Northeast

Marcus & Millichap Brokers $21.05M Multifamily Sale in East Haven, Connecticut

by Jaime Lackey June 15, 2015

EAST HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $21.05 million sale of Stony Brook Village, a 165-unit luxury apartment community located at 140 Mill St. in suburban East Haven. HP Stony Brook LLC sold the property to Par Stony Brook LLC. The sales price equates to $127,500 per unit. Units average 980 square feet and 70 percent have two bathrooms. Community amenities include a fitness center and swimming pool with sun deck area; a resident clubhouse with community room, business area, and library; a leasing center with private offices, and a designated dog walk and exercise area. Steve Witten and Victor Nolletti of IPA and Wes Klockner of Marcus & Millichap were the sole brokers in the transaction.

June 15, 2015

Loans Massachusetts Multifamily Northeast

Walker & Dunlop Closes $19.5M Fannie Mae Loan for Apartments in Wakefield, Massachusetts

by Jaime Lackey June 15, 2015

WAKEFIELD, MASS. — Walker & Dunlop has closed a $19.52 million Fannie Mae fixed-rate loan for True North Capital Partners’ acquisition of Wakefield Vista Apartments, a 114-unit property located in Wakefield. The property, which was built in 2013, is located 12 miles north of Boston and features one- and two-bedroom units, with 25 percent of the units set aside for families earning less than 80 percent of the area’s median income. Property amenities include a fitness center, garage parking, in-unit washers and dryers, and a community room with a fireplace and lounge area. Steve Natale and Bill Battaglia led the Walker & Dunlop team that worked with Fannie Mae to structure a 12-year fixed-rate loan with four years of interest-only, with a 77 percent loan-to-purchase price ratio. This is the borrower¹s fifth acquisition in the Boston area.

June 15, 2015

Connecticut Northeast Office

CBRE Brokers $16.73M Sale of Office Building in Shelton, Connecticut

by Jaime Lackey June 15, 2015

SHELTON, CONN. — CBRE Group has arranged the $16.73 million sale of 6 Armstrong Rd. in Shelton on behalf of an entity controlled by Marcus Partners Inc. New York-based Windsor Management Corp. purchased the property, a 163,287-square-foot office building located between exits 11 and 12 off Route 8. The property was 87 percent leased at the time of sale. Occupancy increased from the 50 percent mark 12 months earlier, thanks to a $2.2 million capital investment program that included HVAC, restrooms, lobby and common area upgrades as well as expanded parking. Jeffrey Dunne and Steven Bardsley of CBRE’s Institutional Properties team negotiated the transaction; CBRE also procured the buyer.

June 15, 2015

New York Northeast Retail

Alpha Realty Arranges $5.6M Sale of Two Brooklyn Properties

by Jaime Lackey June 15, 2015

New York City — Lev Mavashev of Alpha Realty represented both the seller and buyer in the $5.6 million sale of 3315 and 3401 Avenue H in the Flatbush Section of Brooklyn. The corner buildings are located across the street from each other at the intersection of Avenue H and East 34th Street. The two properties together total 14,350 square feet with a total of 10 commercial units. Total buildable space for the two lots is 52,000 square feet, making the properties a future development play.

June 15, 2015

Multifamily New York Northeast

E&M Associates Acquires Two Multifamily Properties for $72.3M

by Amy Works June 12, 2015

NEW YORK CITY — E&M Associates has acquired two multifamily properties in New York City’s Astoria neighborhood for $72.3 million from Related Cos. Located at 11-15 Broadway and 30-50 21st St., the properties are known as Astoria at Hallet’s Cove and Montenegro of Astoria, respectively. The properties offer a total of 144 rental units and 64 parking spaces. Astoria at Hallet’s Cove is an eight-story, 76,100-square-foot elevator building with 79 apartments, and Montenegro of Astoria is an eight-story, 59,240-square-foot elevator building with 65 apartments. Aaron Jungreis of Rosewood Realty Group represented both properties in the transaction.

June 12, 2015

Massachusetts Northeast Retail

Linear Retail Properties Buys Three-Property Retail Portfolio for $57.5M in Massachusetts

by Amy Works June 12, 2015

NORTH ANDOVER AND WALTHAM, MASS. — Burlington, Mass.-based Linear Retail Properties has acquired a three-property retail portfolio, totaling 124,093 square feet, in Massachusetts for $57.5 million. The portfolio includes Eaglewood Shops at 175 Turnpike St. in North Andover, Main Street Marketplace at 1030 Main St. in Waltham and 1036 Main St. in Waltham. Acquired for $34.2 million, the 77,558-square-foot Eaglewood Shops is fully leased to Burtons Grill, Staples, Pier 1 Imports, Jos. A. Bank and Chipotle. The 44,461-square-foot Main Street Marketplace is fully leased and sold for $22.4 million. The adjacent 2,074-square-foot property, 1036 Main Street, was purchased for $850,000. The seller was Ross Hamlin.

June 12, 2015

New Jersey Northeast Retail

Vision Real Estate Partners Acquires New Jersey Retail Center

by Amy Works June 12, 2015

SADDLE BROOK, N.J. — Vision Real Estate Partners has acquired a two-building neighborhood shopping center at 55-75 Mayhill St. in Saddle Brook. Situated on 12 acres, the center is anchored by a 62,000-square-foot A&P supermarket. The site is also approved for an additional 12,000 square feet of retail space. Constructed between 1998 and 2000, the 119,000-square-foot property offers 800 parking spaces and 45,000 square feet of near-term availability. Jose Cruz, Kevin O’Hearn and Robert Borny of HFF represented the undisclosed seller in the transaction. Jon Mikula and Jim Cadranell, also of HFF, secured acquisition financing for the buyer through Oritani Bank.

June 12, 2015

Loans New York Northeast Office

HFF Arranges $25M Loan for 124,382 SF Office Building in Manhattan

by Amy Works June 12, 2015

NEW YORK CITY — HFF has arranged $25 million in refinancing for an office building located at 99 Madison Ave. in Manhattan. HFF placed the 15-year, fixed-rate loan with Voya Investment Management for the borrower, Windsor Management. Built in 1915, the 124,382-square-foot building features ground-floor retail space with offices on the upper floors. The property is fully leased to 12 tenants, including HAB Bank. Steven Klein and Jonathan Rosner of HFF arranged the financing for the borrower.

June 12, 2015

Mixed-Use New York Northeast

Cushman & Wakefield Brokers $2.5M Sale of Mixed-Use Property in Long Island City

by Amy Works June 12, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 36-01 Vernon Blvd. in the Long Island City neighborhood of Queens. The asset sold for $2.5 million, or $278 per square foot. The four-story, 9,000-square-foot building features one commercial unit and seven three-bedroom apartments. David Chkheidze of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.

June 12, 2015

New York Northeast Office

Silverstein Properties, BIG Unveil 2 World Trade Center

by Amy Works June 11, 2015

NEW YORK CITY — Silverstein Properties Inc. and Bjarke Ingels Group (BIG) have unveiled 2 World Trade Center, located at 200 Greenwich St. in New York City. The 80-story, 2.8 million-square-foot office building will feature a 38,000-square-foot lobby and access to the World Trade Center Transit Hub. Designed by BIG, the tower will feature a stacked design, which allows for 38,000 square feet of outdoor terraces within the property. Upon completion, the property will be 50 percent occupied by 21st Century Fox and News Corp.

June 11, 2015

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