Northeast

Cohen Real Estate Brokers Sale of Fairless Hills Shopping Center

by Amy Works June 9, 2015

FAIRLESS HILLS, PA. — Cohen Real Estate has brokered the sale of Fairless Hills Shopping Center, a grocery-anchored community shopping located in Fairless Hills. Fairless Hills Shopping LP acquired the property for $22 million from Fairless Hills S.C. Associates. Situated on 34.5 acres on S. Oxford Valley Road, the center contains 292,067 square feet, of which 145,605 square feet is currently occupied by a variety of tenants, including Giant Supermarket, Dollar Tree, Rent-A-Center, Wells Fargo and McDonald’s. Vera Thomas of Cohen Realty Estate represented both parties in the transaction.

June 9, 2015

Industrial Massachusetts Northeast

MA Littleton Land Breaks Ground for 450,000 SF Fulfillment Center in Massachusetts

by Amy Works June 9, 2015

LITTLETON, MASS. — MA Littleton Land LLC, a joint venture between an affiliate of Braintree, Mass.-based Condyne Investment Fund II and New York City-based Square Mile Capital Management, has broken ground for a 450,000-square-foot build-to-suit fulfillment center for Potpourri Group. The building is slated to be fully operational in the first half of 2016. Potpourri, a multi-channel direct-to-consumer retailer, will relocate and expand its fulfillment center to the new facility at 3 Distribution Center, in Littleton. The facility will feature a 150-person call center, warehouse space, 400 automobile parking spaces, 18 shipping and receiving docks, 14 trailer staging bays, an emergency generator and racked mezzanine pick levels. Greg Zais and Neil Ross of Jones Lang LaSalle Boston represented Potpourri both on its national site search and documentation, while Deborah Tamulis of Thomson Partners Boston represented Littleton Land LLC in the deal.

June 9, 2015

Loans Multifamily Northeast Pennsylvania

KeyBank Secures $37.5M in Loans for Two Pennsylvania Townhome Communities

by Amy Works June 9, 2015

PERKASIE AND SELLERSVILLE, PA. — KeyBank Real Estate Capital has secured a total of $37.5 million in Freddie Mac financing for two townhome communities in Pennsylvania. The two properties are the 233-unit Heritage Orchard Hill in Perkasie and the 108-unit Heritage Greene in Sellersville. The properties currently have a joint leasing office located at Heritage Orchard Hill. Chris Black and Caleb Marten of KeyBank’s commercial mortgage group a closed 10-year, non-recourse fixed-rate first mortgage for both properties. The loans were closed simultaneously.

June 9, 2015

Massachusetts Northeast Retail

CBRE/NE Brokers $21.1M Sale of Retail Center in Massachusetts

by Amy Works June 9, 2015

MARLBOROUGH, MASS. — CBRE/New England has brokered the sale of Shops at the Pond, a retail property located in Marlborough. RK Center acquired the property for $21.1 million from Kimco Realty Corp. The 104,125-square-foot center is fully occupied by a variety of tenants, including DSW, Best Buy, EMS, Olive Garden and Pure Hockey. Chris Angelone, Bill Moylan and Nat Heald of CBRE/NE represented the seller and buyer in the transaction.

June 9, 2015

New York Northeast Retail

Thor Retail Advisors Arranges 15,800 SF Lease for Blue Bottle Coffee

by Amy Works June 9, 2015

NEW YORK CITY — Thor Retail Advisors has arranged a lease for 15,800 square feet at 279 McKibbin St. in Brooklyn’s Bushwick neighborhood. California-based Blue Bottle Coffee will use the space to operate a coffee roasting warehouse and Tartine baking facility for its New York area operations, as well as a café and bakery. The facility features 20-foot ceilings and more than 150 feet of frontage. Matthew Seigel of Thor Retail Advisors brokered the transaction. Terms of the lease were not released.

June 9, 2015

Multifamily New York Northeast

Macedonia Plaza, a 143-Unit Apartment, Opens in Queens

by Amy Works June 8, 2015

NEW YORK CITY — BRP Companies and its development partners have opened Macedonia Plaza, an affordable housing complex located at 37-08 Union St. in the Flushing neighborhood of Queens. The 14-story, 161,760-square-foot property features 143 affordable rental apartments, with 27 studios, 58 one-bedroom apartments, 55 two-bedroom units, two three-bedroom apartments and one super unit. The property also features 9,000 square feet of retail space, which will be occupied by Tree of Life NY grocery store. The project team includes African Methodist Episcopal Church, New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corp. (HDC), Capital One and Hudson Housing Capital. The total development cost of the project was $49.8 million. HDC provided an initial $26.4 million in tax-exempt bonds to finance construction, $9.6 million of which is a permanent source of funding, as well as $9.3 million in corporate reserves through its Low-Income Affordable Marketplace Program. HPD provided $6.3 million in city capital funding and $1.9 million in federal HOME funding. Hudson Housing Capital provided $18.5 million in tax credit equity leveraged from qualifying Low Income Housing Tax Credits, and BRP Companies provided $4.2 million in funding for the project.

June 8, 2015

Multifamily New York Northeast

Abro Management Acquires 86-Unit East Village Rental Building for $60M

by Amy Works June 8, 2015

NEW YORK CITY — Abro Management has acquired Hudson East, a multifamily rental building located at 223-237 East Sixth St. in New York City’s East Village. The 92,000-square-foot property sold for $60 million. Originally built in 1997, the six-story property features 86 rental units, with rents ranging from $4,950 to $6,300 per month. Aaron Jungreis and Devin Cohen of Rosewood Realty Group represented the buyer in the transaction. The name of the seller was not released.

June 8, 2015

New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of 130,000 SF Office Building in New Jersey

by Amy Works June 8, 2015

PARSIPPANY, N.J. — Cushman & Wakefield has brokered the sale of Waterview Plaza, a Class A office building located at 2001 Route 46 East in Parsippany. Norwalk, Conn.-based Marcus Partners acquired the 130,000-square-foot property for an undisclosed sum from Waterview Plaza Associates LLC, which developed the property in 1981. Key tenants at the property include Hennion & Walsh and HQ Global Workplaces LLC/Regus Corp., both with long-term leases. The buyer has a $2.6 million capital improvement program slated for the property. David Bernhaut, Andy Merin, Andy Schwartz and Nick Karali of Cushman & Wakefield represented the seller in the transaction. Additionally, the buyer retained Cushman & Wakefield as leasing agents for the property.

June 8, 2015

New York Northeast Office Retail

TOWN Residential Arranges Purchase of Retail/Office Building in NoHo

by Amy Works June 8, 2015

NEW YORK CITY — TOWN Residential has arranged the purchase of a retail/office building located at 734 Broadway in New York City’s NoHo district. 734 Broadway Acquisitions LLC purchased the 19,000-square-foot property for an undisclosed price. The five-story property features 6,500 square feet of usable retail space and four floors of office space totaling 12,500 square feet. The buyer plans to renovate the property, which was vacant at the time of acquisition. Jonathan Butwin and Scott Dweck of TOWN Residential represented the buyer in the transaction. The name of the seller was not released.

June 8, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $2.9M Sale of NYC Multifamily Property

by Amy Works June 8, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a multifamily property located at 26 Fort Charles Place in New York City’s Marble Hill neighborhood. The 20-unit apartment property sold for $2.9 million. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz of Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors, in the transaction.

June 8, 2015

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