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Eaves-Nanuet
MultifamilyNew YorkNortheastTop Stories

AvalonBay Sells 504-Unit Multifamily Community in New York City Suburb for $147M

by Haisten Willis

NANUET, N.Y. — AvalonBay Communities Inc. (NYSE: AVB) has sold eaves Nanuet, a 504-unit multifamily community in the New York City suburb of Nanuet, for $147 million. A joint venture between Harbor Group International LLC and Azure Partners LLC purchased the asset free and clear of existing debt. The community is situated on 54 acres at 100 Avalon Gardens Drive. HFF represented AvalonBay in the transaction. The property is located near Interstate 287’s intersection with the Garden State Parkway and Palisades Interstate Parkway. Nanuet’s Metro North train station and park and ride lot are also located nearby. The 97 percent-leased community includes 64 buildings with a mix of one-, two- and three-bedroom apartments averaging 1,208 square feet. Apartments feature loft spaces, gas fireplaces, closet and attic storage, in-unit washers and dryers, direct-access personal garages, and patios/balconies. Community amenities include an outdoor swimming pool with sun deck, two tennis courts, grilling areas, two playgrounds, clubhouse, fitness center, yoga room, indoor basketball and racquetball courts, and a resident lounge with a fireplace and business center. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Robert Borny led the HFF investment sales team representing the seller. “Demand for well-located, value-add multifamily housing continues to …

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oak-tree-plaza-egg-harbor-njv2
New JerseyNortheastRetail

Wolfson Group to Break Ground on 249,943 SF Shopping Center in New Jersey

by Amy Works

EGG HARBOR TOWNSHIP, N.J. — Wolfson Group Inc. is breaking ground for the development of Oak Tree Plaza, a shopping center in Egg Harbor Township, on September 7. Located at the intersection of Black Horse Pike, Fire Road and Old Egg Harbor Road, the 249,943-square-foot center will be anchored by a 188,463-square-foot Walmart Supercenter. The plaza is slated to open in summer 2017.

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MultifamilyNew YorkNortheast

Sinatra & Co. Real Estate Acquires 410-Apartment Portfolio in Buffalo Suburbs for $24.3M

by Amy Works

HAMBURG AND TONAWANDA, N.Y. — Sinatra & Co. Real Estate (SCRE) has acquired 410 apartments in Hamburg and Tonawanda for $24.3 million. The deal includes a $21 million three-property multifamily portfolio in Hamburg consisting of the 184-unit Lincoln Square Apartments at 4055 Knoll Drive, the 126-unit Washington Square Apartments at 5546 Scranton Road and 40-unit Colonial Court Apartments at 5045 Berg Road. The remaining 60 units, located in Tonawanda, were purchased for $3.3 million. The sellers were NOCO Energy Corp. and Liberatore Management Group. The transaction was funded through the refinance of a local SCRE portfolio that has undergone value-add renovations. Largo Financial Group helped secure the debt financing.

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1515-Market-St-Philadelphia-PA
NortheastOfficePennsylvania

Accesso Partners Increases Occupancy to 92.3 Percent at 1515 Market Street in Philadelphia

by Amy Works

PHILADELPHIA — Accesso Partners has increased the occupancy at 1515 Market Street from 82 to 92.3 percent within the past 18 months. The Hallandale, Fla.-based real estate investment manager acquired the 20-story, 502,000-square-foot office tower in 2014 and implemented an upgrade and renovation plan to increase occupancy. The plan included adding a conference center on the ninth floor and upgrading the lobby, elevator cabs, underground concourse entrance, common corridors and bathrooms. Approximately 47,081 square feet of office space leases were executed in the first half of this year and leases totaling another 10,000 square feet of space are out for signature. Current tenants include Sage Acquisitions; the law firm of Steven L. Chung Esq.; McMahon Engineering; GZA Geoenvironmentalists; HDR Engineers and Architects; Manley Deas Kochalski; Brainard Partners; Walker Nell; Cavo; O’Brian, Rulis and Bochicchio; Wade, Clark Mulchay; Legal Search; R-T Specialty; the administrative office of the Pennsylvania Supreme Court; Temple University; and Temple University’s Café Bookstore, operated by Barnes & Noble. Alex Breitmayer, Joshua Sloan and Drew McGowan of JLL are leasing agents for the property.

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201-Burlington-Road-Bedford-MA
MassachusettsNortheastOffice

Nordblom Co. Leases 21,000 SF to Medical Device Company in Massachusetts

by Amy Works

BEDFORD, MASS. — Nordblom Co. has leased 21,000 square feet of office space to Augmenix Inc., a medical device company. The company will relocate its corporate headquarters from Waltham, Mass., to 201 Burlington Road in Bedford late this year. The privately held company focuses on the development and commercialization of radiation oncology and urology products using its proprietary hydrogel technology. The two-building, 135,000-square-foot property features an on-site café, bike storage, state-of-the-art fitness facility and shower/locker facilities.

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Chapelbridge-Park-Newton-MA
MassachusettsNortheastOffice

Transwestern Brokers Two Leases to Bring Massachusetts Office Park to 95 Percent Occupancy

by Amy Works

NEWTON, MASS. — Transwestern has negotiated two leases totaling 36,854 square feet at Chapelbridge Park, an office park located in Newton. The new leases bring the 250,000-square-foot property to more than 95 percent occupancy. In the first transaction, Paytronix Systems Inc. expanded its corporate headquarters space from 12,383 to 33,283 square feet. Ted Lyons and Michael O’Leary of Cushman & Wakefield represented Paytronix in the lease. In the second deal, Ixxus Limited, a global provider of publishing solutions, signed a lease for 3,571 square feet of space for its U.S. headquarters. Warren Brown of Boston Commercial Properties represented the tenant, which is relocating from Washington Street in Newton. Ron Friedman, Rob Byrne, Chris Mullen and Perry Beal of Transwestern represented the landlord, Chapelbridge Associates, in the transactions.

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New YorkNortheastRetailTop Stories

Kimco Realty Acquires Remaining Interest in Four-Property Retail Portfolio for $170.7M

by Katie Sloan

NEW HYDE PARK, N.Y. — Kimco Realty Corp. (NYSE: KIM) has bought out its joint venture partners in a four-property retail portfolio, purchasing the remaining 85 percent interest for $170.7 million. The acquisition included the assumption of $103 million in mortgage debt, $26 million of which was prepaid by the company. The joint venture partners that sold their interest were undisclosed. The portfolio includes Perimeter Expo, a 175,835-square-foot shopping center in the Atlanta suburb of Dunwoody, Ga.; Cranberry Commons, a 166,495-square-foot shopping center in the Pittsburgh suburb of Cranberry Township, Pa.; Cypress Towne Center, a 279,210-square-foot shopping center in Houston; and Doc Stone Commons, a 101,042-square-foot shopping center in Stafford, Va., approximately 50 miles southwest of Washington, D.C. Portfolio tenants include Nordstrom Rack, Marshalls, Old Navy and Newk’s Eatery at Perimeter Expo; TJ Maxx, Lane Bryant, PetSmart and Starbucks Coffee at Cranberry Commons; Michaels, Best Buy, TJ Maxx and Bed Bath & Beyond at Cypress Towne Center; and Petco, Giant Food, Staples and Subway at Doc Stone Commons. In a separate transaction, Kimco recently acquired Kentlands Market Square, a 251,000-square-foot, open-air shopping center located in the Washington, D.C., suburb of Gaithersburg, Md., for $95 million. Whole Foods Market anchors the …

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High-Pointe-Harrisburg-PA
NortheastPennsylvaniaRetail

Unison Realty Partners Buys 132,000 SF Portion of 355,000 SF Shopping Center in Harrisburg

by Amy Works

HARRISBURG, PA. — Unison Realty Partners has acquired 100 percent ownership interest in the 132,000-square-foot non-anchor portion of High Pointe Commons, a 355,000-square-foot regional shopping center located in Harrisburg, for $33.8 million. The 132,000-square-foot acquisition includes retail space occupied by Christmas Tree Shops, Chili’s Bar & Grill, Famous Footwear, Lane Bryant, Sleepy’s and Petco. Built in 2006, the property is anchored by an independent 125,000-square-foot Target and a 98,000-square-foot JCPenney, which were not included in the sale. High Pointe Commons is currently 99 percent leased. Brad Nathanson of CBRE represented the seller, a joint venture between High Real Estate Group and CBL & Associates. Thomas Gorman, also of CBRE, represented the buyer in arranging financing for the acquisition.

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90-31-Whitney-Ave-NYC
MultifamilyNew YorkNortheast

Private Investors Acquire 60-Unit Multifamily Building in Queens for $17M

by Amy Works

NEW YORK CITY — Three private investors, JD Broadway Realty, JE Broadway Realty and 90-31 Whitney Broad, have acquired a multifamily building located at 90-31 Whitney Ave. in the Elmhurst section of Queens. Whitney LLC sold the six-story property for $17 million. Built in 1936, the 67,200-square-foot building features 60 apartments. Aaron Jungreis of Rosewood Realty Group represented the seller, while Michael Guttman, also of Rosewood, represented the buyer in the deal.

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332-E-9th-St-NYC
Mixed-UseMultifamilyNew YorkNortheastOfficeRetail

Brookhill Properties Expands Portfolio with Acquisition of Mixed-Use Property in Manhattan

by Amy Works

NEW YORK CITY — Brookhill Properties has purchased a five-story residential and commercial building located at 332 E. 9th St. in Manhattan East Village. Tabak Family Realty Co. sold the property for an undisclosed price. Built in 1920, the 9,546-square-foot property features 20 residential units and two commercial spaces. Paradigm Commercial Real Estate assisted Brookhill in the transaction.

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