Northeast

Linchris Hotel Corp. Buys 107-Room Oceanfront Hotel in New Hampshire

by Amy Works July 8, 2016

HAMPTON BEACH, N.H. — Linchris Hotel Corp. has acquired Ashworth by the Sea, a 107-room oceanfront hotel located in Hampton Beach. XSS Hotels sold the property for an undisclosed price. The hotel features three food and beverage outlets, an indoor heated pool, fitness center, sundry shop, business center and more than 6,000 square feet of event space. Denny Meikleham and Alan Suzuki of HFF represented the seller. Greg LaBine of HFF arranged a seven-year, fixed-rate acquisition loan, provided by Middlesex Savings Bank, for the buyer.

July 8, 2016

Loans Multifamily New Jersey Northeast

Jonathan Rose Cos. Receives $20M in Refinancing for Apartment Building in New Jersey

by Amy Works July 8, 2016

NEWARK, N.J. — Jonathan Rose Cos. has received $20 million in refinancing for Court Tower Apartments, a senior HUD Section 236 property in Newark. The loan will allow the undisclosed borrower to enhance the asset through an $8 million capital improvement program, while preserving and expanding affordability for residents. Located at 1 Court St., the property features 221 residential units. Jonathan Rose Cos. acquired the property through its Rose New Jersey Green Affordable Housing Preservation Fund, a joint venture with Goldman Sachs Urban Investment Group, in 2013. The refinancing was arranged through Prudential, a Fannie Mae DUS lender.

July 8, 2016

Industrial New Jersey Northeast

Woodmont Industrial Partners Acquires 104,000 SF Warehouse in New Jersey

by Amy Works July 8, 2016

MOONACHIE, N.J. — Woodmont Industrial Partners has acquired an industrial building located at 77 Moonachie Ave. in Moonachie. The 104,000-square-foot property was acquired for an undisclosed price. The building features seven loading dock doors, a new roof, heavy power, ample parking and 14,000 square feet of mezzanine space. Thomas E. Tucci and Thomas Tucci of Cushman & Wakefield represented the undisclosed seller in the deal.

July 8, 2016

Multifamily New York Northeast

Cignature Realty Brokers $11.1M Sale of Apartment Building in Manhattan

by Amy Works July 8, 2016

NEW YORK CITY — Cignature Realty has arranged the sale of an apartment building located at 880 Saint Nicholas Ave. in the Hamilton Heights section of Manhattan. Shamah Properties acquired the 37-unit apartment building from 880 St. Nick LLC for $11.1 million. Peter Vanderpool and Lazer Sternhell of Cignature represented the buyer and the seller in the deal.

July 8, 2016

Multifamily New York Northeast

La Mesa Verde Apartments Acquires Six-Building Apartment Portfolio in Queens for $72M

by Amy Works July 7, 2016

NEW YORK CITY — La Mesa Verde Apartments LLC has acquired a six-building multifamily portfolio in the Jackson Heights section of Queens. BRG Queens LLC sold the portfolio for $72 million. Built in 1927, the buildings are located at 3419-34-47 90th St. and 3418-34-46 91st St. Totaling 191,808 square feet, the portfolio features 324 residential units. Aaron Jungreis of Rosewood Realty represented the buyer and seller in the deal.

July 7, 2016

Loans New York Northeast Office Retail

CIT Group Arranges $65M in Construction Financing for Retail/Office Building in SoHo

by Amy Works July 7, 2016

NEW YORK CITY — CIT Group Inc. served as sole lead arranger for a $65 million senior secured construction loan for MC 19 East Houston LLC, a joint venture between Madison Capital and Vornado Realty Trust. Proceeds of the loan will be used to finance the acquisition and construction of a six-story, 34,170-square-foot retail and office building located on the corner of Broadway and Houston Street in SoHo. The property will feature 11,419 square feet of retail space and 22,751 square feet of office space. Financing was provided by CIT Bank, the principal bank subsidiary of CIT. Additional terms of the transaction were not disclosed.

July 7, 2016

New Hampshire Northeast Retail

NG Hood Commons Sells 208,805 SF Grocery-Anchored Shopping Center in New Hampshire

by Amy Works July 7, 2016

DERRY, N.H. — NG Hood Commons LLC has completed the disposition of Hood Commons, a grocery-anchored shopping center located in Derry. An affiliate of New York-based Northeast Capital Group acquired the 208,805-square-foot property for an undisclosed price. Located at 55 Crystal Ave., the 23-acre property is 86 percent leased to tenants, including Shaw’s Supermarket, Big Lots, Tractor Supply Co., Planet Fitness and Sally Beauty. Jim Koury of HFF represented the seller in the transaction. Additionally, HFF assisted the buyer in securing a 70 percent loan-to-value, 10-year acquisition loan with a 3.79 percent fixed rate.

July 7, 2016

Hospitality Northeast Rhode Island

Sarchi Group Acquires 207-Room Hotel in Rhode Island

by Amy Works July 7, 2016

WARWICK, R.I. — Sarchi Group has acquired Sheraton Providence Airport Hotel, a full-service hotel adjacent to T.F. Green Providence Airport in Warwick. Located at 1850 Post Road, the 207-room hotel features concierge services, a fitness center, indoor pool, Sheraton Club Lounge, complimentary high-speed Internet access and BlueFire Grille. Denny Meikleham and Alan Suzuki of HFF represented the buyer and undisclosed seller in the deal.

July 7, 2016

New York Northeast Office

Tulfra Real Estate Signs ADT Security to 225,000 SF Lease Extension in New Jersey

by Amy Works July 7, 2016

TOTOWA, N.J. — Tulfra Real Estate has signed a 10-year lease extension with ADT Security Service for 225,000 square feet of space at 930 Riverview Drive in Totowa. ADT will continue to occupy suite 800 at Totowa Business Center through 2030. Originally constructed in 1962 and redeveloped in 1998, the property is situated on 17.4 acres and features more than 800 parking spaces. Tom Consiglio, Gregg Sabato and Scott Peck of Resource Realty represented the landlord, while Brian Godow of CBRE represented the tenant.

July 7, 2016

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Lehigh Valley’s Industrial Sector Sees Increasing Rents and Spec Construction

by Jaime Lackey July 7, 2016

With increasing rental rates, strong investor demand for core product and record levels of speculative construction, spirits are high in the Lehigh Valley with regard to industrial real estate opportunities. The record volume of product deliveries the past two years underscores the strong industrial demand in the Lehigh Valley. Vacancy has dropped from 15.9 percent in the first quarter of 2009 to a record-low 4.9 percent at the end of 2015, according to CoStar. The average net industrial rental rate jumped 11.1 percent during the past 18 months, an even more impressive figure when compared against the 10-year average of 1.65 percent rental rate growth in Lehigh Valley for modern distribution buildings. After many years of flat rental growth, year-end 2015 industrial leases were completed in the $4.75- to $4.95-per-square-foot range in the Allentown-Bethlehem-Easton, Pennsylvania MSA. In 2016, expect a modest increase in rental rates as the delivery of new construction across the northeastern Pennsylvania region will slow growth and push vacancy rates higher. Leasing activity has been broadly distributed along the regional I-78 and I-81/I-80 corridors. Within the valley, industrial growth has occurred primarily along the main interchanges of I-78, U.S. 22 and Route 33. In the past 12 …

July 7, 2016

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