Northeast

Compass Self Storage Buys 45,000 SF Self-Storage Center in New Jersey

by Amy Works June 25, 2015

MANVILLE, N.J. — Compass Self Storage, a member of the Amsdell family of companies, has acquired a self-storage center in Manville. Located at 55 Beekman Road, the property offers 45,000 square feet of rentable space, drive-up access, indoor climate-controlled units, individual door alarms, digital surveillance, electronic access, online payments, outdoor parking and truck rental. The acquisition was made by separate affiliates of Amsdell Group LLC and Compass Self Storage LLC. The name of the seller and the acquisition price were not released.

June 25, 2015

Mixed-Use New York Northeast Retail

Ariel Property Advisors Arranges $7.4M Sale of Four Properties in Brooklyn

by Amy Works June 25, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of four properties in Brooklyn totaling $7.4 million. In the first transaction, Jonathan Berman, Mark Spinelli, Daniel Tropp and Michael Tortorici of Ariel Properties represented the seller and buyer, both private investors, in the $2.3 million sale of a vacant lot at 876 Bergen Ave. in Prospect Heights. The property is zoned R7A and contains 10,847 buildable square feet as-of-right. In the second transaction, Tropp, Spinelli and Berman represented the seller and buyer, both private investors, in the trade of a property, which contains two residential units and one commercial unit, located at 154 Graham Ave. in East Williamsburg. The 4,500-square-foot asset sold for $1.9 million. In the final transaction, Shimon Shkury, Berman, Spinelli and Tropp represented the seller and buyer, both private investors, in the sale of two industrial properties, located at 402-422 Snediker Ave. and 485-515 Van Sinderen Ave. in East New York. The buildings, which total 33,500 square feet, sold for $3.2 million.

June 25, 2015

Massachusetts Northeast Office

Cushman & Wakefield Brokers Sale of 280,892 SF Office Building in Massachusetts

by Amy Works June 24, 2015

NEEDHAM, MASS. — Cushman & Wakefield has brokered the sale of TripAdvisor | Needham, a newly constructed office building located in Needham. An entity controlled by U.S. Realty Advisors LLC purchased the six-story, 280,892-square-foot LEED Gold property for an undisclosed price. The property, which features a café, fitness center, outdoor amphitheater and structured parking, will serve as the global headquarters for TripAdvisor. Robert Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield represented the seller, Normandy Real Estate Partners, in the transaction. Additionally, Jay Wagner and Timothy Hosmer of Cushman & Wakefield placed the acquisition financing with a national life insurance company for the transaction.

June 24, 2015

New Jersey Northeast Retail

Nassimi Realty Acquires New Jersey Shopping Center

by Amy Works June 24, 2015

EDGEWATER PARK, N.J. — New York City-based Nassimi Realty LLC has acquired Edgewater Park Plaza, a shopping center in Edgewater Park. A&P, which previously operated a Pathmark store at the location, sold the property for an undisclosed price. Located at 2110 Route 130, the 115,000-square-foot center is tenanted by Big Lots, Dunkin Donuts and a Getty gas station. Winbrook Management LLC represented the buyer in the transaction, while Metro Commercial Real Estate Inc. represented the seller.

June 24, 2015

Civic Massachusetts Northeast

NM Construction Corp. to Build Sai Temple in Massachusetts

by Amy Works June 24, 2015

GROTON, MASS. — New England Shirdi Sai Parviaar (NESSP) has hired Reading, Mass.-based NM Construction Corp. as general contractor to build the first phase of a Shirdi Sai Baba Temple at 719 Great Rd. in Groton. Designed by BD Nayak Architects, the two-story, 40,000-square-foot temple will be constructed in two phases and, once complete, will be the largest Shirdi Sai Baba Temple in North America. The first phase will include the temple building, a kitchen, a large dining hall and community rooms. The second phase will include three residential units for priests and a 500-seat auditorium. Construction will begin this month, with completion slated for July 2016.

June 24, 2015

New York Northeast Office

The Kaufman Organization Secures 46,000 SF Office Lease in NYC

by Amy Works June 24, 2015

NEW YORK CITY — The Kaufman Organization has brokered a 10-year lease for 46,000 square feet of office space at 111 West 19th St. in New York City. Law360, a LexisNexis company, is relocating to the space from its Union Square offices at 860 Broadway and 200 Park Avenue South. The company’s new space can accommodate up to 300 staffers, including reporters and business professionals. Steven Kaufman, Barbara Raskob and Yvonne Chang of the Kaufman Organization represented the landlord, 19th Street Associates LLC, while Paul Ippolito of Newmark Knight Grubb Knight represented the tenant in the transaction.

June 24, 2015

New York Northeast Restaurant Retail

Eastern Consolidated Arranges Long-Term Lease for Restaurant in Hell’s Kitchen

by Amy Works June 24, 2015

NEW YORK CITY — Eastern Consolidated has arranged a 15-year, 1,400-square-foot lease for the Eatery in Hell’s Kitchen. The popular restaurant is relocating to 788 Ninth Ave. from another location on the block. James Famularo and Jeff Geoghegan of Eastern Consolidated represented the owner, while Ravi Idnani, also of Eastern Consolidated, represented the tenant in the transaction.

June 24, 2015

Market Reports New Jersey Northeast Northeast Market Reports Retail

North Jersey Retail Rising

by Jaime Lackey June 24, 2015

For the first time in a long time in Central and Northern New Jersey, we can stop talking about the light at the end of the tunnel. The market has emerged into full sunshine, and the lingering aftereffects of the recession are now fully in the rearview mirror. The current strength of the market and robust activity in terms of new commercial development is something we have not seen for some time. Not only are there more opportunities for developers to get financing, but with rates at low ebb as well, developers are moving to take advantage. At the same time, banks and financial institutions are motivated and aggressively looking to make deals. The result is a perfect storm of sorts: the money is there, developers are willing and ready, and retailers are looking for quality space. That dynamic is good news not only for Central and Northern New Jersey, but also for all of the metropolitan New York City market. It is noteworthy that very few of the big box retail spaces that became available in the wake of high-profile closings and bankruptcies from brands like Linens ’N Things and Borders are still available. Slowly but surely, the inventory …

June 24, 2015

Multifamily New York Northeast

HFF Brokers $14.2M Brooklyn Multifamily Sale

by Jaime Lackey June 23, 2015

NEW YORK CITY — HFF has brokered the $14.2 million sale of 2217 Caton Avenue, a 24,214-square-foot mixed-use building in Brooklyn’s Prospect-Lefferts Gardens neighborhood. Caton Acquisition Partners LLC purchased the asset free and clear of existing debt from Second City Real Estate. 2217 Caton Avenue is located at the intersection of Caton and Bedford Avenues, near the Church Avenue subway station. Built as condominiums in 2010, the nine-story property has 29 two-bedroom residential rental units that are 97 percent leased and 2,698 square feet of ground-floor retail space, which is fully occupied by a local daycare center. Rob Rizzi, Jeff Julien, Rob Hinckley and Steven Rutman of HFF marketed the asset on behalf of the seller.

June 23, 2015

Loans New York Northeast Retail

EagleBridge Capital Arranges $7.5M Loan for Four-Building Portfolio

by Amy Works June 23, 2015

NORWOOD, MASS. — EagleBridge Capital has arranged $7.5 million in permanent mortgage financing for four buildings located on Vanderbilt Avenue in Norwood. Ted Sidel and Brian Sheehan of EagleBridge arranged the loan, which was provided by a leading financing institution. Totaling 149,550 square feet, the four properties include 36-76, 45, 190-196 and 375 Vanderbilt Ave., including the Vanderbilt Club and three flex buildings. Tenants at the properties include Office Gallery International, Subway, Orange Leaf Frozen Yogurt, Comcast, International Auto Parts, Exide Technologies, Home Theater Concepts and the Neponsit Valley Chamber of Commerce.

June 23, 2015

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