Northeast

J.G. Petrucci Co. to Develop 151-Unit Apartment Complex in Pennsylvania

by Amy Works June 20, 2016

WARMINSTER, PA. — J.G. Petrucci Co. is developing Jackson Station, an eight-building, 151-unit residential complex located at 375 Jacksonville Road in Warminster. Slated to open in spring 2017, the property will feature 74 one-bedroom and 77 two-bedroom apartments with modern amenities, including stainless steel kitchen appliances, quartz countertops and full-size washers and dryers. Situated on 10 acres, the complex will also feature on-site surface parking, a fitness center, swimming pool and clubhouse. Minno & Wasko designed the project.

June 20, 2016

Industrial New York Northeast

GHP Office Realty Acquires 81,500 SF Flex Building in New York

by Amy Works June 20, 2016

ELMSFORD, N.Y. — GHP Office Realty LLC has acquired an 81,500-square-foot flex building located at 375 Executive Blvd. within Cross Westchester Executive Park in Elmsford. The building features 75,000 square feet of warehouse space with four loading docks and two drive-in doors, and 6,500 square feet of office space. Andrew Greenspan and Jamie Schwartz of GHP led the acquisition team. The buyer plans to upgrade the property to modernize it and make it more energy efficient. The County of Westchester sold the property for an undisclosed price.

June 20, 2016

Industrial New York Northeast

Avison Young Brokers $32.2M Sale of 52,000 SF Parking Garage in Manhattan

by Amy Works June 20, 2016

NEW YORK CITY — Avison Young has arranged the sale of a seven-story parking garage located at 19 W. 20th St. in Manhattan’s Flatiron District. Extell Development sold the property to 19-25 West 20th Street Property LLC for $32.2 million. The 52,000-square-foot property is under a long-term lease to Icon Parking. Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley of Avison Young represented the seller.

June 20, 2016

Mixed-Use New York Northeast Office Retail

Marcus & Millichap Arranges $4M Sale of Mixed-Use Building in Brooklyn

by Amy Works June 20, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 524 Lorimer St. in Brooklyn. A limited liability company acquired the 3,384-square-foot building for $4 million. The purchaser was a 1031 exchange buyer from the Upper East Side. Shaun Riney, James Saros, Michael Salvatico and Matthew Steinberg of Marcus & Millichap’s Brooklyn office represented the seller and buyer in the transaction.

June 20, 2016

Healthcare New York Northeast Office

Delshah Capital Acquires Five-Building Medical Office Portfolio in Manhattan for $111.5M

by Amy Works June 17, 2016

NEW YORK CITY — Delshah Capital has acquired a portfolio of five buildings, totaling 205,000 square feet, from Mount Sinai St. Luke’s for $111.5 million, or $543 per square foot. Eastern Consolidated arranged a $60 million first mortgage bridge loan to finance the acquisition of the portfolio. Bank of the Ozarks provided the $60 million loan to the borrower, which also received a $17.5 million mezzanine loan from Square Mile Capital. The properties are located at 401 West and 411 W. 113th St. and 400 West and 408 W. 114th Street in Manhattan’s Morningside Heights. The buildings formerly housed numerous hospital services that are in the process of being relocated to alternate space within the remainder of the Mount Sinai St. Luke’s campus. Paul Massey, Hall Oster, Teddy Galligan and Andrew Berry of Cushman & Wakefield represented the seller in the transaction. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the bridge loan for the borrower.

June 17, 2016

Multifamily New Hampshire Northeast

IPA Arranges $46M Sale of 448-Unit Multifamily Property in New Hampshire

by Amy Works June 17, 2016

MANCHESTER, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Countryside Village, a multifamily apartment community in Manchester. Merion Realty Partners acquired the asset from Fairfield Residential for $46 million. Located at 60 Village Circle Way, the 448-unit apartment property consists of 17 three-story buildings and a clubhouse. The unit mix features one- and two-bedroom apartments, with an average unit size of 894 square feet. Community amenities include lighted tennis and basketball courts, a swimming pool, a playground, a dog park, and a two-story sundeck and patio. Richard Robinson and Jennifer Athas of IPA represented the seller and procured the buyer in the deal.

June 17, 2016

Multifamily New York Northeast

Cignature Realty Negotiates $45.5M Sale of Three-Property Multifamily Portfolio in Manhattan

by Amy Works June 17, 2016

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a three-property multifamily portfolio in Manhattan’s Washington Heights neighborhood. Prana Investments acquired the portfolio from A&E Real Estate Holdings for $45.5 million. The five-story building are located at 29-45 Sickles St., 30 Sickles St. and 95 Thayer St. The properties total 148,850 square feet. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer, while Aaron Jungreis of Rosewood Realty Group represented the seller in the transaction.

June 17, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $29.3M Sale of 108-Unit Apartment Community in New Jersey

by Amy Works June 17, 2016

RAHWAY, N.J. — Gebroe-Hammer Associates has arranged the sale of Meridia at Waters Edge, an apartment community located at 4 City Hall Plaza in Rahway. 4 City Hall Plaza Urban Renewal LLC acquired the 108-unit property from Meridia’s Water Edge Urban Renewal Rahway LLC for $29.33 million. Built in 2014, the five-story residential building features one- and two-bedroom layouts. On-site amenities include a fitness center, laundry rooms, business center and lounges. Ken Uranowitz and Gehane Triarsi of Gebroe-Hammer represented the seller and identified the buyer in the deal.

June 17, 2016

Connecticut Northeast Retail

Katz Properties Acquires 147,241 SF Shopping Center in Connecticut for $21.6M

by Amy Works June 17, 2016

WATERBURY, CONN. — Katz Properties has acquired Mattatuck Commons, a shopping center in Waterbury, for $21.6 million. Situated on 17.72 acres along Route 69, the center features 147,241 square feet of retail space. At the time of sale, the property was 78 percent occupied by a variety of national tenants, including ShopRite, Sleepy’s, Goodwill, GameStop and Taco Bell. The name of the seller was not released.

June 17, 2016

Northeast Office Pennsylvania

City Office REIT Completes $44.9M Sale of 178,330 SF Office Property in Pennsylvania

by Amy Works June 16, 2016

ALLENTOWN, PA. — City Office REIT has completed the sale of its office property located on Corporate Parkway in Allentown. The 178,330-square-foot building sold for $44.9 million, with an expected 6.6 percent net operating income yield. Proceeds from the sale were used to repay approximately $4 million of mortgage debt. Additionally, the seller plans to acquire assets as part of a like-kind 1031 exchange. With the sale of this non-strategic asset, the City Office REIT has been able to align its portfolio entirely within its target markets.

June 16, 2016

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