Northeast

American Realty Advisors Acquires 700,000 SF Industrial Property in Central Pennsylvania

by Amy Works February 19, 2016

CARLISLE, PA. — American Realty Advisors has acquired a cross-docked bulk warehouse/distribution property located at 2 Ames Drive in Carlisle. Situated on more than 53 acres, the 700,000-square-foot building is fully leased to a Fortune 50 tenant through 2024. A joint venture between Dermody Properties and PCCP sold the property for an undisclosed sum. The property features 32-foot clear heights, full air conditioning, 481 car spaces, 149 trailer spaces, T-5 lighting and 8,000 amps of power. Additionally, the building was designed and constructed to LEED core and shell standards. Michael Hines and Brian Fiumara of CBRE National Partners represented the seller in the transaction.

February 19, 2016

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Closes $55M Loan for Four New Jersey Multifamily Properties

by Amy Works February 19, 2016

NORTHERN AND CENTRAL NEW JERSEY — Cronheim Mortgage has arranged $55 million in refinancing for four multifamily properties in Northern and Central New Jersey. The garden-style properties feature a total of 748 units. David Turley, Janet Proscia and Jeff Pacailler of Cronheim arranged the non-recourse loan, which features a 3.4 percent fixed rate, for the undisclosed borrower.

February 19, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $47M Sale of Murray Hill Apartments in New Jersey

by Amy Works February 19, 2016

MURRAY HILL, N.J. — Gebroe-Hammer Associates has arranged the sale of Murray Hill Apartments, a garden-style apartment complex located at 48 Southgate Road in Murray Hill, which is an unincorporated community in New Providence and Berkeley Heights, N.J. A private investor acquired the 171-unit property for $47 million. The complex features 12 two-story, walk-up buildings with 72 one-bedroom units and 100 two-bedroom units. On-site amenities include parking and laundry facilities. Greg Pine, David Jarvis and Stephen Tragash of Gebroe-Hammer represented the seller, a private investor, and identified the buyer in the deal.

February 19, 2016

New York Northeast Office

JV Enters into Agreement to Sell 65,600 SF Office Building for $20.7M in White Plains

by Amy Works February 19, 2016

WHITE PLAINS, N.Y. — A joint venture between SL Green and Renaissance Office Partners has entered into an agreement to sell an office building located at 7 Renaissance Square in White Plains. The gross sales price is $20.7 million, or $316 per square foot. Located at the Ritz Carlton complex, the building feature 65,600 square feet of office space. The transaction is expected to close during the second quarter of this year, subject to customary closing conditions. The name of the buyer was not released. Jeff Dunne of CBRE represented the sellers in the deal.

February 19, 2016

Industrial Massachusetts Northeast

The Stubblebine Company Brokers $3.6M Sale of Industrial Building in Massachusetts

by Amy Works February 19, 2016

HANOVER, MASS. — The Stubblebine Company has arranged the sale of an industrial property located at 285 Circuit St. in Hanover. Beech Street Enterprises sold the multi-tenant building to an undisclosed buyer for $3.6 million. The single-story, 76,000-square-foot facility features 20-foot clear heights, no columns and a diverse tenant mix. David Stubblebine and James Stubblebine of The Stubblebine Company/CORFAC International represented the seller and procured the buyer in the deal.

February 19, 2016

Loans New York Northeast Office

Hodges Ward Elliott Arranges $69M in Refinancing for Manhattan Office Building

by Amy Works February 18, 2016

NEW YORK CITY — Hodges Ward Elliott has arranged a $69 million loan on behalf of an institutional real estate investment firm for the refinancing of an office building. The property is located at 31 W. 27th St. in Manhattan’s Midtown South neighborhood. The 12-story, loft-style building offers 144,000 square feet of office space. The funding, which was provided by TD Bank, will allow the owner to complete its strategic business plan for the property, which was recently repositioned.

February 18, 2016

Multifamily New York Northeast

Besen & Associates Negotiates $19.2M Sale of Multifamily Building in the Bronx

by Amy Works February 18, 2016

NEW YORK CITY — Besen & Associates has arranged the sale of a residential building located at 3873 Orloff Ave. in the Van Cortlandt Village neighborhood of the Bronx. A private investor sold the asset to an undisclosed buyer for $19.2 million, or $203 per square foot. Built in 1964, the 93,767-square-foot property features 90 apartments and a 56-car garage. Additionally, the building is serviced by two elevators. Amit Doshi and Lynda Blumberg of Besen & Associates handled the transaction.

February 18, 2016

New York Northeast Retail

Cushman & Wakefield Brokers $11.2M Sale of Retail Condo in Tribeca

by Amy Works February 18, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a retail condominium located at 37 Warren St., also known as 136 Church St., in Manhattan’s Tribeca neighborhood. HUBB NYC Properties acquired the corner property for $11.2 million, or $3,934 per square foot, in an all-cash transaction. The property features 2,847 square feet on the ground level and 1,364 square feet on the lower-level space. The property was vacant at the time of sale. Will Suarez of Cushman & Wakefield arranged the transaction.

February 18, 2016

Massachusetts Northeast Retail

Faris Lee Investments Arranges $6.6M Sale of Retail Property in Massachusetts

by Amy Works February 18, 2016

FRANKLIN, MASS. — Faris Lee Investments has brokered the sale of Franklin Shops, a newly developed retail property located at 648 Old W. Central St. in Franklin. A private investor acquired the property from a private developer for $6.6 million. Starbucks Coffee, Noodles Co. and MedPost Urgent Care occupy the 8,911-square-foot property, which was completed in 2015. All three tenants have new, 10-year net leases in place. Matthew Mousavi and Patrick Luthre of Faris Lee Investments represented the seller in the transaction.

February 18, 2016

Multifamily New York Northeast

Marcus & Millichap Negotiates $3M Sale of Brooklyn Apartment Building

by Amy Works February 18, 2016

NEW YORK CITY — Marcus & Millichap has negotiated the sale of an apartment building located at 231 N. Henry St. in Brooklyn’s Greenpoint neighborhood. The six-unit property sold for $3 million. The buyer, a limited liability company, plans to reposition the property, which is one of the largest brick six-family buildings in the neighborhood. Shaun Riney, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and secured and represented the buyer, a limited liability company, in the transaction.

February 18, 2016

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