Northeast

Langan Engineering Leases 71,500 SF at 300 Kimball Drive in New Jersey

by Amy Works March 12, 2015

PARSIPPANY, N.J. — Transwestern has brokered a 71,500-square-foot lease for Langan Engineering at the newly redeveloped 300 Kimball Drive in Parsippany. Additionally, Transwestern will oversee construction management services, on behalf of the landlord, for the fit-out of Langan’s space. 300 Kimball Drive recently underwent an extensive capital improvement program that transformed the single-tenant building into a multi-tenant office facility. Designed by Gensler, the redeveloped building features stainless steel pillars, polished Italian marble flooring, Shaw carpet tiles and wood wall coverings. Additionally, the renovation included upgrading the lobby, bistro and adding a fitness center with cardio and weight machines, free weights, yoga space and flat-screen televisions. Terms of the lease were not disclosed.

March 12, 2015

Industrial New Jersey Northeast

DTZ Brokers 63,500 SF Industrial Lease in Hamilton, N.J.

by Amy Works March 12, 2015

HAMILTON, N.J. — DTZ has brokered a 63,500-square-foot lease for industrial space within the Hamilton Business Center at 8 Marlen Dr. in Hamilton. Global Essence, a provider of high-quality natural ingredients for fragrance, flavoring, beauty and household products, plans to use the space as corporate headquarters and an operations facility. Robin Ritter-Ceriello and Larry Casey of DTZ represented the tenant, while Steve Tolkach and Dov Sortzkin of Newmark Grubb Knight Frank represented the landlord, Hamilton Business Center, in the transaction.

March 12, 2015

Multifamily Northeast Pennsylvania

J.G. Petrucci Opens The Station at Manayunk in Philadelphia

by Amy Works March 11, 2015

PHILADELPHIA — J.G. Petrucci has opened The Station at Manayunk, a luxury apartment community located at 1 Parker Ave. in the Manayunk section of Philadelphia. The 149-unit community features a 24-hour fitness center, outdoor and garage parking, full-size washer and dryers in each unit, personal balconies, kitchens with energy-efficient stainless steel appliances and granite countertops, and a bike share program. Rents range from $1,447 to $1,537 for one-bedroom units and $1,777 to $1,887 to two-bedroom units. The property is available for immediate occupancy.

March 11, 2015

Civic New York Northeast

$69.9M Construction Bond Approved for School District Improvements in Port Washington, N.Y.

by Amy Works March 11, 2015

PORT WASHINGTON, N.Y. — Local voters have approved a $69.9 million construction bond issue for improvements and renovations at the Port Washington Union Free School District in Port Washington. The construction program will encompass seven schools, an administration building and athletic facilities owned by the district. The properties include Paul D. Schreiber Senior High School, Carrie Palmer Weber Middle School, John Philip Sousa Elementary School, Guggenheim Elementary School, John J. Daly Elementary School, South Salem Elementary School, Manorhaven Elementary School. BBS Architects, Landscape Architects and Engineers is providing architectural, interior design, mechanical, electrical and plumbing, civil engineering and site and athletic field design services for the entire project. The improvement and renovation plan is slated to begin this summer. The Port Washington Union Free School District serves grades K-12 with a current enrollment of 4,994 students.

March 11, 2015

Mixed-Use New York Northeast

Eastern Consolidated Arranges $35M Sale of Mixed-Use Property in NYC

by Amy Works March 11, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a 17,500-square-foot mixed-use property located at 893 Broadway, also known as 13 East 19th Street, in New York City. The four-story property sold for $35 million, or $2,000 per square foot. As part of the deal, the buyer, Cholla LLC, also acquired the leasehold interest held by Hotel Verite, which occupies 13,500 square feet of the building. The remaining 4,500 square feet is leased to Barn Joo, a Korean-inspired gastropub. The combined total price of $35 million includes both the sale of the property and the leasehold interest in the hotel. Tony Park of PD Properties LLC represented Charles Jung, the seller of the leasehold interest in Hotel Verite in the deal. Adelaide Polsinelli of Eastern Consolidated represented the buyer and the seller, Warman Enterprises LLC, in the transaction.

March 11, 2015

Loans New York Northeast Office

Mission Capital Advisors Arranges $29M Acquisition Loan for Mott Haven Office Property

by Amy Works March 11, 2015

NEW YORK CITY — Mission Capital Advisors has arranged $29 million in non-recourse acquisition and renovation financing for a commercial loft property located at 2415 Third Ave. in the Mott Haven section of the Bronx. The eight-story, 175,000-square-foot property will undergo a capital improvements program, including upgrades to elevators, bathrooms, windows, corridors and HVAC systems. Additionally the new ownership plans to rebrand the property as the Bruckner Building. Jonathan More, Ari Hirt, Steven Buchwald and David Behmoaras of Missions Capital secured the loan on behalf of a joint venture between Savanna and Hornig Capital Partners.

March 11, 2015

Industrial New York Northeast

Rechler Equity Partners Brokers 54,775 SF Industrial Lease in Islip, N.Y.

by Amy Works March 11, 2015

ISLIP, N.Y. — Rechler Equity Partners has brokered the lease of 54,775 square feet of industrial space at 2004 Orville Dr. North in Islip. Spirit Pharmaceuticals, a wholesaler and distributor of over-the-counter and generic drugs, plans to use the property for packaging, warehouse and distribution space. Additionally, Spirit received a 10-year IDA tax benefit from the city. Ted Stratigos and Amanda Gorozdi of Avison Young represented the tenant in the transaction.

March 11, 2015

Market Reports Massachusetts Northeast Northeast Market Reports Office

Boston Office Market: Can 2015 Top a Blockbuster 2014?

by Jaime Lackey March 11, 2015

By all measures, 2014 was the strongest year in recent memory for the Boston office market. With an approximate 1.8 million square feet of positive net absorption, nearly 5 million square feet of tenant demand, and continued development around the city, Boston remained one the country’s strongest markets. It’s not news that proximity to parking, public transportation, restaurants, bars and other amenities keeps employees happy. But Boston’s escalating prices mean cost-conscious companies must evaluate their downtown options — which means they have begun trading other items of importance, such as locational cachet, space configuration, look, feel and ultimately building type, for access to amenities. As a result, if 2013 was the year of the Seaport, then 2014 was the year of Downtown Crossing (DTX). With the renovation of 10 Summer Street and Havas’ 120,000-square-foot move to the Millennium redevelopment complete, other companies have followed suit. The third and fourth quarters brought more than 250,000 square feet of deals to 500 Washington Street. Carbonite and Sonos took 52,000 square feet and 170,000 square feet, respectively, in the third quarter, while Safari Books Online took 30,000 square feet in the fourth. Prominent national non-profit Year Up also consolidated its headquarters near DTX …

March 11, 2015

Connecticut Multifamily Northeast

IPA Brokers $27.8M Sale of Connecticut Multifamily Property

by Amy Works March 10, 2015

DANBURY, CONN. — Institutional Property Advisors (IPA) has brokered the sale of TGM Willow Grove at Danbury, a multifamily complex located at 101 Avalon Lake Road in Danbury. TGM Associates sold the 135-unit property for $27.8 million, or $205,550 per unit, to Beachwold Residential. Completed in 1999, the property features a mix of one- and two-bedroom units ranging in size from 885 to 1,552 square feet. Community amenities include a clubhouse with resident lounge, a fitness center, a heated resort-style outdoor swimming pool, landscaped picnic and barbeque areas and walking paths around Lake Kenosia. Steve Witten, Victor Nolletti, Adam Mancinone and Blake Barbarisi represented the seller in the transaction.

March 10, 2015

Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $17.2M Sale of Village Apartments in New Jersey

by Amy Works March 10, 2015

UNION, N.J. — Gebroe-Hammer has arranged the sale of Village Apartments, located at 1221 Magie Ave. in Union. The 126-unit multifamily property sold for $17.2 million. Village Apartments features 32 two-story apartment buildings offering a total of 82 one-bedroom units and 44 two-bedroom units. Additionally, the complex features 150 on-site parking spaces, 25 garages and laundry facilities. Gehane Triarsi of Gebroe-Hammer represented the undisclosed seller, while Joseph Brecher, also of Gebroe-Hammer represented the undisclosed buyer in the transaction. Robert Sochor of Elmwood Park and Richard Rubin provided legal counsel to the seller and buyer, respectively.

March 10, 2015

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