Northeast

HFF Brokers $12 Million Sale of Essex Square in Bergen County, N.J.

by Haisten Willis October 23, 2015

LODI, N.J. — Holliday Fenoglio Fowler LP (HFF) has arranged the $12 million sale of Essex Square, a 16,000-square-foot retail strip center located within the Route 17 retail corridor in of Lodi, a suburb of New York City. Chris Munley, Kevin O’Hearn and Jose Cruz of HFF represented the seller, ARC Properties Inc. Capstone Realty Group advised the buyer, Pako Realty Corp., and facilitated a 1031 tax exchange of the center that was acquired in an all-cash transaction. Essex Square is a 100-percent-occupied, regional retail strip center leased to national and regional tenants, including Capital One Bank, 7-Eleven, MedExpress, Jimmy John’s Gourmet Sandwiches, Rita’s, Muscle Maker Grill and Great Clips. The two-building property is located at 184 Essex Street.

October 23, 2015

New York Northeast Retail

Thor Equities to Sell Manhattan Retail Condo To Harbor Group International for $68M

by Jaime Lackey October 22, 2015

NEW YORK CITY — Thor Equities has signed an agreement to sell the retail condo at 445 Fifth Ave. in Midtown Manhattan to Harbor Group International for $68 million. Thor Equities purchased the 20,000-square-foot property in 2011 for $32.5 million. The company signed Charming Charlie to the majority of the building’s retail space on the first and second floors.

October 22, 2015

New Jersey Northeast Retail

CBRE Brokers $23.4M Sale of Clover Square in Hamilton Township, N.J.

by Jaime Lackey October 22, 2015

MERCERVILLE, N.J. — Highglen Lawndale Associates LP, a partnership headed by Abrams Realty & Development, has purchased the Clover Square shopping center on 3100 Mercer-Quakerbridge Road at Sloan Avenue in Mercerville. Valley Forge Investment Corp. sold the 178,850-square-foot property, which was 96 percent occupied at the time of sale, for $23.4 million. The neighborhood shopping center is located in Hamilton Township. Anchor tenants include the 85,000-square-foot health and wellness center associated with Robert Wood Johnson Hospital and the independently owned 33,300-square-foot Risoldi’s supermarket. Additional tenants include Five Guys Burgers and Fries, CitiFinancial, Taco Bell, Sir Speedy, Miracle Ear, Great Clips, Jenny Craig, Smoothie King, and Dunkin’ Donuts. A pad site provides potential for future development. Brad Nathanson and Tom Gorman of CBRE represented the buyer.

October 22, 2015

Hospitality Northeast Pennsylvania

Laurus Affiliate Acquires Doubletree-Green Tree in Pittsburgh

by Jaime Lackey October 22, 2015

PITTSBURGH — Ethika Investments LLC, an affiliate of Laurus Corp., has allocated capital for the acquisition of the DoubleTree by Hilton Hotel – Green Tree in Pittsburgh. The 460-room property is the largest Pittsburgh hotel in the Hilton family of brands and recently underwent a $20 million renovation. Ethika and Laurus plan a $7 million capital plan, including the introduction of the Asado Grill restaurant, to improve customer experience and position the hotel as the go-to location for business meetings, conferences and weddings in the greater Pittsburgh area. The DoubleTree Green Tree features nearly 40,000 square feet of flexible, multi-functional meeting space and a 13,000-square-foot indoor athletic training center. This marks the 16th total capital allocation within Ethika’s Diversified Opportunity Real Estate Fund.

October 22, 2015

Multifamily New York Northeast

Akelius Buys Clinton Hill Apartment Property for $15M

by Jaime Lackey October 22, 2015

NEW YORK CITY — Akelius USA has purchased 415 Washington Avenue in the Clinton Hill neighborhood of Brooklyn for $15 million from DSA Management, which acquired the property for $10.25 million about a year ago. GFI Realty Services arranged the sale of the six-story, 25-unit apartment building in an off-market transaction. Erik Yankelovich and Shawn Sadaghati of GFI brokered the transaction. The pre-war building offers a mix of two-, three-, and four-bedroom residential units, which feature high ceilings, large closets and hardwood floors. Twelve of the apartments are free-market units, while four are rent-controlled, and nine are rent-stabilized.

October 22, 2015

Loans New York Northeast Office

Meridian Capital Arranges $130 Million in Financing for Two NYC Office Buildings

by Jaime Lackey October 21, 2015

NEW YORK CITY — On behalf of a New York City-based sponsor, David Hayum of Meridian Capital Group has negotiated $130 million in permanent financing to refinance two office properties located in Midtown Manhattan. A regional balance sheet lender provided the $130 million, seven-year financing package, which features an interest rate of 3.88 percent. The properties are located at 15 West 47th Street and 22 West 48th Street, just south of Rockefeller Center in Midtown Manhattan, and are encumbered by a $75 million mortgage and a $55 million mortgage, respectively. 15 West 47th Street is a premier diamond exchange building, and both properties have a concentration of diamond and jewelry manufacturers, wholesalers and retailers.

October 21, 2015

Multifamily New York Northeast

HFF Brokers Sale of Hudson Park in Yonkers

by Jaime Lackey October 21, 2015

YONKERS, N.Y. — Holliday Fenoglio Fowler LP (HFF) has brokered the sale of Hudson Park, a multifamily community situated along the Hudson River in downtown Yonkers. Strategic Capital purchased the property, which consists of three components: Hudson Park South, Hudson Park North and the to-be-built Hudson Park River Club. Completed in spring 2003, Hudson Park South has 266 one- and two-bedroom units and approximately 15,500 square feet of office and retail space. Hudson Park North was completed in spring 2008 and has 294 one- and two-bedroom apartments, as well as a free-standing parking garage. The property also includes a nearly quarter-acre land site with approvals for a 23-story, 213-unit apartment building that will include an 8,200-square-foot amenity space on the ground floor. The groundbreaking for this development occurred in mid-September with an expected completion date of mid-2017. The completed residential component of Hudson Park is 98 percent leased. HFF marketed the property on behalf of the seller, a joint venture partnership between Collins Enterprises LLC and Berkshire Group. The HFF investment sales team representing the seller was led by Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Steve Simonelli and Michael Oliver. Shearman & Sterling LLP provided legal counsel to Strategic Capital …

October 21, 2015

Industrial New Jersey Northeast

Sitex Group Buys Two Properties in Northern New Jersey

by Jaime Lackey October 21, 2015

CARLSTADT AND ELIZABETH, N.J. — Private equity firm Sitex Group recently closed on a 30,000-square-foot warehouse facility located at 620 Gotham Parkway in Carlstadt. The building has an above-standard parking ratio and is 100 percent air-conditioned. Sitex plans to make several upgrades to the property, including updating the façade, office space, lighting and sprinkler systems. The seller was a private investor. JLL’s David Knee and Gary Politi brokered the sale. JLL will stay on to oversee leasing. The sales price was not disclosed. Sitex has also purchased a 43,000-square-foot, multi-tenant warehouse located at 429-449 Schiller St. in Elizabeth. The property, which is 90 percent leased, comprises small units (ranging from 3,000 to 8,500 square feet) with a large trailer parking area. It is located near the Port of Newark/ Elizabeth and Newark’s Liberty International Airport. Sitex plans to improve the property by updating the building’s exterior and truck parking/loading areas. Bussel Realty’s Jordan Metz brokered the sale and has been retained by Sitex to oversee leasing. The sales price was not disclosed.

October 21, 2015

Industrial Mixed-Use New Jersey Northeast Retail

Cushman & Wakefield Arranges $18.5 Million Financing, Advises on JV Equity for New Jersey Portfolio

by Jaime Lackey October 21, 2015

CLARK, N.J. — Cushman & Wakefield has raised an $18.5 million senior mortgage loan and served as advisor to a joint venture between Denholtz Associates and MB1 Capital Partners for the acquisition of a mixed-use portfolio located in Clark. The portfolio is situated on 21-acres of infill retail and industrial improvements located just off exit 135 of the Garden State Parkway. The portfolio is currently 96.5 percent leased with L’Oreal serving as the anchor tenant. Washington Trust Co. provided the five-year financing. A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, John Spreitzer and Andre Hass served as exclusive advisors on this transaction.

October 21, 2015

Market Reports New York Northeast Northeast Market Reports Retail

Rochester Retail Market Anticipates Continued Improvement Through 2017

by Jaime Lackey October 21, 2015

The total retail inventory in the Rochester market amounts to 62.5 million square feet. Over the past year, the market has seen an overall decrease in the vacancy rate. The vacancy rate went from 8.0 percent in first quarter 2015 to 7.9 percent in the current quarter. Overall net absorption was positive 182,160 square feet. The general retail sector of the market, which includes all freestanding retail buildings except those contained within a center, reported a vacancy of 4.3 percent at the end of the second quarter 2015. The general retail space in Rochester is 34.3 million square feet. Average rental rates are currently at $12.26 per square foot. The shopping center sector — which consists of 19 million square feet and comprises community centers, neighborhood centers and strip centers — posted 10.9 percent total vacancy and average asking rates of $10.28 in second quarter 2015. Power center space is currently reported to be nearly 4 million square feet with a vacancy rate of 7.5 percent, and a slight decrease in rental rates to $13.46 per square foot. Malls in the Rochester market consist of lifestyle centers, regional malls and super-regional malls. The vacancy rate was 21.2 percent at the …

October 21, 2015

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