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West-Goshen-Town-Centre-West-Chester-PA
LoansNortheastPennsylvaniaRetail

HFF Arranges $18.5M Refinancing for Retail Center in Suburban Philadelphia

by Amy Works

WEST CHESTER, PA. — HFF has arranged $18.5 million in refinancing for West Goshen Town Centre, a grocery-anchored retail center located at Route 3 and Five Points Road in West Chester, a suburb of Philadelphia. Brandolini Cos. was the borrower. Situated on 17.6 acres, the property is fully leased to ShopRite, A.C. Moore, Applebee’s Neighborhood Grill, Panera Bread, AT&T, Massage Envy, GameStop, Great Clips, Sun East Federal Credit Union and H&R Block. Ryan Ade of HFF secured the fixed-rate loan, which was provided by an institutional lender, for the borrower.

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Renaissane-Square-RD-Management-Evesham-NJ
Mixed-UseMultifamilyNew JerseyNortheastOfficeRestaurantRetail

RD Management to Redevelop The Shoppes and Residences at Renaissance Square

by Amy Works

EVESHAM, N.J. — RD Management LLC has unveiled its redevelopment plans for The Shoppes and Residences at Renaissance Square, located on Route 70 in Evesham. Formerly known has Tri-Towne Plaza, the center offers 112,245 square feet of mixed-use space. The redevelopment includes the addition of five buildings, containing 338 apartments; an open space with jogging paths, walkways and a pond; new signage; upgrades to the retail portion; and the addition of new retail and restaurant facilities to the existing space. The development is scheduled to commence in spring 2016.

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MultifamilyNew YorkNortheastSeniors Housing

Picone Construction Continues Renovations at The Amberleigh in Williamsville, N.Y.

by Amy Works

WILLIAMSVILLE, N.Y. — Picone Construction is continuing the renovations at The Amberleigh, a seniors housing community located at 2330 Maple Road in Williamsville. Renovations include the conversion of existing space to 49 assisted-living residential units on the second and third floors, along with 16 memory care units on the first floor. Additionally, a new entry will be constructed, which includes a free standing porte-cochere and asphalt drop-off drive. The entry and first floor will include a reception area, waiting/lounge area, offices, conference room, new elevator, salon, activity room, dining room, craft room, private dining rooms, toilet rooms, staff lounge, laundry room, storage rooms and a secured fenced-in courtyard. The second and third floor common areas will include offices, toilet rooms, laundry rooms, living rooms and storage rooms. Each of the three floors will also include a nurse’s station with a hydrotherapy room. Foit-Albert Associates is the architect of record and Buffalo Engineering PC is the mechanical and electrical engineer for the project.

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Market ReportsMultifamilyNortheastNortheast Market ReportsPennsylvania

Philadelphia’s Apartment Market Remains Bright

by Jaime Lackey

Philadelphia’s apartment market remains bright as increasing employment fosters stable economic growth, which in turn is bolstering apartment operations. Employers in the metro, which is known as the center of economic activity in Pennsylvania, will increase hiring 1.2 percent this year, adding 35,000 jobs. In 2014, new jobs increased 1.6 percent and the unemployment rate decreased 130 basis points. Total employment is on the upswing, recovering nearly all of the jobs lost during the recession. The favorable employment conditions are supporting demand for apartments and swiftly improving performance throughout the metro, prompting developers to start new multifamily projects. Builders in Philadelphia are focusing their attention in Center City, which includes the central business district and central neighborhoods of Philadelphia, where nearly 25 percent of this year’s deliveries will be placed into service. Developers are on track to complete 3,600 units in 2015, increasing total apartment inventory 1.4 percent. Last year 2,400 rentals were delivered. Part of the reason that demand is especially strong in Philadelphia can be attributed to the increasing popularity of living in the urban core among young professionals and baby boomers. The lack of developable in-fill locations in the area is prompting developers to convert office buildings …

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10-Nevins-NYC
Mixed-UseMultifamilyNew YorkNortheastRetail

JV Acquires Brooklyn Development Site for $50M

by Amy Works

NEW YORK CITY — A partnership between Adam America, Slate Property Group and China Vanke has acquired a development site, located at 10 Nevins in downtown Brooklyn, for $50 million. The site is approved for plans to develop a mixed-used project with 184 residential units and ground-floor retail space. Ofer Cohen and Melissa Warren of TerraCRG were the sole brokers in the transaction. The name of the seller was not released.

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333-Thornall-St-Edison-NJ
New JerseyNortheastOffice

Mack-Cali Acquires 196,000 SF Office Building in New Jersey’s Metropark for $53.1M

by Amy Works

EDISON, N.J. — Mack-Cali Realty Corp. has acquired an office building located at 333 Thornall St. within Metropark in Edison. The 196,000-square-foot property, known as Metroview, sold for $53.1 million; the name of the seller was not disclosed. The company plans to integrate its existing building at 343 Thornall St. with the new acquisition through the construction of an interconnected, landscaped walkway, to create an approximately 400,000-square-foot campus. On-site amenities include a terraced, outdoor seating area and exercise components. The building was 96 percent leased at the time of sale.

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30-Montgomery-NJ
New JerseyNortheastOffice

Onyx Equities, Rubenstein Partners Complete $20M Renovation of 30 Montgomery Street in Jersey City

by Amy Works

JERSEY CITY, N.J. — Onyx Equities and Rubenstein Partners has completed the $20 million renovation of 30 Montgomery Street in Jersey City. The 15-story, 320,000-square-foot building has been transformed into a state-of-the-art, Class A property with an additional 8,000 square feet of retail space. Improvements include a complete replacement of windows, a high-efficiency HVAC system, installation of a backup generator, a new executive conference center, modern finishes in the common areas and the addition of a ground-level, urban retail amenity, which includes a 15-foot vaulted ceiling at the front entrance and possible outside, café-style seating. Vericon Construction served as the lead contractor, while Environetics designed the building’s new features as the architect of record for the project, which took 11 months.

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Compass-Storage-Asbury-NJ
New JerseyNortheastRetail

Compass Self Storage Acquires Property in New Jersey

by Amy Works

ASBURY, N.J. — Compass Self Storage, a member of the Amsdell family of companies, has acquired a self-storage property located at 190 Route 173 West in Asbury for an undisclosed price. The property, which offers more than 64,000 net rentable square feet, features drive-up access, indoor climate-controlled units, digital surveillance, electronic access, online payments, truck rental and a full line of moving and packing supplies. Compass Self Storage has an improvement package planned for the property, including upgrading the interior sales office, rebranding the signage and adding additional lighting to the property. Operated by Compass Self Storage LLC, the property is the company’s 60th store opened under the Compass flag and its fifth location in New Jersey. The acquisition was made by separate affiliates of Cleveland, Ohio-based Amsdell Group LLC and Compass Self Storage LLC. The name of the seller was not released.

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MaineNortheast

Sperry Van Ness Adds Franchise in Portland, Maine

by Amy Works

PORTLAND, MAINE — Sperry Van Ness International Corp. has added a franchise office in Portland. Led by Erik Urbanek, Sperry Van Ness/The Urbanek Group will focus on providing comprehensive brokerage and development services for commercial properties in Northern New England and beyond. Urbanek brings more than 10 years of sales and leasing experience throughout the Maine commercial real estate market to Sperry Van Ness.

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LoansMultifamilyNew YorkNortheast

Eastern Consolidated Arranges $22M in Financing for Acquisition of Development Site in Brooklyn

by Amy Works

NEW YORK CITY — Eastern Consolidated has arranged $22 million in bridge financing for developers Slate Property Group and Meadow Partners to acquire a development site at 570 Fulton St. in downtown Brooklyn. The financing package includes a $15 million first mortgage from Bank of the Ozarks and $7 million of mezzanine debt from RCG Longview. The developers plan to build a mixed-use project on the site, which is zoned for 72,000 buildable square feet as-of-right. Purchased from SCO Family Services, the site includes a 26,395-square-foot, three-story building with ground-floor retail and offices on the upper floors. The existing structure was delivered vacant. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated handled the financing.

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