Northeast

Marcus & Millichap Brokers Sale of 24-Unit Apartment Complex in Massachusetts

by Amy Works January 14, 2015

FALL RIVER, MASS. — Marcus & Millichap has brokered the sale of Jencks/Flint Street Apartments, a multifamily complex located at 311 Jencks St., 322 Flint St. and 309 Flint St. in Fall River. A limited liability company purchased the 24-unit property for $1.1 million. The property features 18 two-bedroom units, six one-bedroom units, laundry facilities in each building and off-street parking. Tony Pepdjonovic of Marcus & Millichap’s Boston office represented the seller, a private investor, and secured the buyer in the transaction, which closed with a 9.69 percent cap rate.

January 14, 2015

Loans Massachusetts Multifamily Northeast

HFF Arranges $50.15M Sale, $21.2M Financing for 136-Unit Massachusetts Multifamily Property

by Amy Works January 13, 2015

BROOKLINE, MASS. — HFF has arranged the $50.15 million sale of a 136-unit multifamily property located at 1440 Beacon St. in the Coolidge Corner neighborhood of Brookline. Additionally, the firm arranged $21.2 million in financing for the acquisition. HFF marketed the property for the seller, a joint venture between Westbrook Partners and Nordblom Co. An affiliate of Visconsi Cos. Ltd. purchased the asset, which will be managed by Samuel & Associates. The 15-year, fixed-rate acquisition loan was arranged through New York Life Real Estate Investors. The transit-oriented residential community, which has direct access to MBTA’s Green Line, features a mix of studio and one-bedroom apartments. On-site amenities include a parking garage, patio area with gas grills, and a fitness center. Mark Campbell, Coleman Benedict, Ben Sayles and Jackie Meagher of HFF represented the seller in the deal. Greg LaBine, also of HFF, led the firm’s debt placement team that arranged the financing.

January 13, 2015

New York Northeast Office

Fosun Property Holdings Rebrands One Chase Manhattan Plaza as 28 Liberty

by Amy Works January 13, 2015

NEW YORK CITY — Fosun Property Holdings has rebranded One Chase Manhattan Plaza as 28 Liberty effective immediately as part of a comprehensive repositioning program for the property. Designed by Gordon Bunshaft, the 60-story, 2.2-million-square-foot office tower will undergo a renovation, including upgrades to the lobby, elevators, critical infrastructure and plaza. When complete, the redeveloped property will offer 1 million square feet of modern office space and more than 200,000 square feet of high-end retailers. Forsun acquired the property in December 2013. JLL has been tapped as the leasing agent for the building.

January 13, 2015

Industrial New Jersey Northeast

Marcus & Millichap Arranges 44,000 SF Industrial Facility Sale in New Jersey

by Amy Works January 13, 2015

MAHWAH, N.J. — Marcus & Millichap has brokered the sale of an industrial facility located at 370 Franklin Turnpike in Mahwah. The 44,000-square-foot asset sold for $3.9 million. The building features 12,000 square feet of newly refurbished office space and 32,000 square feet of industrial space with 24-foot clear heights. The office space is broken up into four 3,000-square-foot sections, with three of the sections being leased by office users and the fourth space being leased by the tenant occupying the warehouse space. David Thurston of Marcus & Millichap represented the both the buyer and seller in the transaction.

January 13, 2015

Multifamily New York Northeast

GFI Realty Brokers $2.8M Sale of Bronx Apartment Building

by Amy Works January 13, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building, located at 546 East 182nd St. in the Little Italy section of the Bronx. A local investor purchased the asset for $2.8 million, or $112,000 per unit. Built in 1913, the five-story building features 25 apartment units. Shulem Paneth and Eli Matyas of GFI represented the buyer, while Wilfred Matias, also of GFI, represented the seller, a local investor, in the deal.

January 13, 2015

Multifamily Northeast Pennsylvania

High Associates Arranges $2.48M Multifamily Property Sale in Bethlehem, Pa.

by Amy Works January 13, 2015

BETHLEHEM, PA. — Lancaster, Pa.-based High Associates has arranged the sale of a multifamily property located at 532 Second Ave. in Bethlehem. The 18-unit property sold for $2.48 million, or $137,500 per unit, in a 1031 exchange. The property features 1,200-square-foot, two-bedroom apartments with upgraded amenities, including hardwood floors, granite counter tops and stainless steel appliances. Additional amenities include off-street parking and a fitness center. Matthew Wolf of High Associates represented both the buyer and seller in the transaction.

January 13, 2015

Mixed-Use New Jersey Northeast

Kushner Cos., The KABR Group Acquire One Journal Square Development Site for $27M in Jersey City

by Amy Works January 12, 2015

JERSEY CITY, N.J. — Kushner Cos. and The KABR Group have acquired a development site at One Journal Square in Jersey City for $27 million. Located at the intersection of Sip Avenue and John F. Kennedy Boulevard, the two-acre development site is entitled for mixed-use development, including approximately 1,500 multifamily units and a large retail component with ample parking. The companies plan to work with the city to develop a project that will help revitalize Jersey City’s Journal Square neighborhood. Currently, Kushner Cos. and The KABR Group are developing Trump Bay Street, a 50-story residential tower located at 65 Bay St. in Jersey City’s Powerhouse District.

January 12, 2015

New Jersey Northeast Office

HFF Arranges $10.95M Sale of New Jersey Office Building

by Amy Works January 12, 2015

EAST HANOVER, N.J. — HFF has brokered the sale of Eagle Rock Executive Office IV, an office building located in East Hanover. Griffin Capital Essential Asset REIT Inc. sold the property to Boxer F3 LLC for $10.95 million, free and clear of existing debt. Boxer Property will manage and lease the facility. Situated on 15.25 acres at 120 Eagle Rock Ave., the three-story 177,820-square-foot building is part of the three-building Eagle Rock Executive Park. The building features a granite and reflective glass curtain wall façade, two-story atrium, full-service cafeteria and adjacent pond with fountains. Current tenants include Prudential, GfK US Holdings, CAI, Fishman McIntyre PC, and John Van Deusen & Associates. Jose Cruz, Kevin O’Hearn, Marc Duval and Andrew Scandalios of HFF represented the seller in the transaction.

January 12, 2015

Industrial Northeast Pennsylvania

Evergreen Property Trust Buys Two-Building Industrial Facility in Pennsylvania

by Amy Works January 12, 2015

CAMP HILL, PA. — Evergreen Property Trust LLC has purchased a two-building industrial property in Camp Hill from IndCor Properties in an off-market transaction for an undisclosed price. The transaction includes the 24,000-square-foot property at 2400 Gettysburg Road and the 124,000-square-foot facility at 2404 Gettysburg Road. Both properties are currently occupied and plans have been submitted for a 43,000-square-foot expansion at 2404 Gettysburg Road. Pat McBride, Adam Campbell and Gerry Blinebury of Cushman & Wakefield’s Harrisburg office, along with Leah Balerno and Marie Connell of the firm’s Philadelphia office, represented IndCor in the deal. Jason Grace of Landmark Commercial Realty represented the buyer in the transaction.

January 12, 2015

Healthcare Northeast Pennsylvania

Cambridge Healthcare Solutions Awarded Contract to Build New VA Facility in Pennsylvania

by Amy Works January 12, 2015

BUTLER, PA. — Cambridge Healthcare Solutions PA LP, a joint venture between Halle Enterprises and Cambridge Healthcare Solutions, has received a contract to design, build and manage a VA Health Care Center in Butler. Situated on 46 acres off North Duffy Road, the two-story, 218,000-square-foot center will provide outpatient services to veterans and their families, including primary care, specialty care, dental, lab, pathology, radiology, mental healthcare, ancillary and diagnostic services. Cambridge Development Group, a subsidiary of Cambridge Holdings, will act as the developer for the project. The center is expected to open in 2018.

January 12, 2015

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