Northeast

Workspace Property Trust Closes on $969M Acquisition of 108-Building Office/Flex Portfolio

by Amy Works October 6, 2016

HORSHAM, PA. — Horsham-based Workspace Property Trust has completed the its previously announced acquisition of 108 office and flex buildings, along with 26.7 acres of land, in five markets. Liberty Property Trust sold the portfolio for $969 million. The acquisition was made in partnership with Safanad, a global principal investment firm, and affiliates of Square Mile Capital Management, a diversified real estate investment firm. The portfolio includes 14 buildings and 18.1 acres in Arizona, 45 buildings and 8.6 acres in Florida, 19 properties in Minnesota and 30 facilities in Pennsylvania. FTI Consulting, Eastdil Secured and JMP Securities served as advisors to Workspace Property Trust, while J.P. Morgan Securities served as advisor to Liberty in the transaction.

October 6, 2016

Connecticut Loans Multifamily Northeast

Capital One Closes $32.5M Loan for Apartment Building in New Haven, Connecticut

by Amy Works October 6, 2016

NEW HAVEN, CONN. — Capital One has provided a $32.5 million fixed-rate loan under Fannie Mae’s near-stabilization program to Cooper Church LLC. The borrower used the funds to refinance The Union, a 137-unit apartment building in New Haven. Paul Kesicki of Capital One’s Commercial Real Estate Group originated the transaction. The 10-year loan has three years of interest-only payments followed by amortization on a 30-year schedule and 9.5 years of yield maintenance.

October 6, 2016

Mixed-Use Multifamily New York Northeast Office Retail

IPA Facilitates $29.3M Sale of Mixed-Use Property in Queens

by Amy Works October 6, 2016

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Roosevelt, a mixed-use property located at 40-07 73rd St. in the Jackson Heights neighborhood of Queens. An undisclosed buyer acquired the property for $29.3 million. The building features 31 residential units, 10 commercial tax lots and a parking garage. Peter Von Der Ahe and Joe Koicim of IPA, along with Shaun Riney and Michael Salvatico of Marcus & Millichap, represented the undisclosed seller and procured the buyer in the deal.

October 6, 2016

Massachusetts Northeast Office

Transwestern Brokers $14M Sale of Three-Building Office Portfolio in Waltham, Massachusetts

by Amy Works October 6, 2016

WALTHAM, MASS. — Transwestern has arranged the sale of a three-building portfolio totaling 65,200 square feet of office, laboratory and research and development space in Waltham. Taurus Investment Holdings sold the portfolio to a joint venture between Parsada Ventures and KHS Management for $14 million. The buildings are located at 150 and 335 Bear Hill Road and 300 Second Ave. within the Bear Hill Business Park. Chris Skeffington and Roy Sandeman of Transwestern represented the seller and sourced the buyer in the transaction.

October 6, 2016

Mixed-Use New York Northeast Office Retail

TerraCRG Arranges $5.1M Sale of Conversion Site in Brooklyn

by Amy Works October 6, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a former daycare facility, located at 1057 Fulton St. in the Clinton Hill neighborhood of Brooklyn. An undisclosed buyer acquired the building for $5.1 million, or $493 per square foot. The buyer plans to convert the 10,337-square-foot property, which was vacant at the time of sale, into a mixed-use building. Ofer Cohen, Dan Marks and David Algarin of TerraCRG were the sole brokers in the transaction.

October 6, 2016

Multifamily New Jersey Northeast

HFF Arranges $54M Sale of 316-Unit Multifamily Building in Franklin Township, New Jersey

by Amy Works October 5, 2016

FRANKLIN TOWNSHIP, N.J. — HFF has brokered the sale of The Harrison, a 20-story apartment building located at 575 Easton Ave. in Franklin Township. An undisclosed buyer acquired the 316-unit property for $54 million. Originally built in 1974 and renovated in 2015, the property features 38 studio units, 178 one-bedroom units and 100 two-bedroom units featuring hardwood floors, individually controlled heating and cooling, spacious layouts and balconies. On-site amenities include 24/7 concierge service, a clubhouse, outdoor pool, parking garage, playground, dog park, fitness center and two-in-one basketball/tennis court. At the time of sale, the property was 95 percent leased. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver, and Marc Duval of HFF represented the undisclosed seller in the deal.

October 5, 2016

Maine Northeast Office

Montecito Medical Acquires 34,000 SF Maine Eye Center in Portland, Maine

by Amy Works October 5, 2016

PORTLAND, MAINE — Montecito Medical Real Estate has acquired Maine Eye Center’s Lowell Street campus in Portland for an undisclosed price. The 34,000-square-foot Class A medical office building is minutes from downtown Portland, Portland Harbor and the region’s two major hospitals, including Maine Medical Center. The Maine Eye Center has a practice lineage of more than 100 years and offers comprehensive eye specialty services. Including this transaction, Montecito has acquired 20 medical office buildings during the past 12 months and expects to close on the acquisition of eight additional medical real estate assets before the end of this year.

October 5, 2016

Multifamily Northeast Pennsylvania Seniors Housing

The Woda Group Opens 50-Unit Affordable Seniors Housing Property in Pennsylvania

by Amy Works October 5, 2016

LEBANON, PA. — The Woda Group Inc., as developer, has opened Kreider Commons, an affordable seniors housing development located at 631 N. Eight St. in Lebanon. An adaptive reuse of a six-story manufacturing/warehouse building, the property features 50 one- and two-bedroom rental apartments for independent seniors aged 62 or older. Additionally, the building features all new systems, two elevators, drive-up entry, on-site parking, a community room with kitchen, library, computer room, grandchild room and crafts rooms. The project team includes Kinsley Construction, Marks Thomas Architects, Steckbeck Engineering, and Woda Management and Real Estate LLC. Financing for the development was provided by PNC Bank, Pennsylvania Housing Finance Agency, Lebanon County, Pennsylvania Department of Community and Economic Development and Federal Home Loan Bank of Pittsburgh.

October 5, 2016

Massachusetts Northeast Office Retail

CBRE/NE Brokers Sale of 62,474 SF Office/Retail Building in Cambridge, Massachusetts

by Amy Works October 5, 2016

CAMBRIDGE, MASS. — CBRE/New England has arranged the sale of an office and retail building located at 1050 Massachusetts Ave. in Cambridge. Putnam Circle Associates sold the 62,474-square-foot property to L&B Realty Advisors for an undisclosed sum. The property is currently leased to several long-term office tenants, including Cambridge 7 Associates, the National Bureau of Economic Research and Northstar Project & Real Estate Services. Pyara Spa & Salon is currently the sole retail occupier in the first-floor retail space. Dave Pergola, Brian Doherty and Chuck Kavoogian of CBRE/NE represented the seller and procured the buyer in the transaction.

October 5, 2016

New Jersey Northeast Office

Markeim Chalmers Negotiates $1.6M Sale of 12,000 SF Office Building in Cherry Hill, New Jersey

by Amy Works October 5, 2016

CHERRY HILL, N.J. — Markeim Chalmers Inc. has arranged the sale of an office building located at 499 Cooper Landing Road in Cherry Hill. The Guidance Center of Camden County Inc. sold the property to 409 ROPA Realty LLC for $1.6 million. The buyer plans to convert the 12,000-square-foot property into a state-of-the-art medical office building. Kevin Burns of Markeim Chalmers represented the seller in the deal.

October 5, 2016

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