Northeast

Bears-Eagles-Riverfront-Stadium-Newark-NJ

Lotus Equity Group to Acquire Bears & Eagles Stadium in Newark for $23.5M

by Amy Works March 22, 2016

NEWARK, N.J. — Lotus Equity has entered into an agreement to acquire Bears & Eagles Riverfront Stadium, located at 450 Broad St. in Newark. The City of Newark, Essex County and the Essex County Improvement Authority are selling with property for $23.5 million. The sale of the stadium and land to a private developer allows the city and county to increase taxable space and relieve the taxpayers of the stadium’s current $4 million annual debt-service obligation. Lotus is gathering urban planners, designers and engineers to assess the site, which offers 7.5 acres of developable land, to conceptualize and recommend a long-term solution for the site.

March 22, 2016

Massachusetts Mixed-Use Multifamily Northeast Office Retail

Joint Venture to Develop Mixed-Use Project in Boston’s South End

by Amy Works March 22, 2016

BOSTON — Leggat McCall Properties, along with its joint venture partner Multi-Employer Property Trust (MEPT), and development advisor Bozzuto Development Co. have filed an expanded Project Notification Form with the Boston Redevelopment Authority for 3.1 acres of land in Boston’s South End. The site was acquired from the Boston Medical Center in late 2014. Spanning the block between Harrison Avenue and Albany Street and East Dedham and East Canton streets, the Harrison Albany project will bring a mix of residential, retail, office and cultural space to the South End. The proposed two-building project will feature 710 apartments, 14,000 square feet of retail space, 40,000 square feet of office space and public open space, including a green promenade between the two residential buildings. Additionally, the existing parking lots will be removed and replaced with underground parking.

March 22, 2016

Loans Multifamily New York Northeast

Houlihan-Parnes Arranges $1.5M Acquisition Loan for Apartment Building in the Bronx

by Amy Works March 22, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has arranged $1.5 million in acquisition financing for the purchase of an apartment building located at 2075 Haviland Ave. in the Tremont section of the Bronx. The five-story walk-up building features 27 apartments and four retail units. The nine-year loan was provided by a local New York commercial bank. Jim Coleman of Houlihan-Parnes Realtors secured the financing. Anthony Simari of Smith, Buss & Jacobs represented the borrower in the financing transaction.

March 22, 2016

Massachusetts Northeast Pennsylvania Retail

Modell’s Sporting Goods Opens Two Locations in Boston and Philadelphia

by Amy Works March 22, 2016

BOSTON AND PHILADELPHIA — Modell’s Sporting Goods has opened locations in Boston and Philadelphia. Located at 480 Boylston St. in Boston’s Back Bay area and at 1608 Walnut St. in Philadelphia near Rittenhouse Square, the two 11,000-square-foot stores will be tailored to customers passionate about running, fitness and professional sports teams and will offer elite brands such as Brooks, Asics, The North Face, Nike, Under Armour and adidas.

March 22, 2016

New York Northeast Office

MEPT, Cove Property Group Acquire 476,000 SF Office Property in Manhattan

by Amy Works March 21, 2016

NEW YORK CITY — Multi-Employer Property Trust (MEPT), advised by Bentall Kennedy Limited Partnership, and Cove Property Group have acquired Two Rector Street, a 26-story office property located in Manhattan’s financial district. CIM Group and Kushner Companies sold the 476,000-square-foot property for an undisclosed price. The buyers plan to renovate and reposition the building as a Class A office property. Once renovated, the building is expected to cater to technology, advertising, media and information tenants as well as traditional finance, insurance and real estate tenants.

March 21, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Brokers $80M Sale of Development Site in Brooklyn

by Amy Works March 21, 2016

NEW YORK CITY — Tavros Development Partners, in partnership with Charney Construction & Development and 1 Oak Development, has acquired a development site located at 263-277 S. Fifth St. in Brooklyn’s Williamsburg neighborhood. The Dime Savings Bank of Williamsburgh sold the property for $80 million. The development offering consists of a combined four properties (263-277 S. 5th St., 262-272 S. 4th St. and 205 Havemeyer St.) and allows for a buildable envelope of approximately 230,000 square feet. The property’s zoning designation permits both mixed-use and commercial development. James Nelson, Brendan Maddigan and Matt Nickerson of Cushman & Wakefield represented the seller in the transaction.

March 21, 2016

Massachusetts Northeast Office

Joint Venture Acquires Two Office Buildings Totaling 332,194 SF in Suburban Boston

by Amy Works March 21, 2016

NEWTON, MASS. — A joint venture between Angelo Gordon & Co. and Jumbo Capital Management has acquired two office buildings, located at 7-57 and 75-85-95 Wells Ave. in Newton, a suburb eight miles west of Boston, for $62.3 million. The properties total 332,194 square feet. Coleman Benedict and Ben Sayles of HFF represented the undisclosed seller and buyer in the sale. Additionally, HFF worked on behalf of the new owner to secure a five-year, fixed-rate first mortgage financing for $47.1 million, which included funds for the acquisition and a facility for future tenanting and capital costs. Lauren O’Neil and Brett Paulsrud of HFF arranged the financing for the borrower, while Mike Terry and Jonpaul Sallese, also of HFF, represented East Boston Savings Bank in the mortgage transaction.

March 21, 2016

New Jersey Northeast Office

CBRE Brokers Sale of 204,495 SF Office/Life Science Building in New Jersey

by Amy Works March 21, 2016

ROCKLEIGH, N.J. — CBRE Group Inc. has arranged the sale of an office/life science building located at 8 King Road in Rockleigh. Marcus Partners, on behalf of its Marcus Capital Partners Fund I sold the property to Charter Realty Group for an undisclosed sum in a 1031 exchange. The 204,495-square-foot building is 100 percent net leased to Spectra Laboratories on a long-term basis and guaranteed by its parent company, Fresenius Medical Care Holdings Inc. The facility serves as Spectra’s mission critical testing facility for the eastern half of the United States. Jeffrey Dunne, Kevin Welsh, Brian Schulz, Lee Asher and Chris Bodnar of CBRE represented the seller and procured the buyer in the transaction.

March 21, 2016

Waterfront-Corporate-Center-III-Hoboken-NJ

New Jersey Northeast Office

Jet.com Doubles Headquarters to 80,000 SF in New Jersey

by Amy Works March 21, 2016

HOBOKEN, N.J. — Jet.com has agreed to expand its headquarters at Waterfront Corporate Center III in Hoboken. The e-commerce startup will commence its build out of the space that will double the size of its corporate office by an additional 40,000 square feet for a total of 80,000 square feet. SJP Properties in partnership with USAA Real Estate Co. developed the three-building, 1.5 million-square-foot mixed-use development. Launched in 2015, Jet.com is an e-commerce venture led by Marc Lore, former CEO and co-founder of Diapers.com and parent company Quidsi. Scott Peck and Brian Wilson of Resource Realty represented Jet.com, while Peter Bronsnick provided in-house representation for the landlord, SJP Properties, in the transaction.

March 21, 2016

Loans Multifamily New York Northeast Retail

Eastern Consolidated Arranges $83.8M in Financing for 65,700 SF Tribeca Development

by Amy Works March 18, 2016

NEW YORK CITY — Eastern Consolidated has arranged $83.8 million in total financing for Cape Advisors for the construction of a retail and residential condominium project in Tribeca. The financing package consists of a $19 million mezzanine loan from Terra Capital Partners behind a $64.8 million first mortgage from Bank of the Ozarks. Located at 30 Warren St., the 12-story, 65,700-square-foot property will feature 23 apartments in one-, two- and three-bedroom layouts, and 10,858 square feet of retail space. On-site residential amenities include a fitness center, attended lobby, children’s playroom and storage. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated represented the developer and borrower in the transaction.

March 18, 2016

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