Northeast

Cushman & Wakefield Brokers Sale of 130,000 SF Office Building in New Jersey

by Amy Works June 8, 2015

PARSIPPANY, N.J. — Cushman & Wakefield has brokered the sale of Waterview Plaza, a Class A office building located at 2001 Route 46 East in Parsippany. Norwalk, Conn.-based Marcus Partners acquired the 130,000-square-foot property for an undisclosed sum from Waterview Plaza Associates LLC, which developed the property in 1981. Key tenants at the property include Hennion & Walsh and HQ Global Workplaces LLC/Regus Corp., both with long-term leases. The buyer has a $2.6 million capital improvement program slated for the property. David Bernhaut, Andy Merin, Andy Schwartz and Nick Karali of Cushman & Wakefield represented the seller in the transaction. Additionally, the buyer retained Cushman & Wakefield as leasing agents for the property.

June 8, 2015

New York Northeast Office Retail

TOWN Residential Arranges Purchase of Retail/Office Building in NoHo

by Amy Works June 8, 2015

NEW YORK CITY — TOWN Residential has arranged the purchase of a retail/office building located at 734 Broadway in New York City’s NoHo district. 734 Broadway Acquisitions LLC purchased the 19,000-square-foot property for an undisclosed price. The five-story property features 6,500 square feet of usable retail space and four floors of office space totaling 12,500 square feet. The buyer plans to renovate the property, which was vacant at the time of acquisition. Jonathan Butwin and Scott Dweck of TOWN Residential represented the buyer in the transaction. The name of the seller was not released.

June 8, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $2.9M Sale of NYC Multifamily Property

by Amy Works June 8, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a multifamily property located at 26 Fort Charles Place in New York City’s Marble Hill neighborhood. The 20-unit apartment property sold for $2.9 million. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Rafi Moskowitz of Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors, in the transaction.

June 8, 2015

Industrial New Jersey Northeast

CBRE Group Arranges $49.5M Sale of 232,134 SF Warehouse Property in New Jersey

by Amy Works June 5, 2015

CARTERET, N.J. — CBRE Group Inc. has arranged the sale of a warehouse and distribution property located at 200 Milik St. in Carteret. TIAA-CREF purchased the 232,134-square-foot property for $49.5 million from The Hampshire Companies. Constructed in 2012, the facility features 36-foot clear ceiling heights, 52-by-50-foot column spacing, ESFR sprinkler systems and up to 40 loading docks. The seller began construction of the property on a speculative basis and fully leased the building to FedEx Ground prior to completion. Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Group Inc. represented the seller and the buyer in the transaction.

June 5, 2015

Multifamily New Jersey Northeast

Woodmont Properties Opens Woodmont Station at Cranford

by Amy Works June 5, 2015

CRANFORD, N.J. — Woodmont Properties has opened Woodmont Station at Cranford, an apartment community located in Cranford. Located at 555 S. Avenue East, the Woodmont Station at Cranford features 163 one-, two- and three-bedroom apartments in six different floor plans ranging from 858 and 1,238 square feet. The apartments feature gourmet kitchens with quartz countertops, full stainless steel appliance packages and bar-style seating. Community amenities include an outdoor spa pool and barbecue terrace, game room, strength and cardio center, state-of-the-art fitness studio with virtual classes on demand, clubroom with resident lounge, cyber café, bark park and an indoor pet spa. The company broke ground on the property, which is more than 50 percent leased, in 2013.

June 5, 2015

Multifamily New York Northeast

Pennrose Properties Opens Final Phase of Woodrow Wilson Commons in New Jersey

by Amy Works June 5, 2015

LONG BRANCH, N.J. — Pennrose Properties, along with Long Branch Housing Authority and Maestro Community Development Corp., have opened the final phase of Woodrow Wilson Commons, an affordable, mixed-income rental community in Long Branch. The residential community features 173 apartments and townhomes. The first two phases, totaling 122 units, received LEED Gold certification, and the 51 final-phase units have the new ENERGY STAR 3.0 designation. Designed by Wallace Roberts & Todd, the property features one-, two-, three- and four-bedroom units with open layouts and large windows. All units feature fully equipped kitchens with ENERGY STAR appliances; spacious closets; ceramic tiled baths; washer and dryer hook-ups; and resident-controlled heating and central air conditioning. Woodrow Wilson Commons’ last phase is the first development in the state to be completed using a 9 percent Low Income Housing Tax Credit as part of Federal Community Development Block Grant Disaster Recovery Funds given to the state as part of the Hurricane Sandy relief effort.

June 5, 2015

Massachusetts Multifamily Northeast

Boston Capital Invests in Affordable Multifamily Community In Lunenburg

by Amy Works June 5, 2015

LUNENBURG, MASS. — Boston Capital has invested in the construction of Tri-Town Landing Phase III, totaling 32 apartment units in Lunenburg. The developer is Manchester, N.H.-based Great Bridge Properties LLC. The development will be built with tax credit equity from the Low Income Housing Tax Credit program. Apartment homes will be available to families and individuals earning 60 percent or less of the area median income, including eight families whose incomes are at or below 30 percent. The project is part of a master-planned 9.2-acre development, which includes the 66-unit Tri-Town Landing Phase I and the 33-unit Tri-Town Landing Phase II. All three tax-credit properties will operate as one development upon completion of the third phase. The third phase will feature five one-bedroom units, 23-two bedroom units and four three-bedroom units in one three-story building. Units will feature central air conditioning, balconies and ENERGY STAR appliances. The community will feature a common laundry room on each floor, a fitness center, a community room with kitchenette and a playground.

June 5, 2015

New Jersey Northeast Retail

The Azarian Group Acquires 150,000 SF Shopping Center in New Jersey

by Amy Works June 4, 2015

NORTH BRUNSWICK, N.J. — The Azarian Group has acquired The Shoppes at North Brunswick, a shopping center located at 650 Shoppes Blvd. in North Brunswick. A New York City-based REIT sold the property for $33.7 million. The 150,000-square-foot center is occupied by national and franchise tenants, including Banana Republic, Talbots, Five Below, Anthropologie, Starbucks Coffee, White House/Black Market, Aeropostale, Chipotle and 34 other tenants. Charming Charlie, Corner Bakery, Supercuts and Wingstop are opening locations at the center. Terms of the transaction, including acquisition price, were not released. The name of the seller was not disclosed.

June 4, 2015

New Jersey Northeast Office

The S.Hekemian Group Breaks Ground on 46,000 SF Office Building in New Jersey

by Amy Works June 4, 2015

ENGLEWOOD, N.J. — The S.Hekemian Group has broken ground for construction of Englewood South Phase 4 (ES4), a Class A office building located at 10 Sterling Blvd. in Englewood. The 46,000-square-foot office building, which will feature ground-floor retail space, is slated for completion in first quarter 2016. ES4 will feature strong exterior architecture with classic masonry and refined finishes throughout the interior. Tenant spaces will feature oversized ceiling heights and loft-like, open-plan build-outs with exposed ceilings and ductwork. Brian Silbert and Wayne Kasbar of Silbert Realty & Management are the exclusive leasing agents for the property.

June 4, 2015

Massachusetts Northeast Office

Clarion Partners Acquires 100 Franklin Street in Boston

by Amy Works June 4, 2015

BOSTON — Clarion Partners, on behalf of a separately managed account client, has acquired 100 Franklin Street in Boston’s financial district for an undisclosed sum. The nine-story Beaux Arts-style building features 124,055 square feet of office space. Originally built in 1908, the property underwent a major renovation in 1998. At the time of sale, the property was 93 percent occupied by a variety of tenants in the financial services, legal services and technology industries. Additionally, the building features 10,000 square feet of ground-floor retail space. The name of the seller was not released.

June 4, 2015

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