Northeast

EagleBridge Capital Arranges $20.5M Construction Financing for Allston Apartment Complex

by Amy Works December 2, 2015

BOSTON — EagleBridge Capital has arranged $20.5 million in construction/permanent financing for an apartment complex located at 61-83 Braintree St. in Boston’s Allston neighborhood. The borrower is a joint venture between The Grossman Companies and Waypoint Cos. The apartment building will feature 80 studio, one-, two- and three-bedroom rental units and ground-floor commercial space. Additionally, the property will feature a rooftop deck, fitness center, bicycle storage and 68 parking spaces. Ted Sidel and Brian Sheehan of EagleBridge Capital secured the financing for the borrowers.

December 2, 2015

Connecticut Northeast Retail

Bass Pro Shops Opens First Connecticut Location in Steelpointe Harbor

by Amy Works December 2, 2015

BRIDGEPORT, CONN. — Bass Pro Shops has opened its first Connecticut location at Steelpointe Harbor, a 2 million-square-foot mixed-use property in Bridgeport. The 150,000-square-foot store features Uncle Buck’s Fish Bowl and Grill restaurant; Black Widow Billiards parlor with two tournament pool tables; a 12-lane bowling alley; an archery range; and an aquarium. Steelpointe Harbor, a 50-acre, $750 million project, is being developed by Bridgeport Landing Development, a subsidiary of The RCI Group.

December 2, 2015

Massachusetts Northeast Office

Sperry Van Ness Rebrands as SVN

by Amy Works December 2, 2015

BOSTON — Boston-headquartered Sperry Van Ness International Corp. has changed its signature brand name to SVN. The Sperry Van Ness brand was launched in 1987 and became a national franchise operation in 2003. This year, SVN has added 25 offices nationally and internationally, bringing the company’s portfolio to more than 1,400 advisors and staff in nearly 200 offices worldwide. The SVN brand name and new logo will roll out globally over the next 12 to 18 months.

December 2, 2015

New Jersey Northeast Office

Comcast Corp. Expands Lease by 42,000 SF at Voorhees Technology Center in New Jersey

by Amy Works December 2, 2015

VOORHEES, N.J. —Comcast Corp. has expanded its lease at Voorhees Technology Center, located at 401 White Horse Road in Voorhees, by 42,000 square feet. This expansion brings the company’s footprint to more than 150,000 square feet at the 215,000-square-foot building. Brian Sherlock and Evan Zweben of Colliers International represented the landlord, while Marc Policarpo and Bob Corr of Binswanger represented Comcast in the transaction.

December 2, 2015

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Boston’s Battle of the Grocers

by Jaime Lackey December 2, 2015

While demand for all types of retail product has been strong over the past few years, investors continue to have a strong appetite for Boston area grocery-anchored shopping centers in 2015 despite meaningful changes to the food distribution industry. The competitive landscape for traditional supermarkets is evolving as value-oriented grocers such as Market Basket, Walmart, Trader Joe’s, Aldi, and Save-A-Lot lure away price-conscious customers, while service-oriented formats such as Wegmans, Whole Foods and Roche Brothers are expanding and gaining market share with more affluent customers. These chains achieve success by targeting the low- and high-end niches of the market. According to IBISWorld, the online grocery sales industry is projected to increase approximately 9.5 percent annually to become a $9.4 billion industry by 2017. Companies such as Amazon and Walmart are increasing their capabilities for selling food and beverages online, and Ahold’s Peapod service continues to expand in an effort to maintain its position as the leading Internet grocer. The food distribution industry has been further saturated by big-box retailers and national pharmacy chains offering a growing selection of packaged goods and dairy products. These non-traditional grocers and e-commerce providers derive much of their profits from non-food items, allowing them to …

December 2, 2015

Northeast Office Pennsylvania

Keystone Unveils Redevelopment Plan for One Plymouth Meeting Office Property

by Amy Works December 1, 2015

PLYMOUTH MEETING, PA. — Keystone Property Group has unveiled its plan to redevelop One Plymouth Meeting, a 180,000-square-foot office property located at 502 W. Germantown Pike in Plymouth Meeting. The nine-story building will be renovated to accommodate modern workplace demands, including the addition of amenities, interior and exterior upgrades, and to qualify for LEED certification. Overlooking Plymouth Meeting Mall, the office building has walkable access to various of restaurants and retail venues as well as an AMC movie theater.

December 1, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Negotiates $27M Sale of Development Site in Brooklyn

by Amy Works December 1, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a block-front development site at 286-298 and 300-306 Wythe Ave. in the Williamsburg section of Brooklyn. Tri-Boro Shelving & Partition Corp. sold the site to Brooklyn-based North Development Group for $27 million. The site consists of two contiguous lots that together can support construction of up to approximately 51,200 buildable square feet of residential or commercial space with a community facility. Current zoning for the properties allows for residential and commercial development. Nicole Rabinowitsch and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.

December 1, 2015

Multifamily New York Northeast

Alpha Realty Arranges $10.5M Sale of Multifamily Property in Brooklyn

by Amy Works December 1, 2015

NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily property located at 36-40 Linden St. in Brooklyn’s Bushwick section. A local private investor sold the property to Manhattan-based buyers for $10.5 million. The four-story building includes 38 apartments. Glenn Raff of Alpha Realty represented the buyers, while Lev Mavashev, also of Alpha Realty, represented the seller in the transaction.

December 1, 2015

Loans New Jersey Northeast Retail

Houlihan-Parnes Secures $8M Loan for Independence Plaza Shopping Center in New Jersey

by Amy Works December 1, 2015

HAMILTON TOWNSHIP, N.J. — Houlihan-Parnes Realtors has arranged an $8 million supplemental loan for Independence Plaza Shopping Center in Hamilton Township. The owners, which acquired the property earlier this year, are renovating the shopping center. Four new leases have been signed with Regal Cinemas, Sav-A-Lot Supermarket, Crunch Fitness and Ollie’s Bargain Outlet. The owners plan to fully restore the property to 100 percent occupancy after the renovations are complete. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal counsel for the owners. James Houlihan of Houlihan-Parnes Realtors secured the financing.

December 1, 2015

New Jersey Northeast Retail

The Goldstein Group Brokers Sale of 21,000 SF Retail Property in New Jersey

by Amy Works December 1, 2015

RAHWAY, N.J. — The Goldstein Group has arranged the sale of a 21,000-square-foot, freestanding retail building, located at 2161 Route 1 in Rahway. JRS Realty LLC sold the property to Kata Corp. for an undisclosed price. Chuck Lanyard of The Goldstein Group represented the seller in the transaction.

December 1, 2015

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