Northeast

True North Capital Partners Acquires 207-Unit Apartment Community in Waltham, Massachusetts

by Amy Works October 26, 2016

WALTHAM, MASS. — An affiliate of True North Capital Partners has acquired Waltham Overlook, an apartment community located in Waltham, for an undisclosed sum. Built in 1979 and renovated in 2010, the community comprises nine three-story garden-style apartment buildings, a fitness center, outdoor pool, grill area and sun deck. The property features 207 apartment units in a mix of one- and two-bedroom layouts. Simon Butler and Biria St. John of CBRE/New England represented the undisclosed seller and procured the buyer in the deal.

October 26, 2016

New York Northeast Retail

The North Face Launches First Flagship Store in NYC on Fifth Avenue

by Amy Works October 26, 2016

NEW YORK CITY — The North Face has opened its first-ever flagship store in New York City. Located at 510 Fifth Ave., the 20,000-square-foot store offers an immersive brand experience for customers by bringing the beauty of outdoor exploration inside while inspiring customers to push their limits outside. The new store features a climbing wall; custom product available only at the Fifth Avenue location, including a limited edition Original Daypack collection, a collaboration with New Era; and on-site product customization featuring vintage and new collectible patches in partnership with Lot, Stock and Barrel. Additionally, the store has specialist associates on hand to assist customers with choosing technical apparel. This year marks the 50th anniversary of The North Face, which was founded in 1966.

October 26, 2016

Connecticut Industrial Northeast Office

O,R&L Commercial Arranges Sale of 28,712 SF Industrial/Office Building in East Haven, Connecticut

by Amy Works October 26, 2016

EAST HAVEN, CONN. — O,R&L Commercial has arranged the sale of the former Connecticut Food Bank building, located at 150 Bradley St. in East Haven. Mario Luciani acquired the 28,712-square-foot industrial and office property for an undisclosed price. The buyer plans to use the building as headquarters for his ServPro franchises. Frank Hird and Tim McMahon of O,R&L Commercial represented the undisclosed seller, while Natuzza Dimasi of William Raveis Real Estate represented the buyer in the transaction.

October 26, 2016

Mixed-Use Multifamily New Jersey Northeast Restaurant Retail

Tucker Development Opens 1M SF Hudson Lights in Fort Lee, New Jersey

by Amy Works October 25, 2016

FORT LEE, N.J. — Tucker Development, in partnership with Kushner Real Estate Group and a fund managed by Ares Management, has opened the first phase of residential apartments and a portion of the retail component at the 1 million-square-foot Hudson Lights project in downtown Fort Lee. Situated at the base of the George Washington Bridge, the 276-unit residential property features a pool, lounge, fitness center, yoga room, kids play area and rooftop terrace and gardens. The developer has also opened an eight-screen, 533-seat iPic movie theater at the project. The theater includes City Perch Kitchen & Bar, an in-theater restaurant that allows guests to order food and drinks from a personal server. Additional signed tenants include Paris Baguette, Gaonnuri Restaurant, Anthony Franco’s Pizza, 16 Handles, CVS/pharmacy, Capital One Bank, CycleBar, SeeSaw, Linwood Wines, European Wax Center, Tutti Nails & Spa and Coldwell Banker.

October 25, 2016

New Jersey Northeast Office

Harbor Group Completes $62M Sale of 264,973 SF Office Building in Secaucus, New Jersey

by Amy Works October 25, 2016

SECAUCUS, N.J. — Harbor Group International has completed the sale of an office building located at 100 Plaza Drive in Secaucus. Howard Hershkovich, a private investor from Brooklyn, purchased the property as part of a 1031 exchange for $62 million. The four-story 264,973-square-foot office building is fully leased to a variety of tenants, including NBA Entertainment and Scholastic. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented the seller in the deal.

October 25, 2016

Connecticut Northeast Office

Colliers Facilitates Sale of 103,367 SF Office Building in Stamford, Connecticut

by Amy Works October 25, 2016

STAMFORD, CONN. — Colliers International has brokered the sale of an office building located at 750 E. Main St. in Stamford. Darien, Conn.-based Forstone Capital acquired the 103,367-square-foot office property for an undisclosed sum in an off-market transaction. The 10-story building features six floors of office space and four levels of structured parking. On-site amenities include food services, a fitness center, conference facility and security. Al Gutierrez, Enzennio Mallozzi and Cynthia Foster of Colliers represented the undisclosed seller and procured the buyer in the transaction.

October 25, 2016

Loans Multifamily Northeast Pennsylvania

HFF Negotiates $12.7M Sale, $9.5M Loan for Apartment Property in Philadelphia

by Amy Works October 25, 2016

PHILADELPHIA — HFF has arranged the sale of Lennox Apartments, a mid-rise apartment building located at 232-242 W. Walnut Lane in Philadelphia’s Mount Airy neighborhood. Premier Properties sold the 156-unit property to a New York-based private group for $12.7 million. At the time of sale, the studio, one-, and two-bedroom property was 94 percent leased. Carl Fieberg and Mark Thomson of HFF represented the seller in the deal. Additionally, James Conley of HFF secured $9.5 million in acquisition financing for the buyer, which purchased the property free and clear of existing debt.

October 25, 2016

Industrial Massachusetts Northeast

Sentry Commercial Arranges 127,091 SF Warehouse Lease in West Springfield, Massachusetts

by Amy Works October 25, 2016

WEST SPRINGFIELD, MASS. — Sentry Commercial has brokered the lease of an industrial facility located at 26 Sears Way in West Springfield. Global décor printing and impregnator company Suddekor LLC leased the 127,091-square-foot warehouse facility from Remeche LLC. Sentry Commercial represented the tenant, while the landlord was represented self-represented in the deal.

October 25, 2016

Hospitality New York Northeast

Denihan Completes $820M Redemption Agreement with Pebblebrook Hotel Trust for Six Manhattan Assets

by Amy Works October 24, 2016

NEW YORK CITY — Denihan Investments has completed a redemption agreement with Pebblebrook Hotel Trust for the transfer of ownership of six jointly-owned hotels in Manhattan at a total value of $820 million. Through the agreement, Denihan becomes the sole owner of four of the assets, totaling 917 rooms — The Benjamin, Fifty NYC, Gardens NYC, and Shelburne NYC, while Pebblebrook assumes full ownership of Dumont NYC and Manhattan NYC, totaling 870 rooms. The portfolio is a subset of Denihan’s portfolio, which also includes The James hotels in New York, Chicago and the to-be-built West Hollywood location, as well as The Surrey and The Carlton in New York City. Carl Schwartz and Anthony Bonan of Hunton & Williams LLP advised Pebblebrook in the transaction.

October 24, 2016

Multifamily New Jersey Northeast

FEM South Beach Urban Renewal, B. Harvey Construction to Begin Construction of Oceanfront Multifamily Community

by Amy Works October 24, 2016

LONG BRANCH, N.J. — Developer FEM South Beach Urban Renewal has retained B. Harvey Construction (BHC) for pre-construction services at South Beach at Long Branch, an oceanfront residential community located at 350 Ocean Ave. in Long Branch. BHC is collaborating with the development team for on-site work for the 47-unit project, which is situated on 1.6 oceanfront acres between Ocean Avenue and Ocean Boulevard. The firm will oversee pre-construction services, including concrete work, sheets/piling, and utility marking services executed by New Jersey American Water, Jersey Central Power & Light and New Jersey Natural Gas. Additionally, BHC is collaborating with the owner, Cornerstone Construction Services, on the bidding process. Ground broke for the project in August, with completion slated for 2018. FEM South Beach Urban Renewal is developing the project in collaboration with The Pinnacle Companies, Shore Point Architecture and Cornerstone Construction Services.

October 24, 2016

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