Northeast

WinnDevelopment Begins $15.5M Adaptive Reuse to Convert Mill Building into Apartments

by Amy Works June 9, 2016

LOWELL, MASS. — WinnDevelopment has secured financing to transform the 170-year-old Adden Building, a historic mill in Lowell, into market-rate apartments. The $15.5 million adaptive reuse project will complete a three-building residential development effort for the 15-acre Hamilton Canal District. Construction of the 88,000-square-foot building is expected to start immediately, with completion slated for summer 2017. Designed by The Architectural Team, the project will feature 73 market-rate apartments and two units restricted to households with incomes at or below 60 percent of area median income. The unit mix will be 47 one-bedroom units, 11 one-bedroom units with dens and 17 two-bedroom apartments. The project is a joint venture between WinnDevelopment, Banc of America CDC and the Architectural Heritage Foundation. Dellbrook Construction is serving as general contractor for the project, which is situated between the 52-unit Counting House Lofts and the 173-unit Loft Two Seven.

June 9, 2016

New York Northeast Retail

Joint Venture Completes $45M Sale of 84,000 SF Movie Theater Complex in Queens

by Amy Works June 9, 2016

NEW YORK CITY — A joint venture between Forest City Realty Trust and Madison International Realty has completed the sale of Steinway Street Theaters, known locally as UA Kaufman Astoria Cinemas in Astoria, Queens. An affiliate of Kaufman Astoria Studios acquired the property from the joint venture for $45 million. The 84,000-square-foot movie theater complex opened in 1999.

June 9, 2016

Industrial New Jersey Northeast

Tulfra Real Estate, Hampshire Cos. Sell 181,000 SF Industrial Facility in New Jersey for $17.5M

by Amy Works June 9, 2016

PARSIPPANY, N.J. — Tulfra Real Estate, along with its partner The Hampshire Cos., has completed the sale of an industrial facility located at 2 Cranberry Road in Parsippany. An undisclosed buyer acquired the 181,000-square-foot property for $17.5 million. The property recently underwent a $2.1 million renovation, including upgrades to the façade, parking lot resurfacing, addition of loading docks and building system improvements. The property is currently occupied by a variety of warehousing, R&D and production tenants, including Aphena Pharma Solutions, Applechem Inc. and IWK Packaging Systems. Jeffrey Dunne, Kevin Welsh, Brian Schultz and Steve Sander of CBRE represented the seller. Additionally, Igor Derbaremdiker provided in-house representation for The Hampshire Cos.

June 9, 2016

Northeast Office Pennsylvania

City Center Investment Corp. Buys 250,000 SF Building in Pennsylvania for $8.5M

by Amy Works June 9, 2016

ALLENTOWN, PA. — City Center Investment Corp. has purchased a 250,000-square-foot office building, located at Sixth and Linden streets in downtown Allentown, for $8.5 million. Approximately half of the building is long-term leased to The Morning Call, which uses the property as office space and to print the daily paper. The buyer plans to lease out the building’s vacant space. The acquisition also includes a nearby parking deck. City Center Investment Corp. purchased the property from Tribune Media using financing through Peoples Security Bank & Trust Co.

June 9, 2016

Loans Multifamily New York Northeast Seniors Housing

NorthMarq Arranges $5M Refinancing for Seniors Housing Property in New York

by Amy Works June 9, 2016

MOUNT VERNON, N.Y. — NorthMarq Capital has arranged the $5 million refinancing of Lohman Village, a seniors housing property located at 1 Wartburg Place in Mount Vernon. The loan features a 5-year term and 30-year amortization schedule. The 31-unit property is part of a large seniors housing campus in Mount Vernon known as Wartburg that offers a full spectrum of senior living options. Robert Ranieri of NorthMarq arranged the financing through NorthMarq’s relationship with an undisclosed regional bank.

June 9, 2016

Connecticut Massachusetts Northeast Retail

Phillips Edison Grocery Center REIT II Acquires Retail Properties in Massachusetts, Connecticut

by Amy Works June 8, 2016

RAYNHAM, MASS., AND MONTVILLE, CONN. — Phillips Edison Grocery Center REIT II has acquired two grocery-anchored shopping centers in Massachusetts and Connecticut. The REIT purchased Shaw’s Plaza, a 175,842-square-foot retail center in Raynham, a suburb 30 miles south of Boston. The property is occupied by national and regional tenants, including Jo-Ann Fabrics, Marshalls, CVS/pharmacy, Sovereign Bank, Dress Barn, Gamestop, Panera Bread, Bank of America, PetSmart, SuperCuts, GNC, Spring and Cardi’s Furniture. The acquisition adds the first Shaw’s grocery-anchored shopping center to the company’s portfolio. Additionally, the REIT acquired Montville Commons, a 117,916-square-foot shopping center in Montville. The property is occupied by Stop & Shop, Anytime Fitness, Subway, Sweet Frog, Sleep’s, Hair Cuttery, Gamestop, GNC, Chili’s Bar & Grill and AT&T. Terms of the sales, including the sellers’ names and acquisition prices, were not released.

June 8, 2016

New Jersey Northeast Office

Bergman Real Estate Group Buys 120,000 SF Office Building in New Jersey

by Amy Works June 8, 2016

LYNDHURST, N.J. — Bergman Real Estate Group has acquired 1099 Wall Street West, an office building located in Lyndhurst’s Meadowlands submarket. A private equity fund sold the property for an undisclosed price. Situated on 7.5 acres, the three-story building comprises 120,000 square feet of office space. At the time of sale, the property was 50 percent leased to more than 30 companies. M&T Bank provided a flexible acquisition loan for the purchase. Rick Steel and Mark Zurlini with M&T Bank arranged the loan. Patrick Arangio and Christopher McGlone of CBRE’s National Loan & Portfolio Advisory Group, in collaboration with Jeffrey Dunne, Kevin Welsh and Brian Schultz of CBRE Institutional Properties, represented the seller in the deal.

June 8, 2016

Delaware Industrial New York Northeast

GTJ REIT Purchases Two Industrial Properties in New York City, Delaware

by Amy Works June 8, 2016

NEW YORK CITY, AND NEWARK, DEL. — GTJ REIT Inc. has acquired two industrial properties in two separate transactions. In the first transaction, the REIT purchased a 58,000-square-foot warehouse/garage situated on 1.2 acres in Brooklyn’s East New York neighborhood. The property is currently leased to The City of New York for the Department of Sanitation through 2025. In the second deal, GTJ REIT acquired a 208,000-square-foot warehouse distribution facility situated on 12.4 acres in Newark. Built in 1999, the property is fully leased to Valassis Communications Inc. through 2025. The tenant uses the property to sort and distribute print ad materials from Maine to Northern Virginia on behalf of its customers. Terms of the transactions, including the sellers’ names and acquisition prices, were not released. With these two acquisitions, GTJ now owns 47 properties, consisting of close to 5.5 million square feet on approximately 350 acres of land.

June 8, 2016

Northeast Pennsylvania Retail

PH Retail Acquires Controlling Interest in Two Properties in Center City Philadelphia

by Amy Works June 8, 2016

PHILADELPHIA — PH Retail, an affiliate of Post Brothers, has acquired a controlling interest of two properties located at 1501-1505 Walnut St. and 1520-1522 Chestnut St. in Philadelphia’s Center City. The total project is valued at more than $50 million and adds 70,000 square feet of prime commercial space to PH Retail’s portfolio. Totaling 30,000 square feet of retail/restaurant space, 1501-1505 Walnut St. is occupied by AT&T Mobility’s flagship location and Club Monaco and has one 2,848-square-foot unit of space available. 1520-1522 Chestnut features 27,000 square feet of above-grade space and 13,000 square feet of below grade space. James Galbally of JLL represented the seller, PREIT, in the transaction.

June 8, 2016

New York Northeast Office

1776 Expands to New York City with Campus at Brooklyn Navy Yard

by Amy Works June 8, 2016

NEW YORK CITY — 1776, a public benefit corporation that scouts and funds high-growth startups, plans to open its first New York City campus on the top floor of Building 77 at Brooklyn Navy Yard. The company will become the anchor tenant of the 1 million-square-foot building that is currently undergoing a $185 million renovation. Slated to open in 2017, Building 77 will feature a 60,000-square-foot food manufacturing hub on the ground floor. Additionally, the project will support 3,000 new jobs. 1776 New York City will convene institutions, policymakers and startups to revitalize critical industries like education, energy, food, health, smart cities, transportation and financial services.

June 8, 2016

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