Northeast

Cushman & Wakefield Negotiates Sale of 164,070 SF Office Building in Middletown, New York

by Amy Works October 20, 2016

MIDDLETOWN, N.Y. — Cushman & Wakefield has arranged the sale of an office building located at 85 Crystal Run Road in Middletown. A private equity group acquired the 164,070-square-foot Class A property from an affiliate of Madison International Realty and its operating partner for an undisclosed price. Situated on 21 acres, the four-story property serves as the corporate accounts services location for Empire Blue Cross Blue Shield. The building features ample parking, multiple on-grade entryways, a naturally-lit atrium lobby, cafeteria and fitness center infrastructure. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Andrew Schwartz of Cushman & Wakefield represented the seller and procured the buyer.

October 20, 2016

Northeast Pennsylvania Retail

HFF Assists REIT in Sale of 169,856 SF Retail Center in Elizabethtown, Pennsylvania, to Nassimi Realty

by Amy Works October 20, 2016

ELIZABETHTOWN, PA. — HFF has arranged the sale of Market Street Square, a grocery-anchored retail center located at 1605-1641 S. Market St. in Elizabethtown. Nassimi Realty LLC acquired the property free and clear of existing debt for an undisclosed sum. Situated on 18.6 acres, the 169,856-square-foot center is anchored by Weis Markets, Kmart and Dollar General. Additional tenants include Sleepy’s, Sherwin-Williams, Subway and Fulton Bank. Chris Munley, Jose Cruz and Michael DiCosimo of HFF represented the seller, a publicly traded REIT, in the transaction.

October 20, 2016

New Jersey Northeast Office

Colliers Brokers Sales of Two Former Headquarters Assets in Morris County, New Jersey

by Amy Works October 20, 2016

MORRIS TOWNSHIP AND PINE BROOK, N.J. — Colliers International has arranged the sales of two former headquarters assets in Morris County. In the first transaction, Onyx Equities acquired Kemble Plaza I, located at 340 Mount Kemble Ave. in Morris Township, for $7.6 million. Situated on 40 acres, the 370,000-square-foot property is the former headquarters of AT&T. Jackie Chesler, Richard Madison and Jonathan Schlussel of Colliers represented the undisclosed seller in the deal. In the second deal, a New Jersey-based private buyer acquired 34 Corporate Plaza, an office building located at 34 Maple Ave. in Pine Brook, for $2.5 million. At the time of sale, the 130,000-square-foot building was 14 percent occupied. Chesler, Madison and Schlussel negotiated the transaction. The name of the seller was not released.

October 20, 2016

New York Northeast Office

Thor Equities Begins Site Work for 7.7-Acre Waterfront Office Campus in Brooklyn

by Amy Works October 19, 2016

NEW YORK CITY — Thor Equities has started the site work for Red Hoek Point, a 7.7-acre waterfront office campus located in Brooklyn’s Red Hook neighborhood. Designed by Foster + Partners, the project will feature two heavy timber buildings totaling 795,000 square feet of creative office space on three levels and 23,000 square feet of retail and restaurant space. Additionally, the design features 125,000-square-foot open floor plates. Additional amenities at the office campus will include a central open courtyard, a 1.8-acre green rooftop on each building, walking/meeting trails, bike valet, on-site underground parking and a kayak launch. The site is surrounded by water on three sides and offers clear views of the Statue of Liberty and Lower Manhattan.

October 19, 2016

New York Northeast Office

SL Green Breaks Ground on One Vanderbilt Avenue in Manhattan

by Amy Works October 19, 2016

NEW YORK CITY — SL Green Realty Corp. has broken ground on One Vanderbilt, a 58-story office tower located in Manhattan’s East Midtown business district. Designed by Kohn Pederson Fox Associates, tower will offer 1.7 million square feet of Class A office space. The project also includes $220 million of public improvements to Grand Central Terminal, which is adjacent to the tower. TD Bank is set to occupy 200,000 square feet of office and retail space at the property, upon its completion in 2020. Hines is serving as development manager and AECOM’s Tishman Construction is serving as construction manager.

October 19, 2016

Industrial Loans Massachusetts Northeast

New York Life Real Estate Investors Originates $37M Acquisition Loan for Industrial Portfolio in Suburban Boston

by Amy Works October 19, 2016

FRANKLIN, PEABODY, WILMINGTON AND AVON, MASS. — New York Life Real Estate Investors, on behalf of institutional investors, has originated $37 million in acquisition financing for a four-building industrial portfolio located in the Greater Boston area. The five-year loan has a floating rate. The portfolio, which is 95 percent leased, comprises assets in Franklin, Peabody, Wilmington and Avon.

October 19, 2016

New York Northeast Office

Laurelwood Corporate Center Trades Hands in Voorhees, New Jersey

by Amy Works October 19, 2016

VOORHEES, N.J. — An entity related to Interstate Commercial Real Estate Inc. has acquired Laurelwood Corporate Center, an office building located at Haddonfield-Berlin and Laurel Oak Road in Voorhees. Quaker Commercial Properties sold the property for $6.8 million. The building offers 81,577 square feet of Class A office space. Evan Zweben, Jeff Algatt and Brian Sherlock of Colliers arranged the transaction. Additionally, Colliers has been retained by the buyer as its leasing agent for the property.

October 19, 2016

Multifamily New York Northeast

Ariel Property Advisors Facilities $2.7M Sale of Multifamily Building in Brooklyn

by Amy Works October 19, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily building located at 392 15th St. in Brooklyn’s Park Slope neighborhood. A private investor sold the six-story property for $2.7 million. The 4,860-square-foot building features six apartment units: five two-bedroom apartments and one three-bedroom duplex. Five of the apartments are free-market units and one apartment is a rent-controlled unit. Mark Spinelli, Michael Tortorici, Shimon Shkury, Daniel Tropp and Jonathan Berman of Ariel Property Advisors represented the seller. The name of the buyer was not released.

October 19, 2016

Industrial New York Northeast

Monmouth Real Estate Purchases 338,584 SF Industrial Building in Hamburg, New York, for $35.1M

by Amy Works October 18, 2016

HAMBURG, N.Y. — Monmouth Real Estate Investment Corp. has acquired an industrial building located at 3779 Lake Shore Road in Hamburg. An undisclosed seller sold the property for $35.1 million. Situated on 49 acres, the 338,584-square-foot facility is net leased for 15 years to FedEx Ground Packaging System Inc.

October 18, 2016

Hospitality Northeast Rhode Island

Omni Providence Hotel Completes $15M Renovation in Rhode Island

by Amy Works October 18, 2016

PROVIDENCE, R.I. — The Omni Provident Hotel has completed a $15 million renovation program to its West tower. Renovations at the 564-room hotel, located at 1 W. Exchange St. in Providence, include guest rooms, landings and public spaces receiving fresh designs that complement elements of local New England flair. Each guest room features new vinyl wallcoverings and carpeting, custom bedding and drapery, plush seating, artwork and modern decorative lighting. Upgrades to the guest room bathrooms include new vanities, wallcoverings, illuminated mirrors, and new finishes and materials. Additionally, the guest corridors and elevator lobbies received new carpeting, furnishing, wallcoverings, paint, contemporary light fixtures and artwork.

October 18, 2016

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