Northeast

Pacolet Milliken Enterprises Acquires 63-Unit Apartment Building in Brooklyn for $52M

by Amy Works October 12, 2016

NEW YORK CITY — Pacolet Milliken Enterprises, a privately owned investment company controlled by the shareholders of Milliken & Co., has acquired an apartment building located at 341 Eastern Parkway in the Crown Heights section of Brooklyn. An undisclosed seller sold the building for $52 million. The newly constructed property features 63 apartments and ground-floor retail leased to Capital One, Starbucks Coffee and Statcare Urgent Medical Care. Scott Burk of Eastern Consolidated represented the buyer, while Matt Sparks and Alexandrea Rossland, also of Eastern Consolidated, along with Bluejay Management represented the seller in the transaction.

October 12, 2016

Multifamily New Jersey Northeast

HFF Brokers Sale of 104-Unit Apartment Building in Harrison, New Jersey

by Amy Works October 12, 2016

HARRISON, N.J. — HFF has arranged the sale of 221 Bergen, an apartment building located at 221 Bergen St. in Harrison. The TAK Group acquired the 104-unit property from a joint venture between The Hampshire Companies and CrownPoint Development Group for an undisclosed price. Constructed in 2015, the property features studio, one- and two-bedroom market-rate units with high-end finishes, including stainless steel appliances, quartz countertops, wood cabinetry, pendant lighting, faux wood plank flooring and in-unit washers and dryers. On-site amenities include a 24-hour fitness center, resident lounge, business center, smartphone security/intercom system, remote-operated garage parking and a furnished rooftop terrace. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Marc Duval of HFF represented the seller in the deal.

October 12, 2016

New Jersey Northeast Retail

Marcus & Millichap Arranges $3.5M Sale of Retail Property in Martinsville, New Jersey

by Amy Works October 12, 2016

MARTINSVILLE, N.J. — Marcus & Millichap has brokered the sale of a retail property located on Washington Valley Road in Martinsville. A private investor acquired the property for $3.5 million. The strip center features 15,103 square feet of retail space. Michael Lombardi and Joseph Cunder of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

October 12, 2016

Loans New York Northeast Office Top Stories

Paramount Completes $850M Refinancing of 1.8 MSF Office Building in Manhattan

by Jeff Shaw October 12, 2016

NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has received an $850 million refinancing for 1301 Avenue of the Americas, a 1.8 million-square-foot trophy office building located between 52nd and 53rd streets in Midtown Manhattan. The 45-story office tower includes 30,000 square feet of ground-floor and concourse-level retail space. The property also features in-building access to Rockefeller Center and views of Central Park. Cushman & Wakefield arranged the five-year, interest-only loan, which matures in October 2021 and has two one-year extension options. The net proceeds from the financing were used to repay the company’s 2017 debt maturities at 900 Third Avenue in Manhattan and Waterview in Washington, D.C. Paramount plans to use the remaining proceeds to help fund the previously announced acquisition of One Front Street in San Francisco, which is expected to close by the end of the year. “By capitalizing on today’s attractive credit markets for our high-quality, Class A assets, we strengthen our balance sheet and fortify our position in the market,” says Albert Behler, chairman, CEO and president of Paramount. “Over the past 10 months, we have successfully financed over $2.35 billion of debt at attractive rates,” adds Wilbur Paes, chief financial officer of Paramount. …

October 12, 2016

New York Northeast Retail

DLC, DRA Advisors Acquire 16 Property Retail Portfolio Totaling 4.85 Million Square Feet

by Amy Works October 11, 2016

TARRYTOWN, N.Y. — A joint venture between Tarrytown-based DLC Management Corp. and New York City-based DRA Advisors LLC has acquired a 16-property retail portfolio totaling 4.85 million square feet in New York and Alabama. The portfolio was acquired from DDR. The acquisition will bring DLC’s owned square footage to approximately 21.7 million square feet. The joint venture has plans to re-develop several of the newly acquired centers, and DLC will open a new satellite office in Buffalo, New York, to help facilitate the management of the new properties.

October 11, 2016

Delaware Northeast Office

Rockford Capital Partners Acquires Two Office Buildings in Newark, Delaware

by Amy Works October 11, 2016

NEWARK, DEL. — Rockford Capital Partners has acquired two institutional-quality office buildings located at 242 and 248 Chapman Road in Newark. Rockford Capital purchased the properties on behalf of its affiliated value-add investment vehicle, Rockford Real Estate Fund III. Chapman Road Investors, an affiliate of Equus Capital Partners, sold the properties for an undisclosed price. 242 Chapman Road is a three-story, 65,967-square-foot building and 248 Chapman Road is a two-story, 77,974-square-foot building. Together the properties are fully leased to KBR and HP Enterprise Services. Michael Margolis and David Dolan of NGKF represented the seller in the deal.

October 11, 2016

Massachusetts Multifamily Northeast

Colliers Facilitates $9.7M Sale of Multifamily Property in Boston

by Amy Works October 11, 2016

BOSTON — Colliers International has arranged the sale of a multifamily property located at 256 Parker Hill Ave. in Boston’s Mission Hill neighborhood. Qianlong Management sold the property to Tremont Asset Management for $9.7 million, or $303,516 per unit. The 32-unit property comprises two garden-level apartment buildings offering a mix of studio and two-bedroom units and 16 surface parking spaces. Christopher Sower, Jen Price, Jonathan Bryant and Maggie Collins of Collins represented the seller. Additionally, Stephen Horan, also of Colliers, coordinated the acquisition financing through JP Morgan Chase on behalf of the buyer.

October 11, 2016

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Secures $7M in Financing for Industrial Park in Blackwood, New Jersey

by Amy Works October 11, 2016

BLACKWOOD, N.J. — G.S. Wilcox & Co. has arranged a $7 million loan for a six-building industrial-flex park in Blackwood. The loan is fixed for a seven-year term with a 25-year amortization. The 240,000-square-foot property is nearly 95 percent leased to more than 30 tenants. The financing was provided by Southern Farm Bureau Life Insurance Co. for the undisclosed borrower.

October 11, 2016

Connecticut Loans Multifamily Northeast

Greysteel Secures $3.1M in Refinancing for Multifamily Property in Milford, Connecticut

by Amy Works October 11, 2016

MILFORD, CONN. — Greysteel has arranged $3.1 million in refinancing for Spinnaker Brook, a multifamily property located at 158 Cherry St. in Milford. The 10-year, non-recourse loan features a fixed rate and three years of interest-only payments followed by a 30-year amortization schedule. The loan was provided by an agency lender under the Freddie Mac Small Balance Loan program. Anton Mattli and John Marshall Doss of Greysteel negotiated the loan for the undisclosed borrower.

October 11, 2016

New Jersey Northeast Office

Colliers Arranges $11M Sale of 245,106 SF Office Plaza in Piscataway, New Jersey

by Amy Works October 10, 2016

PISCATAWAY, N.J. — Colliers International has brokered the sale of One Centennial Plaza, a two-building office plaza located off Route 287 South in Piscataway. An Atlanta-based private equity group acquired the property from JPMCC 2005-LDP2 Piscataway Office for $11 million. Connected by a 4,000-square-foot atrium, the 245,106-square-foot plaza is 72 percent occupied by Johnson & Johnson, Paychex and Ingersoll Rand. Jacklene Chesler, Richard Madison, Jonathan Schlussel and Jack Callahan of Colliers represented the seller and sourced the buyer in the deal.

October 10, 2016

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