Northeast

HFF Secures $81.3M Refinance Loan for 15-Property Industrial Portfolio

by Amy Works August 11, 2015

FLORHAM PARK, N.J. — Holliday Fenoglio Fowler’s Florham Park office has arranged $81.3 million in refinancing for a 15-property industrial portfolio. HFF secured the 10-year, fixed-rate loan through Principal Commercial Capital for the borrower, Heritage Capital Group. The 2.58 million-square-foot portfolio includes a mix of warehouse, distribution and cold storage facilities in New York, Pennsylvania and Ohio. The properties feature clear heights ranging from 20 to 40 feet and include office space. Additionally, eight buildings have rail service access. At the time of closing, the portfolio was 92 percent leased to 31 tenants, including Staples Inc., Storage Mobility, McLane Food Service Inc., Victory Packaging LP, McGrann Paper, Scholastic Book Fairs Inc., Packaging Corporation of America and Global Foundries. Four properties are located near Syracuse, N.Y.; three near Rochester and Albany, N.Y.; three near Harrisburg, Pa.; and two near Columbus, Ohio. Jon Mikula of HFF led the team that represented the borrower in the transaction.

August 11, 2015

Loans Northeast Office Pennsylvania

CBRE Group Arranges $49.7M Financing for Public Ledger Building in Philadelphia

by Amy Works August 11, 2015

PHILADELPHIA — CBRE Group Inc. has arranged $49.7 million in acquisition and renovation financing for the Public Ledger Building in Philadelphia. The borrower, Purchase, N.Y.-based Carlyle Development Group, received short-term acquisition financing for a three-year term with two one-year extensions for the purpose of acquiring and improving the property. (The Public Ledger was a daily newspaper in Philadelphia published from 1836 to 1942.) The bridge financing allows the borrower to receive additional proceeds for future lease-up and general building renovations, as well as the flexibility to operate and dispose of the asset as needed. Located at 600 Chestnut St., the 534,004-square-foot property is 65 percent occupied, with The United States of America General Services Administration as the largest tenant. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the financing with a national debt fund.

August 11, 2015

Multifamily New York Northeast

Cushman & Wakefield Closes $19.9M Sale of Greenwich Village Development Site

by Amy Works August 11, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 71 Fourth Ave., also known as 71 Park Ave. South, in Manhattan’s Greenwich Village. A joint venture between NAVA Cos., Savitar Realty Advisors, Williams & Sons Group and LePera Equities Inc. acquired the site for $19.9 million, or $780 per buildable square foot. Zoned C6-2A, the site consists of two buildings suitable for approximately 25,573 square feet of as-of-right development. The joint venture plans to develop a 10-story, 22,507-square-foot mixed-use property on the site, with eight floor-through apartments (units which occupy an entire floor), a duplex penthouse and a retail space with 14-foot ceiling heights.

August 11, 2015

Multifamily New Hampshire Northeast

IPA Boston Brokers Sale of Beechstone Luxury Apartment in New Hampshire

by Amy Works August 11, 2015

PORTSMOUTH, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Beechstone Luxury Apartments in Portsmouth. TGM Associates sold the 428-unit apartment community to Forest Properties for an undisclosed price. The buyer plans to launch a value-add strategy of interior unit renovations at the property. Built in three phases between 1973 and 1986, the property consists of 71 two-and-a-half story buildings situated on 54 acres. The property offers six two- and three-bedroom floor plans, ranging from 800 to 1,600 square feet, and totaling 430,142 square feet of rentable area. Richard Robinson, Jennifer Athas and Philip Lamere of IPA Boston represented the seller in the transaction.

August 11, 2015

Industrial New Jersey Northeast

Colliers Arranges 147,000 SF of Industrial Leasing in New Jersey

by Amy Works August 11, 2015

SOMERSET, N.J. — Colliers International has arranged 147,000 square feet of new long-term leases at two warehouses in Somerset. Owned by Cabot Properties, the single-tenant properties are located at 95 Clyde Road and 645 Howard Ave. Iberia Foods Corp. leased 82,000 square feet at 95 Clyde Road. The food and beverage supplier relocated its Brooklyn Bottling Group to the property from Carteret, N.J. The facility features eight tailgate loading doors and 24-foor ceiling heights. Additionally, Event Solutions International leased 65,000 square feet of space at 645 Howard Ave. The vehicle management services company is relocating and expanding its New York/New Jersey regional warehouse to the property, which features 8,000 square feet of office space and four tailgate loading doors. Both warehouses also include one drive-in door, new roofs, motion sensor lights, 100-care parking lots and access to Route 287 and the New Jersey Turnpike. Michael Markey and Jonathan Tesser of Colliers represented Cabot Properties in both transactions.

August 11, 2015

Mixed-Use Multifamily New York Northeast Retail

Cushman & Wakefield Brokers Sale of Two Mixed-Use Properties in Manhattan

by Amy Works August 10, 2015

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two contiguous mixed-use properties at 1703-1705 Second Ave. on Manhattan’s Upper East Side. The two five-story buildings sold for $22.2 million, or $1,498 per square foot, in an all-cash transaction. Previously home to Elaine’s restaurant, the properties, which total 15,350 square feet, feature one store unit and 16 market-rate residential units. The apartment units, which recently underwent renovation, feature stainless steel appliances, new hardwood floors, washers/dryers, new windows and new electric service. Thomas Gammino Jr. of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

August 10, 2015

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $13.4M Construction Loan for Boston Multifamily Development

by Amy Works August 10, 2015

BOSTON — Fantini & Gorga has arranged a $13.4 million construction loan for the development of a multifamily property located at 900 Beacon St. in Boston’s Audubon Circle neighborhood. Upon completion, the property will feature 28 market-rate apartments and four affordable units, as well as 4,340 square feet of ground-floor retail space. Additional on-site amenities include underground parking for 30 vehicles and an outdoor patio area to be used by the commercial tenants. Casmir Groblewski, Tim O’Donnell and Despina Hatzipetrou of Fantini & Gorga arranged the financing for the undisclosed developer. The lender is a Massachusetts-based financial institution.

August 10, 2015

Loans New Jersey Northeast Office

HFF Secures $10M Refinancing Loan for New Jersey Office Campus

by Amy Works August 10, 2015

EATONTOWN, N.J. — Holliday Fenoglio Fowler (HFF) has secured $10 million in refinancing for West Ridge Corporate Center in Eatontown. HFF placed the 10-year, fixed-rate loan with Principal Commercial Capital for the borrower, Bollerman Real Estate Services Inc. Located at One Industrial Way West, the five-building, 113,715-square-foot office/flex complex is currently 96 percent leased. Michael Klein led the HFF team representing Bollerman in the financing.

August 10, 2015

Multifamily New York Northeast

Ariel Properties Advisors Brokers Two Multifamily Sales in Manhattan

by Amy Works August 10, 2015

NEW YORK CITY — Ariel Properties Advisors has brokered the sale of two multifamily properties in Northern Manhattan totaling $9.4 million. In the first transaction, a 14,010-square-foot walk-up property, located at 532 West 152nd St., sold for $6.7 million, or $335,000 per unit. The building features one one-bedroom unit, eight two-bedroom units and 11 three-bedroom units. In the second deal, a 9,345-square-foot multifamily property, located at 273 West 140th St., sold for $2.7 million, or $270,000 per unit. The property features six one-bedroom units and four two-bedroom apartments. Victor Sozio, Michael Tortorici, Josh Berkowitz, Matthew Gillis and Samuel Atlas of Ariel Properties represented the sellers and buyers in both transactions. The names of the sellers and buyers were not released.

August 10, 2015

Multifamily New York Northeast

Akelius Acquires Six-Building Apartment Portfolio in Brooklyn

by Amy Works August 10, 2015

NEW YORK CITY — Akelius US LLC has acquired a six-building residential portfolio in Brooklyn for an undisclosed price. With properties in Crown Heights, Flatbush and Prospect Lefferts, the portfolio consists of 378 apartments. This is the sixth acquisition by the Swedish real estate company, Akelius, in the United States. The company now owns two properties in Manhattan and nine in Brooklyn.

August 10, 2015

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