Northeast

NJPAC, Dranoff Properties Start Construction of $116M High Rise in Newark

by Nellie Day September 19, 2016

NEWARK, N.J. — The New Jersey Performing Arts Center (NJPAC) and developer Dranoff Properties have started construction of One Theater Square, a $116 million high-rise multifamily complex in Newark. One Theater Square will be the first new ground-up, upscale residential high rise in the city since 1960, according to the developers. The 22-story project will be situated on 1.2 acres across from NJPAC and Military Park. It will contain 245 units, most of which will be one- and two-bedroom apartments that will range in size from 585 to 1,700 square feet. The project includes 24 affordable housing units that will be marketed as artist residences, though they will be available to anyone who meets the financial criteria. The ground floor will include 12,000 square feet of retail space. One Theater Square will have a 24-hour concierge, rooftop community gathering space, fitness facility and multiple club rooms. Developers plan to complete the project in the summer of 2018. The public-private partnership includes contributions from the City of Newark; the State of New Jersey; Prudential Financial; Fifth Third Bank; Dranoff; and NJPAC. Philadelphia-based Dranoff Properties develops, builds, finances and/or manages multifamily developments in and around the Northeast. Carl E. Dranoff founded the …

September 19, 2016

Connecticut Healthcare Northeast Office

Seavest Sells Two Connecticut Medical Office Buildings to Healthcare Trust of America

by Jaime Lackey September 16, 2016

MIDDLETOWN, CONN. — Seavest Healthcare Properties LLC recently sold its two medical office buildings at the Middletown Medical Complex to Healthcare Trust of America, a public REIT. The transaction resulted from an unsolicited offer for the extensively renovated and improved properties at 520 and 540 Saybrook Road, which total which totaling 64,065 square feet, in Middletown. Seavest Healthcare Properties acquired the properties in 2010. The Middletown campus features five buildings and is affiliated with the nearby 275-bed Middlesex Hospital.

September 16, 2016

Delaware Northeast Office

NGKF Brokers $15.6M Sale of Two-Property Portfolio in Newark, Delaware

by Jaime Lackey September 16, 2016

NEWARK, DELAWARE — NGKF Capital Markets has arranged the sale of 242 and 248 Chapman Road in Newark. Equus Capital Partners sold the two-building portfolio to Chapman Business Associates LLC for $15.55 million. Both buildings are 100 percent occupied by two long-term tenants; 242 Chapman Road is a three-story, 65,967-square-foot office building and 248 Chapman Road is a two-story, 77,974-square-foot office building. Recent renovations at the property include new ceilings and lighting throughout, updated lobbies and restrooms, a new roof, HVAC upgrades, and a new fire panel as well as new elevators. The NGKF Capital Markets team comprising Mike Margolis, Dave Dolan and Brett Segal, along with area experts, Neal Dangello and Wills Elliman, represented Equus Capital Partners in the transaction.

September 16, 2016

Industrial New York Northeast

KZA Realty Group Arranges Marley Spoon Expansion into The Bronx

by Jaime Lackey September 16, 2016

NEW YORK CITY — KZA Realty Group recently brokered a three-year lease for a 20,000-square-foot warehouse on Manida Street in the Bronx that allows global delivery box service Marley Spoon to expand into a larger warehouse located in the Bronx. Marley Spoon is a European-based recipe kit delivery service start-up. The company launched its recipe box delivery service in Germany, expanding to the Netherlands and the U.K., and then launching in the United States in 2015 with funding from Kreos Capital, QD Ventures, Luxor Capital and Lakestar. Kathy Zamechansky of KZA Realty Group represented the company in leasing the new, larger warehouse facility after it outgrew its Long Island warehouse space.

September 16, 2016

Northeast Office Pennsylvania

Fischer Represents Law Firm in 108,000 SF Pittsburgh Relocation

by Jaime Lackey September 16, 2016

PITTSBURGH — The Law Firm Group of Fischer has represented law firm Burns White LLC in its relocation to a new headquarters space in Pittsburgh. Burns White will fully occupy a new build-to-suit 108,392-square-foot property starting in March 2017. The Burns White Center will be a five-story freestanding building with parking located in Pittsburgh’s Strip District at the intersection of 26th Street and Railroad Street. Scott Fabean of Fischer was the lead in representing Burns White. Joe Tosi and Mike Daniels of Oxford Realty Services represented the landlord, Three Crossings Riverfront East LP.

September 16, 2016

Unilever Headquarters, Englewood Cliffs, N.J.

New Jersey Northeast Office Top Stories

OVG, Normandy Real Estate Partners to Redevelop Unilever HQ in New Jersey

by Jaime Lackey September 16, 2016

ENGLEWOOD CLIFFS, N.J. — Unilever has chosen a joint venture between OVG Real Estate and Normandy Real Estate Partners to acquire and redevelop the company’s 23-acre, 325,000-square-foot North American headquarters. The site is located at 700 Sylvan Ave. in Englewood Cliffs, just across the Hudson River from New York City. The agreement provides that upon closing, the land and the building will be leased back to Unilever via an 18-year triple-net lease. The sale is expected to close prior the end of 2016. The renovated headquarters will be both LEED- and WELL-certified and benefits will include reducing CO2 emissions, reducing energy consumption by 50 percent, reducing water demand via low-flow plumbing and diverting 75 percent of construction waste from landfills. OVG plans to increase the size of the property by 28 percent to accommodate 1,600 employees. Unilever expects the new campus to be largely finished by the fourth quarter of 2017. Cushman and Wakefield advised in the partnership formation. Other partners include Perkins + Will Architects; Unilever’s legal advisor Robinson Cole; Drinker Biddle & Reith and AKD Advocaten, both serving as legal advisors to the OVG-Normandy joint venture; general contractor StructureTone; and insurance advisor Parallel. — Jaime Lackey

September 16, 2016

New Jersey Northeast Office

H&M Group Buys Polygon Plaza in Fort Lee from BFE Affiliate for $22M

by Jaime Lackey September 15, 2016

FORT LEE, N.J. — A BFE affiliate has sold the fully leased Polygon Plaza in Fort Lee’s redevelopment district to H&M Group Inc., a New York investor, for $22 million. The 90,000-square foot property is located at 2050 Center Ave. BFE acquired the building in 1994 for $6.4 million from Connecticut Mutual Life, which had acquired it through a foreclosure. Today, Polygon Plaza is leased to a mix of small and mid-sized tenants, including many long-term occupants. Trans-Hudson Management Corp., a BFE affiliate, will continue to manage the building for the new owner. Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer of Cushman & Wakefield represented BFE in the sale. Ashley Kim and Bowen Pak of Eastern International Realty Inc. served as co-brokers for the seller in the transaction.

September 15, 2016

New York Northeast Office

Marcus & Millichap Brokers $14.47M Sale of Upstate New York Office Park

by Jaime Lackey September 15, 2016

ALBANY, N.Y. — Marcus & Millichap has arranged the sale of Corporate Plaza, a 149,460-square-foot office park in Albany, for $14.47 million, or just under $100 per square foot. The eight buildings were 93 percent occupied at the time of sale to local owner/developer Cass Hill Development Cos. Ben Sgambati, Chip Collins, and Anthony Asencio of Marcus & Millichap represented the seller, Rosenblum Cos., an Albany-based owner/developer, and procured the buyer. J.D. Parker is Marcus & Millichap’s broker of record in the state of New York.

September 15, 2016

Hospitality Loans New Jersey Northeast

Silver Arch Originates $10.75M Loan for Hotel Project in Jersey City

by Jaime Lackey September 15, 2016

JERSEY CITY, N.J. — Silver Arch Capital Partners has originated a $10.75 million loan allowing Tramz Hotels Group to refinance a 15,300-square-foot land parcel located at 155 Luis Munoz Marin Boulevard in Hudson County, N.J., on which it will develop a 202,495-square-foot, 276-room Marriott hotel. The property will include a full-service restaurant, a bar and lounge area plus associated services such as concierge, salon, meeting/banquet rooms and a full-service fitness center. Tarrunumn Murad along with her husband Tajjammal Murad founded Tramz Hotels Group in 1987. She was only the second woman to become a chartered accountant in Pakistan in 1976. In the U.S., she has financed transactions of more than $150 million and holds an MBA from Columbia University in New York.

September 15, 2016

Healthcare Massachusetts Northeast

Tryko Partners Acquires Skilled Nursing Facility in Massachusetts, Plans $2.5M Renovation

by Jaime Lackey September 15, 2016

METHUEN, MASS. — Brick, N.J.-based private equity investment group Tryko Partners has acquired Methuen Health & Rehabilitation Center, which is being renamed Cedar View Rehabilitation and Healthcare Center. SMV Methuen LLC sold the property, which was built in 1960 and renovated in 1995. The property is licensed for 107 beds and currently operates 98 beds in 46 resident rooms. The 33,500-square-foot, single-story building sits on a seven-acre parcel at 480 Jackson Street in Methuen. It is the closest skilled nursing facility to Steward Health System’s Holy Family Hospital, a 345-bed short-term acute care hospital, and also near Lawrence General Hospital, a 189-bed short-term acute care hospital. Tryko affiliate Marquis Health Services will immediately launch a $2.5 million renovation to modernize the building and accommodate expanded programming. Steve Thomes and Jacob Gehl of Blueprint Healthcare Real Estate Advisors served as brokers in the sale. Chicago-based Private Bank provided acquisition financing.

September 15, 2016

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