Northeast

Coretrust Capital Partners Buys Controlling Interest of Office Portion of Two Liberty Place in Philadelphia

by Amy Works November 8, 2016

PHILADELPHIA — An affiliate of Coretrust Capital Partners has acquired controlling interests in Two Liberty Place, an office and residential tower located in Philadelphia’s Center City, for an undisclosed price. Coretrust Capital Partners will own the 940,000-square-foot office portion, floors one to 37, of the property. The 57-story tower features 1.2 million square feet of office and residential condominium space. The office space is currently 89 percent leased to Cigna, Buchanan Ingersoll & Rooney and Eckert Seamans. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE Capital Markets represented the undisclosed selling partnership in the deal.

November 8, 2016

Massachusetts Multifamily Northeast Seniors Housing

Blueprint Brokers $4M Sale of 123-Bed Skilled Nursing Facility in Massachusetts

by Amy Works November 8, 2016

NEW BEDFORD, MASS. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage, has arranged the sale of Southeast Massachusetts Health & Rehabilitation Center for $4 million. The 123-bed skilled nursing facility is located in New Bedford, approximately 60 miles south of Boston. A New York-based national owner sold the facility to a regional owner-operator with an existing presence in that part of the state. The facility was 79 percent occupied at the time of sale. Steve Thomes and Christopher Hyldahl of Blueprint were lead advisors on the transaction.

November 8, 2016

Northeast Office Pennsylvania

CBRE Arranges $7.5M Sale of Office Property in Horsham, Pennsylvania

by Amy Works November 8, 2016

HORSHAM, PA. — CBRE has brokered the sale of a Citizens Bank property, located at 822 Welsh Road in Horsham. An undisclosed buyer acquired the 3,500-square-foot asset for $7.5 million. Marc Mandel, Matthew Gorman and Michael Shover of CBRE represented the undisclosed seller in the deal. Citizens Bank currently has 15 years remaining on its long-term ground lease of the property.

November 8, 2016

Multifamily New York Northeast

Adam Gordon Holdings, Tavros Development Complete Eight-Unit Condo Building in Manhattan

by Amy Works November 8, 2016

NEW YORK CITY — Adam Gordon Holdings and Tavros Development have completed 560 West 24th, a for-sale condominium building located at 560 W. 24th St. in Manhattan’s West Chelsea neighborhood. Designed by Montroy Andersen DeMarco and Steven Harris Architects, the 11-story, 40,000-square-foot building features six 3,200-square-foot, four-bedroom residences and two duplex penthouses. The residential units range from 3,200 to 6,000 square feet and feature outdoor spaces, including balconies and large terraces in the duplexes. Additionally, the ground floor features a lobby and the main exhibit floor of C24 Gallery, a two-story, 4,500-square-foot art gallery space.

November 8, 2016

New Jersey Northeast Retail

Marcus & Milichap Closes $1.5M Sale of Retail Property in Marlton, New Jersey

by Amy Works November 8, 2016

MARLTON, N.J. — Marcus & Millichap has arranged the sale of a retail property located in Marlton. A private investor acquired the 8,110-square-foot property for an undisclosed price. Michael Lombardi of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.

November 8, 2016

2310-washington-st-newton-lower-falls-ma

Massachusetts Northeast Office

Margulies Perruzzi Architects Completes Design of 40,000 SF Office Headquarters in Massachusetts

by Amy Works November 8, 2016

NEWTON LOWER FALLS, MASS. — Margulies Perruzzi Architects (MPA) has completed the design and renovation of the headquarters for National Development in Newton Lower Falls. National Development and its construction affiliate, Cranshaw Construction, currently occupy all four floors of 2310 Washington St. MPA provided space planning and interior design services for the 40,000-square-foot property. The project included updating the office design and relocating amenities to create an open, modern and collaborative space for staff. Cranshaw Construction served as construction manager for the project.

November 8, 2016

Features Heartland Feature Archive Midwest Northeast Northeast Feature Archive Southeast Southeast Feature Archive Texas Texas & Oklahoma Feature Archive Top Stories Western Western Feature Archive

Forecast Survey: What’s Your Take on Real Estate in 2017?

by John Nelson November 8, 2016

REBusinessOnline.com is conducting a brief online survey of brokers, lenders and the owner/developer/manager community to gauge market expectations for 2017, and we welcome your participation. This survey should only take a few minutes to complete. The results will appear as a news feature story in the January 2017 issues of the regional publications. Questions cover a variety of topics, ranging from the outlook for investment sales and leasing activity in 2017 to development and lending opportunities to interest rates. Note: We prefer to attribute comments we quote from open-ended responses, however you may respond anonymously if you prefer. To take our 2017 broker survey, please click here To take our 2017 developer/owner/manager survey, please click here To take our 2017 lender survey, please click here Thanks for your participation! Matt Valley Editorial Director of Regional Real Estate Publications France Media, Inc.

November 8, 2016

Connecticut Multifamily Northeast Seniors Housing

NHI to Buy 299-Unit Seniors Housing Property in Connecticut for $74M

by Amy Works November 7, 2016

NORTH BRANFORD, CONN. — National Health Investors Inc. (NYSE: NHI), a Tennessee-based healthcare REIT, has agreed to acquire an undisclosed continuing care retirement community (CCRC) in the New Haven suburb of North Branford for $74 million. NHI will lease the community to Senior Living Communities (SLC), a North Carolina-based operator. The 13-year lease features a rate of 6.8 percent with a 4 percent annual escalator during the first two years, and a 3 percent annual escalator thereafter. NHI will use its revolving credit facility to fund the acquisition. The seller in the transaction was not disclosed. The CCRC consists of 227 independent living units, 22 assisted living/memory care units and 50 skilled nursing units. This community will be the ninth leased by NHI to SLC.

November 7, 2016

Massachusetts Multifamily Northeast Seniors Housing

Colliers Facilitates $3.7M Sale of Seniors Housing Property in Quincy, Massachusetts

by Amy Works November 7, 2016

QUINCY, MASS. — The Boston office of Colliers International has arranged the sale of Eventide Home, an independent living and nursing home campus located at 215 Adams St. in Quincy. O’Connell Development acquired the 43,000-square-foot property for $3.7 million. Situated on 6.5 acres, the property features 60 independent and skilled-nursing beds. The buyer plans to reposition the property into a 58-unit seniors housing residential rental property. Robert Cronin of Colliers brokered the transaction, with Peter O’Connell representing O’Connell Development.

November 7, 2016

Hospitality New York Northeast

McSam Hotel Group Breaks Ground on 518-Room Hyatt Place in Manhattan

by Amy Works November 7, 2016

NEW YORK CITY — McSam Hotel Group has broken ground for a 25-story Hyatt Place located in Manhattan’s Garment District/Times Square. Designed by Gene Kaufman Architect, the 180,000-square-foot hotel will feature 518 guest rooms and approximately 7,000 square feet of dining and lounge space, including an indoor restaurant, backyard eatery, bar/lounge, fitness center, business center and meeting space. VLDG Inc. is designing the interiors of the hotel.

November 7, 2016

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