Northeast

Related Beal Completes Interior Renovations, Adds Six Tenants at Presidents Place in Massachusetts

by Amy Works November 2, 2015

QUINCY, MASS. — Related Beal has completed the interior renovation of Presidents Place, a mixed-use property located at 1250 Hancock St. in Quincy. The renovation program included the modernization of the elevators, common corridors and restrooms; a new lobby and signage; and improvements to the building’s façade and parking garage. In addition to the renovations, Related Beal signed six new tenants to the 350,000-square-foot building: Barnes & Noble Bookstore, Mass Bay Credit Union, The Townshend, Best of Care, Beacon Clinical Research and Jimmy John’s Gourmet Sandwiches. Additional tenants at the property include Quincy College, Harvard Vanguard and Best Doctors. The property is owned and managed by Related Beal in partnership with Boston Andes Capital.

November 2, 2015

Multifamily New York Northeast

Rosewood Group Brokers Three Sales in New York Totaling $20.7M

by Amy Works November 2, 2015

NEW YORK CITY — Rosewood Realty Group has brokered three apartment building sales in New York totaling $20.7 million. In the first transaction, Aaron Jungreis of Rosewood represented the undisclosed buyer and the undisclosed seller in the $12.5 million sale of 41 sponsor co-op units at 360 Central Ave. in Lawrence, Long Island. The units are part of a 129-unit co-op building that was built in 1973. In the second transaction, Michael Guttman of Rosewood represented the seller, 90 Clermont Avenue LLC, and the undisclosed buyer in the $4.6 million sale of 90 Clermont Ave. in Brooklyn’s Fort Greene neighborhood. Built in 2008, the six-story, 7,648-square-foot elevator building features seven apartments. In the third deal, Jungreis represented the seller, 66 West 138th Street LLC, and the buyer, a local investor, in the sale of an apartment building located at 66 W. 138th St. in Harlem. Built in 1990, the five-story, 10,955-square-foot property features 20 apartments and sold for $3.6 million.

November 2, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $3.5M Sale of Two Apartment Buildings in Brooklyn

by Amy Works November 2, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of two apartment buildings, located at 336-338 Starr St. in Brooklyn. The two six-unit buildings sold for $3.5 million. Shaun Riley, Thomas Shihaden and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer, a limited liability company, in the transaction.

November 2, 2015

Massachusetts Northeast Office

Equus Sells 202,033 SF Office/Retail Property in Boston for $77.5M

by Jaime Lackey October 30, 2015

BOSTON — Equus Capital Partners Ltd., a private equity fund manager, has sold 18 Tremont Street in Boston to an affiliate of DLJ Real Estate Capital Partners for $77.5 million ($384 per square foot). The 12-story, 202,033 square-foot office/retail property was 88 percent leased at the time of sale. Frank Petz and Matt Sherry of Jones Lang LaSalle’s Boston office represented the seller and buyer in the transaction. Equus acquired the property in 2007 on behalf of one of its value-add funds, BPG Investment Partnership VIII and VIIIA LP (a $550 million dollar equity fund), and has since worked to modernize the 100-year-old U-shaped building.

October 30, 2015

New Hampshire Northeast Retail

Brady Sullivan and Anagnost to Convert Former Osram Sylvania Plant to Retail Use

by Jaime Lackey October 30, 2015

MANCHESTER, N.H. — Brady Sullivan Properties and Anagnost Cos. have purchased the former Osram Sylvania Plant on South Willow Street in Manchester. The two Manchester-based companies will redevelop the location from an industrial building to Class A retail space. This multi-retailer space will total approximately 300,000 square feet, with an anchor space of 50,000 square feet, and will include ample parking. This project will bring both jobs and approximately $1.5 million in tax revenue to the city after its completion in late 2016.

October 30, 2015

Northeast Pennsylvania Retail

Bayer and Clarion JV Acquire The Shoppes at Susquehanna in Pennsylvania

by Jaime Lackey October 30, 2015

SUSQUEHANNA, PA. — Bayer Properties and Clarion Partners have acquired The Shoppes at Susquehanna Marketplace, a 110,384-square-foot outdoor fashion center located in Susquehanna. Developed in 2004 and located at the intersection of Interstates 81 and 83 in Susquehanna, an affluent suburb of Harrisburg, Pennsylvania, The Shoppes at Susquehanna Marketplace features a variety of national and regional tenants, including Athleta, Banana Republic, Williams-Sonoma, J. Crew Factory, LOFT, White House | Black Market, Harvest Seasonal Grill & Wine Bar, Romano’s Macaroni Grill and Starbucks. Bayer Properties will lead leasing, property management and marketing efforts. This represents the first joint venture between Bayer Properties and Clarion.

October 30, 2015

Northeast Pennsylvania Retail

Sands Investment Group Completes $12.2 Million Sale of Carmike Cinemas to Agree Realty

by Jaime Lackey October 30, 2015

ALTOONA, PA. — Sands Investment Group (SIG) has arranged the $12.2 million sale of a single-tenant Carmike Cinemas in Altoona to Agree Realty Corp., a REIT primarily engaged in the acquisition and development of net-leased retail properties. Max Freedman and Chris Sands of SIG represented the developer, who worked strategically with the firm to sell the building prior to completion of development. The property was in escrow for nine months prior to closing with the sale set to close upon the cinema’s opening. The 120,000-square-foot, 12-screen Carmike theatre was a build-to-suit planned as part of the Convention Center Commons shopping center that will include a 99-room Holiday Inn Express, offices, restaurants and shops. The cinema, located at 234 Convention Center, will open in late 2015.

October 30, 2015

New York Northeast Office

KKR to Buy 343,000 SF of Office Space at Hudson Yards Tower

by Jaime Lackey October 29, 2015

NEW YORK CITY — KKR & Co. LP, a global investment firm, will purchase approximately 343,000 square feet (the top ten office floors) at 30 Hudson Yards and will relocate its corporate offices to the office tower in 2020. Related Cos. and Oxford Properties Group are developing 30 Hudson Yards. Designed by Bill Pedersen of Kohn Pedersen Fox, the 90-story tower will strive for LEED Gold certification. KKR is the second commercial office tenant to invest in and plan a move to 30 Hudson Yards. In January 2014, Time Warner Inc. acquired approximately 1.5 million square feet of space in the building for its 5,000-plus employees. KKR is the seventh corporate office tenant to announce plans to move to Hudson Yards. Boies, Schiller & Flexner will move its New York City offices to 55 Hudson Yards. Coach Inc. has purchased more than 600,000 square feet of space in 10 Hudson Yards, L’Oréal USA, German software engineering firm SAP and social media-first digital agency VaynerMedia will locate at 10 Hudson Yards when the building opens in early 2016.

October 29, 2015

Affordable Housing Massachusetts Multifamily Northeast

Second Phase of Affordable Housing Conversion Near Boston Complete

by Jaime Lackey October 29, 2015

LAWRENCE, MASS. — Malden Mills Phase II Loft Five50, which comprises 62 units of affordable housing in Lawrence, is complete. WNC, a national investor in real estate and community development initiatives, provided approximately $12.7 million in low-income housing tax credit (LIHTC) equity to WinnDevelopment to fund the adaptive reuse project that is transforming the historic former Malden Mills manufacturing site into affordable housing. Malden Mills Phase II Loft Five50 delivers a mix of studio, one-, two- and three-bedroom units. Amenities include onsite management, a clubhouse and community area, fitness center, theater, Wi-Fi lounge, laundry facility, playground, picnic area and elevator. Each unit is equipped with air conditioning. WNC also provided $14.4 million in LIHTC equity to help construct the first phase of Malden Mills Loft Five50 in 2012, including 75 units that are fully occupied.

October 29, 2015

Industrial New York Northeast

Kalmon Dolgin Affiliates Arranges $7.3M Sale of Brooklyn Industrial Property

by Jaime Lackey October 29, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the $7.3 million sale of a 60,000-square-foot industrial property at 950 Georgia Ave. in the Spring Creek area of Brooklyn. The two-story property consists of a 20,000-square-foot ground floor, 20,000-square-foot basement, and 20,000-square-foot yard. Neil Dolgin and Gary Mayzlin of KDA represented both the buyer, 950 Georgia Holdings LLC, and the seller, LMJI LLC, which built the property in 2007. The buyer will use 950 Georgia Avenue as a warehouse and storage facility. LMJI, LLC used the space for steel fabrication and opted to sell the building as its owner approached retirement. The property includes 28-foot ceilings, multiple drive-in doors, and a drive-down ramp to the basement.

October 29, 2015

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