Northeast

16,800 SF Industrial Property Trades Hands for $1.2M in Massachusetts

by Amy Works May 26, 2015

HUDSON, MASS. — The Stubblebine Company/CORFAC International and The Garibaldi Group have brokered the sale of an industrial service and repair building located at 2 Fox Road in Hudson. John McCarthy of NRT Bus purchased the 16,800-square-foot property for $1.2 million from DRS Power Technologies. Built in 1994, the property features 4,000 square feet of office and support space, heavy power and large drive-in doors. David Stubblebine and James Stubblebine of The Stubblebine Company, along with Chuck Bower of The Garibaldi Group, represented the seller, while Joe Aho of O’Brien Commercial Properties represented the buyer in the transaction.

May 26, 2015

Multifamily New York Northeast

Joint Venture to Convert Elementary School to Multifamily Property in Averill Park

by Amy Works May 22, 2015

AVERILL PARK, N.Y. — A joint venture between Sunrise Management & Consulting, Robert Bucher Architects and JPM Contractors is converting Sand Lake Elementary School into a Homeroom Lofts, a 31-unit apartment community in Averill Park. Built in 1929, the converted property will combine original detail and modern amenities, including sliding glass wall systems to maximize space and natural light, stainless steel appliances, stone countertops, sophisticated glass and ceramic tile bathrooms and solar shade window treatments. Community amenities will include a garden, courtyard terrace and 1.75 acres of green space. Homeroom Lofts is the first development project for the joint venture.

May 22, 2015

New York Northeast Office

USAA Real Estate Co., Waterman Interests Acquire Two Office Properties in Manhattan

by Amy Works May 22, 2015

NEW YORK CITY — USAA Real Estate Co. has partnered with Waterman Interests LLC to acquire two mid-block office properties in Manhattan’s Times Square South market for an undisclosed sum. Known as the Midtown West Collection, the portfolio includes the 10-story, 91,466-square-foot property at 234 West 39th St. and the 17-story, 118,338-square-foot building located at 142 West 36th St. The assets are located within walking distance from Times Square and Herald Square subway hubs, as well as the 34th Street retail corridor and Hudson Yards, which is slated to come online in 2016. Terms of the transaction were not released.

May 22, 2015

Loans New York Northeast Office

HFF Arranges $38.1M in Equity for Manhattan Office Property

by Amy Works May 22, 2015

NEW YORK CITY — HFF has arranged a $38.1 million preferred equity investment in an office property located at 95 Morton St. in Manhattan’s Midtown South neighborhood. HFF worked on behalf of the owner, Brickman, to secure the preferred equity through a national REIT for the 205,000-square-foot Class A property. The capital will be used to complement existing low-leverage financing, support further lease-up and allow for additional base building capital improvements. Originally built in 1911, the property was renovated in 2000 and is 88 percent occupied by a variety of technology, advertising, media and information tenants. Jay Marshall, Christopher Peck and David Fowler of HFF secured the financing for the borrower.

May 22, 2015

Massachusetts Northeast Office Retail

ELV Associates Sells Long Wharf in Boston to Capital Properties for $34M

by Amy Works May 22, 2015

BOSTON — ELV Associates has sold the Long Wharf, a two-building office and retail property in Boston, to Capital Properties for $34 million. Totaling 77,600 square feet, Long Wharf comprises the five-story Custom House Block and the adjacent four-story Gardiner Building. At the time of sale, the property was 98 percent occupied by a variety of tenants, including AECOM and Chart House restaurant. Robert Griffin, Edward Maher, Matt Pullen, Geoffrey Millerd and Justin Smith of Cushman & Wakefield represented the seller in the transaction.

May 22, 2015

Mixed-Use New York Northeast

Cushman & Wakefield Brokers $20M Sale of Mixed-Use Building in Manhattan

by Amy Works May 22, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building at 1004-1008 Second Ave. in Manhattan’s Midtown East neighborhood. An undisclosed buyer acquired the five-story property in an all-cash transaction for $20 million, or $1,282 per square foot. The 15,605-square-foot property features two commercial units, occupied by restaurants, and 25 residential units, of which 19 are free market, four are rent stabilized and two are rent controlled. Clint Olsen of Cushman & Wakefield represented the undisclosed seller, while Ricky Braha of JTRE Holdings represented the buyer in the transaction.

May 22, 2015

Loans New York Northeast

M. Robert Goldman & Company Arranges $272.2M in Financing for GTJ REIT Inc.

by Amy Works May 21, 2015

LONG ISLAND, N.Y. — M. Robert Goldman & Company Inc. (MRG) has arranged $272.2 million in financing in two transactions for Long Island-based GTJ REIT Inc. The first transaction for $233.1 million covered 28 properties throughout New York, New Jersey and Connecticut. The financing was provided through MRG’s correspondent relationship with AIG Asset Management on behalf of many of its insurance company subsidiaries. Proceeds from the 10-year, interest-only loan were used to retire existing debt. Additionally, MRG secured a $39.1 million acquisition loan for GTJ’s purchase of the six-property, 734,000-square-foot Sudler industrial portfolio in Piscataway, N.J. The financing was secured with Allstate Life Insurance Co. Jonathan Goldman and John Robustello of M. Robert Goldman & Company handled the debt placements.

May 21, 2015

Healthcare Northeast Pennsylvania

HFF Arranges $160.7M Sale of Medical Office Building in Philadelphia’s Center City

by Amy Works May 21, 2015

PHILADELPHIA — HFF has arranged the sale of a medical office building located at 833 Chestnut St. in Philadelphia’s Center City district. A publicly traded healthcare REIT purchased the 12-story, 705,061-square-foot property for $160.7 million from Digital Realty Trust. Originally built in 1928, the property has been substantially renovated and was 92 occupied at the time of sale. Major tenants include Thomas Jefferson Hospital, JUP, Thomas Jefferson University, Nemours Children’s Clinic, Ballinger Co. and the U.S. Government. Mark Thomson, Andrew Scandalios, Jose Cruz, Michael Bennett and Philip Mahler of HFF represented the seller in the transaction.

May 21, 2015

Mixed-Use Multifamily New Jersey Northeast Retail

HillTop Partners Breaks Ground for Mixed-Use Development in New Jersey

by Amy Works May 21, 2015

IRVINGTON, N.J. — HillTop Partners, a joint venture between Kapwood LLC and Urban Builders Collaborative, has broken ground for the development of The HillTop, a residential and mixed-use development in Irvington. The first phase of the project, slated for completion in late 2017, will include a five-story, 110,000-square-foot residential building comprising 115 market-rate and affordable housing rental units, while additional phases will comprise 700 mixed-use units and 15,000 square feet of commercial and retail space, as well as a preschool and restaurant space. Designed by Perkins Eastman, The HillTop is located on six acres formerly occupied by Irvington General Hospital, which shuttered nearly a decade ago. HillTop Partners acquired the site from the township in 2013.

May 21, 2015

Loans Massachusetts Northeast Office

CBRE/NE Arranges Sale, Acquisition Financing for 186 Lincoln Street in Downtown Boston

by Amy Works May 21, 2015

BOSTON — CBRE/New England has arranged the sale of 186 Lincoln Street, an office building located in Boston’s South Station micro market. Morris & Morse Co. sold the property to New York-based Brickman Real Estate for $20.6 million. At the time of sale, the 68,526-square-foot property was 70 percent occupied by a variety of tenants, including Roche Diagnostics, Full Contact and Greystone Solutions. Chris Angelone, John Meador, Bruce Lusa and Jessica Dowd of CBRE/NE represented the seller in the transaction. Carlos Febres-Mazzei, Kyle Juszczyszyn, Alex Bradley and Taylor Shepard of CBRE/NE’s Debt & Structured Finance team secured acquisition financing for the buyer.

May 21, 2015

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