Northeast

Stream Capital Partners Arranges $13.2M Sale Leaseback for Markel Corp. in Pennsylvania

by Amy Works December 11, 2015

PLYMOUTH MEETING, PA. — Stream Capital Partners has brokered the $13.2 million sale-leaseback of Markel Corp.’s corporate headquarters. Located in Plymouth Meeting, the 166,667-square-foot industrial/flex building has served as Markel’s headquarters for more than 40 years. Markel is leasing the building back on a long-term absolute triple-net lease with periodic rental increases and multiple renewal options from the buyer, a private industrial group based in the Midwest. Jonathan Wolfe and Jordan Shtulman of Stream Capital represented the seller, Markel Corp., in the transaction.

December 11, 2015

Healthcare Northeast Pennsylvania

TL Management Acquires Spring Creek Rehabilitation & Health Care Center in Harrisburg

by Amy Works December 11, 2015

HARRISBURG, PA. — New York-based TL Management has acquired Spring Creek Rehabilitation & Health Care Center, located at 1205 S. 28th St. in Harrisburg. The acquisition was funded in part by a $48 million credit facility arranged by First Niagara Bank. Spring Creek is a 404-bed rehabilitation and healthcare center features both short-term rehabilitation and long-term care facilities.

December 11, 2015

Multifamily Northeast Pennsylvania

Rittenhouse Realty Advisors Brokers $8.7M Sale of 96-Unit Apartment Complex in Pennsylvania

by Amy Works December 11, 2015

PROSPECT PARK, PA. — Rittenhouse Realty Advisors has arranged the sale of Colonial Park West Apartments, a 96-unit garden-style apartment property located at 211 Lazaretto Road in Prospect Park. Friedman Realty Group acquired the property from an undisclosed seller for $8.7 million. The buyer plans to renovate the property with upgrades to kitchens and bathrooms in each unit and the exterior. Ken Wellar and Corey Lonberger of Rittenhouse Realty Advisors brokered the transaction.

December 11, 2015

Massachusetts Multifamily Northeast

Salem Station LLC Sells 266-Unit Apartment Community in Salem, Massachusetts

by Amy Works December 11, 2015

SALEM, MASS. — CBRE/New England has negotiated the sale of Jefferson at Salem Station, a garden-style apartment community located in Salem. Salem Station LLC sold the property to an affiliate of Bell Partners Inc. for an undisclosed sum. Built in 2002, the property features 266 market-rate apartments spread across five four-story elevator buildings and four two-story townhouse buildings. The units are a mix of one- and two-bedroom apartments and two-bedroom townhomes with an average size of 1,115 square feet. Community amenities include a great room, media room, business center, fitness center and an outdoor pool with sundeck and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

December 11, 2015

New Jersey Northeast Retail

Marcus & Millichap Negotiates $4.6M Sale of Self-Storage Facility in New Jersey

by Amy Works December 11, 2015

ASBURY, N.J. — Marcus & Millichap has arranged the sale of ABM Self Storage, a 59,562-square-foot self-storage facility located at 190 New Jersey Highway 173 in Asbury. A limited liability company acquired the asset for $4.6 million. Situated on 5.8 acres, the four-building property features 400 storage units. Anthony Asencio, Michael Mele, Ben Sgambati and Alan Cafiero of Marcus & Millichap’s New Jersey office represented the seller, a developer, and the buyer in the transaction.

December 11, 2015

Maine Multifamily Northeast

CBRE Negotiates $50.2M Sale of Three-Property Multifamily Portfolio in Maine

by Amy Works December 10, 2015

PORTLAND AND SCARBOROUGH, MAINE — CBRE/New England and CBRE – The Boulos Company has arranged the sale of the Casco Bay Portfolio, a three-property multifamily portfolio located in Portland and Scarborough. An affiliate of Chestnut Realty Management acquired the assets from an affiliate of Resource Real Estate for $50.2 million. The 309-unit portfolio includes the 115-unit Tamarlane Apartments in Portland; the 104-unit Foxcroft Apartments in Scarborough; and the 90-townhome Coach Lantern Apartments in Scarborough. Simon Butler and Biria St. John of CBRE/NE, along with Joe Porta of CBRE – The Boulos Company, represented the seller and procured the buyer in the transaction.

December 10, 2015

Multifamily New York Northeast

Eastern Consolidated Arranges $27M Sale of Two Multifamily Properties in Chelsea

by Amy Works December 10, 2015

NEW YORK CITY — Eastern Consolidated has brokered the sale of two multifamily properties located in the Chelsea neighborhood of Manhattan. Skyland Management LLC sold the properties to 117 West 15th Street LLC and 119 West 15th Street LLC for $27 million, or $1,085 per square foot. Totaling 25,330 square feet, the properties include a five-story walk-up at 117 W. 15th St. and a six-story walk-up at 119 W. 15th St. The assets feature a total of 40 units in a mix of studio, one-, two- and three-bedroom layouts. Steven Zimmerman and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.

December 10, 2015

Loans Northeast Office Pennsylvania

Cronheim Mortgage Secures $26.3M Loan for Office Building in Pennsylvania

by Amy Works December 10, 2015

HARRISBURG, PA. — Cronheim Mortgage has secured $26.3 million in permanent financing for Market Square Plaza, a 172,629-square-foot office building and 275-space parking facility in downtown Harrisburg. The loan features a 10-year term and a 30-year amortization schedule. The property has maintained 100 percent occupancy since its development in 2005. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the financing for the borrower.

December 10, 2015

Affordable Housing Loans Multifamily Northeast Vermont

KeyBank Provides $6.8M in Financing for Vermont Affordable Housing Properties

by Amy Works December 10, 2015

HARTFORD, VT. — KeyBank has provided a $6.8 million construction loan to Twin Pines Housing Trust & Housing Vermont for the development and rehabilitation of historic affordable housing properties. The properties are part of Hartford Scattered Sites LP, which is located in downtown White River Junction in Hartford. Lynne Callis-Wilson of Key Community Development Lending arranged the financing.

December 10, 2015

Industrial Massachusetts Northeast

Calare Properties Acquires 40,000 SF Industrial/Flex Building in Massachusetts

by Amy Works December 10, 2015

RAYNHAM, MASS. — Calare Properties has acquired an industrial/flex building located at 480 Paramount Drive in Raynham for an undisclosed price. The 40,000-square-foot property is currently vacant. Situated on 7.5 acres and built in 2004, the facility features 20-foot clear ceiling heights, eight tailboard doors, loading docks and 111 surface-level parking spaces. Calare Properties expects the facility to be fully leased in the first half of 2016. CBRE/New England is handling leasing efforts for the property. The name of the seller was not released.

December 10, 2015

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