Northeast

CBRE/NE Negotiates Two Apartment Community Sales Totaling $41M in Massachusetts

by Amy Works February 10, 2016

WELLESLEY AND NEEDHAM, MASS. — CBRE/New England has arranged the sale of Phillips Park, an age-restricted apartment community in Wellesley and Webster Green, an apartment community in Needham. TrueNorth Capital Partners acquired Phillips Park for $15 million and Webster Green for $25.5 million. Built in 1894 and rehabilitated in 1988, the 49-unit Phillips Park features six one-bedroom units and 43 two-bedroom units, which are restricted to households 55 years of age or older. Built in 1985, the 76-unit Webster Green features two one-bedroom units and 74 two-bedroom units. CBRE/NE represented the undisclosed seller and procured the buyer in the transaction.

February 10, 2016

Loans Multifamily Northeast Pennsylvania Student Housing

Colliers Arranges $28M in Refinancing for 444-Bed Student Housing Property in Pennsylvania

by Amy Works February 10, 2016

HARRISBURG, PA. — Colliers International Capital Markets (CICM) has arranged $28 million in refinancing for Campus Heights Student Housing, an apartment community serving the Penn State Harrisburg campus. Located in Harrisburg, the property features 111 units for a total of 444 beds. The 12-year, fixed-rate loan features a 30-year amortization schedule. Kristopher Wood and John Banas of CICM’s Philadelphia office arranged the loan for the undisclosed borrower.

February 10, 2016

New York Northeast Retail

Cushman & Wakefield Brokers $12.6M Sale of Retail Building in Queens

by Amy Works February 10, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale the sale of retail property located at 163-30 Cross Bay Blvd. in the Howard Bay neighborhood of Queens. The property sold for $12.6 million. Originally built in 2009, the property underwent a substantial renovation in 2014. The 9,767-square-foot property is currently triple-net leased to Duane Reade through October 2028. Duane Reade subsequently subleased the space to Key Foods. Bob Knakal, Jonathan Hageman and Brian Sarath of Cushman & Wakefield handled the transaction.

February 10, 2016

lipstick-building-885-third-avenue-manhattan-new-york-city

Multifamily New York Northeast Office Top Stories

SL Green Completes Sale of Two New York Assets for $508M

by Haisten Willis February 10, 2016

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, has completed the sale of two properties with a total value of $508 million. The first sale is the leased fee interest in 885 Third Ave. in Manhattan, also known as “The Lipstick Building,” for a gross sales price of $453 million, or $713 per square foot. The deal was originally announced in October. A partnership between Ceruzzi Properties and Shanhai Municipal Investment USA is the buyer, according to the Commercial Observer, a New York-based publication covering commercial real estate transactions. SL Green acquired the leased fee interest in 885 Third Ave. in a joint venture in 2007 at a gross asset valuation of $317 million and fully consolidated its position in 2010 at a valuation of $352 million. As part of the transaction, SL Green will retain a preferred equity position. The sale, executed at a capitalization rate of 3.8 percent, will generate net proceeds to SL Green of approximately $45 million. The second sale is the company’s 90 percent stake in the residential condominium at 248-252 Bedford Ave., a 72-unit multifamily building in Williamsburg, Brooklyn, at a gross asset valuation of $55 …

February 10, 2016

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Northern New Jersey Multifamily Continues Momentum, Driven by Employment Growth

by Jaime Lackey February 10, 2016

New Jersey and New York City employers have been expanding their ranks this year, allowing New Jersey residents to recognize new opportunities as economic growth in both areas continues to pick up steam. In Northern New Jersey, employment growth continues to follow a positive course as companies in New York City are attracted to the region’s lower operating costs and highly educated workforce. This year, companies are on track to add 29,000 employees, representing a year-over-year expansion of 1.4 percent. This will be the largest gain in jobs created since 2000. Job creation has been highest in the leisure and hospitality industry, as well as education and health services sectors, where 12,200 new jobs were created in the first half of the year. Newly employed professionals in search of affordable housing are opting for rentals in Northern New Jersey, where average rents can be half the cost of the greater New York City area. As a result of this growing demand for Northern New Jersey rentals, developers have expanded the pipeline of multifamily projects to more than 12,000 apartments with completions scheduled through 2017. Developers are on track to deliver over 7,900 apartments this year, representing the widest pipeline and …

February 10, 2016

Industrial Market Reports New Jersey Northeast Northeast Market Reports

Data Infrastructure Positions Newark to Emerge as a Tech Sector Hub

by Jaime Lackey February 10, 2016

For Newark, New Jersey, the well-documented trend toward urbanism and the emergence of creative solutions that position older properties to serve modern needs are creating strong momentum. At a time when leasing activity is ticking upward across the city’s diverse tenant base, it also is becoming clear that Newark’s superior data capacity positions the city to become a hub for tech start-ups and, ultimately, a national hub for the tech sector. For Millennials, Old is “In” According to new Pew Research Center analysis of U.S. Census Bureau data, it is estimated that about 53.5 million millennials (adults aged 18 to 34) are part of the U.S. workforce today. Companies run by or interested in attracting millennials — whether focused on technology or any other sector — are gravitating to 24/7 downtown or urban locations. And they are seeking smart, collaborative work spaces. The result? Old is “in” — at least when it comes to tenant preferences for office space. At The Berger Organization, we are stripping antiquated fit-outs and tapping into the popularity of exposed ductwork, open floor plans and loft-inspired architectural elements. The resulting environments speak to modern desires and individual company cultures, while paying homage to their urban …

February 10, 2016

New York Northeast Office

Jamestown Acquires 49 Percent JV Stake in Two Manhattan Office Properties

by Amy Works February 9, 2016

NEW YORK CITY — Jamestown LP, a national real estate investment and management company, has acquired a 49 percent joint venture stake in ownership of two office properties in Manhattan for an undisclosed sum. Under the new partnership agreement, George Comfort & Sons and Loeb Partners Realty will together retain a majority interest in the assets. The properties include 63 Madison Avenue, a 15-story, 870,000-square-foot office building that is fully occupied by notable tenants such as New York Life and CBS; and 200 Madison Avenue, a 26-story, 750,000-square-foot office building that is 99 percent leased to 20 tenants, including Philips-Van Heusen, Roche BoBois and Greater New York Mutual Insurance. Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil Secured provided financial advice for the transaction.

February 9, 2016

Madison-Chestnut-Northwoods-Middletown-CT

Connecticut Multifamily Northeast

IPA Brokers $92.5M Sale of Two-Property Multifamily Portfolio in Connecticut

by Amy Works February 9, 2016

MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property multifamily portfolio located in the Westlake District of Middletown. The 650-unit portfolio sold for $92.5 million, or $142,000 per unit. The portfolio includes Madison Chestnut Hill, which was built in 1986 and features 314 apartments, and the 336-unit Madison Northwoods, which was also built in 1986. Both properties offer a variety of community amenities, including clubhouses, billiards rooms, libraries, tennis courts, swimming pools and fitness centers. Victor Nolletti, Steve Witten, Still Hunter and Eric Pentore of IPA represented the seller, Chestnut Hill and Northwoods Apartments Associates LLC, and procured the buyer, Gateway Realty Holdings LTD.

February 9, 2016

Loans New Jersey Northeast Retail

NorthMarq Arranges $49.4M Loan for Retail Portfolio in New Jersey

by Amy Works February 9, 2016

PARAMUS, N.J. — NorthMarq Capital has arranged $49.4 million of floating-rate financing for a 244,000-square-foot, four-property retail portfolio on Route 17 in Paramus. The borrower, Advanced Realty, will use the loan proceeds for acquisition of the assets and a funding facility for re-tenanting and redevelopment costs. Three of the buildings are located at 289-317 Route 17 South. The properties are occupied by PGA Tour Superstore and P.C. Richard & Son. Located at 60 Route 17 North, the fourth property is a 75,000-square-foot power center occupied by DSW Designer Shoe Warehouse and PetSmart. Gregory Nalbandian of NorthMarq secured the loan through Natixis Real Estate Capital for the borrower.

February 9, 2016

Multifamily Northeast Pennsylvania

NGKF Brokers Sale of Multifamily Development Site in Philadelphia

by Amy Works February 9, 2016

PHILADELPHIA — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the sale of the SOKO Lofts development site, located at 1300-1354 N. Second St. in Philadelphia’s South Kensington neighborhood. Canus Corp. sold the property to The Klein Company for an undisclosed sum. Scheduled to begin construction later this year, the fully approved development will feature 320 apartments. Brett Segal, Mike Margolis, Dave Dolan and Jeff Mack of NGKF represented the seller in the transaction.

February 9, 2016

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