Northeast

Aberdeen-NJ-Hudson-Ridge-Age-Restricted-Building

RPM to Develop Apartments and Age-Restricted Housing in Aberdeen, N.J.

by Jaime Lackey June 18, 2015

ABERDEEN TOWNSHIP, N.J. — RPM Development Group will develop a three-building affordable housing project that will include rental units for seniors and people of all ages, as well as a new senior community center, in Aberdeen Township. The project, which will feature two residential buildings, will be located on 14 acres on Church Street formerly occupied by South River Metals Corp. Hudson Ridge Senior Residence at Aberdeen will offer 67 one-bedroom and eight two-bedroom rental units of age-restricted housing for those 55 years or older. The second residential building, Hudson Ridge Residence at Aberdeen, will provide 70 one-, two- and three-bedroom rental units that will not have age restrictions. Preference on the rentals will be given to households that were impacted by Hurricane Sandy. Combined cost for constructing the two residential buildings will be $44 million. The site plan also calls for a separate 2,500-square-foot senior community center available for use by all residents of Aberdeen. Site work is anticipated to begin in the fall, with buildout expected to take two years. The project, which will strive for LEED certification, will be constructed with government assistance, including Community Development Block Grant (CDBG) Disaster Relief funding, along with 4 percent low-income housing …

June 18, 2015

Connecticut Northeast Office

Baywater and True North Buy 110,000 SF Office Building in Stamford

by Jaime Lackey June 18, 2015

STAMFORD, CT. — Darien, Conn.-based Baywater Properties and an affiliate of True North Management Group of White Plains, N.Y., have acquired a 110,000-square-foot commercial office building at 2777 Summer Street in Stamford. At the time of acquisition, the seven-story office building was less than 50 percent occupied. The Baywater-True North venture plans to invest in a significant renovation of the building’s common areas, including the front lobby. The venture recently signed a lease for approximately 14,000 square feet with Keller Williams Realty, and is in active discussions with tenants whose needs total more than 15,000 square feet. The property offers on-site security, 24/7 key-card access, covered parking, shuttle service to the Stamford Transportation Center and a deli/café in the lobby.

June 18, 2015

Healthcare Mixed-Use New York Northeast Office Retail

Simone Development to Complete $35M Redevelopment of Historic Boyce Thompson Institute in Yonkers

by Jaime Lackey June 17, 2015

YONKERS, N.Y. — Simone Development Cos. is redeveloping the former Boyce Thompson Institute property in northwest Yonkers into an 85,000-square-foot mixed-used complex. The property, which is located at the intersection of North Broadway and Executive Boulevard, will be rebranded as the Boyce Thompson Center and will include office space for business and medical use as well as retail stores, banking and two restaurants. The property — once home to a horticulture research center — was built in the 1920s, and Simone plans to restore the property to its original character. The property has remained abandoned for 40 years, with the main building and greenhouses falling into disrepair. Simone’s redevelopment plan includes construction of a new 18,000-square-foot addition that will resemble the existing 52,000-square- foot structure. A glass “greenhouse” will connect the new building with the existing building and will house an information gallery honoring the Boyce Thompson legacy. A two-level 15,000-square-foot, freestanding building will be built at the corner of Executive Boulevard and Executive Plaza; St. John’s Riverside Hospital in Yonkers has signed a lease for this space to be used for medical offices. The entire $35 million project is expected to require 20 months to complete.

June 17, 2015

Loans New York Northeast Retail

New York Life Real Estate Investors Originates $120M Loan for Port Chester Shopping Center

by Jaime Lackey June 17, 2015

PORT CHESTER, N.Y. — New York Life Real Estate Investors originated a $120 million loan for Port Chester Shopping Center, a 507,000-square-foot center anchored by Whole Foods and Kohl’s. The property is located on Boston Post Road in Westchester County. The 15-year loan was made to a joint venture between Depa USA and AVR Realty.

June 17, 2015

Industrial New Jersey Northeast

The Hampshire Cos. Sells FedEx Ground Building in Carteret, N.J., to TIAA-CREF

by Jaime Lackey June 17, 2015

CARTERET, N.J. — The Hampshire Cos. has announced the sale of PortSouth Milik, a 232,134-square-foot industrial building located at 200 Milik St. in Carteret, to TIAA-CREF. Hampshire acquired the former Pathmark office headquarters site in June 2011 and transformed the space into a LEED-certified warehouse and industrial logistical center before signing FedEx Ground as a tenant. The building is located within easy access of the New Jersey Turnpike at exit 12, near Port Newark/Elizabeth and Newark Liberty Airport. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented The Hampshire Companies in the transaction.

June 17, 2015

Northeast Pennsylvania Retail

Larken Associates Acquires Fairless Hills Shopping Center in Pennsylvania

by Jaime Lackey June 17, 2015

FALLS & BRISTOL TOWNSHIP, PA. — Tightline Equities, a subsidiary of Larken Associates, and Red Starr Investments LLC have purchased the 290,678-square-foot grocery-anchored Fairless Hills Shopping Center from the Shooster family. Larken plans a multimillion renovation that will include roof replacements and repairs, HVAC replacements and repairs, restriping of parking lots, new landscaping and signage, as well as aesthetic renovations to the façade and store fronts and interior renovations to the second-floor office suites. An existing auto repair pad site will be demolished, making room for three potential outparcels. The property will also be rebranded as Fairless Hills Towne Center. A new long-term extension has been secured by anchor Giant Foods. CBRE/Fameco will be the exclusive brokers for the property.

June 17, 2015

Hospitality New York Northeast

ARC to Purchase 13 Hotels from Noble Investment Group for $300M

by Jaime Lackey June 16, 2015

NEW YORK CITY — American Realty Capital Hospitality Trust Inc. (ARC Hospitality) has agreed to acquire a portfolio of 13 hotels from affiliates of Noble Investment Group LLC for $300 million. The Noble portfolio includes 12 select-service and extended-stay hotels and one full-service hotel, totaling 1,913 rooms. The hotels are located in Boston; Atlanta; Monterey, Calif.; Columbus, Ohio; Fort Worth, Texas; Chicago; Minneapolis; Birmingham, Ala.; and Northern and Central New Jersey. The hotels are franchised by major global brands including Hyatt Hotels, Hilton Hotels & Resorts and Marriott International. Hotel flags include Hyatt Place, Hilton Garden Inn, Hyatt House, Courtyard by Marriott and Hilton. ARC Hospitality was represented by Hunton & Williams LLP. The acquisition is subject to franchisor approvals and the completion of due diligence; the acquisition is expected to close in three separate tranches (which are not conditioned on each other) during the fourth quarter of 2015 and first quarter of 2016.

June 16, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers Two N.J. Multifamily Deals Totaling $113.5M

by Jaime Lackey June 16, 2015

SPRINGFIELD AND MORRISTOWN, N.J. — Gebroe-Hammer Associates represented Forest Realty in the recent sale of two apartment properties, located in Springfield and Morristown. The properties sold for a combined $113.5 million. Short Hills Village Club, a 26-building, 286-unit garden-apartment and townhome community in Springfield, was acquired for $83.5 million by SH Club Village LLC. The property is located at 67A Forest Dr., on the Millburn/Short Hills border of Springfield. The second property, Franklin Manor, is located at 114 Franklin St. in Morristown. RK Franklin LLC acquired the 140-unit garden-style apartment community for $30 million. The Gebroe-Hammer brokerage teams, led by Joseph Brecher, identified the buyers of both properties. Legal representation in the two latest transactions was provided by Thomas E. Cohn, Esq., of Coughlin Duffy LLP, in Morristown, N.J., on behalf of the seller; Steven D. Fleissig, Esq., of Greenberg Traurig in Florham Park, N.J., on behalf of the Springfield buyer; and Kenneth Gliedman, Esq., of Lichter, Gliedman, Offenkrantz PC in New York City on behalf of the Morristown buyer.

June 16, 2015

Healthcare Maine Northeast

JHR Completes Construction on Medical Office Building in Bath, Maine

by Jaime Lackey June 16, 2015

BATH, MAINE — JHR Development of Marblehead, Mass., recently completed Mid Coast Hospital’s new medical practice in downtown Bath. The 20,000-square-foot, two-story healthcare center is valued at $6 million. The property is located at 108 Centre Street and will provide preventive and chronic disease care as well as integrated behavioral health counseling. JHR Development is also in the planning process for a 40-unit condominium community on the Kennebec River in Bath.

June 16, 2015

New Jersey Northeast Office Retail

Tulfra Buys 225,000-Square-Foot Mixed-Use Building in Totowa, New Jersey

by Jaime Lackey June 15, 2015

TOTOWA, N.J. — Rochelle Park, N.J.-based Tulfra Real Estate has purchased Totowa Business Center, a 225,000-square-foot, Class A mixed-use building at 930 North Riverview Dr. in Totowa from a New York-based investment group for $13 million. The property was constructed in 1962 and redeveloped in 1998. It is located on 17.38 acres at Interstate 80 and routes 46 and 23. Tulfra plans more than $5 million of improvements for the property, which includes the 105,000-square-foot, two-story mixed-use portion fronting on Riverview Drive and a 120,000-square-foot section facing on Taft Road, as well as 800 parking spaces. The Riverview space will be retrofitted to attract technical, quasi-retail and recreational tenants. According to the company, the 65,000-square-foot first floor encompasses four units of that would work for tenants such as child and adult daycare, a gym or fitness center, kids’ amusements, or other retail-type recreational uses. The 40,000-square-foot second floor would work well for training, trade and polytechnic schools, an art gallery, or mini-storage. The one-story section of the building houses tenants Tyco, RDD and Passaic County.

June 15, 2015

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