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Northeast

NAI-Emory-Hill-Wilmington
DelawareIndustrialMultifamilyNortheast

NAI Emory Hill Brokers Sale of 83,000 SF Warehouse for Residential Conversion

by Amy Works

WILMINGTON, DEL. — NAI Emory Hill has arranged the sale of a warehouse building, located at 1320 Clifford Brown Walk in downtown Wilmington. 1320 CBW LLC purchased the four-story, 83,000-square-foot building, which is situated on two acres of riverfront property along the Brandywine River. The owner plans to convert the property into an 80-unit residential development called The Lofts at Clifford Brown Walk. The building was formerly home to Iron Mountain, Security Archives & Storage Company, and Kaumagraph. Jon Hicky of NAI Emory Hill Real Estate Services represented the seller, Sasco Realty Too Inc., in the transaction. Brett DiClemente of Newmark Grubb Knight Frank represented the buyer, which is an affiliate of Chatham Bay Group, a Wilmington-based development company.

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1280-North-Avenue-Plainfield-NJ
IndustrialNew JerseyNortheast

Bussel Realty Corp. Arranges Sale of 19,400 SF Industrial Facility

by Amy Works

PLAINFIELD, N.J. — Bussel Realty Corp. has brokered the sale of an industrial facility, located at 1280 North Ave. in Plainfield. TJK Associates sold the 19,400-square-foot property to 1280 North Avenue Associates for $1.45 million. The fully-leased building features 18-foot ceiling heights, 40-foot by 40-foot column spacing, two loading docks and two drive-in doors. Additionally, the property offers access to Routes 28 and 22 and close proximity to Interstate 78. Gregory Irving and Manny Judah of Bussel Realty Corp. represented the seller, while Cresa New Jersey represented the buyer in the transaction.

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HospitalityNew JerseyNortheast

Homewood Suites by Hilton Opens First Hotel in Hamilton, N.J.

by Amy Works

HAMILTON, N.J. — Homewood Suites by Hilton has opened its first hotel in Hamilton. Located at 960 US Highway 130, the four-story hotel features 110 suites and is the tenth Homewood Suites property in New Jersey. The property features complimentary Internet, free hot breakfast and light evening dinner and drinks Monday through Thursday, fully equipped kitchens, separate living and sleeping spaces, a complimentary grocery shopping service and recreational options. The property is owned and operated by Kuser & 130 Associates LLC. Homewood Suites by Hilton is Hilton Worldwide’s international brand of upscale, all-suite, and extended-stay hotels.

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BroadSt-NYC
MultifamilyNew YorkNortheast

Broad Street Development Buys Residential Portfolio in NYC for $178.5M

by Amy Works

NEW YORK CITY — Broad Street Development, along with investment partner Crow Holdings, has acquired a two-building residential portfolio for $178.5 million. The portfolio includes 298 and 304 Mulberry Street, which offer a total of 182 apartments and 11,825 square feet of ground-floor retail space with full frontage on both Houston and Mulberry streets and an on-site parking garage. The seller was Boston-based GID Investment Advisors LLC. The partnership will immediately begin a $3.5 million renovation campaign, including aesthetic and operational improvements. Planned improvements include the installation of new windows, new roof and roof decks, the redesign and renovation of the lobbies, modernization of interior areas and upgrades to individual homes, including kitchen and bathrooms.

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Rye-NY-MM
New YorkNortheastOffice

MMCC Closes $29.6M Acquisition Loan for International Corporate Center in New York

by Amy Works

RYE, N.Y. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $29.6 million acquisition loan for International Corporate Center in Rye. Located at 555 Theodore Fremd Ave., the 168,499-square-foot office building was built in 1990. The 10-year, fixed-rate CMBS loan features five years of interest-only, a 30-year amortization schedule, a 4.32 percent rate and a 75% loan-to-value rate. Christopher Marks of MMCC arranged the financing for the undisclosed borrower.

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Willow-Spring-Tryko
MultifamilyNew JerseyNortheastSeniors Housing

Tryko Partners Acquires Burnt Tavern Skilled Nursing Facility in New Jersey

by Amy Works

BRICK, N.J. — Tryko Partners has acquired Burnt Tavern Rehabilitation and Healthcare Center in Brick for an undisclosed price. Located at 1049 Burnt Tavern Road, the center includes 148 skilled nursing beds with expansion potential and an assisted living component that can accommodate 23 clients. The company plans to launch a $1 million renovation program to upgrade the property, which has been renamed Willow Spring Rehabilitation and Healthcare Center. Planning renovations include a state-of-the-art sub-acute care unit, expanded rehabilitation facility with cutting-edge equipment and technology, and updated common areas, patient rooms and assisted living accommodations. Tryko Partners purchased the asset from the original developer, NuVision Management. Additional terms of the transaction were not released.

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Stone-Heron-ORL
ConnecticutIndustrialNortheast

O,R&L Commercial Brokers Acquisition of 42,000 SF Industrial Facility in Connecticut

by Amy Works

MADISON, CONN. — O,R&L Commercial has brokered the acquisition of a light industrial facility in Madison. Stone Heron LLC purchased the 42,000-square-foot property from Garland Associates for $2 million. Located at 14 New Road, the 42,000-square-foot property was developed in 1970 for Shoreline Industries and has been home to Garrity Industries since 1983. The property will become the new home of Pacuda Inc., which is relocating from Deep River, Conn. Timothy McMahon of O,R&L Commercial represented the buyer, while James Panczykowski of Binswanger represented the seller in the transaction.

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LoansMultifamilyNew JerseyNortheast

Woodmont Properties Receives Financing for 126-Unit Multifamily Community

by Amy Works

HANOVER, N.J. — Fairfield, N.J.-based Woodmont Properties has secured a long-term permanent loan for Woodmont Knolls at Hanover, a multifamily community located in the Cedar Knolls section of Hanover. The financing, which was provided by Valley National Bank, enables Woodmont to secure permanent financing for the property, which is now fully leased. Situated on a 15-acre former industrial site, the property features 126 one- and two-bedroom flats and carriage homes. On-site amenities include a clubhouse with sports bar and gaming system, strength and cardio center, billiards room, cyber café, and a swimming pool with a sundeck. Additionally, the pet-friendly community features a dog park and a picnic and barbeque area.

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300Lafayette-HFF
LoansMixed-UseNew YorkNortheast

HFF Arranges $40M Loan for SoHo Mixed-Use Development

by Amy Works

NEW YORK CITY — HFF has arranged $40 million in financing for the fee simple interest of 300 Lafayette, a development site located at the corner of Lafayette and Houston streets in Manhattan’s SoHo neighborhood. The firm worked on behalf of the borrower, LargaVista Cos., to secure the 20-year, fixed-rate loan through a national life insurance company. The development site is an 11,622-square-foot site with 365 feet of frontage along Crosby, Lafayette and Houston streets. A joint venture between LargaVista Cos. and Related Cos. plans to construct a seven-story mixed-use, retail and office building on the property. Mike Tepedino and Michael Gigliotti of HFF negotiated the transaction.

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DLC-Mgmt
New YorkNortheastRetail

DLC Management Corp. Buys 518,000 SF Power Center in New York

by Amy Works

POUGHKEEPSIE, N.Y. — DLC Management Corp. has acquired The Shoppes at South Hills, a retail power center located in Poughkeepsie. The 518,000-square-foot center was purchased for an undisclosed price. The Shoppes at South Hills is occupied by a variety of tenants, including ShopRite, Burlington Coat Factory, Christmas Tree Shop, Hobby Lobby, Kmart, Ashley Furniture HomeStore, Bob’s Discount Furniture and Chuck E. Cheese. Jose Cruz and Marc Duvall of HFF represented the undisclosed seller in the transaction.

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