Northeast

HK Group Brokers $1.3M Sale of Restaurant Property in Connecticut

by Amy Works June 29, 2016

FAIRFIELD, CONN. — HK Group has brokered the sale of a restaurant property located at 348 Black Rock Turnpike in Fairfield. FCCW LLC and Baylor LLC sold the 2,663-square-foot property to Ahabs Table LLC and Black Rock SoHo LLC for $1.3 million. At the time of sale, Black Rock Oyster Bar & Grill was in operation at the site. The buyers plan to continue to operate the restaurant/bar under a new name. David Cervero and Ralph Michel of HK Group represented the buyer, while Audrey Long of Guttman Realty Advisors represented the seller in the deal.

June 29, 2016

Market Reports New Jersey Northeast Northeast Market Reports Office

Pharmaceutical Sector Dominates Suburban New Jersey Relocation Activity

by Jaime Lackey June 29, 2016

By many measures, 2015 was Northern New Jersey’s best year for its office market in quite some time. Tenants leased 11.7 million square feet, the strongest annual activity since 2003. Business confidence improved and companies showed a growing willingness to invest in their workforce and workplace. The number of larger leases dropped off a bit in 2015, though, as many of the largest space searches were fulfilled and fewer quality space options remained in some of the most sought after areas. Tenants have no shortage of options in much of Morris County and Newark, but steady leasing in Metropark and Jersey City’s waterfront has pushed availability below 15 percent. Smaller and mid-sized tenants can still find space in these locations, but there are far fewer big blocks of quality space remaining. There were fewer larger leases in 2015, but tenants were very mobile: relocations outnumbered renewals by two to one with 12 firms opting to move and six renewing. An analysis of larger leases (deals over 40,000 square feet) signed since 2009 shows that larger tenants renewed slightly less than 50 percent of the time (81 firms moved and 75 renewed). From a supply perspective, market conditions have been ideal …

June 29, 2016

Connecticut Industrial Northeast

Exeter Property Group Acquires 428,000 SF Industrial Park in Connecticut for $41M

by Amy Works June 28, 2016

STRATFORD, CONN. — Exeter Property Group has acquired Stratford Industrial Park, a four-building industrial park located at 500-650 Long Beach Blvd. in Stratford. Stratford Development sold the 428,000-square-foot asset for $41 million. Situated on 34 acres, the park is 100 percent occupied by a variety of tenants, including Starbucks Coffee, FedEx Ground, Carrier Corp. and Endo Industrial. Kyle Schmidt, Gary Gabriel, Andrew Merin, David Bernhaut, Al Mirin and Kate Schwartz of Cushman & Wakefield brokered the deal.

June 28, 2016

Industrial Loans New Jersey Northeast

G.S. Wilcox Places $25M in Financing for 338,661 SF Warehouse Building in New Jersey

by Amy Works June 28, 2016

SECAUCUS, N.J. — G.S. Wilcox & Co. has arranged $25 million in financing for a 338,661-square-foot single-tenant warehouse facility located in Secaucus. Financed by Thrivent Financial, the loan features a fixed rate for five years and a 30-year amortization schedule. The 338,661-square-foot property is currently net leased by Staples. Gretchen Wilcox and Al Raymond of G.S. Wilcox originated the loan for the undisclosed borrower.

June 28, 2016

Hospitality Loans New York Northeast

Q10 New York Realty Advisors Arranges $15.5M Loan for 80-Room Hotel in NYC

by Amy Works June 28, 2016

NEW YORK CITY — Q10 New York Realty Advisors has arranged a $15.5 million permanent loan for a hotel in New York City. The fixed-rate loan was a cash-out refinance of more than $3 million. Located near Jacob Javits Convention Center, the limited-service hotel features 80 guest rooms.

June 28, 2016

New York Northeast Retail

Ariel Property Advisors Brokers $7.8M Sale of Retail Property in the Bronx

by Amy Works June 28, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a retail strip center located at 1943-1955 Westchester Ave. in the Parkchester section of the Bronx. A private investor purchased the property from Vanbarton Group for $7.8 million, or $861 per square foot. At the time of sale, the 9,000-square-foot property was fully occupied by commercial tenants, including H&R Block, GNC, Petland and a furniture store. The property is zoned for R6/C1-2, which allows for an additional 21,009 square feet of air rights. Victor Sozio, Shimon Shkury, Jason Gold, Scot Hirschfield and Marko Agbaba of Ariel Property Advisors represented the seller and procured the buyer.

June 28, 2016

Multifamily New York Northeast

Sugar Hill Partners Acquires 20-Unit Multifamily Property in Manhattan for $7.8M

by Amy Works June 28, 2016

NEW YORK CITY — Sugar Hill Partners has acquired a multifamily building located at 615 W. 136th St. in Manhattan. A Florida-based family trust sold the property for $7.8 million. Built in 1908, the 19,270-square-foot property features 20 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented the buyer and the seller in the deal.

June 28, 2016

Massachusetts Multifamily Northeast

Roseland Residential Breaks Ground for 237-Unit Residential Community in Massachusetts

by Amy Works June 27, 2016

WORCESTER, MASS. — Roseland Residential Trust, a wholly owned subsidiary of Mack-Cali Realty Corp., has broken ground for 145 Front Street at City Square in downtown Worcester. As part of a multi-phased mixed-use development, the first phase will feature 237 apartments in a mix of studio, one- and two-bedroom layouts; an outdoor swimming pool with sundeck; a courtyard with fire pit; barbecue grills; a fitness center; a full-time concierge and a clubroom with billiards, computers, lounge area and game room. Additionally, the building will feature 10,000 square feet of retail space. At full build out, the mixed-use development will feature 365 apartments, a hotel, public parking garage and significant retail space. The first-phase community is slated for completion in third quarter 2017.

June 27, 2016

Hospitality Loans Massachusetts Northeast

Chesapeake Lodging Trust Receives $150M Loan for 502-Room Hyatt Regency Boston

by Amy Works June 27, 2016

BOSTON — Chesapeake Lodging Trust has received a $150 million fixed-rate mortgage for the 502-room Hyatt Regency Boston, located at 1 Avenue de Lafayette in downtown Boston. Provided by MetLife, the 10-year loan features a 30-year amortization schedule. Chesapeake plans to use proceeds of the loan to repay outstanding borrowings under the trust’s revolving credit facility.

June 27, 2016

Loans Multifamily New York Northeast Student Housing

Madison Realty Capital Provides $44M Loan for Student Housing Development in Manhattan

by Amy Works June 27, 2016

NEW YORK CITY — Madison Realty Capital has provided a $44 million first mortgage loan to recapitalize a student housing development located at 350 E. 10th St. in Manhattan’s East Village neighborhood. The 110,000-square-foot property was originally constructed in 1906 and operated as an elementary school until its closure in the mid-1970s. The undisclosed borrower acquired the vacant asset in 1999 and has since been pursuing the entitlement and redevelopment of the property. Proceeds of the loan will retire the existing indebtedness and provide capital for the pre-development. Upon completion, the five-story property will offer a variety of suite layouts and amenities, including a health center, fitness room and outdoor spaces.

June 27, 2016

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