Northeast

Equus Sells 202,033 SF Office/Retail Property in Boston for $77.5M

by Jaime Lackey October 30, 2015

BOSTON — Equus Capital Partners Ltd., a private equity fund manager, has sold 18 Tremont Street in Boston to an affiliate of DLJ Real Estate Capital Partners for $77.5 million ($384 per square foot). The 12-story, 202,033 square-foot office/retail property was 88 percent leased at the time of sale. Frank Petz and Matt Sherry of Jones Lang LaSalle’s Boston office represented the seller and buyer in the transaction. Equus acquired the property in 2007 on behalf of one of its value-add funds, BPG Investment Partnership VIII and VIIIA LP (a $550 million dollar equity fund), and has since worked to modernize the 100-year-old U-shaped building.

October 30, 2015

New Hampshire Northeast Retail

Brady Sullivan and Anagnost to Convert Former Osram Sylvania Plant to Retail Use

by Jaime Lackey October 30, 2015

MANCHESTER, N.H. — Brady Sullivan Properties and Anagnost Cos. have purchased the former Osram Sylvania Plant on South Willow Street in Manchester. The two Manchester-based companies will redevelop the location from an industrial building to Class A retail space. This multi-retailer space will total approximately 300,000 square feet, with an anchor space of 50,000 square feet, and will include ample parking. This project will bring both jobs and approximately $1.5 million in tax revenue to the city after its completion in late 2016.

October 30, 2015

Northeast Pennsylvania Retail

Bayer and Clarion JV Acquire The Shoppes at Susquehanna in Pennsylvania

by Jaime Lackey October 30, 2015

SUSQUEHANNA, PA. — Bayer Properties and Clarion Partners have acquired The Shoppes at Susquehanna Marketplace, a 110,384-square-foot outdoor fashion center located in Susquehanna. Developed in 2004 and located at the intersection of Interstates 81 and 83 in Susquehanna, an affluent suburb of Harrisburg, Pennsylvania, The Shoppes at Susquehanna Marketplace features a variety of national and regional tenants, including Athleta, Banana Republic, Williams-Sonoma, J. Crew Factory, LOFT, White House | Black Market, Harvest Seasonal Grill & Wine Bar, Romano’s Macaroni Grill and Starbucks. Bayer Properties will lead leasing, property management and marketing efforts. This represents the first joint venture between Bayer Properties and Clarion.

October 30, 2015

Northeast Pennsylvania Retail

Sands Investment Group Completes $12.2 Million Sale of Carmike Cinemas to Agree Realty

by Jaime Lackey October 30, 2015

ALTOONA, PA. — Sands Investment Group (SIG) has arranged the $12.2 million sale of a single-tenant Carmike Cinemas in Altoona to Agree Realty Corp., a REIT primarily engaged in the acquisition and development of net-leased retail properties. Max Freedman and Chris Sands of SIG represented the developer, who worked strategically with the firm to sell the building prior to completion of development. The property was in escrow for nine months prior to closing with the sale set to close upon the cinema’s opening. The 120,000-square-foot, 12-screen Carmike theatre was a build-to-suit planned as part of the Convention Center Commons shopping center that will include a 99-room Holiday Inn Express, offices, restaurants and shops. The cinema, located at 234 Convention Center, will open in late 2015.

October 30, 2015

New York Northeast Office

KKR to Buy 343,000 SF of Office Space at Hudson Yards Tower

by Jaime Lackey October 29, 2015

NEW YORK CITY — KKR & Co. LP, a global investment firm, will purchase approximately 343,000 square feet (the top ten office floors) at 30 Hudson Yards and will relocate its corporate offices to the office tower in 2020. Related Cos. and Oxford Properties Group are developing 30 Hudson Yards. Designed by Bill Pedersen of Kohn Pedersen Fox, the 90-story tower will strive for LEED Gold certification. KKR is the second commercial office tenant to invest in and plan a move to 30 Hudson Yards. In January 2014, Time Warner Inc. acquired approximately 1.5 million square feet of space in the building for its 5,000-plus employees. KKR is the seventh corporate office tenant to announce plans to move to Hudson Yards. Boies, Schiller & Flexner will move its New York City offices to 55 Hudson Yards. Coach Inc. has purchased more than 600,000 square feet of space in 10 Hudson Yards, L’Oréal USA, German software engineering firm SAP and social media-first digital agency VaynerMedia will locate at 10 Hudson Yards when the building opens in early 2016.

October 29, 2015

Affordable Housing Massachusetts Multifamily Northeast

Second Phase of Affordable Housing Conversion Near Boston Complete

by Jaime Lackey October 29, 2015

LAWRENCE, MASS. — Malden Mills Phase II Loft Five50, which comprises 62 units of affordable housing in Lawrence, is complete. WNC, a national investor in real estate and community development initiatives, provided approximately $12.7 million in low-income housing tax credit (LIHTC) equity to WinnDevelopment to fund the adaptive reuse project that is transforming the historic former Malden Mills manufacturing site into affordable housing. Malden Mills Phase II Loft Five50 delivers a mix of studio, one-, two- and three-bedroom units. Amenities include onsite management, a clubhouse and community area, fitness center, theater, Wi-Fi lounge, laundry facility, playground, picnic area and elevator. Each unit is equipped with air conditioning. WNC also provided $14.4 million in LIHTC equity to help construct the first phase of Malden Mills Loft Five50 in 2012, including 75 units that are fully occupied.

October 29, 2015

Industrial New York Northeast

Kalmon Dolgin Affiliates Arranges $7.3M Sale of Brooklyn Industrial Property

by Jaime Lackey October 29, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the $7.3 million sale of a 60,000-square-foot industrial property at 950 Georgia Ave. in the Spring Creek area of Brooklyn. The two-story property consists of a 20,000-square-foot ground floor, 20,000-square-foot basement, and 20,000-square-foot yard. Neil Dolgin and Gary Mayzlin of KDA represented both the buyer, 950 Georgia Holdings LLC, and the seller, LMJI LLC, which built the property in 2007. The buyer will use 950 Georgia Avenue as a warehouse and storage facility. LMJI, LLC used the space for steel fabrication and opted to sell the building as its owner approached retirement. The property includes 28-foot ceilings, multiple drive-in doors, and a drive-down ramp to the basement.

October 29, 2015

Northeast Pennsylvania Retail

Target to Open Two Smaller Store Locations in Downtown Philadelphia

by Jaime Lackey October 29, 2015

PHILADELPHIA — Metro Commercial Real Estate Inc. has brokered two deals for Target in the Center City area of Philadelphia. Pearl Properties is developing an approximately 23,000-square foot site at 1900 Chestnut St., and The Brickstone Companies is developing an approximately 22,000-square-foot site at 1112 Chestnut St. Both stores, which will be configured as smaller versions of the traditional Target store format, are currently under construction with planned openings in 2016. Tom Londres and Steve Niggeman of Metro Commercial represented Target in the transactions.

October 29, 2015

New Jersey Northeast Retail

New Primrose School Breaks Ground in Old Bridge

by Jaime Lackey October 29, 2015

OLD BRIDGE, N.J. — Franchisees David Ezekiel and Abraham Ezekiel are breaking ground on the new $5 million Primrose School of Old Bridge, located on Route 9 near the intersection of Route 9 and Spring Valley Road in Old Bridge, in early November. The 12,300-square-foot school, which will create approximately 50 new jobs, will provide early education and care schools for children ages six weeks to six years old and offer after-school care for children up to age 12. Primrose School of Old Bridge will be the fifth Primrose school in New Jersey.

October 29, 2015

Loans Multifamily New Jersey Northeast

Cushman & Wakefield Completes $43.5 Million in Loans for Transit-Oriented Sites in New Jersey

by Jaime Lackey October 28, 2015

EAST ORANGE, N.J. — Cushman & Wakefield has arranged $43.5 million in financing for a pair of adjacent residential and mixed-use properties located at 141 and 315 South Harrison Street in East Orange, on behalf of Blackstone 360, the properties’ owner. George Gnad, Jessica Ke and Michael Winters of Cushman & Wakefield secured the financing from Amboy Bank. The Capital Services team arranged a $19.5 million-term loan for the 105-unit high-rise residential building located at 141 South Harrison, and an additional $24 million construction loan for a proposed seven-story project of 150 high-end luxury rental residential units above the current 30,000 square feet of ground-level commercial space located at 315 South Harrison.

October 28, 2015

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