Northeast

IPA Arranges $15.9M Sale of Multifamily Property in New York

by Amy Works February 18, 2015

MAMARONECK, N.Y. — Institutional Property Advisors (IPA) has brokered the sale of Soundview Apartments, an apartment building overlooking Long Island Sound in Mamaroneck. Bayou Properties Inc. purchased the 86-unit property for $15.9 million, or $184,300 per unit. Located at 151 Fenimore Road and built in 1926, the property features eight studios, 36 one-bedroom units, 41 two-bedroom units and one three-bedroom unit. Additionally, the property features a 21-car parking garage, fitness room, on-site laundry and a private courtyard. Steve Witten, Victor Nolletti, Adam Mancinone and Blake Barbarisi of IPA represented the seller, Soundview Apartments Co., in the transaction. J.D. Parker of Marcus & Millichap is the broker of record in New York. IPA is a division of Marcus & Millichap that specializes in serving institutional and major private real estate investors.

February 18, 2015

New Jersey Northeast Office

JV Buys 345,218 SF Morris Corporate Center Building in New Jersey

by Amy Works February 18, 2015

PARSIPPANY, N.J. — A joint venture between Intercontinental and Ivy Realty has acquired Morris Corporate Center 4 (MCC 4) in Parsippany for an undisclosed price. Situated within the 182-acre Morris Corporate Center campus, MCC 4 offers 345,218 square feet of office space within two interconnected five-story buildings at 369 and 379 Interpace Parkway. Constructed in 2000, MCC 4 is the newest office building at Morris Corporate Center. Jeffrey Dunne, Kevin Walsh, Brian Schulz, Frank Maresca, Remy deVarenne and Sarah Jones-Maturo of CBRE represented the seller, a subsidiary of MetLife, in the transaction.

February 18, 2015

New York Northeast Retail

Marcus & Millichap Brokers Sale of 107,065 SF Retail Property in New York

by Amy Works February 18, 2015

SPENCERPORT, N.Y. — Marcus & Millichap has arranged the sale of Spencerport Village Plaza, a retail property located at 27 Slayton Ave. in Spencerport. A private institution purchased the 107,065-square-foot property for $8.8 million. Joseph French, Thomas Dalzell, Mike James and Nathan Barnes of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

February 18, 2015

Hospitality Northeast Pennsylvania

Optimum Hotel Brokerage Brokers Sale of 77-Unit Best Western Genetti Inn & Suites

by Amy Works February 18, 2015

HAZLETON, PA. — Optimum Hotel Brokerage has brokered the sale of the Best Western Genetti Inn & Suites, located at 1341 N. Church St. in Hazleton. A local hotel owner and operator purchased the 77-unit property for an undisclosed price. The hotel features wireless Internet in public areas, a heated outdoor pool, a 24-hour front desk staff, banquet and meeting facilities, a ballroom and business center. Joe McCann and Sabena Arora of Optimum Hotel Brokerage represented the seller in the transaction.

February 18, 2015

Industrial New Jersey Northeast Office

JLL Brokers Three Transactions for SHI International in New Jersey

by Amy Works February 17, 2015

PISCATAWAY AND SOMERSET, N.J. — JLL has represented SHI International in three separate transactions, totaling 870,000 square feet, in New Jersey. SHI sold a 153,000-square-foot office building, located at 33 Knightsbridge Road in Piscataway, to Rutgers, The State University, for an undisclosed price. Bill Brown of Cushman & Wakefield represented the buyer in the transaction. Additionally, SHI completed a 10-year lease with Trammell Crow Co. and Clarion Partners for a 305,751-square-foot warehouse located at 10 Knox Dr. in Piscataway. SHI will use the newly constructed facility to accommodate its growing warehouse and configuration business. Nathan Demetsky and Paul Torosian of JLL represented the building owner in the deal. In the final transaction, SHI acquired a 414,000-square-foot office building, located at 300 Davidson Ave. in Somerset, from MetLife Inc. for an undisclosed price. The building is located adjacent to SHI’s headquarters at 290 Davidson Ave. Jeffrey Dunne of CBRE Inc. represented MetLife in the transaction.

February 17, 2015

Massachusetts Northeast Office

CBT Architects Selected to Transform Spear Street Capital’s Riverworks Property

by Amy Works February 17, 2015

WATERTOWN, MASS. — Spear Street Capital has selected CBT Architects to reposition its 200,000-square-foot Riverworks property in Watertown. CBT Architects plans to transform the three historic mill buildings into an integrated office campus. The company will renovate and upgrade the common areas, including the courtyard, lobby and café; upgrade signage; and perform general architectural services for the property, such as space planning. CBT’s design for the property blends a mix of modern and traditional materials and motifs to create inviting and attractive spaces. The project includes work on the main entrance/arrival area, lobby, common hallways and elevator lobbies and fitness center, as well as the café and dining spaces located along the Charles River.

February 17, 2015

Healthcare Massachusetts Northeast Office

Vantage Builders Completes 55,000 SF Renovation for Omnicare

by Amy Works February 17, 2015

PEABODY, MASS. — Waltham, Mass.-based Vantage Builders Inc. has completed a 55,000-square-foot renovation project for Omnicare Inc. Located at Two Technology Dr. in Peabody, the $1.3 million project includes the creation of new office, pharmacy and shipping/receiving space for the company. The first phase of the project was an interior gut of the building, including the removal of pre-existing offices and structural walls. Additionally, the work included a completely new electrical distribution and lighting, mechanical and plumbing work and new VCT flooring. The office build-out encompassed 16,000 square feet and created a dozen new offices and rooms for cubicles. The new space also includes a lunchroom and high-tech training center with room for 40 trainees. The 22,000-square-foot pharmacy area offers ample room to Omnicare’s staff and robotics equipment, while the shipping area offers 22-foot clear heights and a built-in ramp. Vantage also installed a new HVAC system for the property. The project team included PFB Architects Inc. and Melling Engineering. The building, which is part of Centennial Park, is owned by Combined Properties.

February 17, 2015

Healthcare New York Northeast

Cardiovascular Associates Expands, Relocates to Queens Shopping Center

by Amy Works February 17, 2015

NEW YORK CITY — Jackson Heights Cardiovascular Associates has signed a long-term lease for space at Jackson Heights Shopping Center. The medical facility will accompany 13,780 square feet of the 142,274-square-foot retail center, which is located in the Queen’s Jackson Heights neighborhood. The tenant will occupy the entire second floor of the newly renovated portion of the shopping center. Jackson Heights Cardiovascular Associates is slated to move into the new space in the second quarter of 2015. Bill Bergman of Muss Development provided in-house representation for landlord, while Brian Jaffe of DY Realty Services represented the tenant in the transaction.

February 17, 2015

Northeast Office Pennsylvania

NGKF Brokers Relocation of PSU Center in Pittsburgh

by Amy Works February 17, 2015

PITTSBURGH — Newmark Grubb Knight Frank (NGKF) represented Pennsylvania State University (PSU) in the relocation of the Penn State Center and Exchange. PSU has signed a lease for 11,000 square feet at the Energy Innovation Center, which is located at 1435 Bedford Ave. in the Hill District neighborhood of Pittsburgh. Constructed in 1930, the 185,000-square-foot facility formerly served as the Connelly Trade School. The Penn State Center will occupy the first floor of the property, which is undergoing LEED Platinum certification. PSU is slated to occupy the property in April. Tom MacDonald of NGKF represented PSU in the transaction.

February 17, 2015

Hospitality New York Northeast

ARTIC Buys Majority Interest of The Manhattan at Times Square Hotel for $535M

by Amy Works February 16, 2015

NEW YORK CITY — Al Rayyan Tourism Investment Co. (ARTIC), the hospitality subsidiary of Al Faisal Holding Co., has purchased a 97 percent interest in The Manhattan at Times Square Hotel. Rockpoint Group, Highgate Hotels and a Goldman Sachs fund sold the interest for $535 million. Built in 1962, the 22-story hotel features 689 rooms and suites and commercial space. Situated at 790 Seventh Ave., the hotel covers an entire block and offers 900,000 square feet of potential development rights. Hodges Ward Elliott (HWE) represented the sellers in the deal. Additionally, HWE procured the acquisition financing, which was provided by Goldman Sachs, for ARTIC. Highgate Hotels will continue to manage the property.

February 16, 2015

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