Northeast

Riverside Developers to Open The William Vale Hotel in Brooklyn

by Amy Works April 28, 2016

NEW YORK CITY — Riverside Developers is constructing The William Vale, a 21-story boutique hotel in Brooklyn’s Williamsburg neighborhood. Slated to open in late June, the hotel will feature 183 rooms with floor-to-ceiling windows, complimentary WiFi, smart television systems and turndown service. Additional hotel features include a 60-foot pool and deck, rooftop lounge, 24-hour fitness center, a ballroom and meeting rooms, as well as food and beverage options led by NoHo Hospitality Group and Chef Andrew Carmellini. Albo Liberis designed the hotel, which is located on Wythe Avenue between 12th and 13th streets.

April 28, 2016

New York Northeast Office Retail

Avison Young Negotiates $21M Sale of Office/Retail Building in Manhattan

by Amy Works April 28, 2016

NEW YORK CITY — Avison Young has arranged the sale of an office and retail building located at 310 Lenox Ave. in Manhattan’s Central Harlem section. A group of New York-based real estate investors acquired the property for $21 million. Built in 1940 and improved in 2006, the three-story building consists of approximately 24,659 gross square feet of above-grade space and a full basement of approximately 8,493 square feet. Additionally, the property has approximately 9,313 square feet of additional zoning floor area that is expected to be accessed by the new ownership entity. The property’s best-known tenant is Red Rooster, a restaurant led by chef Marcus Samuelsson. Neil Helman, Charles Kingsley, Jon Epstein and Vincent Carrega of Avison Young represented the seller, National Basketball Players Association, in the transaction.

April 28, 2016

Delaware Industrial Northeast Office

NAI Emory Hill Brokers Sale of White Clay Corporate Center in Delaware

by Amy Works April 28, 2016

NEWARK, DEL. — The Emory Hill Companies has completed the second phase of the sale of White Clay Corporate Center, an office and industrial complex in Newark. Shelbourne Global Solutions LLC purchased four of the seven buildings at the complex in 2015, and recently purchased the remaining three buildings to complete the acquisition for an undisclosed sum. The campus totals 493,581 square feet. Neil Killian of NAI Emory Hill represented the undisclosed seller in the transaction. NAI Emory Hill manages the property.

April 28, 2016

New York Northeast Retail

Flexible Format Target Joins Shopping Center on Long Island

by Amy Works April 28, 2016

ELMONT, N.Y. — Target is opening a flexible format store as an anchor tenant at the Home Depot shopping center located at 600 Hempstead Turnpike in Elmont. The 24,500-square-foot store is slated to open late this fall or early spring 2017 in a space formerly occupied by OfficeMax. The new format stores vary in size and assortment, allowing for smaller footprints and locally relevant experiences for shoppers. Jeffrey Howard of Ripco Realty represented the tenant, while Randall Briskin provided in-house representation for the landlord, The Feil Organization.

April 28, 2016

Northeast Office Pennsylvania

NGKF Capital Markets Brokers $41.2M Sale of Office Building in Philadelphia

by Amy Works April 27, 2016

PHILADELPHIA — NGKF Capital Markets has arranged the sale of 2.0 University Place, a multi-tenant office building located at 30 N. 41st St. in Philadelphia. 2.0 University Place Associates sold the 100,000-square-foot property to a member company of Zurich North America for $41.2 million, or $420 per square foot. The building is the first double-platinum, multi-tenant office property in the United States, with both LEED Platinum Core & Shell v2.0 and commercial interior – LEED v2009 Platinum certifications. Dave Dolan and Brett Segal of NGKF Capital Markets represented the seller, while Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management advised the buyer in the transaction.

April 27, 2016

Massachusetts Northeast Office

Berkeley Investments Acquires 314,176 SF Office Building in Massachusetts for $21.8M

by Amy Works April 27, 2016

MALDEN, MASS. — Berkeley Investments Inc. has acquired an office building located at 200 Exchange St. in Malden. An affiliate of KBS Real Estate Investment Trust Inc. sold the 314,176-square-foot property for $21.8 million. The buyer plans to reposition the property into a mixed-used asset with street-level retail, a state-of-the-art data center and approximately 200,000 square feet of creative office space. Coleman Benedict, Chris Phaneuf, Ben Sayles and Mark Campbell of HFF represented the seller, while Gramercy Property Trust, as asset manager, advised the seller on the transaction.

April 27, 2016

Industrial Northeast Pennsylvania

Woodmont Industrial Sells 385,000 SF Distribution Center in Lehigh Valley

by Amy Works April 27, 2016

KUTZTOWN, PA. — Woodmont Industrial Partners (WIP) has completed the sale of an industrial property located at 9747 Commerce Circle in Kutztown. The 385,000-square-foot property sold for an undisclosed price. Built in 2007, the property features an ESFR sprinkler system, T5 lighting, 32-foot ceiling heights, 50-foot by 50-foot column spacing, 20 loading docks and 10 additional knock-out dock door panels. Hearth & Home, a producer and installer of hearth product, leases 173,701 square feet of the property. Michael Hines, Brian Fiumara and Brad Ruppel of CBRE represented WIP in the transaction. WIP acquired the property in 2012 in a joint venture with AEW Capital Management.

April 27, 2016

Loans Northeast Pennsylvania Retail

Deerwood Closes $15.5M Loan on Pennsylvania Mall Redevelopment

by Amy Works April 27, 2016

POTTSTOWN, PA. — Deerwood Real Estate Capital has closed a $15.5 million loan to finance the acquisition and redevelopment of an enclosed mall in Pottstown. The property features 700,000 square feet of retail space. The loan, provided by a balance sheet lender, was structured with a construction facility to accommodate upgrades and repositioning. Abe Katz and Aaron Rosenfeld of Deerwood negotiated the financing for the undisclosed borrower.

April 27, 2016

Massachusetts Northeast Retail

The Stubblebine Company Brokers $1M Sale of Health Club Facility in Massachusetts

by Amy Works April 27, 2016

BURLINGTON, MASS. — The Stubblebine Company/CORFAC International has arranged the sale of a health club facility at 12 A St. in Burlington. Academy of Creative Arts acquired the property from Burlington Recreation Group for $1 million. The buyer, which is currently located at 217 Middlesex Turnpike, plans to relocate to the facility. Built in 1977, the 17,500-square-foot facility has been the site of several health clubs, including Gold’s Gym, Mad Maggie’s and Empire Fitness. David Stubblebine, James Stubblebine and Alan Ringuette of The Stubblebine Company procured the buyer and represented the seller.

April 27, 2016

Loans Multifamily New York Northeast

Capital One Provides $110M Loan to Refinance 1,416-Unit Apartment Complex in the Bronx

by Amy Works April 26, 2016

NEW YORK CITY — Capital One has provided a $110 million loan to refinance Eastchester Heights Apartments, a 118-building apartment complex in the Bronx. The floating-rate, interest-only loan has an initial term of 30 months, with an option to extend in six month increments for an additional 30 months. The borrower is owned by entities controlled by Taconic Investment Partners and Clarion Partners. Featuring four- and six-story apartment buildings, the apartment complex offers a total of 1,416 residential units. After acquiring the complex in 2007, Taconic renovated nearly half of the apartments, completed installation of apartment electric meters, converted boiler to natural gas and replaced stairwells in many common hallways, as well as concluded a two-year, 200,000-square-foot roof and parapet replacement project. Evan Pariser of HFF arranged the financing for the borrower.

April 26, 2016

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