Northeast

Marcus & Millichap Brokers $13.3M Sale of Four-Property Multifamily Portfolio in Manhattan

by Amy Works April 20, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a four-property multifamily portfolio in Manhattan’s West Harlem neighborhood. The 60-unit portfolio includes 104 West 144th St., 106 West 144th St., 108 West 144th St. and 110 West 144th St. Treetop Development acquired the portfolio for $13.3 million, or $221,667 per unit, from 114 St. Johanna Associates. Peter Von Der Ahe, Shlomo Manne, Scott Edelstein, Marco Lala, Seth Glasser and Rafi Moskowitz of Marcus & Millichap arranged the transaction.

April 20, 2015

Hospitality Loans Northeast Pennsylvania

Cronheim Hotel Capital Secures $7.5M Acquisition Loan for Two Lancaster Hotels

by Amy Works April 20, 2015

LANCASTER, PA. — Cronheim Hotel Capital (CHC) has secured a $7.5 million loan for the acquisition of Sleep Inn and Mainstay Suites in Lancaster. CHC financed the purchase at 75 percent of the acquisition price with a 10-year, fixed-rate loan featuring a 27-year amortization schedule locked at 4.39 percent. The two hotels, which are located adjacent to each other, were acquired for $10 million from a local owner/operator. The hotel total 151 keys and offer transient and extended-stay products. David Turley, Janet Proscia and Jeffrey Pacailler of CHC arranged the financing for the undisclosed borrower.

April 20, 2015

Industrial New Jersey Northeast

Clarion Partners Buys 20-Acre Site in New Jersey for Industrial Development

by Amy Works April 17, 2015

SOUTH BRUNSWICK, N.J. — Clarion Partners has acquired a 20-acre site located at 335 Ridge Road in South Brunswick for an undisclosed price. The buyer plans to demolish the existing building, which was formerly a call center, and construct a state-of-the-art warehouse and distribution center on the site. The new warehouse will be part of a planned industrial business park and consolidate an adjoined parcel of previously purchased land. Doug Bansbach of DTZ represented the seller, United States Land Resources, and the buyer in the transaction. Additionally, Joseph Zingaro provided in-house representation for the buyer.

April 17, 2015

Delaware Loans Multifamily Northeast

KeyBank Provides $20.3M Acquisition Loan for Delaware Apartment Complex

by Amy Works April 17, 2015

NEW CASTLE HUNDRED, DEL. — KeyBank Real Estate Capital has secured a $20.8 million Fannie Mae loan for the acquisition of Village of Windhover Apartments in New Castle Hundred. Built in 1979 and renovated in 2014, the complex features 383 garden-style apartment units. Jeannie Johnson of Key’s Commercial Mortgage Group arranged the financing for an undisclosed borrower.

April 17, 2015

New York Northeast Office

Marcus & Millichap Brokers $14.8M Sale of Vacant Office Building in Queens

by Amy Works April 17, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an office building located at 90-75 Sutphin Blvd. in the Jamaica neighborhood of Queens. Arbern Sutphin Properties Corp. sold the 80,400-square-foot six-story property for $14.8 million, or $185 per square foot, to Flushing, N.Y.-based Ampiera Group. The property features three elevators, a 13,000-square-foot basement and a 70-car, 10,000-square-foot underground parking garage. Scott Plasky of Marcus & Millichap negotiated the transaction.

April 17, 2015

New York Northeast Retail

Eastern Consolidated Arranges Two Retail Sales Totaling $7.3M in NYC

by Amy Works April 17, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of two retail properties totaling $7.3 million in separate transactions. In the first deal, Walter & Samuels purchased a 3,541-square-foot retail condominium in the Flatiron District from Diamond Properties for $4.7 million. Located at 40 East 20th St., the property features 1,921 square feet of ground-level space and 1,620 square feet of basement space. The property is currently occupied by Flûte Bar & Lounge. Adelaide Polsinelli of Eastern Consolidated represented the buyer, while Peter Hauspurg, David Schechtman, Abie Kassin and Evan Papanastasiou, also of Eastern Consolidated, represented the seller. In the second transaction, a national buyer acquired a 5,200-square-foot mixed-use building located at 3914-3924 13th Ave. and 1267 40th St. in Brooklyn’s Borough Park. A local family sold the asset for $2.6 million. The two-story building features 4,034 square feet of unused and intact air rights and 95 feet of frontage along 13th Avenue. The property is currently occupied by Kid Dy No Mite Furniture, Robert’s Beauty Salon, Ari Universal Cell Phone Store and Community Home Care. Polsinelli represented the seller, while Ronda Rogovin of Eastern Consolidated represented the buyer in the transaction.

April 17, 2015

New Jersey Northeast Retail

The Azarian Group Acquires The Shoppes at North Brunswick in New Jersey

by Amy Works April 16, 2015

NORTH BRUNSWICK, N.J. — CBRE Group has arranged the sale of The Shoppes at North Brunswick, a shopping center located along Route 1 North Brunswick. A New York-based private equity firm sold the 150,000-square-foot property to Shoppes at North Brunswick LLC, an entity controlled by The Azarian Group, for an undisclosed price. The center is 94 percent leased to a mix of tenants, including Anthropologie, Banana Republic, Five Below, Talbots, NY & Company, Ann Taylor Loft, Charming Charlie, Corner Bakery Café, SuperCuts and Wingstop. Additionally, the retail and office property has 10,000 square feet of space available. Jeffrey Dunne, Casey Rosen, David Gavin and Dennis Carson of CBRE represented both parties in the transaction.

April 16, 2015

Mixed-Use New York Northeast

Affinity Health Plan, Fresenius Medical Care North America Leases Brings Metro Center Atrium to Full Occupancy

by Amy Works April 16, 2015

NEW YORK CITY — Simone Development Cos. has fully leased its new 370,000-square-foot mixed-use complex, Metro Center Atrium in the Bronx. Affinity Health Plan has leased 102,507 square feet at the property and 2,000 square feet of storage space on the Hutch Metro Center campus, and Fresenius Medical Care North America has leased 21,105 square feet at the complex. With these leases the 370,000-square-foot Metro Center Atrium is fully occupied. Retail and healthcare tenants include LA Fitness, Applebee’s, Dunkin Donuts, Children’s Corner, Montefiore Medical Center, Calvary Hospital, Hanger Prosthetics, Parkchester Oral & Maxillofacial Surgery and Ophthalmologist Dr. Eric Wolf. Situated within Simone Development’s Hutchinson Metro Center, Metro Center Atrium features three floors of Class A office and medical space, retail and restaurant space, and a Marriott hotel.

April 16, 2015

Industrial New Jersey Northeast

Roddy Inc. Brokers Acquisition of 109,000 SF Industrial Property in New Jersey

by Amy Works April 16, 2015

DELRAN, N.J. — Roddy Inc. has brokered the acquisition of an industrial property located at 1813 Underwood Blvd. within Millside Industrial Park in Delran. AJ Real Holdings LLC, an entity related to Billows Electric, purchased the 109,000-square-foot property from Vosson LLC for an undisclosed price. The property will be leased, in its entirety, to Billows Electric. Situated on 6 acres, the property features 16 tailgate loading docks, 20-foot ceiling heights sloping to 18-foot clear heights and 5,700 square feet of office space. Sean Durkin of Roddy Inc. represented the buyer in the transaction.

April 16, 2015

Delaware Hospitality Northeast

TKo Hospitality Launches as New Hospitality Management Company

by Amy Works April 16, 2015

NEWPORT, DEL. — Business partners E. Thomas Harvey III, Kostas Kalogeropoulous and Vince DiFonzo have partnered to form TKo Hospitality. As an affiliate of Harvey, Hanna & Associates, the new company will specialize in hotel and restaurant operations, third-party management, sales, marketing, food and beverage, and franchise relationship management. TKo currently operates and manages Lighthouse Cove Resort in Dewey Beach, Del., which consists of the Hyatt Place Hotel, The Residences of Lighthouse Cove Condominiums, The Lighthouse Restaurant, Que Pasa Mexican Restaurant, Crabbers Cove Restaurant and The Bay Center, an on-site large event venue. TKo plans to have 1,000 rooms in its portfolio. Additionally, the company has three development projects in the pipeline and plans to acquire existing third-party management contracts. Harvey will serve as chairman, Kalogeropoulous as president/CEO and DiFonzo as COO for the newly formed company.

April 16, 2015

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