Northeast

HFF Brokers Sale of 100,000 SF Office Building in Parsippany

by Amy Works August 5, 2015

PARSIPPANY, N.J. — Holliday Fenoglio Fowler (HFF) has arranged the sale of Halsey Corporate Center, an office building located at 90 E. Halsey Road in Parsippany. Stockbridge Capital Group sold the property to Boxer F3 LLC for an undisclosed price. The 100,000-square-foot building features a three-story, glass-enclosed atrium lobby and full-service cafeteria. At the time of sale, the property was leased to eight companies, including Chemtrade. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Andrew Scandalios of HFF represented the seller in the transaction.

August 5, 2015

New York Northeast Retail

Urstadt Biddle Properties Acquires 25,000 SF Shopping Center in New York

by Amy Works August 5, 2015

HARRISON, N.Y. — Urstadt Biddle Properties Inc. has acquired The Harrison Shopping Center in Harrison. Located on Halstead Avenue, the 25,000-square-foot shopping center is anchored by an A&P Fresh Supermarket, which will be replaced by a prominent grocer. Additional tenants include a bakery, hair salon, florist, restaurants and A&T. Urstadt Biddle acquired the property, which was built in 1957, for an undisclosed price in an all-cash transaction. The name of the seller was not released.

August 5, 2015

Maine Market Reports Northeast Northeast Market Reports Retail

Southern Maine’s Retail Market is Steady and Strong

by Jaime Lackey August 5, 2015

The retail market in Southern Maine remains strong through mid-year 2015. Retail vacancy rates are low, investment sales are up, new retail projects are actively under construction, and plans for new retail developments are on the horizon. Positive trends in Maine’s retail sector have been evident for several years now, indicating that the market has stabilized and there is strong potential for further commercial growth over the next several years. According to Malone Commercial Brokers’ 2014 State of the Market Retail Survey, the Greater Portland retail vacancy rate for 2014 was 3.68 percent, compared to 10.8 percent in 2009. The vacancy rate has consistently dropped every year since 2009, with 2014 marking the lowest vacancy rate in Greater Portland in six years. Initially, annual retail vacancy rate declines in Southern Maine were related to the absorption of empty big boxes and retail centers located in the Maine Mall District in South Portland, as well as the newly created retail hubs built along the Maine Turnpike corridor during the construction boom in the early 2000s. By 2012, one of these new retail hubs located in the City of Biddeford saw Lowe’s, Linen ’N Things, Old Navy, and Best Buy close their …

August 5, 2015

Loans New Jersey New York Northeast Office Retail

Cronheim Secures $26.9M in Financing for Four Properties

by Amy Works August 4, 2015

JERSEY CITY, BRICK AND NEPTUNE, N.J., AND COBLESKILL, N.Y. — Cronheim Mortgage has secured $26.9 million in financing for four individual properties located in Jersey City, Brick, Neptune and Cobleskill. Each loan was structured on a 10/30 basis for affiliated entities of New York-based National Realty & Development Corp. The properties include Old Colony Square, a 100,073-square-foot retail center in Jersey City owned by Grand Street Realty; LHOP Holding LP’s 13-building Lions Head Office Park in Brick; two retail pads in Neptune owned by Red Baron Property Resources LP; and C.P. Plaza LP’s 24,500-square-foot retail center in Cobleskill. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the financing.

August 4, 2015

Northeast Pennsylvania Retail

The Shopping Center Group Brokers Sale of Scranton Regional Mall

by Amy Works August 4, 2015

SCRANTON, PA. — The Shopping Center Group has brokered the sale of The Mall at Steamtown, located at 300 Lackawanna Ave. in Scranton. Steamtown 300 LLC purchased the property for an undisclosed sum. Situated adjacent to the Steamtown National Historical Site, a railroad museum, the 558,816-square-foot enclosed regional mall was developed in the early 1990s as part of the revitalization of downtown Scranton. The mall is anchored by Boscov’s Department Store. The Shopping Center Group represented the undisclosed seller in the transaction.

August 4, 2015

Massachusetts Multifamily Northeast

CBRE/New England Arranges Sale of 115-Unit Apartment Community in Brookline

by Amy Works August 4, 2015

BROOKLINE, MASS. — CBRE/New England has brokered the sale of 1443 Beacon Street, an apartment community located in Brookline, a southwest suburb of Boston. Brookline Associates LP sold the 115-unit property to 1443 Beacon LLC, an affiliate of Boston-based Chestnut Hill Realty, for an undisclosed sum. Built in 1979, the market-rate property offers a mix of one-, two-, three- and four-bedroom layouts, with an average apartment size of 928 square feet. The property also features two commercial medical suites, 122 garage parking spaces, a community room, patio area, sundeck, pool and fitness center. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

August 4, 2015

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Closes $19.7M in Financing for Two New Jersey Properties

by Amy Works August 4, 2015

SOUTH HACKENSACK AND SECAUCUS, N.J. — G.S. Wilcox & Co. has closed two loans totaling $19.7 million for two properties in New Jersey. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. originated a $13.5 million loan for a local value-add fund. The loan will be used to acquire a 245,824-square-foot industrial property in South Hackensack. The five-year loan features a 25-year amortization schedule. In the second deal, Wilcox and David Fryer arranged a $6.2 million loan for a 100,000-square-foot, fully occupied industrial property in Secaucus. The 10-year loan features a 25-year amortization schedule. The borrower was not disclosed. Mutual of Omaha, a correspondent lender, provided funding for both loans.

August 4, 2015

New Jersey Northeast Retail

HFF Arranges Sale of 140,000 SF Retail Center in New Jersey

by Amy Works August 4, 2015

LIVINGSTON, N.J. — HFF has brokered the sale of Livingston Shopping Center located at 530 W. Mount Pleasant Ave. in Livingston. The two-building, 140,000-square-foot power center is 97 percent leased to six national tenants that include Nordstrom Rack, TJ Maxx, Buy Buy Baby, DSW, Cost Plus World Market and Ulta Beauty. Situated on 20 acres, the property was fully repositioned in 2014. A partnership between KABR Group and G&G Investors sold the property to Kite Realty Group for an undisclosed price. Jose Cruz, Kevin O’Hearn and Michael Oliver of HFF represented the seller in the transaction.

August 4, 2015

Massachusetts Northeast Retail

Bierbrier Development Sells Montello Plaza in Brockton for $18.7M

by Amy Works August 3, 2015

BROCKTON, MASS. — Bierbrier Development has completed the disposition of Montello Plaza, a freestanding retail property located at the intersection of routes 28 and 37 in Brockton. VEREIT, successor to American Realty Capital, acquired the 64,500-square-foot property for $18.7 million. The property is occupied by Stop & Shop. Frank Giso and David Currie of Choate, Hall & Stewart represented Bierbrier Development. VEREIT handled the transaction on behalf of the entity owner, Cole Credit Property Trust IV Inc. Todd Trombley and Robert Horwath of Marcus & Millichap brokered the transaction.

August 3, 2015

New York Northeast Office

Damianos Realty Groups Acquires Smithtown Office Building for $10.6M

by Amy Works August 3, 2015

SMITHTOWN, N.Y. — Damianos Realty Group LLC has acquired an office building located at 50 Route 111 in Smithtown. The three-story, 50,000-square-foot property sold for $10.6 million. Built in 1984, the property is 96 percent occupied by a variety of corporate and medical tenants, including Merrill Lynch, New York Commercial Bank, Devitt Spellman Barrett LLP and State Assemblyman Michael Fitzpatrick. The buyer plans to renovate and upgrade portions of the property, and has engaged Mancini Architecture PLLC to redesign the building’s exterior and lobby. John LaRuffa of NAI Long Island represented the seller, while John Finn of Damianos Realty Group provided in-house representation for the buyer.

August 3, 2015

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