Northeast

CBRE/NE Arranges Sale of 154-Unit Apartment Community in Massachusetts

by Amy Works July 18, 2016

STOUGHTON, MASS. — CBRE/New England has arranged the sale of Coppermill Park, a garden-style apartment community located at 3101 Stagecoach Road in Stoughton. Fairfield Residential sold the 154-unit property for an undisclosed sum. Built in 2010, the property consists of three four-story buildings with a mix of 55 one-bedroom apartments, 53 one-bedroom with den units and 46 two-bedroom apartments on 8.6 acres of land. The apartments range in size from 710 to 1,042 square feet. The community was developed under Chapter 40B with 75 percent of the units at market and 25 percent of the units at 80 percent of area median income. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.

July 18, 2016

Industrial New Jersey Northeast

Endurance Real Estate Acquires Two-Building Warehouse Portfolio in New Jersey for $5.7M

by Amy Works July 18, 2016

MOORESTOWN, N.J. — An affiliate of Endurance Real Estate Group has purchased a two-building warehouse portfolio, located at 550 Glen Ave. and 600 Glen Court in Moorestown, for $5.7 million. The 85,337-square-foot warehouse at 600 Glen Court is fully occupied by The Goodyear Tire and Rubber Company and FinishMaster Inc. The 102,232-square-foot building at 550 Glen Ave. features 22-foot clear heights, 2,000 amp three-phase electric service, 40-foot by 40-foot bays, 14 loading docks and the potential for rail service. Shortly after closing, Endurance signed a lease for half of the vacancy at 550 Glen Avenue, which increased the portfolio’s occupancy to 73 percent. Tony Rod of Flynn Company represented the undisclosed seller in the deal.

July 18, 2016

Multifamily Northeast Pennsylvania Seniors Housing

Green Courte Partners Acquires 275-Unit Seniors Housing Community in Pennsylvania

by Amy Works July 18, 2016

HARLEYSVILLE, PA. — Green Courte Partners through its fund, Green Courte Real Estate Partners IV and its affiliates, has acquired Arbour Square of Harleysville. Built in two phases and completed in 2014, the 275-unit independent living community was 78 percent occupied at the time of closing. Heritage Senior Living will manage the property. Matt Pyzyk of Green Courte Partners originated the transaction for Green Courte Partners.

July 18, 2016

Massachusetts Multifamily Northeast

Trinity Financial Opens 310-Unit Apartment Community in Boston’s Bulfinch Triangle

by Amy Works July 18, 2016

BOSTON — Trinity Financial has opened One Canal Apartment Homes, an apartment community located in Boston’s Bulfinch Triangle neighborhood. Apartment Investment and Management Co. (Aimco) invested $195 million in the 12-story, 310-unit apartment community. One Canal features a mix of studio, one-, two- and three-bedroom layouts, plus 44 luxury penthouses on the building’s top two floors. On-site amenities include a 2,000-square-foot fitness center and a rooftop social deck with a heated pool, fire pit lounge, outdoor theater and 360-degree panoramic views of the city. Additionally, the project features 21,000 square feet of retail space that will house City Winery, a high-end culinary and cultural destination that will offer concerts, food and wine classes.

July 18, 2016

Hospitality Northeast Pennsylvania

Gulph Creek Development Opens 115-Suite Home2 Suites in Philadelphia Suburbs

by Amy Works July 18, 2016

DOWNINGTOWN, PA. — Gulph Creek Development has developed its eighth hotel in the Philadelphia suburbs. The 115-suite Home2 Suites by Hilton Downingtown-Route 30 features complimentary breakfast and WiFi, a combination laundry and fitness area, Home2 MKT for grab-and-go snacks and an indoor swimming pool. Additionally, each suite features a full-equipped kitchen and modular furniture. Gulph Creek Hotels will manage the hotel, which is located at 975 E. Lancaster Ave. within Ashbridge Commons.

July 18, 2016

Life Sciences Loans Massachusetts Northeast Office Top Stories

Senior Housing Properties Trust Secures $620M Loan for Life Sciences Buildings in Boston

by Nellie Day July 18, 2016

BOSTON — Senior Housing Properties Trust (NYSE: SNH) has obtained a $620 million mortgage loan for two life sciences buildings in Boston’s Seaport District. The 15-story, Class A towers include 1.6 million square feet of lab space, corporate office space, structured parking and ground-floor retail space. SNH purchased the towers in May 2014 for $1.1 billion. They are 96 percent leased to Vertex Pharmaceuticals through 2028. Vertex is the manufacturer of hepatitis C and cystic fibrosis pharmaceutical treatments. The 10-year loan is interest-only, carries a fixed interest rate of 3.53 percent and matures in August 2026. SNH will use the loan proceeds to repay a portion of the outstanding borrowings under the company’s $1 billion unsecured revolving credit facility, as well as for general business purposes. Following the repayment, there will be approximately $900 million available under SNH’s unsecured revolving credit facility. “We are pleased to take advantage of the current low interest rate environment to term out the majority of the outstanding balance on our unsecured revolving credit facility and to extend the average maturity of our debt to 8.9 years,” says David Hegarty, SNH’s president and chief operating officer. “We believe that this transaction also highlights the value …

July 18, 2016

New York Northeast Office Retail

Tishman Speyer Moving Ahead with Construction of 1.1M SF Office, Retail Project in Long Island City

by Amy Works July 15, 2016

NEW YORK CITY — Tishman Speyer, in partnership with Qatar Diar, is moving ahead with the construction of a 1.1 million-square-foot office and retail project in Long Island City. The project concludes Tishman Speyer’s purchase of 1.8 million square feet of development rights from New York City, which included a 700,000-square-foot office building that the company completed in 2011. Designed by MdeAS Architects, the new commercial project will comprise two 27-story towers connected by a four-story podium featuring a mix of retail, food hall, restaurant and parking garage space. Construction is slated to begin in early 2017, with completion scheduled for 2019. More than 800,000 square feet of the available office space in the development has been preleased, including 250,000 square feet to WeWork, a shared office space provider. Fried Frank acted as counsel to Tishman Speyer in the closing of the company’s $770 million transaction to develop the two towers. The transaction included the acquisition of the site from the New York City Economic Development Corp., an equity investment by Qatari Diar, construction financing and tax benefits from the New York City Industrial Development Agency. The Fried Frank team included Jonathan Mechanic, Tal Golomb, Michael Barker, Michael Werner, Janice Mac …

July 15, 2016

New Jersey Northeast Office

Prism Capital Partners Signs Purchase, Sale Agreement for 116-Acre Campus in New Jersey

by Amy Works July 15, 2016

NUTLEY AND CLIFTON, N.J. — PB Nutclif I LLC, an affiliate of Prism Capital Partners, has signed a purchase and sale agreement with Hoffmann-La Roche Inc. to acquire the pharmaceutical company’s 116-acre former North American headquarters campus in Nutley and Clifton. At the time of the sale, Hackensack Meridian Health and Seton Hall University committed to leasing two major buildings and 16 acres at the property. The buyer plans to make substantial improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Additionally, Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated clinical research center at the campus. The sale is expected to close Sept. 30. Financial terms of the deal were not released.

July 15, 2016

Connecticut Northeast Office

CBRE Brokers $41M Sale of Office Building in Connecticut

by Amy Works July 15, 2016

GREENWICH, CONN. — CBRE has arranged the sale of an office building located at 500 W. Putnam Ave. in Greenwich. Fareri Associates acquired the four-story, 121,000-square-foot property from SL Green for $41 million. The Class A property is located in close proximity to Greenwich Avenue, which features high-end retail destinations and restaurants. Jeffrey Dunne and Steven Bardsley of CBRE represented the seller in the deal.

July 15, 2016

Mixed-Use New York Northeast Office Retail

Triangle Equities Completes 88,000 SF Multi-Use Complex in the Bronx

by Amy Works July 15, 2016

NEW YORK CITY — Triangle Equities has completed Triangle Plaza Hub, a multi-use complex located in the South Bronx. The $35 million, 88,000-square-foot complex is occupied by Fine Fare Supermarket, Metropolitan College of New York, Brightpoint Health, DaVita Dialysis Center, Vistasite Eye Care, Boston Market and Dunkin’ Donuts. A 3,900-square-foot retail space on the ground floor and a 3,000-square-foot pad site adjacent to the public plaza are available for lease.

July 15, 2016

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