Northeast

Calare Properties Acquires 119,000 SF Warehouse/Retail Building in Massachusetts

by Amy Works May 4, 2016

STOUGHTON, MASS. — Calare Properties has acquired a warehouse and retail building located at 301 Page St. in Stoughton. The 119,000-square-foot property was purchased for an undisclosed sum. The Class A property is currently fully occupied by Boston Interiors. Built in 2004, the property features 10,000 square feet of office space; 9,000 square feet of showroom space; and 100,000 square feet of high-bay warehouse space. Situated on 17.1 acres, the facility also features 36-foot clear ceiling heights, 16 dock-high doors, two trash dock doors and 113 surface level parking spaces. The name of the seller was not released.

May 4, 2016

Loans New York Northeast Office

Houlihan-Parnes Arranges $30M Loan for 220,000 SF Office Condo in the Bronx

by Amy Works May 4, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has placed a $30 million first mortgage on a 220,000-square-foot office condominium at 1775 Grand Concourse in the Bronx. The seven-year, non-recourse loan features a fixed rate with interest-only payments for two years and an option to extend. The mortgage covers a commercial condominium interest in the 300,000-square-foot building that shares ownership with Verizon, which owns the first two floors of the building. Current tenants of the property include Con Edison, Special Citizens Futures Unlimited, Inovalon SME Inc., Safe Horizon, The Bronx Lebanon Hospital Center, Public Health Solutions and Abbott House. Bryan Houlihan and James J. Houlihan of Houlihan-Parnes represented the undisclosed borrower in the transaction.

May 4, 2016

Northeast Office Pennsylvania

Bennett Williams Commercial Brokers $13.1M Sale of Office Park in Pennsylvania

by Amy Works May 4, 2016

LANCASTER CITY, PA. — Bennett Williams Commercial has arranged the sale of an office park located at 1300 Marshall Ave. in Lancaster City. Brook Farms Development acquired the 60,000-square-foot property from Stockyards Development for $13.1 million. Jeff Herr of Bennett Williams Commercial represented the buyer and seller.

May 4, 2016

Industrial Market Reports New Jersey Northeast Northeast Market Reports

E-Commerce, Traditional Sectors Create Momentum for N.J. Industrial Market

by Jaime Lackey May 4, 2016

The continued emergence of the e-commerce sector, and continued healthy deal volume among New Jersey’s “traditional” industrial tenants are generating significant momentum for the state’s industrial market. This includes the food, retail and consumer products industries. Strengthening fundamentals have reinforced this theme consistently over the past 24 months, or longer. During 2015, robust demand for modern warehouse space fueled the markets along the New Jersey Turnpike, pushing the state’s warehouse and distribution vacancy to a 15-year low (6.4 percent). This marks a significant five-year drop from a peak of 11.2 percent at the close of 2010. Additionally, the state’s industrial net absorption reached an all-time annual high (12.5 million square feet). Of this, 84 percent occurred within warehouse/distribution product. Big-box demand continues unabated. Currently, we are tracking multiple 1 million-square-foot requirements — the most we’ve seen in many years. Additionally, and importantly, the heightened focus on last-mile delivery is drawing tenants to small and mid-size infill sites. These range from close-in locations providing immediate access to New York City and Philadelphia, to densely populated hubs all along the New Jersey Turnpike. As vacancy rates approach all-time lows and available inventory tightens, an increasing number of deals involve Class B assets. …

May 4, 2016

New Jersey Northeast Office

Mack-Cali to Acquire Two Office Buildings in New Jersey Totaling $317M

by Amy Works May 3, 2016

HOBOKEN AND EDISON, N.J. — Mack-Cali is under contract to acquire two office buildings in New Jersey for a total purchase price of $317 million in separate transactions. In the first deal, Mack-Cali will acquire a 566,215-square-foot office building located at 111 River St. in Hoboken from Equity Commonwealth. The asset is being sold for $235 million and the transaction is slated to close in June. In the second deal, the company is purchasing a 10-story office building located at 101 Wood Ave. South in Metropark in Edison. Expected to close in May, the asset will be acquired for $82.3 million.

May 3, 2016

Industrial Northeast Pennsylvania

Endurance Real Estate Group Sells 785,400 SF Distribution Facility in Pennsylvania for $60M

by Amy Works May 3, 2016

YORK, PA. — A joint venture between an affiliate of Endurance Realty Estate Group and a commingled fund managed by American Realty Advisors has completed the disposition of a bulk distribution facility located at 325 S. Salem Church Road in York. An undisclosed buyer acquired the 785,400-square-foot property for $60 million, or $76.39 per square foot. The property is currently fully leased to Target Corp. and is utilized as the company’s Northeast distribution center for its e-commerce platform. Michael Hines, Brian Fiumara and Brad Ruppel of CBRE National Partners represented the seller in the deal.

May 3, 2016

Northeast Office Pennsylvania

Broadstone Net Lease Acquires Two Office Properties in Pennsylvania for $54.6M

by Amy Works May 3, 2016

HARRISBURG AND HARLEYSVILLE, PA. — Broadstone Net Lease (BNL) has acquired two office buildings tenanted by Nationwide Mutual Insurance Co. via a sale-leaseback transaction for a combined purchase price of $54.6 million. Located in Harrisburg and Harleysville and totaling 385,000 square feet, the mission-critical properties are tenanted under one master lease for an initial term of 12 years. Steve Marzullo, Justin Marlowe, Adam Silverman, Doug Jackson, Jeremy Shyk and Michael Curran of CBRE represented the seller, Nationwide, while Tones Vaisey PLLC represented BNL.

May 3, 2016

Connecticut Industrial Northeast

Colliers Arranges Sale of Industrial Building in Connecticut for $8.3M

by Amy Works May 3, 2016

GREENWICH, CONN. — Colliers International has arranged the sale of a historical industrial building located at 330 Railroad Ave. in Greenwich. 330 Railroad Avenue LLC, a partnership between Rich Granoff and Jeff Mendell, acquired the property for $8.3 million. The buyer is planning a complete renovation and repositioning of the building by converting the Depression Era-built industrial asset into a boutique high-end office building with approximately 30,000 square feet of office space. Granoff Architects will be the anchor tenant of the renovated property. Jeff Williams, Enzennio Mallozzi and Hollis Pugh of Colliers represented the buyer and undisclosed seller in the deal.

May 3, 2016

Industrial New Jersey Northeast

The Stro Companies Acquires Three-Building Industrial Portfolio in New Jersey for $7M

by Amy Works May 3, 2016

TETERBORO AND NORTHVALE, N.J. — The Stro Companies has acquired a three-building industrial portfolio totaling 95,000 square feet for $7 million. The portfolio includes a three-unit, 27,000-square-foot flex industrial property located at 370 North St. in Teterboro; a three-unit, 50,000-square-foot flex industrial property located at 235 Pegasus Ave. in Northvale; and a single-tenanted, 18,000-square-foot industrial building located at 245 Pegasus Ave. in Northvale. The Teterboro property is fully occupied and 235 Pegasus Avenue is 80 percent occupied, with the majority of the building being leased to Deluxe Media. Lori Zuck and Alex Previdi of Transwestern brokered the transaction. The name of the seller was not disclosed.

May 3, 2016

Industrial Massachusetts Northeast

The Hampshire Companies Sells 248,500 SF Industrial Facility in Massachusetts

by Amy Works May 2, 2016

NORTH ANDOVER, MASS. — The Hampshire Companies has completed the sale of an industrial building located at 351 Holt Road in North Andover. Atlantic Management Corp. acquired the 248,500-square-foot property for an undisclosed price. At the time of sale, the property was fully leased by, but no longer occupied by, Solo Cup Co. Situated on 27.7 acres, the facility features 26-foot ceiling heights, eight tailboard doors, three drive-in doors, two rail-car doors, 150 automobile parking spaces, 30 trailer parking spaces and 9,000 square feet of office space. Mark Reardon, Bruce Lusa and David Corkey of CBRE represented the seller in the transaction.

May 2, 2016

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