N.J. — Daiichi Sankyo Inc. has signed a long-term lease for an office property located at 211 Mount Airy Road in Basking Ridge. The pharmaceutical firm plans to relocate its U.S. headquarters to the three-building campus, which was the former Avaya campus. The property features a full cafeteria, state-of-the-art fitness facilities, a 127-seat auditorium and an on-site conference center. After acquiring the property in 2013, Rubenstein Partners and Onyx Equities upgraded and repositioned the facility for modern office needs.

April 20, 2016

New York Northeast Office

GHP Office Realty Acquires Office Building in New York for $6.4M

by Amy Works April 20, 2016

NEW ROCHELLE, N.Y. — GHP Office Realty has acquired an office building located at 140 Huguenot St. in New Rochelle. The asset sold for $6.4 million. The three-story building features 64,000 square feet of Class A office space, a 34-car on-site parking garage and a 26-car parking lot. At the time of sale, the property was 80 percent occupied by a variety of tenants, including Mary Ann Liebert Inc. and Monroe College. The buyer plans to upgrade the property including building systems, security and cosmetic changes to the façade and lobby. The name of the seller was not released. Elizabeth Smith of Goldberg Weprin Finkle Goldstein provided legal representation, and Ray Cohen of Chicago Title Co. provided title services for GHP in the transaction.

April 20, 2016

Massachusetts Northeast Office

New Dover Associates Brokers $3.9M Sale of Office/R&D Building in Massachusetts

by Amy Works April 20, 2016

NATICK, MASS. — New Dover Associates has arranged the sale of an office/R&D building located at 2-4 Mercer Road in Natick. Nivek Investments I LLC sold the 17,875-square-foot building to 2-4 Mercer Road LLC for $3.9 million. Situated on 1.4 acres, the building is located within the Natick Business Park. Scott Hughes of New Dover Associates represented the seller and procured the buyer in the transaction.

April 20, 2016

Massachusetts Northeast Office Top Stories

TIAA Purchases Historic Boston Seaport Office Portfolio for $224M

by Haisten Willis April 20, 2016

BOSTON — An affiliate of TIAA has purchased a seven-property office portfolio totaling 408,342 square feet in Boston for $224 million, or approximately $550 per square foot. An account advised by New York-based Clarion Partners was the seller of the portfolio, which is located in the Fort Point Channel neighborhood of Boston’s seaport district. Clarion acquired the offices in 2012 for a combined $129.3 million from an affiliate of New York-based Angelo, Gordon & Co. Properties within the 97 percent leased portfolio are located at 263 Summer St.; 332 and 374 Congress St.; and 33-41, 34, 38 and 44 Farnsworth St. The six offices span between five and nine stories and were built between 1890 and 1920, according to the Boston Business Journal. The portfolio also includes a 16-space parking lot. Originally built in the early 1900s, the properties feature high-quality office space with exposed ceilings and natural lighting. Coleman Benedict and director Ben Sayles led the HFF investment sales team, which represented the seller and procured the buyer. According to the Journal, the Farnsworth Street offices will host General Electric Co. (GE) temporarily while the company builds a permanent headquarters on nearby Necco Ct. “TIAA is one of the …

April 20, 2016

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