Northeast

The-Equinox-Golf-Spa-Manchester-Village-VT

Carey Watermark Investors Inc. Acquires The Equinox Golf Resort & Spa in Vermont

by Amy Works March 9, 2016

MANCHESTER VILLAGE, VT. — Carey Watermark Investors Inc. has acquired The Equinox Golf Resort & Spa in Manchester Village from HEI Hotels & Resorts for an undisclosed price. Situated on 1,300 acres between the Green and Taconic Mountains, the resort offers 195 guestrooms, 18,500 square feet of flexible meeting and event space, an 18-hole championship golf course, a 13,000-square-foot spa and five food and beverage outlets, as well as a variety of guest amenities and experiences. The hotel, which is part of Starwood’s The Luxury Collection, will be managed by HEI Hotels & Resorts. JLL’s Hotels & Hospitality Group brokered the sale.

March 9, 2016

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Industrial Demand and Development in the Philadelphia region

by Jaime Lackey March 9, 2016

Metro Philadelphia’s industrial market saw strong demand, developer confidence and declining vacancy rates in 2015. Asking rents averaged $4.43 per square foot for the region, a 4 percent increase from 2014. The overall vacancy has decreased to 7.7 percent as demand kept pace with 5.7 million square feet of completed spec development. The only submarket that is posting greater than 10 percent vacancy is New Castle County, Delaware; however, New Castle’s vacancy rate was trending downward at the end of 2015. We continue to see healthy demand for industrial space in 2016. There could be some impact from global uncertainties, but these will be offset by continued on-shoring of manufacturing requirements and last-mile delivery expansion. Companies seeking between 25,000 to 80,000 square feet have seen limited availability in most submarkets, particularly for purchase. Due to strong demand and reduced availability for modern, net-leased, single-tenant buildings, some investors must consider lesser-quality assets and/or secondary locations. Sale prices and rents have increased. It is not unusual for modern bulk facilities with long-term leases in place to trade in the $90-per-square-foot range. In one recent deal, a private investor paid more than $78 per square foot for the leaseback transaction of an 85-year-old …

March 9, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Madison Realty Capital, USAA Real Estate Co. Acquire Mixed-Use Property in Manhattan

by Amy Works March 8, 2016

NEW YORK CITY — Madison Realty Capital has partnered with USAA Real Estate Co. to acquired The Buchanan, a mixed-use property located at 160 E. 48th St. in midtown Manhattan. According to the Wall Street Journal, the partnership purchased the 16-story, 300,000-square-foot property for $270 million. Comprising five interconnected mid-rise towers surrounding a garden courtyard, the property features 289 apartments and 16,000 square feet of retail and office space. Additionally, the asset offers nearly 140,000 square feet of excess air rights. The partnership plans to initiate a comprehensive capital improvement program to renovate and reconfigure the existing residential units, enhance operating efficiencies and create a high-end amenity package. The residential unit mix includes oversized studios, one-bedroom, two-bedroom and three-bedroom apartments on the second floor through the sixteenth floor, with penthouse units offering private outdoor terraces. The ground-level retail and office space is currently 100 percent occupied. The name of the seller was not released.

March 8, 2016

New York Northeast Office Retail

Mission Capital Secures $45M Loan for Savanna’s Acquisition of Manhattan Commercial Property

by Amy Works March 8, 2016

NEW YORK CITY — Mission Capital has secured $45 million in financing for the acquisition of a commercial property located at 1825 Park Ave. in Manhattan’s Harlem. Savanna acquired the 135,000-square-foot property for $48 million. At the time of sale, the 12-story building was 55 percent occupied by a mix of retail and office tenants, including JP Morgan Chase and Popeye’s. Jonathan More, Ari Hirt and Jamie Matheny of Mission Capital arranged the financing for the acquisition. The name of the seller was not released.

March 8, 2016

New Jersey Northeast Retail

Clarion Partners Acquires 350,000 SF Shopping Center in Northern New Jersey

by Amy Works March 8, 2016

WEST ORANGE, N.J. — Clarion Partners has purchased Essex Green, a community shopping center located 495 Prospect Ave. in West Orange, for an undisclosed price. Situated on 33 acres, the 350,000-square-foot shopping center was 96 percent occupied at the time of closing. Tenants includes ShopRite, Macy’s Backstage, a nine-screen AMC Theatre with dine-in service, Total Wine & More, Sears Appliance/Outlet, Petco, TGI Fridays, Panera Bread, GameStop and GNC. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Andrew Scandalios and Chris Munley of HFF represented the seller, a global investment manager, in the transaction.

March 8, 2016

Healthcare New York Northeast

RD Management to Redevelop Retail Property into Regional Health, Wellness Center in New York

by Amy Works March 8, 2016

LATHAM, N.Y. — RD Management LLC, a real estate development and management organization, is redeveloping an existing retail property into a health and wellness plaza in Latham. Situated on New York State Route 2, the site, a former Kmart shopping center, spans 118,863 square feet. Located at 195 Troy Schenedtady Road and Swatling Road, the new health and wellness center will offer alternative and holistic healthcare services, close to Albany Medical School and Albany Pharmacy School, in addition to an existing 22,058-square-foot health and fitness training facility. RD Management owns 42 properties throughout New York and has more than 200 properties in its national portfolio.

March 8, 2016

Mixed-Use Multifamily New Jersey Northeast Office Retail

Redwood Realty Negotiates $5.4M Sale of Mixed-Use Property in New Jersey

by Amy Works March 8, 2016

HASBROUCK HEIGHTS, N.J. — Redwood Realty Advisors has brokered the sale of a mixed-use property located at 192 Boulevard in Hasbrouck Heights. An undisclosed buyer acquired the asset for $5.4 million in a 1031 exchange. The property features 32 apartments and 10 commercial spaces. Thomas McConnell, Kevin McCrann, Steven Matovski and Saul Ramirez brokered the transaction. The name of the seller was not released.

March 8, 2016

Multifamily New York Northeast

Hodges Ward Elliott Brokers $140M Bronx Multifamily Portfolio Sale

by Amy Works March 7, 2016

NEW YORK CITY — Hodges Ward Elliott has brokered the sale of a 38-building multifamily portfolio in the Bronx. Harbor Group International in partnership with Emerald Equities and York Capital acquired the 1,000-unit asset for $140 million. The portfolio is comprised of several clusters of walk-up, mixed-use buildings spread throughout Bronx neighborhoods, including Mott Haven, Hunts Point, Lower Concourse, Little Italy, Belmont, Fordham and Bedford Park. The acquisition is Harbor Group’s first multifamily purchase in the Bronx market, a significant addition to the company’s $3.5 billion real estate portfolio of multifamily, office, hotel and retail properties. Daniel Parker, Will Silverman and Paul Gillen of Hodges Ward Elliott represented the undisclosed seller in the transaction.

March 7, 2016

Multifamily New York Northeast

Joint Venture Acquires 145,000 SF Building in Manhattan for Condo Conversion

by Amy Works March 7, 2016

NEW YORK CITY — Slate Property Group, Adam America Real Estate and Vanke Holdings USA LLC have acquired a former grammar school building located at 45 Rivington St. in Manhattan for $116 million. The buyers plan to convert the existing six-story, 145,000-square-foot building into a luxury residential development. Originally designed in 1898, the Romanesque Revival-style building features 12-foot ceilings and a penthouse floor offering views of Midtown and downtown Manhattan.

March 7, 2016

Loans Northeast Office Pennsylvania

PCCP Provides $43.4M Loan to Refinance 253,985 SF Office Building in Suburban Philadelphia

by Amy Works March 7, 2016

WEST CONSHOHOCKEN, PA. — PCCP has provided a $43.4 million senior loan to Arden Group for the refinancing of an office building located at 100 and 200 Four Falls Corporate Center in West Conshohocken, a suburb of Philadelphia. Arden Group acquired the 253,985-square-foot asset in late 2013 and has since invested $2.5 million in renovations, including upgrades to the lobby, corridors and terraces, as well as a new conference center and other projects. The office building features two distinct six-story wings linked by a recently renovated six-story atrium lobby. Additionally, the building features 22,000-square-foot floor plates, a third-party managed conference facility, a full-service café, a substantial lobby and a multi-level subterranean parking garage. The building is currently 69 percent occupied by 27 tenants.

March 7, 2016

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