Northeast

Advance Realty, Invesco Real Estate Acquire 244,000 SF Retail Portfolio in New Jersey

by Amy Works December 23, 2015

PARAMUS, N.J. — A partnership between Advance Realty and Invesco Real Estate has acquired a four-property, 244,000-square-foot retail portfolio located on Route 17 in Paramus for an undisclosed price. Three of the buildings are situated at 289-315 Route 17 South, while the fourth property is located at 60 Route 17 North. The assets on Route 17 South feature two standalone buildings that are occupied by PGA Tour Superstore and P.C. Richard & Son, while the third property is an older 72,184-square-foot office building that the buyer plans to redevelop. The 60 Route 17 North property is a 74,900-square-foot power center featuring a variety of tenants, including DSW Designer Shoe Warehouse, PetSmart and a 25,000-square-foot Staples store that will be re-tenanted. Christopher Bellapianta of Advance Realty led the joint venture partnership in the acquisition. The name of the seller was not released.

December 23, 2015

Massachusetts Northeast Pennsylvania Retail

Modell’s Sporting Goods Acquires Three New Locations from City Sports

by Amy Works December 23, 2015

PHILADELPHIA, BOSTON AND WASHINGTON, D.C. — Modell’s Sporting Goods has acquired three new locations in major cities on the East Coast. The company has acquired 1608 Walnut St. in Philadelphia, 480 Boylston St. in Boston and 715 Seventh St. NW in Washington, D.C., from City Sports for an undisclosed price. Modell’s Sporting Goods will transition the three locations, ranging from 7,500 square feet to 9,000 square feet, from City Sports retailers in early 2016. The acquisition of these locations brings Modell’s total store count to 160 locations in 10 states.

December 23, 2015

New Jersey Northeast Office

VREP, Rubenstein Partners Ahead of Schedule on MetLife Headquarters in New Jersey

by Amy Works December 23, 2015

HANOVER, N.J. — Vision Real Estate Partners (VREP) and Rubenstein Partners are ahead of schedule and on budget for the construction of the MetLife Investments Global Headquarters at 67 Whippany Road in Hanover. The 185,000-square-foot, build-to-suit facility is situated adjacent to Bayer Healthcare’s East Coast headquarters. Designed to achieve LEED certification, the facility features an open floor plan with collaborative workspaces, breakout rooms, conference facilities, food court with indoor and outdoor seating, café, fitness center and ample parking. VREP and Rubenstein purchased the site, a former Alcatel-Lucent Campus, in 2010. The MetLife building anchors the redevelopment’s 100-acre South Campus component, with remaining 94 acres housing the 675,000-square-foot Bayer Healthcare facility.

December 23, 2015

Mixed-Use New York Northeast Office Retail

Leasing at One World Trade Center Reaches 2 Million Square Feet

by Amy Works December 23, 2015

NEW YORK CITY — The Port Authority of New York and New Jersey and The Durst Organization have announced that One World Trade Center is ending the year by reaching a major milestone of leasing 2 million square feet of Class A office space. The 1,776-foot tall tower reached this milestone with the signing of two new leases for pre-built space on the property’s 84th floor: a 12,000-square-foot transaction with SHVO, an international developer of luxury residential, hospitality and mixed-use projects; and a 10,000-square-foot lease with Juno Lab, a sharing economy venture. One World Trade Center now includes a roster of 24 tenants in a variety of business sectors, including media, technology, financial services and advertising. The landlord, The Durst Organization, was represented in-house by Karen Kuznick, along with Tara Stacom, Justin Royce, Barry Zeller, Connor Daugstrup and Peter Trivelas of Cushman & Wakefield. Elliott Warren of the Kaufman Organization represented Juno Lab in the transaction, while SHVO was represented in-house.

December 23, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

Equicap Secures $5M Loan for Mixed-Use Property in Chinatown

by Amy Works December 23, 2015

NEW YORK CITY — Equicap has arranged $5 million in permanent financing for a mixed-use property located in the Chinatown section of New York City. The 20-unit property features four retail units and 16 apartments. The borrower, a large not-for-profit, plans to renovate and re-tenant the retail portion of the property. Daniel Hilpert of Equicap negotiated the five-year loan at a 3.25 percent interest rate.

December 23, 2015

Market Reports Massachusetts Northeast Northeast Market Reports Office

Construction Completions Drive Boston Office Boom

by Jaime Lackey December 23, 2015

In what was the most dynamic quarter since the dot-com boom in 2000, tenants in Greater Boston absorbed 2 million square feet of office space in the second quarter of 2015. The activity was driven by a number of high-profile construction completions throughout both the urban and suburban areas of the market. The Boston CBD experienced its ninth straight strong quarter with 861,000 square feet absorbed. Notably the activity occurred mostly outside of the boundaries of the “Big 3” Boston submarkets of Back Bay, Seaport District and Financial District (though the latter did absorb 290,000 square feet in its own right). North Station saw a major bump in occupancy with the completion of Converse’s 230,000-square-foot headquarters, causing the submarket’s largest quarterly absorption number on record. Move-ins by Sonos and Safari Books Online added 200,000 square feet of absorption in Midtown, where vacancy has dropped to nearly half of what it was a year ago after State Street’s departure. And development continues at Boston Landing, where the 245,000-square-foot second phase is currently under construction and is already partially pre-leased to the Boston Bruins. Space continues to be scarce in Cambridge, where vacancy is just 5.8 percent and availability is at an …

December 23, 2015

Multifamily New Jersey Northeast

Greentree Development Group Breaks Ground for 156-Unit Apartment Complex in New Jersey

by Amy Works December 22, 2015

PATERSON, N.J. — Greentree Development Group has broken ground for Vistas at Great Falls, an apartment complex located at on Jasper Drive in the Great Falls section of Paterson. Slated to open summer 2016, Vistas at Great Falls will feature 156 one-, two- and three-bedroom market-rate apartments spread across 13 buildings. The gated community will also feature a clubhouse with flex space and a fitness center. The property will be situated within the Great Falls Redevelopment Area which includes the revitalization of Hinchcliffe Stadium, a park, restaurants, an outdoor amphitheater and riverside walking paths.

December 22, 2015

Hospitality Northeast Rhode Island

Linchris Hotel Corp. Acquires Hotel Providence in Rhode Island

by Amy Works December 22, 2015

PROVIDENCE, R.I. — Hanover, Mass.-based Linchris Hotel Corp. has acquired Hotel Providence, an 80-room boutique hotel in Providence, for an undisclosed price. Located at 139 Mathewson St., the hotel was originally built in 1882 and is listed on the National Register for Historic Places. The new ownership plans to reposition the hotel’s 96-seat restaurant in January when restaurateurs Alethia and Massimiliano Mariotta transform the restaurant into a chef-drive European brasserie concept. A recipient of AAA’s Four Diamond Award for 10 consecutive years, the hotel features more than 5,000 square feet of meeting and event space, including a tented rooftop and courtyard.

December 22, 2015

Connecticut Multifamily Northeast

IPA Arranges $17.1M Sale of Multifamily Community in Connecticut

by Amy Works December 22, 2015

BLOOMFIELD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mallory Ridge Apartments, a multifamily community in Bloomfield. The 78-unit apartment property sold for $17.1 million, or more than $220,000 per unit. Situated on 19.8 acres at 95 Filley St., the property features four three-story residential buildings with 20 one-bedroom apartments, 55 two-bedroom units and three three-bedroom apartments plus one clubhouse/amenity building. Each apartment features nine-foot ceilings, full-size washers/dryers and either a patio with private entry or balcony. Community amenities include a resort-style pool, a fitness center and a nature preserve with walking paths. Victor Nolletti, Steve Witten, Still Hunter, Eric Pentore, Craig Fuller, Erin Patton, Scott Wiles and Josephine Zupan of IPA represented the seller, Mallory Ridge Apartments LLC, while IPA Northeast-Florida procured the buyer, Delaware-based 1881 and Fawn Industrial LLC.

December 22, 2015

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $3.9M in Financing to New York Affordable Housing Properties

by Amy Works December 22, 2015

SODUS AND WILLIAMSON, N.Y. — KeyBank has provided a $3.9 million letter of credit to SWIIRD Preservation LLC, an entity owned by CB Emmanuel Realty LLC. Located in Sodus and Williamson, the affordable housing properties total 96 one-bedroom apartments. Ninety-four of the 96 residences will utilize NYC HCR project-based rental assistance vouchers, keeping the units affordable to low-income senior and special needs residents for at least 15 years. Joe Eicheldinger of KeyBank’s Community Development Lending arranged the financing, which was used to rehab the properties.

December 22, 2015

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