Northeast

Hanley Investment Group Negotiates Sale of Four 7-Eleven Stores in New York

by Amy Works April 6, 2015

BUFFALO AND SOUTH WALES, N.Y. — Hanley Investment Group has brokered the sale of four triple-net-leased 7-Eleven stores in Buffalo and South Wales for a combined total of $3 million. In Buffalo, a Tacoma, Wash.-based private investor purchased two 7-Eleven stores from a Buffalo-based investor. The 2,835-square-foot property at 741 Kenmore Ave. sold for $800,000, and the 2,842-square-foot property at 975 Abbott Road sold for $800,000. Jeremy McChesney of Hanley Investment Group represented both the seller and buyer in the transaction. Also in Buffalo, a private investor from San Francisco purchased a 7-Eleven property at 959 Niagara St. for $851,000. Michael Chow of Jones Pacific Land Co. represented the buyer, while McChesney represented the seller, a local private investor, in the deal. In South Wales, a Hermosa Beach, Calif.-based private investor sold a 2,080-square-foot 7-Eleven store at 6444 Olean Road to a San Francisco-based private investor for $525,000. McChesney represented the seller, while Chow represented the buyer in the transaction.

April 6, 2015

Multifamily Northeast Retail Vermont

Nedde Real Estate Brokers Four Sales in Vermont

by Amy Works April 6, 2015

BURLINGTON AND ST. ALBANS, VT. — Nedde Real Estate has brokered the sales of four properties in Vermont. In the first deal, Grant Butterfield of Nedde Real Estate represented Mike DuPont in the acquisition of a three-unit multifamily property located at 54-56 Intervale Ave. in Burlington. Bessery Real Estate Partners, represented by Cannizzaro Real Estate, sold the property for an undisclosed price. In the second transaction, Butterfield arranged the sale of 137-139 Elmwood Avenue, a four-unit multifamily property located in Burlington. Mark Johnson sold the asset for an undisclosed price to Housing Strategies. In the third deal, Butterfield represented Eleven Eleven Enterprises LLC in the disposition of 30 South Main Street in St. Albans to Dominico Spano. The buyer plans to reopen the retail property, which was formerly Cosmic Bagel Bakery, as Round Table Bakery & Café. In the final transaction, Butterfield represented the undisclosed seller in the disposition of 222-224 South Winooki Avenue in Burlington. Karen LaPoint purchased the three-unit multifamily property for an undisclosed price.

April 6, 2015

New Jersey Northeast Office

American Real Estate Partners Buys CenterPointe at Bridgewater for $24.7M

by Amy Works April 3, 2015

BRIDGEWATER, N.J. — American Real Estate Partners has acquired CenterPointe at Bridgewater, a four-building office park located at 1130, 1140, 1150 and 1160 Route 22 East in Bridgewater. The 331,846-square-foot asset sold for $24.7 million. Situated on 20 acres, the property features flexible and highly efficient office space, fitness and food amenities, a conference facility and on-site management. American Real Estate Partners plans to invest $2.7 million in capital improvements to the office campus, including improved finishes and upgrades to elevators, lobby and common areas. At the time of sale, the campus was 54 percent leased, with two buildings 100 percent leased. The property is being acquired by a joint venture sponsored by a discretionary fund managed by American Real Estate Partners and is the fund’s fourth investment. The name of the seller was not disclosed.

April 3, 2015

New York Northeast Retail

Greystone Acquires Retail Development Site in TriBeCa for $17M

by Amy Works April 3, 2015

NEW YORK CITY — Greystone has acquired a retail development site at 108 Chambers St. in Manhattan’s TriBeCa neighborhood. Ashkenazy Acquisition Corp. sold the property for $17 million. Located on the corner of Church and Chambers streets, the site features a 2,000-square-foot building with ground-floor retail space and approximately 12,000 square feet of air rights.

April 3, 2015

Multifamily Northeast Rhode Island

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

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