Northeast

The Clark Group Leases 103,217 SF at 400 Capital Logistics Center in Pennsylvania

by Amy Works July 29, 2015

MIDDLETOWN, PA. — The Clark Group has signed a 103,217-square-foot industrial lease at 400 Capital Lane, located within Capital Logistics Center in Middletown. The logistics provider for print media leased the space for a term of three years and four months and plans to use the facility to store publications. The 242,824-square-foot facility, which is owned by Woodmont Industrial Partners and AEW Capital Management, features 30 dock doors, three drive-in docks, T5 lighting, a six-inch reinforced concrete floor and a standing seam metal roof. Michael Hess, Patrick Lafferty and Bart Anderson of CBRE Harrisburg represented The Clark Group in the transaction.

July 29, 2015

Connecticut Market Reports Northeast Northeast Market Reports Office

Connecticut Office Market Offers an Abundance of Choices for Large Tenants

by Jaime Lackey July 29, 2015

Large blocks of space in the Connecticut office market have typically been associated with financial services firms and the wide open trading floors found in investment bank offices. However, for a new breed of tenant looking for sprawling, open and contiguous office space, the state of Connecticut currently offers a myriad of choices across multiple submarkets — from Trumbull to Norwalk to Stamford. And recent leasing figures suggest that prospective tenants are taking note. TAMI — or technology, advertising, media and information — tenants are no longer a Manhattan-only phenomenon. CBRE’s Westchester/Fairfield Counties office is increasingly seeing these tenants joining financial services tenants in cherry picking from an abundant group of large spaces. These TAMI tenants often favor the open spaces and giant floorplates that have become known for increasing collaboration and productivity among their employees. They can also offer consolidation and cost savings for companies. One of the most notable recent examples was 2014’s largest lease transaction for Fairfield County, which saw information technology firm Datto lease 100,398 square feet of space at Norwalk’s Merritt 7 Corporate Park. CBRE’s Paul Jacobs, Colin Reilly and Barbara Segalini represented Datto in the lease at the 22-acre campus, which Datto said it …

July 29, 2015

Loans New York Northeast Retail

HFF Arranges $44M Refinancing for Retail Condo in Manhattan

by Amy Works July 28, 2015

NEW YORK CITY — HFF has arranged a $44 million refinancing loan for a fully leased retail condominium located at 611 Avenue of the Americas in Manhattan’s Chelsea neighborhood. The company secured a 15-year, fixed-rate non-recourse loan through Allianz Real Estate of America Inc. on behalf of the US Allianz insurance companies for the borrower, The Parkland Group. Located at the base of a 10-story luxury residential property developed by The Parkland Group, the building features three retail spaces and 41 residences, which were not included in the financing. The 30,000 square feet of retail space is leased to Chase Bank, Duane Reade and Modell’s Sporting Goods. Rob Rizzi and Jennifer Keller of HFF arranged the financing for the borrower.

July 28, 2015

Multifamily New York Northeast

HAP Investments Breaks Ground on 120,000 SF Multifamily Project in East Harlem

by Amy Works July 28, 2015

NEW YORK CITY — HAP Investments has broken ground on a multifamily property at the corner of Third Avenue and E. 121st Street in Manhattan’s East Harlem neighborhood. The company plans to develop a 17,500-square-foot vacant lot into a 120,000-square-foot residential property. The property will feature 78,000 square feet of residential space, 26,000 square feet of commercial space, 5,000 square feet of parking and 1,000 square feet of community facility space. The new project will be an 80/20 rental development with at least 20 percent of the units designated as affordable housing for low-income residents. Karl Fischer Architect PLLC is providing architectural services for the project.

July 28, 2015

Multifamily New Jersey Northeast

CBRE Arranges $5.5M Sale of New Jersey Multifamily Portfolio

by Amy Works July 28, 2015

EAST ORANGE, N.J. — CBRE Group has arranged the $5.5 million sale of four-property multifamily portfolio located in East Orange. Totaling 73 apartment units, the properties include 6 Glenwood Ave., 30 Beech St., 46 S. Arlington Ave. and 345 Williams St. The portfolio, which totals 74,500 square feet, features a mix of one-, two- and three-bedroom units. At the time of sale, the portfolio was approximately 100 percent occupied. Charles Berger, Mark Silverman and Elli Klapper of CBRE Group represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.

July 28, 2015

Industrial New Jersey Northeast

Colliers International Brokers $1.7M Sale of Industrial Building in New Jersey

by Amy Works July 28, 2015

MOORESTOWN, N.J. — Colliers International has arranged the sale of an industrial property located at 1501 Glen Ave. in Moorestown. Artcraft Promotional Concepts, a promotional product branding company, acquired the 40,000-square-foot property for $1.7 million. Situated on 3.26 acres, the property features 20-foot ceiling heights, three tailgates, one drive-in loading dock, 2,200 square feet of office space and a fenced yard. Marc Isdaner of Colliers International represented the seller, Clarit Realty Ltd., while William Goodwin of CBRE represented the buyer in the deal. Unity Bank provided the acquisition financing.

July 28, 2015

Connecticut Northeast Retail

Press/Cuozzo Commercial Brokers Sale of 3,830 SF Day Care Facility

by Amy Works July 28, 2015

NORTH HAVEN, CONN. — Press/Cuozzo Commercial has brokered the sale of a two-building former day care facility located at 20 Peck St. in North Haven. Situated on slightly more than one-half acre, the buildings total 3,830 square feet. The buyer, Lauren Grogan, acquired the property from K&J Holding LLC for an undisclosed sum. The buyer plans to renovate the properties. Stephen Press of Press/Cuozzo represented the seller, while Lou Proto of The Proto Group represented the buyer in the transaction.

July 28, 2015

New York Northeast

McGraw Hill Financial Agrees to Buy SNL Financial for $2.2B

by Amy Works July 27, 2015

NEW YORK CITY — New York City-based McGraw Hill Financial Inc. (NYSE: MHFI) has agreed to acquire Charlottesville, Va.-based SNL Financial from New Mountain Capital for $2.2 billion. SNL Financial will join McGraw Hill’s roster of subsidiaries, including Standard & Poor’s Rating Services, the S&P Dow Jones Indices and Platts. SNL provides data and analysis on the banking, insurance, energy and real estate industries. This acquisition comes two years after McGraw Hill staked its future on financial services by selling off its publishing business. According to the company, McGraw Hill will finance the transaction by issuing $1.7 billion of long-term debt, and the economic impact will be partly offset by tax benefits with an estimated present value of about $550 million. McGraw Hill Financial’s stock price dropped to $99.54 per share as of late morning Monday in intraday trading, down from $105.58 per share at the close of business on Friday, July 24.

July 27, 2015

Loans New York Northeast

Cushman & Wakefield Closes $104M Loan in Long Island City

by Amy Works July 27, 2015

NEW YORK CITY — Cushman & Wakefield has closed a $104 million loan in the Long Island City neighborhood of Queens. The loan is collateralized by a nine-parcel development site north of One Court Square. The site offers 780,000 buildable square feet potential for residential, office, retail and hotel use. Morris Betesh of Cushman & Wakefield handled the financing. The name of the borrower was not released.

July 27, 2015

Industrial Massachusetts Northeast Retail

Colliers Arranges Two Land Sales Totaling $20.8M in Massachusetts

by Amy Works July 27, 2015

WESTWOOD AND NEWTON, MASS. ¬— The Boston office of Colliers International has arranged two commercial land sales totaling $20.8 million. In Westwood, Prime Auto Group acquired 12 acres at 375 Providence Highway for $16.3 million. The buyer plans to develop three car dealerships on the site. In Newton, Dinosaur Capital Partners purchased three acres at 70 Rowe St. for $4.5 million. The buyer plans to develop a Verizon facility on the site. James Elcock of Colliers facilitated both transactions. The names of the sellers were not disclosed.

July 27, 2015

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