Northeast

J.G. Petrucci Co. to Build 200,000 SF of Build-to-Suit Industrial Space

by Amy Works August 13, 2015

SOUTH BRUNSWICK TOWNSHIP AND MONROE TOWNSHIP, N.J. — J.G. Petrucci Co. Inc. is constructing two build-to-suit industrial properties in Middlesex County, N.J. Located at 15 Stults Road in South Brunswick Township, the first building will feature 63,506 square feet of industrial space. Slated for delivery in October, the property will feature high bay clear height, ample parking, loading docks and an ESFR sprinkler system. The second facility, located at 30 Engelhard Drive in Monroe Township, will feature 130,102 square feet of industrial space. Scheduled for delivery in second quarter of 2016, the single- or multi-tenant building will feature high bay clear height, ample parking, loading docks and an ESFR sprinkler system.

August 13, 2015

Multifamily New York Northeast

TerraCRG Brokers $8.8M Sale of Multifamily Property in Brooklyn

by Amy Works August 13, 2015

NEW YORK CITY — TerraCRG has brokered the sale of an approximately 12,941-square-foot multifamily property located at 93-97 Waverly Place in Brooklyn’s Clinton Hill neighborhood. AC Waverly LLC sold the property to 93-97 Waverly Ventures LLC for $8.8 million, or $680 per net residential square foot. Built in 2008, the property consists of two four-story buildings featuring a total of 17 loft-style apartments, ranging from studio to two-bedroom units. At the time of sale, the property was fully occupied. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and David Algarin of TerraCRG were the sole brokers in the transaction.

August 13, 2015

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Arranges $8.1M Sale of Mixed-Use Property in Manhattan

by Amy Works August 13, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 664 Avenue of the Americas in Manhattan’s Chelsea neighborhood. The 4,300-square-foot asset sold for $8.1 million. The property features apartment units and one retail space. Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and Logan Markley of Marcus & Millichap represented the seller and the buyer, both private investors, in the transaction.

August 13, 2015

Maine Northeast Retail

Fantini & Gorga Secures $7.5M Acquisition Loan for Retail Property in Maine

by Amy Works August 13, 2015

WATERVILLE, MAINE — Fantini & Gorga has secured $7.5 million in acquisition financing for a freestanding Rite Aid Pharmacy in Waterville. Constructed in 2009, the 14,673-square-foot property features a drive-thru canopy and a high-volume pharmacy layout. Chris Miller and Casimir Groblewski of Fantini & Gorga arranged the financing for Wells Realty LP through a leading regional financial institution.

August 13, 2015

New York Northeast Office

Savanna Completes Sale of 31 Penn Plaza to Vanbarton Group

by Amy Works August 12, 2015

NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the sale of 31 Penn Plaza to Vanbarton Group LLC for an undisclosed sum. Located at 132 W. 31st St., the 18-story property features 444,000 square feet of office space. Savanna acquired the property in 2011 and completed a $20 million renovation, including redesigning the lobby, security infrastructure and entrance, modernizing the elevators, restoring the façade, upgrading coming areas and adding retail amenities. During the period Savanna owned the property, the firm entered into 260,000 square feet of lease agreements with tenants that included Friedman’s, Pennsylvania Six and Dee Daa. Douglas Harmon, Adam Spies, Joshua King, Adam Donegar and Michael Saclarides of Eastdil Secured represented Savanna in the transaction. Christopher Price and Adam Kopald of Goodwin Procter served as the seller’s counsel for the sale.

August 12, 2015

Healthcare New York Northeast

Our Lady of Lourdes Memorial Hospital Medical Office Building in New York Sells for $22M

by Amy Works August 12, 2015

VESTAL, N.Y. — Jacobson Properties and Cushman & Wakefield/Pyramid Brokerage Company of Binghamton Inc. have arranged the sale of Our Lady of Lourdes Memorial Hospital medical office building in Vestal. A major private healthcare buyer acquired the 57,000-square-foot property for $22 million. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield negotiated the transaction. The name of the seller was not released.

August 12, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $6M Sale of Apartment Building in Brooklyn

by Amy Works August 12, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 10 Westminster Road in Brooklyn. The 25,990-square-foot asset sold for $6 million, or $300,000 per unit. The 20-unit property features a mix of three- and four-bedroom apartments. Derek Bestreich, Lucien Sproviero, Adam Lobel and Erik Rodriguez of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company, in the transaction.

August 12, 2015

Northeast Pennsylvania Retail

NAI Mertz Negotiates Sale of 8,750 SF Flex Building in Pennsylvania

by Amy Works August 12, 2015

WARWICK, PA. — NAI Mertz has brokered the sale of an 8,750-square-foot flex building located at 1528 Campus Drive within Warwick Business Campus in Warwick. The buyer, Larry Sfinas of Guardian Academy and Indoor Range Inc., acquired the property from an undisclosed seller. The purchase price also was not disclosed. The buyer plans to expand the building into a 20,000-square-foot, 22-lane indoor gun range and retail store. The completed property will feature an advanced Carey air filtration system, a 3,500-square-foot shoot house, 360-degree computer-generated simulation training, and a 50-person banquet hall. Construction is slated to start in August, with a grand opening scheduled for January 2016. Jeff Licht and Adam Lashner of NAI Mertz arranged the transaction.

August 12, 2015

Connecticut Northeast Office

Press/Cuozzo Arranges Long-Term Office Lease at Hamden Center II

by Amy Works August 12, 2015

HAMDEN, CONN. — Press/Cuozzo Commercial Services has brokered the long-term lease of 2,664 square feet of office space at Hamden Center II in Hamden. FC USA Inc., the parent company of GOGO Worldwide Vacations, will occupy the space at 2321 Whitney Ave. Stephen Press of Press/Cuozzo represented the landlord, while Steve Inglese of The New Haven Group represented the tenant in the transaction.

August 12, 2015

Connecticut Market Reports Multifamily Northeast Northeast Market Reports

Fairfield and New Haven See Growing Supply of Apartments

by Jaime Lackey August 12, 2015

In Fairfield and New Haven counties, growing rental housing demand will keep apartment vacancy tight throughout the year, despite a second consecutive year of elevated completions. Developers will complete 1,300 units this year, representing a minor drop from the number of apartments delivered last year. More than 700 of these new rentals will be in New Haven County. Another 1,500 rentals, mostly in Fairfield Country, were under construction in the first quarter of 2015, with deliveries slated for next year. Key projects for completion include the 160-unit College & Crown in the city of New Haven. College & Crown is a modern luxury rental in a vibrant community, boasting galleries, shopping, dining and recreational activities, within walking distance to Yale’s main campus and the Yale School of Medicine. New apartments will modernize apartment stock and mark an ongoing effort among developers to tap into unfulfilled demand for newer, amenity-laden rentals. In the first quarter of 2015, recently completed apartments in Fairfield and New Haven counties have been well absorbed. An increase of rental housing inventory may also play a meaningful role in continued growth of the local economy by making it easier for local employers to recruit workers to the …

August 12, 2015

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