Northeast

Bergman Real Estate JV Takes 90,000 SF Office Property in New Jersey

by Amy Works October 6, 2014

EAST HANOVER, N.J. — Bergman Real Estate Group, in a joint venture with a vehicle managed by Rialto Capital Management, a wholly owned subsidiary of Lennar Corp., has acquired 100 Eagle Rock Avenue, an office building in East Hanover. The partnership purchased the 90,000-square-foot property for $6.4 million or $71 per square foot. Current tenants at the property include Friedman LLP, Burns & McDonnell and Hartford Fire Insurance Company. Michael DiFede and Michael Brody of Garden State Office Properties represented the buyer, while Gary Gabriel and Kyle Schmidt of Cushman & Wakefield represented the seller, TA Associates, in the transaction.

October 6, 2014

Connecticut Northeast Retail

The Boulder Group Arranges $1.6M Sale of Net-Leased Property

by Amy Works October 6, 2014

VERNON, CONN. — The Boulder Group has brokered the sale of a newly constructed single-tenant retail property located at 426 Talcottville Road in Vernon. The property, which is net-leased to Dollar General, sold for $1.6 million. Situated on 1.11 acres, the 9,262-square-foot property is leased to Dollar General for at least a 15-year term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based investment firm, in the transaction. The seller was a Northeast-based developer.

October 6, 2014

Industrial Loans New Jersey Northeast Office

HFF Secures $15.5M Loan for Two Denholtz-Owned Properties

by Amy Works October 3, 2014

EDISON AND PISCATAWAY, N.J. — HFF has secured $15.5 million in financing for the Business Centre at Edison, a 12-building office park located in Edison, and 140 Ethel Road West, an industrial building in Piscataway. HFF placed the seven-year, fixed-rate loan with Investor Banks for the borrower, Denholtz Associates. The loan will be used to retire existing debt. Located at 1090 King Georges Post Road in Edison, the 125,981-square-foot Business Centre at Edison is currently 96.9 percent leased. Situated on 6.24 acres in Piscataway, the 108,875-square-foot 140 Ethel Road West is currently 90 percent leased. Jon Mikula, Michael Klein and Michael Lachs of HFF negotiated the financing for the borrower.

October 3, 2014

Connecticut Northeast Office

Marcus Partners Purchases Two Office Buildings Totaling 84,000 SF

by Amy Works October 3, 2014

Westport, Conn. — Marcus Partners has purchased two office buildings, located at 8 and 10 Wright St. in Westport, as the company’s first investment in its new fund, Marcus Capital Partners Fund II. The buildings, which total 84,000 square feet, offer views of the Saugatuck River and historic Westport Center. Marcus Partners has a $4 million comprehensive renovation planned for the buildings. The renovation will include new enlarged windows, and redesigned and upgraded landscaping, parking decks, lighting, paving, entrances and signage. Terms of the transaction were not released.

October 3, 2014

Crestview-Garden-Apartments-Tryko-Partners

Multifamily Northeast Pennsylvania

Tryko Partners Acquires 184-Unit Multifamily Community

by Amy Works October 3, 2014

NEW CASTLE, PA. — Brick, N.J.-based Tryko Partners has acquired Crestview Garden Apartments, located at 1139 Pin Oak Dr. in New Castle, for an undisclosed price. The apartment community features 184 affordable residential units. Tryko plans to immediately invest $1 million in improvements to the property, including common area renovations, a new property-wide security system, and kitchen and bathroom improvements in individual units. CBRE Capital Market’s Philadelphia office arranged financing for the acquisition through TriState Capital Bank. Tryko Partners is a private equity real estate group that specializes in project-based Section 8 Homeowners Assistance Program transaction and property repositionings.

October 3, 2014

Connecticut Multifamily Northeast

Marcus & Millichap Arranges $4.45M Multifamily Property Sale

by Amy Works October 3, 2014

SEYMOUR, CONN. — Marcus & Millichap has arranged the sale of Maplewood Commons, a 50-unit apartment property located in Seymour. Built in 1970, the garden-style apartment community consists of four detached wood-frame buildings. The buyer plans enhance the property with modest kitchen, bath and hallway upgrades. Blake Barbarisi, Adam Mancinone and Gary Witten of Marcus & Millichap’s New Haven, Conn., office listed the property on behalf of the seller, a limited liability company and secured the buyer, a private investor.

October 3, 2014

Industrial Northeast Pennsylvania

KarMar Realty Group Brokers Sale of 24,000 SF Flex Building

by Amy Works October 3, 2014

ASTON, PA. — KarMar Realty Group has brokered the sale of a flex building, located at 2626 Market St. in Aston. Keenan Auto Body purchased the property from I&I Sling Inc. for an undisclosed price. Situated on 1.93 acres, the 24,000-square-foot property features 20-foot ceilings, two tailgate docks, heavy power, ample parking and gas heat. Donald Grimes of KarMar Realty Group represented the seller in the transaction.

October 3, 2014

Loans Multifamily New York Northeast

Meridian Capital Arranges $18.4M Loan for Residential Cooperative

by Amy Works October 2, 2014

NEW YORK CITY — Meridian Capital Group has negotiated $18.4 million in refinancing for the residential cooperative portion of Lincoln Towers on West End Avenue in New York City. The 29-story property, which is part of the Lincoln Towers condo, totals 444 units and 32 parking spots. Meridian has arranged financing for six of the eight buildings that are part of the Lincoln Towers complex. The 30-year self-liquidating loan, which was provided by a life insurance company, features a 4.44 percent fixed rate. Steve Geller and Nicoletta Pagnotta of Meridian Capital Group’s New York City’s headquarters brokered the transaction.

October 2, 2014

Industrial Loans Massachusetts Northeast

NorthMarq Capital Arranges $9.9M Loan for Industrial Building

by Amy Works October 2, 2014

PEABODY, MASS. — NorthMarq Capital’s Boston office has secured $9.9 million in refinancing for an industrial property located at 3 Technology Way in Peabody. The property offers 160,000 square feet of Class A industrial space. The commercial mortgage was structured with a 10-year term and a 30-year amortization schedule. Michael Chase of NorthMarq arranged the financing for the borrower through its correspondent relationship with a Guardian Life Insurance Company.

October 2, 2014

New York Northeast Retail

Microsoft Inks Deal for Flagship Store in Manhattan

by Amy Works October 2, 2014

NEW YORK CITY — Microsoft Corp. has signed a lease for its first Manhattan flagship store at 677 Fifth Ave. in New York City. Microsoft will occupy the entire ground through fourth floors, as well as a portion of the lower level of the building. Andrew Kahn, Jonathan Scibilia and Jesse Hutcher of Cushman & Wakefield represented the landlord, 677 Fifth Avenue Corp., in the deal. Richard Hodos of CBRE represented Microsoft.

October 2, 2014

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