Northeast

HFF Arranges $45M Loan for 648-Unit Multifamily Property in Delaware

by Amy Works June 26, 2015

BEAR, DEL. — HFF has arranged $45 million in financing for Christiana Meadows, a multifamily property located in Bear. The 10-year loan, which features a 3.62 percent fixed rate, was secured for the borrower, a joint venture between The Commonwealth Group and The Emory Hill Companies. Proceeds of the loan will be used to refinance existing debt on the property. Located at 265 Bear Christiana Road, the 54-building property features 648 one- and two-bedroom apartment units. On-site community amenities include an Olympic-sized swimming pool, sauna, hot tub, playground, tennis court and clubhouse with fitness center and large conference room. At the time of financing, the property was 92 percent occupied. James Conley and Mike Pagniucci of HFF arranged the financing.

June 26, 2015

Multifamily New York Northeast

Madison Realty Capital Sells Brooklyn Multifamily Property for $37.4M

by Amy Works June 26, 2015

NEW YORK CITY — Madison Realty Capital has completed the disposition of a multifamily property located at 385 Union Ave. in Brooklyn’s Williamsburg neighborhood. Originally in foreclosure and under management of a receiver, the six-story property sold for $37.4 million. The 40,000-square-foot property features 47 residential units. The property was sold in an off-market transaction facilitated by Aaron Jungreis of Rosewood Realty Group, who represented both parties. The name of the buyer was not released.

June 26, 2015

Mixed-Use Multifamily New York Northeast Retail

Silvershore Properties Acquires Mixed-Use Property on NYC’s Lower East Side

by Amy Works June 26, 2015

NEW YORK CITY — Silvershore Properties has acquired a mixed-use property, located at 149 Rivington St. in New York City’s Lower East Side, for $2.8 million. The buyer plans to redevelop the four-story, walk-up building into a larger property with additional residential and retail units by adding two floors to create two duplex apartments and build out the two retail floors on the lower level. No brokers were involved in the transaction. The name of the seller was not disclosed.

June 26, 2015

Connecticut Northeast Retail

O,R&L Commercial Brokers 26,035 SF Retail Lease in Connecticut

by Amy Works June 26, 2015

ENFIELD, CONN. — O,R&L Commercial has brokered the lease of 26,035 square feet of retail space in Enfield to Crown Furniture. The furniture store will join Dollar General, Whirly Ball and a local comic book store at the fully occupied 57,322-square-foot retail center at 481 Enfield St. Crown Furniture is relocating from its current space in West Springfield, Mass. Robert Gaucher of O,R&L Commercial brokered the transaction.

June 26, 2015

Connecticut Hospitality Northeast Office

Westport Capital Partners Acquires Goodwin Square in Hartford, Conn.

by Amy Works June 25, 2015

HARTFORD, CONN. — Westport Capital Partners has acquired Goodwin Square, which includes a 30-story office tower and the Goodwin Hotel, in downtown Hartford for an undisclosed price. Bordered by Asylum Street, Ann Street, Pearl Street and Haynes Street, the 330,901-square-foot office tower is built over an eight-story, 302-car garage. The property was designed by Skidmore, Owings & Merrill and built in 1989. The 124-room Goodwin Hotel, which has been closed since 2009, totals 110,000 square feet and includes 24 suites, conference areas, a restaurant and a bar. The office tower and hotel are connected by a multi-story atrium. The name of the seller and the acquisition price were not disclosed.

June 25, 2015

Massachusetts Northeast Retail

Linear Retail Acquires Lexington Retail Block for $10.5M

by Amy Works June 25, 2015

LEXINGTON, MASS. — Linear Retail Properties LLC has acquired the Giroux Building, an 18,228-square-foot multi-tenant retail property in Lexington, for $10.5 million. Located at 1833-1853 Massachusetts Ave., the fully leased property is occupied by Via Lago Restaurant, Yangtze River Restaurant, Eastern Bank and Dellaria Salon. Connie Neville of Sperry Van Ness/Neville & Associates represented the seller, The Giroux Building LP, in the transaction.

June 25, 2015

Mixed-Use Multifamily New Jersey Northeast Retail

Argent Ventures Receives Site Plan Approval for Apartment Project in Jersey City

by Amy Works June 25, 2015

JERSEY CITY, N.J. — Argent Ventures has received site plan approval for Baldwin Place, a mixed-use redevelopment in Jersey City’s Journal Square neighborhood. Plans for the redevelopment include 980 market-rate rental apartments in four buildings: two seven-story buildings that are part of the first phase and two 25-story buildings that are part of the second phase. When completed, the project will offer obstructed view corridors, rooftop pools, 36,447 square feet of ground-floor retail, a 502-car parking garage and bike storage locations. The property is within walking distance of the Journal Square PATH station and bus depot. Purchased by Argent Ventures in 2012, the site currently houses five commercial buildings originally belongings to C.F. Mueller Pasta Co. Argent Ventures plans to fully demolish the dilapidated structures in advance of the first phase of construction of the redevelopment. Genova Burns LLC is representing developer, Argent Ventures, and serving as counsel on the project.

June 25, 2015

New Jersey Northeast Retail

Compass Self Storage Buys 45,000 SF Self-Storage Center in New Jersey

by Amy Works June 25, 2015

MANVILLE, N.J. — Compass Self Storage, a member of the Amsdell family of companies, has acquired a self-storage center in Manville. Located at 55 Beekman Road, the property offers 45,000 square feet of rentable space, drive-up access, indoor climate-controlled units, individual door alarms, digital surveillance, electronic access, online payments, outdoor parking and truck rental. The acquisition was made by separate affiliates of Amsdell Group LLC and Compass Self Storage LLC. The name of the seller and the acquisition price were not released.

June 25, 2015

Mixed-Use New York Northeast Retail

Ariel Property Advisors Arranges $7.4M Sale of Four Properties in Brooklyn

by Amy Works June 25, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of four properties in Brooklyn totaling $7.4 million. In the first transaction, Jonathan Berman, Mark Spinelli, Daniel Tropp and Michael Tortorici of Ariel Properties represented the seller and buyer, both private investors, in the $2.3 million sale of a vacant lot at 876 Bergen Ave. in Prospect Heights. The property is zoned R7A and contains 10,847 buildable square feet as-of-right. In the second transaction, Tropp, Spinelli and Berman represented the seller and buyer, both private investors, in the trade of a property, which contains two residential units and one commercial unit, located at 154 Graham Ave. in East Williamsburg. The 4,500-square-foot asset sold for $1.9 million. In the final transaction, Shimon Shkury, Berman, Spinelli and Tropp represented the seller and buyer, both private investors, in the sale of two industrial properties, located at 402-422 Snediker Ave. and 485-515 Van Sinderen Ave. in East New York. The buildings, which total 33,500 square feet, sold for $3.2 million.

June 25, 2015

Massachusetts Northeast Office

Cushman & Wakefield Brokers Sale of 280,892 SF Office Building in Massachusetts

by Amy Works June 24, 2015

NEEDHAM, MASS. — Cushman & Wakefield has brokered the sale of TripAdvisor | Needham, a newly constructed office building located in Needham. An entity controlled by U.S. Realty Advisors LLC purchased the six-story, 280,892-square-foot LEED Gold property for an undisclosed price. The property, which features a café, fitness center, outdoor amphitheater and structured parking, will serve as the global headquarters for TripAdvisor. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller, Normandy Real Estate Partners, in the transaction. Additionally, Jay Wagner and Timothy Hosmer of Cushman & Wakefield placed the acquisition financing with a national life insurance company for the transaction.

June 24, 2015

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