Northeast

HFF Arranges $42.2M Sale of Multi-Anchor Retail Center in New Jersey

by Amy Works July 14, 2015

MANAHAWKIN, N.J. — HFF has arranged the sale of Manahawkin Commons, a 318,100-square-foot retail center in Manahawkin. The Hampshire Companies, in a joint venture with MCB Real Estate and One Liberty Properties, purchased the property for $42.2 million from ACI Manahawkin LLC. The 95-percent-leased property is occupied by Kmart, TJ Maxx, Regal Cinemas, Staples, Michaels, Pier 1 Imports, Famous Footwear, Great Clips, Five Below, McDonald’s, Verizon Wireless, Game Stop, Subway and Dunkin’ Donuts. Mitchell Greene, Robert Sasloff and Lori Schwartz of Robinson Brog Leinwand Greene Genovese & Gluck provided legal counsel to ACI Manahawkin LLC during the transaction. Jose Cruz and Kevin O’Hearn of HFF represented the seller in the transaction.

July 14, 2015

Loans Mixed-Use Northeast Office Pennsylvania Retail

First Niagara Closes $40M Construction Loan for Mixed-use Property in Pittsburgh

by Amy Works July 14, 2015

PITTSBURGH — First Niagara’s Commercial Real Estate Group has closed a $40 million loan with PMC Property Group for a mixed-use property in downtown Pittsburgh. Proceeds of the loan will go to the continued redevelopment of the property, which will include 241 multifamily units, 133,000 square feet of office space and 6,200 square feet of retail space, including two restaurants and a coffee and juice bar. Located at 425 Sixth Ave., the 30-story skyscraper was originally built in 1953 as the headquarters of the Aluminum Company of America. Being developed by PMC Property Group, the property is slated for completion by March 2016. Strada is the architect of the project.

July 14, 2015

Loans Multifamily New York Northeast

Madison Realty Capital Provides $37M Loan Backed by Three Queens Multifamily Properties

by Amy Works July 14, 2015

NEW YORK CITY — Madison Realty Capital (MRC) has provided $37 million of financing collateralized by three properties located in Queens. The undisclosed borrower is using the proceeds of the loan to close a separate acquisition in New York. The collateralized properties include 163-05 Archer Ave., a 32,471-square-foot retail building in Jamaica, Queens; 163-25 Archer Ave., a development site with 700,000 buildable square feet; and a newly developed condominium building in Flushing, Queens. MRC was able to close the transaction within six days of sourcing the opportunity.

July 14, 2015

Industrial Loans Massachusetts Northeast

NorthMarq Capital Secures $1M Acquisition Loan for Warehouse Property in Massachusetts

by Amy Works July 14, 2015

FRAMINGHAM, MASS. — NorthMarq Capital has secured $1 million in acquisition financing for a 21,940-square-foot warehouse/office property located at 223 Arlington St. in Framingham. The loan, which was provided by a local bank, features a fully amortizing 20-year term. Ed Reikstins of NorthMarq’s Boston office arranged the financing for the undisclosed borrower.

July 14, 2015

New York Northeast Office

Colliers Arranges 19,939 SF Lease for Marks Paneth Relocation in New York

by Amy Works July 14, 2015

PURCHASE, N.Y. — Colliers International has arranged a long-term relocation and expansion for Marks Paneth LLP. The accounting firm will occupy 19,939 square feet at 4 Manhattanville Road in Purchase starting in January 2016. The property is owned and operated by George Comfort & Sons. Al Gutierrez, Michael Cohen and Andy Roos of Colliers represented the tenant in the transaction. Dana Pike of George Comfort & Sons, along who Hilarie Siles and Stephens Banker of Newmark Grubb Knight Frank, represented the landlord in the transaction.

July 14, 2015

Connecticut Loans Northeast Office

Integra Real Estate Capital Advises $65M Acquisition Loan for Office Complex

by Amy Works July 13, 2015

HARTFORD, CONN. — Integra Real Estate Capital has advised a $65 million loan for the acquisition of Constitution Plaza in Hartford. The five-building complex offers 665,000 square feet of office space and 1,743 parking spaces. Meyer Perlman of Integra advised the borrower, a New York-based investment group, on the three-year non-recourse loan, which was provided by a national balance sheet lender.

July 13, 2015

Multifamily Northeast Pennsylvania Student Housing

Landmark Properties, PennTrust Properties to Develop Student Housing Project

by Amy Works July 13, 2015

STATE COLLEGE, PA. — Athens, Ga.-based Landmark Properties has partnered with State College-based PennTrust Properties to develop The Metropolitan, a mixed-use student housing property located in State College. Situated at the corner of Atherton Street and College Avenue, the 12-story building will feature 540 beds, 32,000 square feet of retail and commercial space and 164 underground parking spaces for tenants and retail customers. On-site amenities will include a 9,000-square-foot clubhouse and amenity area, a rooftop terrace, fitness center and a third-floor outdoor terrace. Each residential unit will feature floor-to-ceiling windows, granite countertops, stainless steel appliances, high-speed Internet and cable, washers/dryers, private baths and decorator cabinets. Pre-leasing is slated to begin in second quarter 2016, with residential move-in starting in fall 2017. Landmark Properties will serve as the property manager and Landmark Construction will serve as general contractor for the project.

July 13, 2015

Industrial New Jersey Northeast

Hollister Construction Breaks Ground for AeroFarm’s Vertical Farm in New Jersey

by Amy Works July 13, 2015

NEWARK, N.J. — Hollister Construction Services has broken ground for AeroFarm and RBH Group’s vertical indoor farm in Newark. Located at 212 Rome St., the 69,000-square-foot facility is expected to produce up to 2 million pounds of fresh vegetables and herbs per year when the facility is in full operation. The facility is slated for completion this year. KSS Architects designed the facility, while Harrison-Hamnett provided construction engineering services.

July 13, 2015

Connecticut Northeast Office

Building and Land Technology Inks 68,500 SF of Office Leases at Merritt on the River

by Amy Works July 13, 2015

NORWALK, CONN. — Building and Land Technology has signed 68,500 square feet of office leases at Merritt on the River, a 225,000-square-foot office building located at 20 Glover Ave. in Norwalk. Rocaton Investment Advisors signed a new leased for 21,228 square feet. The company will relocate to the new space this fall from Merritt 7 Corporate Park. Ed Tonnessen and Ethan Rice of JLL represented the tenant in the deal. Wilton Re is also relocating to Merritt on the River from 187 Danby Road in Wilton, Conn. Kevin Foley and William Montague of Cushman & Wakefield represented the tenant in the 21,480-square-foot transaction. Additionally, Aetna renewed its 5,934-square-foot lease and McKesson Health Solutions renewed its 10,859-square-foot lease. Paul Tortora and William Fitzgerald of JLL represented Aetna, and Kevin McCarthy of CBRE represented McKesson in the transactions.

July 13, 2015

New Jersey Northeast Restaurant Retail

Winick Realty Group Brokers Five Jersey Mike’s Leases in New Markets

by Amy Works July 13, 2015

NEW JERSEY — Winick Realty Group has brokered five new leases for Jersey Mike’s Subs in new markets across New Jersey. The restaurant is leasing 1,800 square feet at 1350 Galloping Hill Road within Galloping Hill Shopping Center in Union; 1,427 square feet at 757 Bloomfield Ave. in West Caldwell; 1,600 square feet at Shoppes at Raider Boulevard in Hillsborough; 1,300 square feet at 2100 Route 35 in Ocean Township; and 1,200 square feet at 1260 Springfield Ave. in New Providence. Gary Krauss of Winick Realty Group represented various Jersey Mike’s Subs franchisees in each transaction.

July 13, 2015

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