Northeast

CBRE/NE Brokers Sale of 234-Unit Harbor Village in Rhode Island

by Amy Works April 3, 2015

WAKEFIELD, R.I. — CBRE/New England has brokered the sale of Harbor Village in Wakefield. An affiliate of JRK Property Holdings acquired the 234-unit apartment community, which sold for an undisclosed price. Harbor Village consists of 16 residential buildings and a clubhouse. The residential buildings comprise five two-story direct-entry townhome buildings and 11 three-story garden-style buildings. The property offers one-, two- and three-bedroom units, with an average apartment size of 1,113 square feet. Simon Butler and Biria St. John of CBRE/NE represented the undisclosed seller in the deal.

April 3, 2015

Connecticut Hospitality Northeast

HREC Arranges Sale of Inn at Middletown in Connecticut

by Amy Works April 3, 2015

MIDDLETOWN, CONN. — HREC Investment Advisors has arranged the sale of the Inn at Middletown, located at 70 Main St. in Middletown. Massachusetts-based Linchris Hotel Corp. acquired the 100-room hotel for an undisclosed price. Ketan Patel and Geoff Davis of HREC represented the seller, Middletown Hotel Associates LP, in the transaction.

April 3, 2015

2201-2239-South-Clinton-Ave-South-Plainfield-NJ

Mixed-Use New Jersey Northeast

Marcus & Millichap Arranges $2.8M Sale of Mixed-Use Property in New Jersey

by Amy Works April 3, 2015

SOUTH PLAINFIELD, N.J. — Marcus & Millichap has arranged the sale of a mixed-use property located at 2201-2239 South Clinton Ave. in South Plainfield. The 27,225-square-foot retail property sold for $2.8 million. Built in 1981 and situated on two acres, the property features 22,325 of street-level retail and 4,900 square feet of second floor office space. At the time of sale, the property was 82 percent occupied by eleven tenants. Ben Sgambati, Alan Cafiero and Akiva Milgraum of Marcus & Millichap represented the seller, a developer, and the undisclosed buyer in the transaction.

April 3, 2015

Hospitality New York Northeast

Hodges Ward Elliot Brokers $343M Sale of The New York EDITION Hotel

by Amy Works April 2, 2015

NEW YORK CITY — Hodges Ward Elliot (HWE) has brokered the sale of The New York EDITION hotel, located at 5 Madison Ave. in New York City. Abu Dhabi Investment Authority (ADIA) purchased the hotel for $343 million from Marriott International. In 2013, Marriott announced its intention to sell three EDITION hotels — London, Miami and New York — to ADIA for a total of $816 million while maintaining long-term management agreements. This sale marks the final closing of that agreement. The Miami Beach EDITION sold in February 2015 and The London EDITION closed in 2014. HWE represented Marriott in all three transactions.

April 2, 2015

Northeast Pennsylvania Retail

Construction Underway for Hamilton Crossings Shopping Center in Pennsylvania

by Amy Works April 2, 2015

LOWER MACUNGIE TOWNSHIP, PA. — The Goldenberg Group and TCH Development have started construction on Hamilton Crossings Shopping Center in Lower Macungie Township. Situated on 70 acres of commercial property, the 565,000-square-foot, open-air shopping center will be anchored by Target, as well as the area’s first Costco Wholesale Club and first Whole Foods Market. Additional retailers will include Dick’s Sporting Goods, Nordstrom Rack, Old Navy, Rally House, Five Below, Designer Shoe Warehouse, Pier 1 Imports and Ulta Cosmetics. The development, which is slated to open in July 2016.

April 2, 2015

Multifamily New Jersey Northeast

Fieldstone Properties Buys New Jersey Apartment Community for $117M

by Amy Works April 2, 2015

PLAINSBORO, N.J. — Fieldstone Properties has acquired eaves Plainsboro, a 776-unit apartment community located at 60 Fox Run in Plainsboro. AvalonBay Communities sold the property for $117 million, or $150,000 per unit. The asset consists of 58 two-story buildings featuring a total of 624 one-bedroom units and 152 two-bedroom units. On-site amenities include a clubhouse, fitness center, community room with fireplace, outdoor swimming pool with sundeck, tennis courts and jogging trail. Jose Cruz, Kevin O’Hearn, Michael Oliver and Andrew Scandalios of HFF represented the seller in the transaction.

April 2, 2015

Multifamily New Jersey Northeast

High Point Development, Somerset Development Break Ground for Wright Place at Wesmont Station

by Amy Works April 2, 2015

WOOD-RIDGE, N.J. — High Point Development and Somerset Development have broken ground for the construction of Wright Place at Wesmont Station in Wood-Ridge. The project is a joint-venture initiative between High Point and Somerset Development, lead developer of Wesmont Station. Consisting of 16 buildings, Wright Place at Wesmont Station will feature 70 three-story townhomes located on the northeastern portion of Wesmont Station near the new NJ Transit train station. The 2,300-square-foot homes will feature dramatic staircases, luxurious master suites, laundry rooms, first-floor flex rooms, large windows, ceramic kitchens and two-car garages with separate rear entrances. Completion is slated for the end of 2016. Wright Place at Wesmont Station is the fourth phase redevelopment of Wesmont Station into a mixed-use, transit-oriented community.

April 2, 2015

Loans Multifamily New York Northeast

Cronheim Mortgage Secures $8.5M Loan for 328-Unit Apartment Complex

by Amy Works April 2, 2015

MONSEY, N.Y. — Cronheim Mortgage has arranged $8.5 million in financing for 69-P Edison Court, a 328-unit apartment complex located in Monsey. The 10-year loan, which was provided by Voya Insurance and Annuity Co., features a 3.1 percent interest rate. Constructed in 1973, the 13-building property features a mix of one-, two- and three-bedroom units featuring hardwood floors, air conditioning, walk-in closets, and a patio, balcony or deck. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing for the undisclosed borrower.

April 2, 2015

New Hampshire Northeast Retail

HFF Brokers $46.1M Sale of New Hampshire Shopping Center

by Amy Works April 1, 2015

BEDFORD, N.H. — HFF has brokered the sale of The Shoppes at Bedford Mall, a shopping center located at 73 South River Road in Bedford. Emmes Asset Management Co. sold the 277,289-square-foot center to an undisclosed buyer for $46.1 million. HFF represented the seller, and placed a 10-year, fixed-rate $30 million loan with Guggenheim Commercial Real Estate Finance LLC for the buyer. Renovated in 2012, the property is 98.6 percent leased to a variety of tenants, including Kohl’s, The Fresh Market, Marshalls, Staples, Weight Watchers, Pet Supplies Plus, Bob’s Store, Starbucks Coffee, Chipotle and Outback Steakhouse. James Koury and Xave Jacoby of HFF represented the seller, and Porter Terry, also of HFF, placed the financing for the buyer in the transaction.

April 1, 2015

Multifamily New York Northeast

25-Unit Apartment Community Sells for $7.7M in Upper Manhattan

by Amy Works April 1, 2015

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a three-building apartment community located at 1345-1349 Amsterdam Ave. in Manhattanville for $7.7 million. The five-story buildings feature 25 apartments and six storefronts. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented the seller, Brooklyn-based 1345 Amsterdam Avenue Owner LLC, and the buyer, Manhattan-based 1345 Amsterdam Avenue LLC, in the transaction.

April 1, 2015

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