Northeast

The Geenty Group Brokers $1M Acquisition of Industrial Property in Connecticut

by Amy Works July 20, 2016

EAST HAVEN, CONN. — The Geenty Group, Realtors, has arranged the acquisition of a light industrial building located at 158 Commerce St. in East Haven. Anthony Augliera Inc. acquired the 41,654-square-foot property from Masu Realty for $1 million. The buyer plans to relocate its Augliera Moving & Storage business to the property from its current location in West Haven, Conn. Kristin Geenty of The Geenty Group represented the buyer, while Kevin Geenty, also of The Geenty Group, represented the seller in the deal.

July 20, 2016

Industrial New Jersey Northeast

Avison Young Negotiates 143,890 SF Industrial Warehouse Lease in New Jersey

by Amy Works July 20, 2016

UNION, N.J. — Avison Young represented Boxed, a mobile delivery service for wholesale goods, in the seven-year lease of a 143,890-square-foot of industrial warehouse space at 750 Union Ave. in Union. The property is owned by Bridge Development Partners. Now occupying more than 50 percent of the 263,553-square-foot facility, Boxed will use the space as its regional distribution center with additional office space. Jennifer Ogden of Avison Young and Andrew Houston of CBRE brokered the deal.

July 20, 2016

Maine Market Reports Northeast Northeast Market Reports Retail

Greater Portland Retail Bucks National Trend with Decreasing Vacancy

by Jaime Lackey July 20, 2016

The retail sector in Southern Maine’s commercial real estate market remained strong through year-end 2015 with all signs indicating continued improvement through 2016. While the national average retail vacancy rate increased to 12.6 percent in 2015, the retail vacancy dropped to 3.6 percent in Greater Portland, according to Malone Commercial Brokers’ annual retail survey. Greater Portland is a major market in Southern Maine consisting of 6.46 million square feet of retail space. 2015 marked the sixth consecutive year of declining vacancy rates in the market since its 10-year high of 10.8 percent in 2009. Meanwhile, the national retail vacancy rate rose in 2015 over year prior, marking the first vacancy increase in five years and nearly matching the 2011 national vacancy rate of 12.9 percent. Heading into the third quarter of 2016, Southern Maine’s retail sector remains extremely healthy. Short-term forecasts for Portland predict continued absorption of existing space, new retail construction, and strong market competition. Significant Developments and Redevelopments Thompson’s Point, Portland — Represented by Drew Sigfridson of CBRE / The Boulos Company, this 29-acre redevelopment offers up to 220,000 square feet of retail, office, hospitality, and recreational space off of Interstate 295. Final renovations of the 34,000-square-foot Brick …

July 20, 2016

New Jersey Northeast Office

Liberty Property Trust to Develop New Headquarters for American Water in New Jersey

by Amy Works July 19, 2016

CAMDEN, N.J. — Liberty Property Trust has signed an agreement with American Water to develop the company’s new corporate headquarters at One Water Street in Camden. The project is the inaugural commercial development at Liberty’s The Camden Waterfront, a 20-acre, $1 billion mixed-use development master planned by Robert A.M. Stern Architects. Designed to achieve LEED Platinum certification, the five-story One Water Street will feature 222,376 square feet of office space. Construction of the building and an adjacent parking garage is slated to begin this fall subject to the completion of Liberty’s due diligence, and acquisition of the site. The new building is expected to be completed in the second half of 2018.

July 19, 2016

Healthcare New Jersey New York Northeast

NorthMarq Capital Arranges $91.5M in Refinancing for Medical Office Portfolio in New Jersey, New York

by Amy Works July 19, 2016

MORRISTOWN, N.J. — NorthMarq Capital’s Morristown office has arranged $91.5 million in refinancing for a 13-property medical office portfolio with 11 assets in Northern New Jersey, one in New York and one in Florida. Gregory Nalbandian of NorthMarq secured the financing for the borrower, Regent Medical Properties. The five-year, fixed-rate loan was bifurcated between a $81.5 million senior loan placed with Natixis Real Estate Capital and a $10 million mezzanine loan placed with Morrison Street Capital. The portfolio is a 353,000-square-foot core medical office portfolio with several buildings featuring on-site surgery centers within close proximity to major hospitals.

July 19, 2016

Hospitality Loans Multifamily New Jersey Northeast

The Rockefeller Group Secures $70M Construction Loan for Flexible-Stay Project in New Jersey

by Amy Works July 19, 2016

FLORHAM PARK, N.J. — The Rockefeller Group has secured $70 million in financing on behalf of its joint venture partnership with Korman Communities for the construction of AVE Florham Park. Located within The Green at Florham Park in Florham Park, the flexible-stay community will feature 256 furnished and unfurnished accommodations that are ideal for corporate housing, relocations and long-term stays. The partnership broke ground on the 450,000-square-foot project earlier this year with completion slated for 2017. The property will feature 40,000 square feet of outdoor amenities, including a private courtyard with sitting areas and chess stations, and a community courtyard with a lap pool and sundeck, a ping pong table, bocce ball court, a kitchen with barbecue area, a movie screen, fire pits and an enclave with cabanas. Additionally, the property will feature 24,000 square feet of indoor amenities, including a movie theater, café, conference suites, a business center, a yoga studio and fitness center, a spa and 24-hour resident services.

July 19, 2016

New York Northeast Office

Rand Commercial Brokers $9.2M Sale of Office Building in New York

by Amy Works July 19, 2016

WHITE PLAINS, N.Y. — Rand Commercial has arranged the sale of an office building located at 10 County Center in White Plains. Ascot Properties NYC sold the 208,000-square-foot building to Bajraktari Realty Management Corp. for $9.2 million. Paul Adler, Ann Silver and Nick Spano of Rand Commercial represented the seller and buyer in the deal.

July 19, 2016

Loans Massachusetts Northeast Office

Fantini & Gorga Secures $7.5M in Financing for Office Property in Massachusetts

by Amy Works July 19, 2016

PEABODY, MASS. — Fantini & Gorga has arranged $7.5 million in permanent financing for two office buildings located at 100 and 200 Corporate Place in Peabody. Derek Coulombe and Jason Cunnane of Fantini & Gorga secured the financing for the undisclosed borrower through a regional bank. Built in 1984, the five-story building at 100 Corporate Place features 46,000 square feet, and the 48,000-square-foot building at 200 Corporate Place was built in 1983.

July 19, 2016

Massachusetts Multifamily Northeast

CBRE/NE Arranges Sale of 154-Unit Apartment Community in Massachusetts

by Amy Works July 18, 2016

STOUGHTON, MASS. — CBRE/New England has arranged the sale of Coppermill Park, a garden-style apartment community located at 3101 Stagecoach Road in Stoughton. Fairfield Residential sold the 154-unit property for an undisclosed sum. Built in 2010, the property consists of three four-story buildings with a mix of 55 one-bedroom apartments, 53 one-bedroom with den units and 46 two-bedroom apartments on 8.6 acres of land. The apartments range in size from 710 to 1,042 square feet. The community was developed under Chapter 40B with 75 percent of the units at market and 25 percent of the units at 80 percent of area median income. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.

July 18, 2016

Industrial New Jersey Northeast

Endurance Real Estate Acquires Two-Building Warehouse Portfolio in New Jersey for $5.7M

by Amy Works July 18, 2016

MOORESTOWN, N.J. — An affiliate of Endurance Real Estate Group has purchased a two-building warehouse portfolio, located at 550 Glen Ave. and 600 Glen Court in Moorestown, for $5.7 million. The 85,337-square-foot warehouse at 600 Glen Court is fully occupied by The Goodyear Tire and Rubber Company and FinishMaster Inc. The 102,232-square-foot building at 550 Glen Ave. features 22-foot clear heights, 2,000 amp three-phase electric service, 40-foot by 40-foot bays, 14 loading docks and the potential for rail service. Shortly after closing, Endurance signed a lease for half of the vacancy at 550 Glen Avenue, which increased the portfolio’s occupancy to 73 percent. Tony Rod of Flynn Company represented the undisclosed seller in the deal.

July 18, 2016

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