Northeast

Marcus & Millichap Brokers $14.8M Sale of Vacant Office Building in Queens

by Amy Works April 17, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an office building located at 90-75 Sutphin Blvd. in the Jamaica neighborhood of Queens. Arbern Sutphin Properties Corp. sold the 80,400-square-foot six-story property for $14.8 million, or $185 per square foot, to Flushing, N.Y.-based Ampiera Group. The property features three elevators, a 13,000-square-foot basement and a 70-car, 10,000-square-foot underground parking garage. Scott Plasky of Marcus & Millichap negotiated the transaction.

April 17, 2015

New York Northeast Retail

Eastern Consolidated Arranges Two Retail Sales Totaling $7.3M in NYC

by Amy Works April 17, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of two retail properties totaling $7.3 million in separate transactions. In the first deal, Walter & Samuels purchased a 3,541-square-foot retail condominium in the Flatiron District from Diamond Properties for $4.7 million. Located at 40 East 20th St., the property features 1,921 square feet of ground-level space and 1,620 square feet of basement space. The property is currently occupied by Flûte Bar & Lounge. Adelaide Polsinelli of Eastern Consolidated represented the buyer, while Peter Hauspurg, David Schechtman, Abie Kassin and Evan Papanastasiou, also of Eastern Consolidated, represented the seller. In the second transaction, a national buyer acquired a 5,200-square-foot mixed-use building located at 3914-3924 13th Ave. and 1267 40th St. in Brooklyn’s Borough Park. A local family sold the asset for $2.6 million. The two-story building features 4,034 square feet of unused and intact air rights and 95 feet of frontage along 13th Avenue. The property is currently occupied by Kid Dy No Mite Furniture, Robert’s Beauty Salon, Ari Universal Cell Phone Store and Community Home Care. Polsinelli represented the seller, while Ronda Rogovin of Eastern Consolidated represented the buyer in the transaction.

April 17, 2015

New Jersey Northeast Retail

The Azarian Group Acquires The Shoppes at North Brunswick in New Jersey

by Amy Works April 16, 2015

NORTH BRUNSWICK, N.J. — CBRE Group has arranged the sale of The Shoppes at North Brunswick, a shopping center located along Route 1 North Brunswick. A New York-based private equity firm sold the 150,000-square-foot property to Shoppes at North Brunswick LLC, an entity controlled by The Azarian Group, for an undisclosed price. The center is 94 percent leased to a mix of tenants, including Anthropologie, Banana Republic, Five Below, Talbots, NY & Company, Ann Taylor Loft, Charming Charlie, Corner Bakery Café, SuperCuts and Wingstop. Additionally, the retail and office property has 10,000 square feet of space available. Jeffrey Dunne, Casey Rosen, David Gavin and Dennis Carson of CBRE represented both parties in the transaction.

April 16, 2015

Mixed-Use New York Northeast

Affinity Health Plan, Fresenius Medical Care North America Leases Brings Metro Center Atrium to Full Occupancy

by Amy Works April 16, 2015

NEW YORK CITY — Simone Development Cos. has fully leased its new 370,000-square-foot mixed-use complex, Metro Center Atrium in the Bronx. Affinity Health Plan has leased 102,507 square feet at the property and 2,000 square feet of storage space on the Hutch Metro Center campus, and Fresenius Medical Care North America has leased 21,105 square feet at the complex. With these leases the 370,000-square-foot Metro Center Atrium is fully occupied. Retail and healthcare tenants include LA Fitness, Applebee’s, Dunkin Donuts, Children’s Corner, Montefiore Medical Center, Calvary Hospital, Hanger Prosthetics, Parkchester Oral & Maxillofacial Surgery and Ophthalmologist Dr. Eric Wolf. Situated within Simone Development’s Hutchinson Metro Center, Metro Center Atrium features three floors of Class A office and medical space, retail and restaurant space, and a Marriott hotel.

April 16, 2015

Industrial New Jersey Northeast

Roddy Inc. Brokers Acquisition of 109,000 SF Industrial Property in New Jersey

by Amy Works April 16, 2015

DELRAN, N.J. — Roddy Inc. has brokered the acquisition of an industrial property located at 1813 Underwood Blvd. within Millside Industrial Park in Delran. AJ Real Holdings LLC, an entity related to Billows Electric, purchased the 109,000-square-foot property from Vosson LLC for an undisclosed price. The property will be leased, in its entirety, to Billows Electric. Situated on 6 acres, the property features 16 tailgate loading docks, 20-foot ceiling heights sloping to 18-foot clear heights and 5,700 square feet of office space. Sean Durkin of Roddy Inc. represented the buyer in the transaction.

April 16, 2015

Delaware Hospitality Northeast

TKo Hospitality Launches as New Hospitality Management Company

by Amy Works April 16, 2015

NEWPORT, DEL. — Business partners E. Thomas Harvey III, Kostas Kalogeropoulous and Vince DiFonzo have partnered to form TKo Hospitality. As an affiliate of Harvey, Hanna & Associates, the new company will specialize in hotel and restaurant operations, third-party management, sales, marketing, food and beverage, and franchise relationship management. TKo currently operates and manages Lighthouse Cove Resort in Dewey Beach, Del., which consists of the Hyatt Place Hotel, The Residences of Lighthouse Cove Condominiums, The Lighthouse Restaurant, Que Pasa Mexican Restaurant, Crabbers Cove Restaurant and The Bay Center, an on-site large event venue. TKo plans to have 1,000 rooms in its portfolio. Additionally, the company has three development projects in the pipeline and plans to acquire existing third-party management contracts. Harvey will serve as chairman, Kalogeropoulous as president/CEO and DiFonzo as COO for the newly formed company.

April 16, 2015

Loans New York Northeast Retail

NorthMarq Capital Closes $4.2M Refinance Loan for Retail Property in White Plains

by Amy Works April 16, 2015

WHITE PLAINS, N.Y. — NorthMarq Capital’s Greater Westchester New York/Connecticut office has arranged $4.2 million in refinancing for a retail property located at 350-360 Tarrytown Road in White Plains. The 10-year loan, provided by a local bank, features a 30-year amortization schedule. The 18,056-square-foot retail center is anchored by a Men’s Wearhouse. Robert Ranieri of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower.

April 16, 2015

Massachusetts Northeast Retail

CBRE/NE Arranges $97M Sale of White City Shopping Center

by Amy Works April 15, 2015

SHREWSBURY, MASS. — CBRE/New England has arranged the sale of White City Shopping Center located in Shrewsbury. A joint venture between Charter Realty & Development and Acadia Realty Trust sold the property for $97 million. The 260,000-square-foot retail center is fully occupied by a variety of tenants, including Shaw’s Supermarket, Petco, Dress Barn, The Paper Store, Planet Fitness and Austin Liquors. Chris Angelone, Bill Moylan and Nat Heald of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.

April 15, 2015

Mixed-Use New Jersey Northeast

Advance Realty Starts Vertical Construction of Willow14 in New Jersey

by Amy Works April 15, 2015

HOBOKEN, N.J. — Advance Realty has started vertical construction at Willow14, a mixed-use development in Hoboken. Located at the corner of 14th Street and Willow Avenue, the seven-story building will feature 140 apartments, 20,000 square feet of retail space and a four-story, below-grade parking garage. The project’s residential component will feature a mix of studio, one-, two- and three-bedroom units, an outdoor pool, landscaped pool deck, fitness center, outdoor terrace areas with barbecues, bike racks and on-site parking. Completion is slated for first quarter 2016.

April 15, 2015

Loans Maine Multifamily Northeast

Fantini & Gorga Arrange $6.6M Loan for 95-Unit Multifamily Property in Maine

by Amy Works April 15, 2015

SOUTH PORTLAND, MAINE — Fantini & Gorga has arranged $6.6 million in permanent financing for a multifamily property located in South Portland. Originally built in 1943 as World War II housing, the property features 24 two-story buildings offer a total of 95 one-bedroom apartments. Derek Coulombe, Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing for the undisclosed borrower.

April 15, 2015

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