Northeast

Clarion Partners Acquires 350,000 SF Shopping Center in Northern New Jersey

by Amy Works March 8, 2016

WEST ORANGE, N.J. — Clarion Partners has purchased Essex Green, a community shopping center located 495 Prospect Ave. in West Orange, for an undisclosed price. Situated on 33 acres, the 350,000-square-foot shopping center was 96 percent occupied at the time of closing. Tenants includes ShopRite, Macy’s Backstage, a nine-screen AMC Theatre with dine-in service, Total Wine & More, Sears Appliance/Outlet, Petco, TGI Fridays, Panera Bread, GameStop and GNC. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Andrew Scandalios and Chris Munley of HFF represented the seller, a global investment manager, in the transaction.

March 8, 2016

Healthcare New York Northeast

RD Management to Redevelop Retail Property into Regional Health, Wellness Center in New York

by Amy Works March 8, 2016

LATHAM, N.Y. — RD Management LLC, a real estate development and management organization, is redeveloping an existing retail property into a health and wellness plaza in Latham. Situated on New York State Route 2, the site, a former Kmart shopping center, spans 118,863 square feet. Located at 195 Troy Schenedtady Road and Swatling Road, the new health and wellness center will offer alternative and holistic healthcare services, close to Albany Medical School and Albany Pharmacy School, in addition to an existing 22,058-square-foot health and fitness training facility. RD Management owns 42 properties throughout New York and has more than 200 properties in its national portfolio.

March 8, 2016

Mixed-Use Multifamily New Jersey Northeast Office Retail

Redwood Realty Negotiates $5.4M Sale of Mixed-Use Property in New Jersey

by Amy Works March 8, 2016

HASBROUCK HEIGHTS, N.J. — Redwood Realty Advisors has brokered the sale of a mixed-use property located at 192 Boulevard in Hasbrouck Heights. An undisclosed buyer acquired the asset for $5.4 million in a 1031 exchange. The property features 32 apartments and 10 commercial spaces. Thomas McConnell, Kevin McCrann, Steven Matovski and Saul Ramirez brokered the transaction. The name of the seller was not released.

March 8, 2016

Multifamily New York Northeast

Hodges Ward Elliott Brokers $140M Bronx Multifamily Portfolio Sale

by Amy Works March 7, 2016

NEW YORK CITY — Hodges Ward Elliott has brokered the sale of a 38-building multifamily portfolio in the Bronx. Harbor Group International in partnership with Emerald Equities and York Capital acquired the 1,000-unit asset for $140 million. The portfolio is comprised of several clusters of walk-up, mixed-use buildings spread throughout Bronx neighborhoods, including Mott Haven, Hunts Point, Lower Concourse, Little Italy, Belmont, Fordham and Bedford Park. The acquisition is Harbor Group’s first multifamily purchase in the Bronx market, a significant addition to the company’s $3.5 billion real estate portfolio of multifamily, office, hotel and retail properties. Daniel Parker, Will Silverman and Paul Gillen of Hodges Ward Elliott represented the undisclosed seller in the transaction.

March 7, 2016

Multifamily New York Northeast

Joint Venture Acquires 145,000 SF Building in Manhattan for Condo Conversion

by Amy Works March 7, 2016

NEW YORK CITY — Slate Property Group, Adam America Real Estate and Vanke Holdings USA LLC have acquired a former grammar school building located at 45 Rivington St. in Manhattan for $116 million. The buyers plan to convert the existing six-story, 145,000-square-foot building into a luxury residential development. Originally designed in 1898, the Romanesque Revival-style building features 12-foot ceilings and a penthouse floor offering views of Midtown and downtown Manhattan.

March 7, 2016

Loans Northeast Office Pennsylvania

PCCP Provides $43.4M Loan to Refinance 253,985 SF Office Building in Suburban Philadelphia

by Amy Works March 7, 2016

WEST CONSHOHOCKEN, PA. — PCCP has provided a $43.4 million senior loan to Arden Group for the refinancing of an office building located at 100 and 200 Four Falls Corporate Center in West Conshohocken, a suburb of Philadelphia. Arden Group acquired the 253,985-square-foot asset in late 2013 and has since invested $2.5 million in renovations, including upgrades to the lobby, corridors and terraces, as well as a new conference center and other projects. The office building features two distinct six-story wings linked by a recently renovated six-story atrium lobby. Additionally, the building features 22,000-square-foot floor plates, a third-party managed conference facility, a full-service café, a substantial lobby and a multi-level subterranean parking garage. The building is currently 69 percent occupied by 27 tenants.

March 7, 2016

Hospitality Massachusetts Northeast

Tocci Building Breaks Ground on 118-Key Hilton Homewood Suites in Massachusetts

by Amy Works March 7, 2016

WORCESTER, MASS. — Tocci Building Cos., serving as construction manager, has broken ground for a Hilton Homewood Suites hotel located at One Washington Square in Worcester. Being developed by First Bristol Corp., the six-story hotel will feature 118 guest rooms, a swimming pool, Jacuzzi and a fitness center. Additionally, the project will have a 120-car parking lot. The $21 million project is slated for completion in February 2017. Project partners include BMA Designs, ZDS Architectural Design Services, Veitas and Veitas Engineers and Wozny Barbar & Associates.

March 7, 2016

Multifamily New York Northeast

GFI Realty Services Negotiates $7M Sale of Apartment Building in Brooklyn

by Amy Works March 7, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 531 E. 22nd St. in Brooklyn’s Ditmas Park section. Naad Realty LLC sold the six-story asset to Jason Wisotsky for $7 million. Situated in close proximity to Prospect Park and Brooklyn College, the elevator-serviced building features 35 residential units. Daniel Shragaei of GFI Realty Services brokered the transaction.

March 7, 2016

Multifamily New York Northeast

Greystar Equity Partners VIII Acquires Two NYC Multifamily Properties Totaling $336.3M

by Amy Works March 4, 2016

NEW YORK CITY — Greystar Equity Partners VIII has completed the acquisitions of two multifamily properties in New York City for an aggregate purchase price of $336.3 million. The two transactions mark the full investment of Greystar Equity Partners VIII LP, an $800 million vehicle that is part of Greystar Real Estate Partners’ flagship value-add series. In the first transaction, Greystar acquired The Chelsea, a 204-unit multifamily property located at 160 W. 24th St. in Manhattan’s Chelsea neighborhood, for $211.3 million. The Chelsea features a variety of floor plans, a 5,200-square-foot parking garage, 11,000 square feet of prime retail space on the ground floor, a fitness center, media room, two rooftop decks and a resident lounge. In the second deal, Greystar purchased a 169-unit multifamily property comprising two buildings located at 247 N. 7th St. and 248 N. 8th St. in Brooklyn’s Williamsburg neighborhood for $125 million. The property features an 85-space parking garage, two rooftop decks, a fitness center and resident lounge. Greystar will serve as property manager for both multifamily properties.

March 4, 2016

Healthcare Loans New York Northeast Office

NorthMarq Capital Arranges $15M Refinance for Medical Office Building in New York

by Amy Works March 4, 2016

RYE, N.Y. — NorthMarq Capital has arranged $15 million in refinancing for a medical office building located at One Theall Road in Rye. Net leased to Westmed Medical Group, the 65,000-square-foot building features an on-site urgent care unit, an ambulatory surgery suite, a pharmacy and a tomography unit. Robert Ranieri of NorthMarq secured the 10-year loan for the undisclosed borrowers, which were represented by Jesse Krasnow and Mark Cohen of Riverbed Realty Advisors in the transaction.

March 4, 2016

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