Northeast

Design Complete for Boston’s One Channel Center

by Amy Works December 15, 2014

BOSTON — ADD Inc., now with Stantec, has completed the design for One Channel Center, the final phase of the Commonwealth Ventures’ 2.1 million-square-foot Channel Center in Boston. The eleven-story, 500,000-square-foot One Channel Center will be home to 4,000 employees of State Street Bank and is part of a multi-building master plan that includes a new two-acre park and a ten-level, 900-car garage. Located at One Iron St., the $175 million project features a two-story lobby and various green elements, including continuous insulation on the facades, efficient mechanical systems, recycled and local materials, and low VOC materials. The building is expected to attain LEED Silver certification upon completion. ADD Inc. recently joined Stantec’s Buildings Group, a team of more than 2,500 design and allied professionals.

December 15, 2014

Mixed-Use New York Northeast

TerraCRG Arranges $8.63M Sale of Park Slope Mixed-Use Building

by Amy Works December 15, 2014

NEW YORK CITY — TerraCRG has arranged the sale of a mixed-use building located at 857-861 Union St. in the Park Slope neighborhood of Brooklyn. The 14-unit building, which features 12 residential and two commercial units, sold for $8.63 million, or $842 per square foot. The new owner plans to reposition the 2,225-square-foot retail portion of the building. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG negotiated the transaction.

December 15, 2014

Massachusetts Multifamily Northeast

Marcus & Millichap Brokers Two Apartment Building Sales Totaling $1.85M

by Amy Works December 15, 2014

MALDEN AND EVERETT, MASS. — Marcus & Millichap has brokered the sale of two apartment buildings in Malden and Everett. The properties are the six-unit building at 78 Florence St. in Everett and the seven-unit building at 23-27 Cedar St. in Malden. The properties sold for $1.85 million total. Evan Griffith of Marcus & Millichap’s Boston office represented the sellers, two private investors, and procured the buyers, also private investors, in the transaction.

December 15, 2014

Loans Multifamily Northeast Pennsylvania

Meridian Capital Group Arranges $40M Loan for Drexelbrook Apartments

by Amy Works December 12, 2014

DREXEL HILL, PA. — Meridian Capital Group has arranged a $40 million loan for the refinancing of the Drexelbrook Apartments in Drexel Hill. The borrower is William Key, a general partner of Drexelbrook Associates LLC. The 10-year loan features a floating rate of 129 basis points over the one-month LIBOR and interest-only payments for the full term. Drexelbrook Apartments features 90 buildings and more than 1,200 residential units. Jim Bologno and Paul Gilbert of Meridian Capital Group’s Iselin, N.J., office negotiated the transaction.

December 12, 2014

New York Northeast Retail

RKF Arranges $18.5M Sale of Retail Property in Brooklyn

by Amy Works December 12, 2014

NEW YORK CITY — RKF has brokered the sale of a retail property, located at 197-205 Smith St. in Brooklyn’s Cobble Hill neighborhood. The 20,000-square-foot property sold for $18.5 million. The property offers 10,000 square feet on the ground floor and a 10,000-square-foot basement. Included in the sale are air rights for 10,000 buildable square feet that allows for future expansion. Brian Segall and Ernie Getz of RKF represented the seller, John Dee Corp., and the buyer, a partnership between Jackson Group, Aurora Capital and ACHS Management, in the transaction.

December 12, 2014

Northeast Office Pennsylvania

Hayden Maguire Real Estate Fund Acquires Malvern Office Property for $23M

by Amy Works December 12, 2014

MALVERN, PA. —Hayden Maguire Real Estate Fund has made its second acquisition. The fund acquired a 151,447-square-foot office building, located at 1200 Atwater Dr. in Malvern, for $23 million. The property features modern architectural design, light-filled lobbies under glass canopies and an on-site café. The property is situated on 388 acres surrounding an 80-acre spring-fed lake. Hayden Maguire Real Estate Investments and Maguire Investment Management are partners of the fund.

December 12, 2014

Multifamily New Jersey Northeast

Marcus & Millichap Arranges $1.75M Sale of 34-Unit Multifamily Building

by Amy Works December 12, 2014

BLOOMFIELD, N.J. — Marcus & Millichap has brokered the sale of Jeanette Apartments, an apartment building located in Bloomfield. The 34-unit building sold for $1.75 million. Located at 268-272 Bloomfield Ave., the building consists of 34 sponsor-held apartments in a garden-style condo complex with parking for 50 cars. The building offers a mix of one-, two- and three-bedroom units, as well as a small office space. Nat Gambuzza, Kevin Taub and John Veniero of Marcus & Millichap’s New Jersey office represented both parties in the transaction.

December 12, 2014

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Brokers $80.75M Sale of Manhattan Mixed-Use Portfolio

by Amy Works December 11, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of an Upper West Side portfolio, a six-building mixed-use portfolio located in Manhattan’s Upper West Side. The portfolio features 152 multifamily units, 7,900 square feet of retail space and 62,655 square feet of air rights for future development. A private investor acquired the portfolio for $80.75 million, or approximately $515,000 per unit. The properties are 500 Cathedral Parkway, 3143 Broadway, 3147 Broadway, 3149 Broadway, 111 West 104th St. and 242 West 109th St. This is the first time the properties have changed hands in 30 years. Marco Lala of Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors, in the transaction.

December 11, 2014

Massachusetts Multifamily Northeast Seniors Housing

Tryko Partners Buys Seniors Housing Campus in Holyoke, Mass.

by Amy Works December 11, 2014

HOLYOKE, MASS. — Brick, N.J.-based Tryko Partners has acquired the Mont Marie skilled nursing and age-restricted affordable housing campus in Holyoke. The Sisters of St. Joseph of Springfield (SSJ Springfield) sold the property for an undisclosed price. The 52-acre property includes the 84-bed Mont Marie Health Care Center, as well as the Mont Marie Senior Residence and St. Joseph Residence, which offer a total of 80 senior HUD rental units. The purchase was financed through CapitalSource. SSJ Springfield will retain use of the property’s chapel and cemetery through a lease agreement with Tryko.

December 11, 2014

Multifamily New York Northeast

CPEX Arranges $2.7M Residential Development Site Sale in Sheepshead Bay

by Amy Works December 11, 2014

NEW YORK CITY — CPEX Real Estate has brokered the sale of a development site at 2515-2517 Voorhies Ave. in Brooklyn’s Sheepshead Bay area. The two-lot site sold for $2.7 million, or $105 per buildable square foot. The 19,000-square-foot site is zoned approximately 25,650 buildable square feet of residential use. Additionally, the property was delivered with approved plans for construction. Sean Kelly, Orah Mansher, Sean Sears and James O’Neill represented the seller, Babe Realty Holding, in the transaction. The buyer, Hen Hui Gu Inc., was represented by Empire State Realty Group.

December 11, 2014

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