Northeast

Gramercy Property Trust Sells Two Hudson Street Properties in Jersey City for $299M

by Amy Works February 26, 2016

JERSEY CITY, N.J. — Gramercy Property Trust has completed the disposition of a 438,158-square-foot office building at 70 Hudson St. and a 418,000-square-foot office building at 90 Hudson St. in Jersey City for an aggregate gross sales price of $299 million, or $349 per square foot. Prior to closing, Gramercy prepaid the mortgage debt attributable to 70 Hudson and the undisclosed buyer assumed the outstanding loan of $101 million on 90 Hudson. At the time of sale, 70 Hudson was vacant and the exit cap rate was 6.6 percent on stabilized 2016 cash net operating income for 90 Hudson. Net proceeds to the seller equate to $184.8 million.

February 26, 2016

Industrial Northeast Pennsylvania

The Hampshire Companies Sells 596,703 SF Industrial Building in Pennsylvania

by Amy Works February 26, 2016

MECHANICSBURG, PA. — The Hampshire Companies has completed the disposition of a 596,703-square-foot industrial building located at 1225 S. Market St. in Mechanicsburg. Allen Distribution acquired the property for an undisclosed price. Situated on more than 100 acres, the property features ceiling heights ranging from 16 feet to 30 feet, 58 loading doors, one drive-in door, 747 car parking spots and 24 trailer stalls. Additional features include a fire suppression system, office-chiller air handler HVAC system, warehouse rooftop cooling units, gas-fired heating air rotation units, on-site helicopter pad and power sub-station. At the time of sale, the property was 65 percent occupied with an available 205,858 square feet of vacancy. Gerard Blinebury, Marie Connell and Samantha Kennedy of Cushman & Wakefield brokered the transaction.

February 26, 2016

Hospitality New York Northeast

McSam Hotel Group Breaks Ground on 89-Room Choice Hotel in Manhattan

by Amy Works February 26, 2016

NEW YORK CITY — McSam Hotel Group, as developer, has broken ground for a 25,000-square-foot Choice Hotel at 337 W. 36th St. in Manhattan. Designed by Gene Kaufman Architect, the 23-story, 89-room hotel is rising on a site that is only 25 feet wide. The hotel will feature a stone base, brick façade and penthouse with an angled mirror-and-glass front.

February 26, 2016

Industrial New Jersey Northeast

NAI Hanson Brokers Sale of 53,152 SF Industrial Building in New Jersey

by Amy Works February 26, 2016

CARLSTADT, N.J. — NAI James E. Hanson has arranged the sale of a newly constructed 53,152-square-foot industrial building in Carlstadt. Loftex Logistics LLC, a Chinese textile company, acquired the property from Sitex Group for an undisclosed price. Located at One Palmer Terrace, the warehouse features 32-foot clear ceiling heights, 52-foot by 60-foot column space, five loading docks with 30,000-pound capacity levelers and one drive-in door. Additionally, the facility features state-of-the-art energy-efficient T-5 fluorescent lighting, 41 on-site parking spaces, a 130-foot truck court with a 60-foot concrete apron. Loftex Logistics plans to use the property as its first fulfillment and distribution center in the United States. Tom Vetter and Jeff DeMagistris of NAI James E. Hanson represented the seller, while Century 21 New Beginnings Realty represented the buyer in the transaction.

February 26, 2016

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Secures $18M Loan for New Jersey Multifamily Property

by Amy Works February 26, 2016

HACKENSACK, N.J. — Cronheim Mortgage has arranged $18 million in financing for The Carlyle, an apartment building located in Hackensack. Constructed in 1976, the 13-story property features 128 residential units. Andrew Stewart and Allison Moravec of Cronheim secured the financing, which features a three-year fixed rate. The name of the borrower was not released.

February 26, 2016

Industrial New York Northeast

Cushman & Wakefield Brokers $48M Sale of Industrial Facility in Long Island City

by Amy Works February 25, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of the FreshDirect facility, located at 23-30 Borden Ave. in Long Island City. Fresh Property I LLC sold the property to Atlas Capital for $48 million. The property totals approximately 276,705 square feet on a 654-foot by 329-foot irregular lot, 90 percent of which includes state-of-the-art material management and refrigeration/freezer systems. Since acquiring the property in 1999, Fresh Property I had completed substantial capital improvements and upgrades to a majority of the buildings systems. Bob Knakal, Jonathan Hageman and David Chkheidze of Cushman & Wakefield represented the seller, while Scott Rosen of Akron Trotter Property Group represented the buyer in the transaction.

February 25, 2016

Loans Massachusetts Northeast Retail

Colliers Arranges $45M Refinancing for Third Avenue Retail in Burlington, Mass.

by Amy Works February 25, 2016

BURLINGTON, MASS. — Colliers International has arranged $45 million in refinancing for Third Avenue, a newly constructed Class A retail walking street in located off Middlesex Turnpike in Burlington. Colliers secured the 22.5-year loan, which features a fixed-rate, for Nordblom Co. through Sun Life Assurance Company of Canada, a correspondent life company lender. Jeff Black and Kevin Phelan of Colliers represented the borrower in the transaction.

February 25, 2016

Industrial Northeast Pennsylvania

NGKF Negotiates Sales of Two Industrial Properties in Greater Philadelphia Region

by Amy Works February 25, 2016

PHILADELPHIA AND WARMINSTER, PA. — Newmark Grubb Knight Frank (NGKF) has brokered the sales of two industrial properties in the greater Philadelphia area. In the first transaction, Wolf Pack LP acquired a 21,500-square-foot industrial building, located at 3015 Darnell Road in Philadelphia, for $1 million, or $47.67 per square foot. Neil Shupak and Justin Bell of NGFK represented the sellers, Jerry and Brenda Frebowitz, in the transaction. In the second deal, D&B Pharma Real Estate Partners acquired an industrial building located at 200 Park Ave. in Warminster for $3.8 million, or $25.67 per square foot. Situated on 5.8 acres, the 150,000-square-foot building features 26-foot ceiling heights, off-street parking and loading capabilities. Shupak and Bell represented the undisclosed seller, while Kurt Eisenschmid of Penn’s Grant Realty represented the buyer in the transaction.

February 25, 2016

Massachusetts Multifamily Northeast Seniors Housing

Marquis Health Services Completes $2.6M Renovation at The Brentwood in Massachusetts

by Amy Works February 25, 2016

DANVERS, MASS. — Marquis Health Services, a division of Tryko Partners, has completed a $2.6 million renovation of The Brentwood Rehabilitation and Healthcare Center, located at 56 Liberty St. in Danvers. Built in 1972, the 159-bed property was renovated to include a dedicated 32-bed sub-acute care unit and a new 2,300-square-foot therapy gym. The sub-acute care unit features a neurologist-led stroke recovery program and the gym offers rehabilitation therapy seven days per week with state-of-the-art equipment, including a smart car to train patients in automobile transfers. Additionally, the patient rooms were renovated to include a traditional suite with a full residential set-up including kitchen, living room, bedroom and bathroom. Marquis Health Services acquired the property in late 2013.

February 25, 2016

Hospitality New York Northeast

HREC Investment Advisors Brokers Sale of 104-Room Comfort Inn in New York

by Amy Works February 25, 2016

BINGHAMTON, N.Y. — HREC Investment Advisors has arranged the sale of a Comfort Inn located in Binghamton. Shree Hari Holdings LLC acquired the 104-room property for an undisclosed price. Ted Anka, Ketan Patel and Geoff David of HREC Investment Advisors represented the seller, Binghamton Hotel Partners, in the transaction.

February 25, 2016

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