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Morgan Properties Buys Four-State, 11-Property Multifamily Portfolio for $316M

by Nellie Day

KING OF PRUSSIA, PA. — Morgan Properties has purchased an 11-property multifamily portfolio that spans four states for $316 million. The assets, collectively known as Star Portfolio, contain a total of 2,826 units across Maryland, Pennsylvania, North Carolina and South Carolina. The transaction includes the Greens at Westgate in Pennsylvania; the Waterway and Forest Oaks in South Carolina; Falls Creek and Heather Park in North Carolina; and Silver Spring Station, Westerlee, the Willows, St. Mary’s, Taylor Park and Willowood in Maryland. The assets have an average age of 29 years. All the properties are situated in high-barrier submarkets close to major development hubs and public transit. Morgan Properties plans to execute a multi-million-dollar, value-add repositioning plan at each property. The renovation strategy will include premium kitchen and bath renovations and amenity upgrades. Morgan Properties acquired Star Portfolio through an affiliated joint venture. David Oakley and Scott Melnick of Berkadia represented Morgan Properties in the transaction. Deutsche Bank represented the unnamed seller. The firm also recently purchased three separate Maryland multifamily assets, including the 325-unit Grand Pointe in Columbia; the 606-unit Avery Park in Silver Spring; and the 450-unit Henson Creek in Temple Hills. Morgan Properties owns and manages 132 apartment …

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HospitalityNew JerseyNortheast

Inspira Health Network Selects Skanska USA to Build $350M Hospital in New Jersey

by Amy Works

HARRISON, N.J. — Inspira Health Network has selected Skanska USA to build its new $350 million Gloucester County hospital in Harrison. The five-story, 204-bed hospital will be the fourth in-patient facility for the South Jersey health system, which has medical centers in Vineland, Elmer and Woodbury, N.J. Inspira purchased the land for the new hospital from Rowan University in an $11.5 million deal, which was finalized in March. The new hospital will include the construction of a main patient tower with operating rooms, an emergency department, imaging suites, as well as administrative, dining and support services. Additionally, the project will include building a new central utility plant that will provide electrical power, heating/hot water and chilled water to the new hospital. Project members include Array Architects and Leach Wallace Associates. Construction is slated to begin during the first quarter of 2017, with completion expected by December 2019.

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ConnecticutMultifamilyNortheast

Navarino Acquisition Buys Six-Property Multifamily Portfolio in Connecticut for $90M

by Amy Works

FARMINGTON, ENFIELD, VERNON, ELLINGTON AND NEWINGTON, CONN. — Navarino Acquisition LLC has purchased a six-property, 741-unit multifamily portfolio located in central Connecticut. A series of Delaware limited liability companies sold the portfolio for $90 million, or $121,457 per unit. The properties are the 13-building, 186-unit Summit and Birch Hill Apartments in Farmington; the 23-building, 168-unit Fox Hill Apartments in Enfield; the 15-building, 150-unit Briar Knoll Apartments in Vernon; the six-building, 100-unit High Meadow Apartments in Ellington; the eight-building, 64-unit Bradford Commons in Newington; and six-building, 73-unit Woodbridge Apartments in Newington. Victor Nolletti, Steve Witten, Still Hunter III and Eric Pentore of Institutional Property Advisors (IPA) represented the seller, while Nolletti and Pentore also represented the buyer in the deal. IPA is a division of Marcus & Millichap specializing in serving institutional and major private real estate investors.

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LoansNew YorkNortheastOfficeRetail

Cushman & Wakefield Arranges $185M in Financing for 10 Times Square in NYC

by Amy Works

NEW YORK CITY — Cushman & Wakefield advised L.H. Charney Associates Inc. on a $185 million senior mortgage financing for 10 Times Square, also known at 1441 Broadway, in New York City. The fixed-rate financing was provided by an affiliate of Metropolitan Life Insurance Co. The 36-story building features more than 540,000 square feet of office/showroom and retail space, including 31 floors of fully-leased office/showroom space and 55,000 square feet of ground-floor, concourse and second/mezzanine-level retail space. The building’s newly designed retail space and lobby will be delivered in 2017. Alex Hernandez, Steve Kohn, Chris Moyer and Alex Lapidus of Cushman & Wakefield’s Equity, Debt and Finance team arranged the the financing.

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ConnecticutNortheastRetail

Binswanger Brokers Sale of 7,200 SF Retail Property in Connecticut

by Amy Works

MANCHESTER, CONN. — Binswanger has arranged the sale of a retail property located at 550 N. Main St. in Manchester. Richard Edward Vogel acquired the 7,200-square-foot property as a net-lease investment from Rodino LP for an undisclosed price. Constructed in 1982 and situated on 1.9 acres, the property is fully leased to Maaco Collision Repair. Jim Panczykowski of Binswanger brokered the transaction.

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MassachusettsNortheastOffice

O’Connell Hospitality Group Merges with HREC

by Amy Works

BOSTON — O’Connell Hospitality Group is merging its Northeast hotel brokerage practice with HREC’s national hotel platform effective Sept. 8. With the merged companies, Jim O’Connell will be principal at HREC Investment Advisors, as well as HREC’s practice leader in the new Boston office. Combined the two firms will offer hotel investors expertise and contacts of approximately 40 dedicated lodging and gaming insiders across the North American hospitality industry.

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New JerseyNortheastRetail

CBRE Brokers $15.6M Sale of Retail Property in New Jersey

by Amy Works

MAPLE SHADE, N.J. — CBRE has arranged the sale of a retail property located at 131 E. Kings Highway in Maple Shade. Apex Financial Advisors acquired the property from SIN Ventures Maple Shade for $15.6 million. The 109,841-square-foot, free-standing property is occupied by BJ’s Wholesale Club. Brad Nathanson of CBRE represented the seller and procured the buyer in the deal.

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New JerseyNortheastOffice

Colliers Facilitates $63M Sale of 650,000 SF Office Property in New Jersey

by Amy Works

HACKENSACK, N.J. — Colliers International has arranged the sale of Continental Plaza, a landmark corporate property located at 401, 411 and 433 Hackensack Ave. in Hackensack. Capstone Realty Group and JD Cos. acquired the three-building complex from a Miami-based special servicer for $63 million. The 650,000-square-foot office was 72 percent leased at the time of sale. Jacklene Chesler of Colliers, along with her team, brokered the transaction.

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LoansNew HampshireNortheastOffice

NorthMarq Capital Secures $1.8M in Refinancing for Office Building in New Hampshire

by Amy Works

NASHUA, N.H. — NorthMarq Capital has secured $1.8 million in refinancing for an office building in Nashua. Michael Chase of NorthMarq’s Boston office arranged the long-term financing through a regional bank for the undisclosed borrower. The two-story building features 33,000 square feet of office space.

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BEB Real Estate Signs New Tenant to 56,000 SF of Office/Industrial Space in New York

by Amy Works

PORT WASHINGTON, N.Y. — BEB Real Estate has leased 56,000 square feet of office and industrial space to Cintas Corp. The Cincinnati-based company will occupy space on the first and second floors at 12 Harbor Park Drive in Port Washington. Lee Brodsky, Dan Oliver and Dan Marcus of Newmark Grubb Knight Frank represented the landlord, BEB Real Estate, in the deal.

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