Northeast

NAI James E. Hanson Arranges Sale of Two-Building Office Complex in New Jersey

by Amy Works May 15, 2015

PARSIPPANY, N.J. — NAI Hanson has arranged the sale of Boulevard Common, an two-building office complex located at 1140-1160 Parsippany Blvd. in Parsippany. Micro Strategies Inc. purchased the properties for an undisclosed price and will relocate its offices from Mt. Olive, N.J. The complex offers 44,596 square feet of Class A office space, a state-of-the-art infrastructure and close proximity to Routes 287, 80 and 46. Josh Levering and Michael Walters represented the seller, HGF Parsippany Blvd LLC, in the transaction. The buyer was represented by Cushman & Wakefield.

May 15, 2015

New York Northeast Retail

ARM Real Estate Group Brokers Sale of Retail Property in Queens

by Amy Works May 15, 2015

NEW YORK CITY — ARM Real Estate Group has brokered the sale of a corner retail building located in the Woodside neighborhood of Queens. The Daniel Group purchased the 9,500-square-foot property for $2.8 million from 5401 Nb LLC. Located at 540-01 Northern Blvd. and built in 1952, the property features three retail spaces: a Chinese restaurant, a convenience store and a carpet shop. The buyer plans to reposition the property once the current leases expire. Anand Melwani of ARM Real Estate Group represented both parties in the transaction.

May 15, 2015

New Jersey Northeast Office

Cushman & Wakefield Brokers $80M Sale of Three-Property Office Portfolio

by Amy Works May 14, 2015

MORRISTOWN AND MORRIS TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of a three-property office portfolio in Morris County, N.J. East Rutherford, N.J.-based Lincoln Equities purchased the 410,000-square-foot portfolio sold for $80 million, or $195 per square foot, from Edison, N.J.-based Alfieri LLC. The portfolio includes the 106,000-square-foot Harding Plaza located at 1200 Mt. Kemble Ave. in Morristown; the 151,400-square-foot 100 Southgate Parkway in Morris Township; and the 151,000-square-foot Patriot’s Plaza at 60 Columbia Turnpike in Morristown. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield represented the seller, while the buyer had in-house representation during the transaction.

May 14, 2015

Connecticut Northeast Retail

Cinépolis USA to Join Bridgeport’s $750M Steelpointe Harbor

by Amy Works May 14, 2015

BRIDGEPORT, CONN. — Cinépolis USA has signed on to open a luxury 12-screen, 1,200-seat hybrid theater at Steelpointe Harbor, a mixed-use development in Bridgeport. The 50,000-square-foot theater will offer five Cinépolis Luxury Cinemas auditoriums with fully reclining leather seats and in-theater waiter service and dining with a full bar, and seven Cinépolis auditoriums with comfortable seating and access to a gourmet menu and full bar in the lobby. The theater, which is slated to open in 2017, will be the company’s first location in Connecticut. Bridgeport Landing Development LLC, a subsidiary of The RCI Group, is developing Steelpointe Harbor, a two million-square-foot waterfront project. The first phase of the development is slated to open this year and construction on the second phase scheduled to begin in 2016.

May 14, 2015

New Hampshire Northeast

Eastern Real Estate Buys 81,317 SF Shopping Center in New Hampshire

by Amy Works May 14, 2015

WEST LEBANON, N.H. — Eastern Real Estate has acquired Powerhouse Plaza, a shopping center in West Lebanon. Dead River Powerhouse Plaza LLC sold the 81,317-square-foot property for an undisclosed price. Located on South Main Street, the center is fully occupied by Shaw’s, Rite Aid, New Hampshire State Liquor, 99 Restaurant and the United States Armed Forces Recruiting Center. Robert Griffin, Geoffrey Millerd, Justin Smith and Richard Ruggiero of Cushman & Wakefield represented the seller in the transaction.

May 14, 2015

Hospitality New Jersey Northeast

Advance Realty to Develop 150-Room AC Hotel by Marriott in Harrison, N.J.

by Amy Works May 14, 2015

HARRISON, N.J. — Advance Realty is developing an AC Hotel by Marriott in the Riverbend District, the company’s 35-acre redevelopment project in Harrison. The 85,000-square-foot hotel will feature 150 guest rooms, a bar and lounge area, a breakfast area, outdoor seating, a meeting room, fitness center and a lobby. Additionally, the hotel will feature more than 4,300 square feet of retail and restaurant space, which will complement the residential, retail and office space that is under development in the Riverbend District.

May 14, 2015

Multifamily New York Northeast

HAP Investments Breaks Ground for Residential Project in Washington Heights

by Amy Works May 14, 2015

NEW YORK CITY — HAP Investments has broken ground for the construction of a residential property in Washington Heights. Located at 655-667 West 187th St., the multi-story building will feature 47 apartment units. The property was designed by Karim Rashid and Karl Fischer will serve as the architect of record. The construction team will employ a modular building system developed by Deluxe Building Systems, which will result in 40 percent faster construction and reduced material waste.

May 14, 2015

Massachusetts Multifamily Northeast

Joint Venture Sells Alta Legacy Farms in Massachusetts for $59.5M

by Amy Works May 13, 2015

HOPKINTON, MASS. — A joint venture between Wood Partners LLC and Bavin Inc. has sold Alta Legacy Farms, an apartment community in Hopkinton. An affiliate of The Praedium Group LLC acquired the 240-unit property for $59.5 million. Situated on 18 acres, the $45 million development features 156 one-bedroom units and 84 two-bedroom apartments, with 39 one-bedroom units and 21 two-bedroom units classified as affordable housing. Community amenities include a clubroom, billiard room, coffee bar, media room, business center and cyber café, theater, fitness center, outdoor lounge area with fire pit and built-in grilling stations, resort-style pool with sundeck, a dog park and walking trails. The community is part of the master-planned Legacy Farms project, a 730-acre mixed-use suburban community consisting of 940 single-family and attached homes, 450,000 square feet of commercial space and more than 500 acres of preserved and restored open space. Wood Partners served as general contractor on the project, which was designed by Cube3 Studios and completed in March 2014. CB Richard Ellis – N.E. Partners represented the seller in the transaction.

May 13, 2015

Massachusetts Northeast Office

Clarks Americas Inc. to Build New Corporate Headquarters in Massachusetts

by Amy Works May 13, 2015

WALTHAM, MASS. — Clarks Americas Inc., a subsidiary of Somerset, England-based C&J Clark Limited, plans to construct a new corporate headquarters facility in Waltham. The company has signed a 15-year lease for the to-be-built 120,000-square-foot property located at 1265 Main St. The four-story building will feature a roof deck, 5,200 square feet of private outdoor terrace space, and an employee retail store and employee fitness center. Additionally, the property will feature 10-foot high windows, 50-foot skylights, a three-story lobby and covered parking. Boston Properties is the lead developer for the project, which is being designed by Spagnolo Gisness & Associates Inc. and ADD Inc. now with Stantec. Clarks Americas Inc. plans to move into the new facility in phases starting in late fall 2016.

May 13, 2015

Hospitality Massachusetts Northeast

Moody National REIT I to Acquire Hampton Inn Boston for $57M

by Amy Works May 13, 2015

BOSTON — Moody National REIT I Inc. has entered into a contract to acquire Hampton Inn Boston for an aggregate purchase price of $57 million, excluding acquisition costs. The 227-room hotel is located within close proximity to Boston Logan International Airport and five miles from downtown Boston. The acquisition of the hotel is subject to substantial conditions to closing.

May 13, 2015

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