Northeast

NAI Mertz Arranges Sale of Warehouse Property in Hatboro, Pa.

by Amy Works November 3, 2015

HATBORO, PA. — NAI Mertz has brokered the sale an industrial building located at 250-252 Wood St. in Hatboro. Read Moving Systems sold the 26,700-square-foot property to Mastrocco Moving & Storage for an undisclosed price. The moving and storage company is relocating from its current facility at 1060 Louis Dr. in Warminster, Pa. Situated on 1.4 acres, the building features 22- to 32-foot ceiling heights, wide column spacing, four tailgates, one drive-in and a 3,000-square-foot office area. Jeffrey Licht and Adam Lashner of NAI Mertz represented the seller in the transaction.

November 3, 2015

Multifamily New York Northeast

Avanath Capital Management Acquires Apartment Building Portfolio in Brooklyn for $60M

by Amy Works November 2, 2015

NEW YORK CITY — Avanath Capital Management, in joint partnership with Oak Tree Management, has acquired a four-property multifamily portfolio in Brooklyn. The rent-stabilized apartment buildings sold for $60 million in an off-market transaction. Totaling 149 units, the properties are 50 Greene Ave., 597 Grand Ave., 800 Bergen St. and 471 Vanderbilt Ave. The joint venture plans to implement various improvement and upgrade programs at the properties. The four assets were purchased through Avanath Affordable Housing II LLC, a fund with $200 million of equity commitments.

November 2, 2015

Industrial Northeast Pennsylvania

Dermody Properties, PCCP Break Ground on 475,800 SF Industrial Facility in Eastern Pennsylvania

by Amy Works November 2, 2015

FORKS TOWNSHIP, PA. — Dermody Properties and PCCP have broken ground on LogistiCenter at 33, an industrial facility at 4200 E. Braden Blvd. in Forks Township. The 475,800-square-foot facility will feature 36 feet of clear height, 226 car parking spaces and 85 trailer parking spaces. The speculation building will be ready for occupancy by summer 2016. R.S Mowery & Sons Inc. is serving as general contractor and Randall Paulson is serving as architect for the project. Dermody Partners is the industrial developer and operating partner, while PCCP is the financial partner on the project.

November 2, 2015

Massachusetts Northeast Office Retail

Related Beal Completes Interior Renovations, Adds Six Tenants at Presidents Place in Massachusetts

by Amy Works November 2, 2015

QUINCY, MASS. — Related Beal has completed the interior renovation of Presidents Place, a mixed-use property located at 1250 Hancock St. in Quincy. The renovation program included the modernization of the elevators, common corridors and restrooms; a new lobby and signage; and improvements to the building’s façade and parking garage. In addition to the renovations, Related Beal signed six new tenants to the 350,000-square-foot building: Barnes & Noble Bookstore, Mass Bay Credit Union, The Townshend, Best of Care, Beacon Clinical Research and Jimmy John’s Gourmet Sandwiches. Additional tenants at the property include Quincy College, Harvard Vanguard and Best Doctors. The property is owned and managed by Related Beal in partnership with Boston Andes Capital.

November 2, 2015

Multifamily New York Northeast

Rosewood Group Brokers Three Sales in New York Totaling $20.7M

by Amy Works November 2, 2015

NEW YORK CITY — Rosewood Realty Group has brokered three apartment building sales in New York totaling $20.7 million. In the first transaction, Aaron Jungreis of Rosewood represented the undisclosed buyer and the undisclosed seller in the $12.5 million sale of 41 sponsor co-op units at 360 Central Ave. in Lawrence, Long Island. The units are part of a 129-unit co-op building that was built in 1973. In the second transaction, Michael Guttman of Rosewood represented the seller, 90 Clermont Avenue LLC, and the undisclosed buyer in the $4.6 million sale of 90 Clermont Ave. in Brooklyn’s Fort Greene neighborhood. Built in 2008, the six-story, 7,648-square-foot elevator building features seven apartments. In the third deal, Jungreis represented the seller, 66 West 138th Street LLC, and the buyer, a local investor, in the sale of an apartment building located at 66 W. 138th St. in Harlem. Built in 1990, the five-story, 10,955-square-foot property features 20 apartments and sold for $3.6 million.

November 2, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $3.5M Sale of Two Apartment Buildings in Brooklyn

by Amy Works November 2, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of two apartment buildings, located at 336-338 Starr St. in Brooklyn. The two six-unit buildings sold for $3.5 million. Shaun Riley, Thomas Shihaden and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer, a limited liability company, in the transaction.

November 2, 2015

Massachusetts Northeast Office

Equus Sells 202,033 SF Office/Retail Property in Boston for $77.5M

by Jaime Lackey October 30, 2015

BOSTON — Equus Capital Partners Ltd., a private equity fund manager, has sold 18 Tremont Street in Boston to an affiliate of DLJ Real Estate Capital Partners for $77.5 million ($384 per square foot). The 12-story, 202,033 square-foot office/retail property was 88 percent leased at the time of sale. Frank Petz and Matt Sherry of Jones Lang LaSalle’s Boston office represented the seller and buyer in the transaction. Equus acquired the property in 2007 on behalf of one of its value-add funds, BPG Investment Partnership VIII and VIIIA LP (a $550 million dollar equity fund), and has since worked to modernize the 100-year-old U-shaped building.

October 30, 2015

New Hampshire Northeast Retail

Brady Sullivan and Anagnost to Convert Former Osram Sylvania Plant to Retail Use

by Jaime Lackey October 30, 2015

MANCHESTER, N.H. — Brady Sullivan Properties and Anagnost Cos. have purchased the former Osram Sylvania Plant on South Willow Street in Manchester. The two Manchester-based companies will redevelop the location from an industrial building to Class A retail space. This multi-retailer space will total approximately 300,000 square feet, with an anchor space of 50,000 square feet, and will include ample parking. This project will bring both jobs and approximately $1.5 million in tax revenue to the city after its completion in late 2016.

October 30, 2015

Northeast Pennsylvania Retail

Bayer and Clarion JV Acquire The Shoppes at Susquehanna in Pennsylvania

by Jaime Lackey October 30, 2015

SUSQUEHANNA, PA. — Bayer Properties and Clarion Partners have acquired The Shoppes at Susquehanna Marketplace, a 110,384-square-foot outdoor fashion center located in Susquehanna. Developed in 2004 and located at the intersection of Interstates 81 and 83 in Susquehanna, an affluent suburb of Harrisburg, Pennsylvania, The Shoppes at Susquehanna Marketplace features a variety of national and regional tenants, including Athleta, Banana Republic, Williams-Sonoma, J. Crew Factory, LOFT, White House | Black Market, Harvest Seasonal Grill & Wine Bar, Romano’s Macaroni Grill and Starbucks. Bayer Properties will lead leasing, property management and marketing efforts. This represents the first joint venture between Bayer Properties and Clarion.

October 30, 2015

Northeast Pennsylvania Retail

Sands Investment Group Completes $12.2 Million Sale of Carmike Cinemas to Agree Realty

by Jaime Lackey October 30, 2015

ALTOONA, PA. — Sands Investment Group (SIG) has arranged the $12.2 million sale of a single-tenant Carmike Cinemas in Altoona to Agree Realty Corp., a REIT primarily engaged in the acquisition and development of net-leased retail properties. Max Freedman and Chris Sands of SIG represented the developer, who worked strategically with the firm to sell the building prior to completion of development. The property was in escrow for nine months prior to closing with the sale set to close upon the cinema’s opening. The 120,000-square-foot, 12-screen Carmike theatre was a build-to-suit planned as part of the Convention Center Commons shopping center that will include a 99-room Holiday Inn Express, offices, restaurants and shops. The cinema, located at 234 Convention Center, will open in late 2015.

October 30, 2015

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