Northeast

Woodmont Industrial Partners Opens 400,000 SF Warehouse Facility in Pennsylvania

by Amy Works March 20, 2015

MIDDLETON, PA. — Woodmont Industrial Partners has opened the newest facility at Capital Logistics Center. Located at 200 Capital Lane, the 400,000-square-foot warehouse facility is LEED certified. A joint venture between Woodmont Industrial Partners and AEW Capital Management owns the six-building, 1.55 million-square-foot industrial park in Middletown. The joint venture purchased the industrial park in 2013. As part of the capital improvement program, two buildings that were more than 50 years old were demolish with 200 Capital Lane and 300 Capital Lane being constructed in their place.

March 20, 2015

Connecticut Northeast Retail

The Beach House Buys 4,413 SF Commercial Property for $2.95M in Connecticut

by Amy Works March 20, 2015

NORWALK, CONN. — The Beach House LLC has acquired a two-story building located at 370 Westport Ave. in Norwalk. 370 Westport Avenue LLC sold the property for $2.95 million, or $668 per square foot. Bankwell Financial Group (NASDAQ: BWFG) occupies the 4,413-square-foot property, which is situated on a 0.35-acre lot. Franco Fellah of HK Group brokered the transaction. Steven Siegelaub of Berkowitz, Trager & Trager provided legal services for the seller, while Steven Baron served as legal counsel for the buyer in the 1031 exchange.

March 20, 2015

Loans Mixed-Use New York Northeast

Meridian Capital Group Arranges $160M Loan for Two Mixed-Use Properties in NYC

by Amy Works March 19, 2015

NEW YORK CITY — Meridian Capital Group has arranged $160 million in refinancing for two adjacent mixed-use properties in New York City’s Financial District. Drew Anderman of Meridian secured the five-year loan, which was provided by a balance sheet lender, for the borrower, The Moinian Group. The assets are located at 90 and 110 John St. and consist of a 29-story building with 221 residential units and 121,000 square feet of office space and a four-story property with 66,000 square feet of office, retail and garage space, as well as 150,000 square feet of additional air rights. The borrower plans to utilize the loan to pay off existing mortgage and construct a new residential tower.

March 19, 2015

New York Northeast Office Retail

NYC LPC Approves Repositioning Plans for 281 Park Avenue South in NYC

by Amy Works March 19, 2015

NEW YORK CITY — The New York City Landmarks Preservation Commission (LPC) has approved RFR’s plans to reposition and redevelop 281 Park Avenue South in New York City. Formerly known as Church Mission House, the six-story, 45,000-square-foot building will undergo a renovation to modify the storefronts and create retail space on the second floor and a dedicated entry for a single office tenant. Redesigned by MdeAS Architects, the building will feature 6,700 rentable-square-foot office floor plates, marble mosaic flooring, stained glass windows, wood wainscoting, plaster ornamentation and a copper and terracotta roof. RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany.

March 19, 2015

Multifamily New York Northeast

Thor Equities Buys 68,000 SF Residential Building in Harlem

by Amy Works March 19, 2015

NEW YORK CITY — Thor Equities has acquired a residential building located at 98 Morningside Ave. in Harlem for an undisclosed price. Situated near Columbia University’s campus in Morningside Heights, the seven-story building features 48 rental units. Additional details of the acquisition were not released.

March 19, 2015

Loans New Jersey Northeast Retail

Integra Real Estate Capital Arranges $14M Acquisition Loan in New Jersey

by Amy Works March 19, 2015

SOUTH BRUNSWICK, N.J. — Integra Real Estate Capital has arranged a $14 million acquisition loan for a shopping center in South Brunswick. A grocery store and Bank of America occupy the 77,500-square-foot South Brunswick Shopping Center. The New Jersey-based borrower received a non-recourse loan of 82.5 percent loan-to-value that features three years of interest-only payments. Meyer Perlman of Integra negotiated the financing through a national balance sheet lender.

March 19, 2015

Hospitality New Jersey Northeast

HREC Arranges Sale of 239-Room DoubleTree Princeton in New Jersey

by Amy Works March 19, 2015

PRINCETON, N.J. — HREC Investment Advisors has brokered the sale of a DoubleTree by Hilton hotel in Princeton. Located at 4355 U.S. Route 1, the 239-room hotel sold for an undisclosed price. Ketan Patel and Geoff David of HREC represented the undisclosed seller in the transaction. The name of the buyer was not released.

March 19, 2015

Northeast Office Pennsylvania

Patriot Equities Purchases 600,000 SF Office Campus in Lehigh Valley

by Amy Works March 18, 2015

ALLENTOWN, PA. — Patriot Equities has purchased a 600,000-square-foot office campus located at 1110 American Parkway in Allenton for an undisclosed price. Situated on approximately 145 acres, the property include two Class A office buildings connected by a glass atrium. Additionally, the properties have two parking garages and surface parking. There are also approvals in place to construct an additional 400,000 square feet of office space. Patriot Equities purchased the property from LSI Corp., which has retained 110,000 square feet of space on a long-term lease. Additional tenants include Intel Corp. and United Way. Patriot Equities has retained CBRE to provide property management services at the location.

March 18, 2015

Multifamily New York Northeast

Eastern Consolidated Brokers $28.5M Sale of Chelsea/Flatiron Development Site

by Amy Works March 18, 2015

NEW YORK CITY — Eastern Consolidated had brokered the sale of a vacant commercial building, located at 117-119 West 21st St. in the Chelsea/Flatiron district. The Amirian Group acquired the property for $28.5 million. The buyer plans to redevelop the four-story commercial building, which has 38,612 square feet of buildable space, into a residential building featuring one townhouse triplex unit, six full-floor units and two duplex penthouses. Amenities for the new development will include a doorman, storage and five on-site parking spots. Brian Ezratty of Eastern Consolidated represented the seller and procured the buyer in the deal. Manish Majithia of Eastern Consolidated facilitated the equity for the buyer. Richard Horowitz of Cooper Horowitz brokered the acquisition and construction financing. Andrew Albstein and Rob Loshiavo of Goldberg, Weprin, Finkel, Goldstein were the attorneys for the seller, while Matt Kasindorf and David Moss of Meister Seelig & Fein served as legal counsel for The Amirian Group.

March 18, 2015

Loans Northeast Pennsylvania Retail

HFF Secures $17.7M Loan for Spring Towne Shopping Center in Pennsylvania

by Amy Works March 18, 2015

READING, PA. — HFF has secured $17.7 million in financing for Spring Towne Shopping Center in Reading. HFF represented the borrower, Brandolini Cos., to secure a long-term, fixed-rate loan with an institutional quality insurance company. The loan will be used to refinance an existing mortgage on the property. Located at 2641-2679 Shillington Road, the four-building, 277,860-square-foot retail center is anchored by Lowe’s Home Improvement Warehouse and Giant. In addition to the anchor tenants, the center is more 97 percent occupied by H&R Block, UPS Store, Great Clips, Pet Valu, Subway, Fulton Bank, Monro Muffler & Brake, Hallmark and other local retailers. Ryan Ade and Christopher Bigos of HFF negotiated the financing on behalf of the borrower.

March 18, 2015

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