Northeast

Cronheim Secures $26.9M in Financing for Four Properties

by Amy Works August 4, 2015

JERSEY CITY, BRICK AND NEPTUNE, N.J., AND COBLESKILL, N.Y. — Cronheim Mortgage has secured $26.9 million in financing for four individual properties located in Jersey City, Brick, Neptune and Cobleskill. Each loan was structured on a 10/30 basis for affiliated entities of New York-based National Realty & Development Corp. The properties include Old Colony Square, a 100,073-square-foot retail center in Jersey City owned by Grand Street Realty; LHOP Holding LP’s 13-building Lions Head Office Park in Brick; two retail pads in Neptune owned by Red Baron Property Resources LP; and C.P. Plaza LP’s 24,500-square-foot retail center in Cobleskill. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage arranged the financing.

August 4, 2015

Northeast Pennsylvania Retail

The Shopping Center Group Brokers Sale of Scranton Regional Mall

by Amy Works August 4, 2015

SCRANTON, PA. — The Shopping Center Group has brokered the sale of The Mall at Steamtown, located at 300 Lackawanna Ave. in Scranton. Steamtown 300 LLC purchased the property for an undisclosed sum. Situated adjacent to the Steamtown National Historical Site, a railroad museum, the 558,816-square-foot enclosed regional mall was developed in the early 1990s as part of the revitalization of downtown Scranton. The mall is anchored by Boscov’s Department Store. The Shopping Center Group represented the undisclosed seller in the transaction.

August 4, 2015

Massachusetts Multifamily Northeast

CBRE/New England Arranges Sale of 115-Unit Apartment Community in Brookline

by Amy Works August 4, 2015

BROOKLINE, MASS. — CBRE/New England has brokered the sale of 1443 Beacon Street, an apartment community located in Brookline, a southwest suburb of Boston. Brookline Associates LP sold the 115-unit property to 1443 Beacon LLC, an affiliate of Boston-based Chestnut Hill Realty, for an undisclosed sum. Built in 1979, the market-rate property offers a mix of one-, two-, three- and four-bedroom layouts, with an average apartment size of 928 square feet. The property also features two commercial medical suites, 122 garage parking spaces, a community room, patio area, sundeck, pool and fitness center. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

August 4, 2015

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Closes $19.7M in Financing for Two New Jersey Properties

by Amy Works August 4, 2015

SOUTH HACKENSACK AND SECAUCUS, N.J. — G.S. Wilcox & Co. has closed two loans totaling $19.7 million for two properties in New Jersey. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. originated a $13.5 million loan for a local value-add fund. The loan will be used to acquire a 245,824-square-foot industrial property in South Hackensack. The five-year loan features a 25-year amortization schedule. In the second deal, Wilcox and David Fryer arranged a $6.2 million loan for a 100,000-square-foot, fully occupied industrial property in Secaucus. The 10-year loan features a 25-year amortization schedule. The borrower was not disclosed. Mutual of Omaha, a correspondent lender, provided funding for both loans.

August 4, 2015

New Jersey Northeast Retail

HFF Arranges Sale of 140,000 SF Retail Center in New Jersey

by Amy Works August 4, 2015

LIVINGSTON, N.J. — HFF has brokered the sale of Livingston Shopping Center located at 530 W. Mount Pleasant Ave. in Livingston. The two-building, 140,000-square-foot power center is 97 percent leased to six national tenants that include Nordstrom Rack, TJ Maxx, Buy Buy Baby, DSW, Cost Plus World Market and Ulta Beauty. Situated on 20 acres, the property was fully repositioned in 2014. A partnership between KABR Group and G&G Investors sold the property to Kite Realty Group for an undisclosed price. Jose Cruz, Kevin O’Hearn and Michael Oliver of HFF represented the seller in the transaction.

August 4, 2015

Massachusetts Northeast Retail

Bierbrier Development Sells Montello Plaza in Brockton for $18.7M

by Amy Works August 3, 2015

BROCKTON, MASS. — Bierbrier Development has completed the disposition of Montello Plaza, a freestanding retail property located at the intersection of routes 28 and 37 in Brockton. VEREIT, successor to American Realty Capital, acquired the 64,500-square-foot property for $18.7 million. The property is occupied by Stop & Shop. Frank Giso and David Currie of Choate, Hall & Stewart represented Bierbrier Development. VEREIT handled the transaction on behalf of the entity owner, Cole Credit Property Trust IV Inc. Todd Trombley and Robert Horwath of Marcus & Millichap brokered the transaction.

August 3, 2015

New York Northeast Office

Damianos Realty Groups Acquires Smithtown Office Building for $10.6M

by Amy Works August 3, 2015

SMITHTOWN, N.Y. — Damianos Realty Group LLC has acquired an office building located at 50 Route 111 in Smithtown. The three-story, 50,000-square-foot property sold for $10.6 million. Built in 1984, the property is 96 percent occupied by a variety of corporate and medical tenants, including Merrill Lynch, New York Commercial Bank, Devitt Spellman Barrett LLP and State Assemblyman Michael Fitzpatrick. The buyer plans to renovate and upgrade portions of the property, and has engaged Mancini Architecture PLLC to redesign the building’s exterior and lobby. John LaRuffa of NAI Long Island represented the seller, while John Finn of Damianos Realty Group provided in-house representation for the buyer.

August 3, 2015

Multifamily New York Northeast

Cignature Realty Brokers $7M Sale of Multifamily Property in Manhattan

by Amy Works August 3, 2015

NEW YORK CITY — Cignature Realty Associates has brokered the sale of an apartment building located at 718 W. 171st St. in Manhattan’s Washington Heights neighborhood. Heritage Realty Services acquired the 21,735-square-foot walk-up property for $7 million. The building contains 22 apartments, with an average rent of $1,490 per month. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and the seller, Haven Holding LLC, in the transaction.

August 3, 2015

Loans New Jersey Northeast Office

CBRE Arranges $5M Loan for 113,220 SF Office Property in New Jersey

by Amy Works August 3, 2015

PARSIPPANY, N.J. — CBRE Group Inc.’s Capital Markets Debt & Structured Finance team has arranged a $5 million short-term bridge loan for One Gatehall Drive, a 113,220-square-foot office property in Parsippany. James Gunning, Donna Falzarano and Evan Kleppe of CBRE arranged the financing with a local commercial bank for the borrower, GLB Gatehall LLC. The borrower is a partnership of Glenborough, a privately held full service real estate firm, and a large institutional real estate investor.

August 3, 2015

Hospitality New Jersey Northeast

HREC Arranges Sale of 119-Room Clinton Inn Hotel & Event Center in New Jersey

by Amy Works August 3, 2015

TENAFLY, N.J. — HREC Investment Advisors has arranged the sale of the Clinton Inn Hotel & Event Center located at 145 Dean Drive in Tenafly. The buyer, 145 Dean Drive LLC, acquired the 119-room property for an undisclosed sum. Ketan Patel and Geoff Davis of HREC represented the seller, Concord Hospitality Enterprises, in the transaction.

August 3, 2015

Newer Posts

Older Posts