Northeast

Boston Capital Invests in Affordable Multifamily Property in Boston

by Amy Works March 27, 2015

BOSTON — Boston Capital is investing in the construction of Patriot Homes, an affordable multifamily community in Boston. General partners for the 24-unit property are Braintree, Mass.-based Caritas Communities and Boston-based South Boston Neighborhood Development Corp. Located in the South Boston neighborhood, the property will feature 12 studios, two one-bedroom units and 10 two-bedroom units. Community amenities will include a community room with a kitchen and a common laundry facility room. Patriot Homes will be built with tax credit equity from the Low Income Housing Tax Credit program, offering homes to veterans, individuals and families earning 60 percent or less of the area median income.

March 27, 2015

Mixed-Use New York Northeast

Cushman & Wakefield Arranges Sale of East Harlem Mixed-Use Property

by Amy Works March 27, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building, located at 2147 Second Ave. in Manhattan’s East Harlem neighborhood. The nine-story building sold for $7.5 million, or $465 per square foot, in an all-cash transaction. The newly constructed 16,128-square-foot property features 16 residential units and 1,950 square feet of ground-level commercial space. Lev Kimyagarov of Cushman & Wakefield represented the seller, while Edmond Levy of Cornerstone Real Estate Investments represented the seller in the transaction. The names of the seller and buyer were not released.

March 27, 2015

Industrial Northeast Pennsylvania

Ridgeline Property Group to Develop 423,300 SF Susquehanna Logistics Center

by Amy Works March 26, 2015

YORK, PA. — Ridgeline Property Group has partnered with Cabot Properties to develop a 423,300-square-foot speculative industrial building in York. Situated on 51 acres on Second Amendment Drive, Susquehanna Logistics Center will offer tenants immediate access to Interstate 83. The facility will feature 32-foot clear heights, 87 dock doors, 52-foot by 54-foot column spacing, ESFR fire sprinklers and parking for 179 cars and 146 trailers. Construction is slated to begin in late March with completion scheduled for December. Patrick McBride and Gerry Blinebury of Cushman & Wakefield have been retained to market the property.

March 26, 2015

Multifamily New York Northeast

Shamah Properties Buys Eight-Building Multifamily Portfolio in Manhattan

by Amy Works March 26, 2015

NEW YORK CITY — Shamah Properties has acquired an eight-building multifamily portfolio for $44 million from Brooklyn, N.Y.-based E&M Associates. Located in Manhattan’s Washington Heights neighborhood, the 138,214-square-foot, 184-unit portfolio includes 535-539 West 162nd Street, 522-536 West 147th Street and 521-523 West 156th St. Steven Vegh of Westwood Realty Associates represented both the seller and buyer in the transaction. Additionally, Edward Setton of Shamah Properties negotiated the purchase and financing on behalf of the buyer. Shamco Management, Shamah Properties’ in-house management company, will manage the assets.

March 26, 2015

Multifamily Northeast Pennsylvania

Mack-Cali, Parkway Corp. Form JV to Develop Multifamily Project in Philly

by Amy Works March 26, 2015

PHILADELPHIA — Mack-Cali and its Roseland subsidiary have formed a joint venture with Parkway Corp. to develop a multifamily property at 709 Chestnut Square in Philadelphia. Located in Center City, preliminary plans for the 32-story development include 300 luxury residential units and 11,000 square feet of indoor and outdoor amenity space, as well as an on-site 125-car parking garage. Currently in the planning and permitting stages, the development is slated to commence construction by the end of 2015.

March 26, 2015

New York Northeast Retail

CPEX Brokers $4.5M Sale of Brooklyn Retail Property

by Amy Works March 26, 2015

NEW YORK CITY — CPEX has arranged the sale of a retail property located at 2038-2050 Flatbush Ave. in Brooklyn. The 15,000-square-foot property sold for $4.5 million, or $300 per square foot. The four-unit property was 76 percent occupied at the time of sale. Current tenants are Telco Stores and Sports Physical Therapy of NY. Andre Sigourney and Harrison Balisky of CPEX’s retail sales team represented the seller and buyer in the transaction. The names of the seller and buyer were not released.

March 26, 2015

Massachusetts Northeast Office

Akamai Technologies Leases 67,000 SF in Cambridge Innovation District

by Amy Works March 26, 2015

CAMBRIDGE, MASS. — Akamai Technologies, a provider of cloud services, has signed a 10-year lease for 67,000 square feet at 50 Hampshire in Cambridge. The company will occupy the entire sixth and seventh floors of the building and use the space to expand its Cambridge office, which serves as its U.S. headquarters. BioMed Realty owns the property, which will be 50 percent leased once Akamai takes occupancy. Terms of the transaction were not released.

March 26, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $30M Acquisition Loan for Multifamily Property

by Amy Works March 25, 2015

RYE, N.Y. — Meridian Capital Group has arranged $30 million in financing for the acquisition of The Highlands at Rye, a multifamily property located in Rye. The seven-year loan, provided by a regional balance sheet lender, features a fixed rate, two years of interest-only payments, a 30-year amortization schedule and a five-year extension option. The borrower is the Kessner family. Located at 131-151 Purchase St., the two-building property features 108 residential units and 7,600 square feet of commercial space. Tal Bar-Or of Meridian Capital arranged the financing.

March 25, 2015

Connecticut Northeast Office

Highville Charter School Buys 108,000 SF Office Building for $5.8M in New Haven

by Amy Works March 25, 2015

NEW HAVEN, CONN. — Hamden, Conn.-based Highville Charter School has acquired an office building located at 1 Science Park in New Haven. AT&T sold the 108,000-square-foot property for $5.8 million. Highville plans to convert the property’s open layout into classrooms to meet its expanding needs. Alan Fischer of Fischer Real Estate Inc. represented the buyer, while Cushman & Wakefield represented the seller in the deal.

March 25, 2015

Industrial Massachusetts Northeast Office Retail

R.W. Holmes Realty Brokers $5.35M Sale of Flex Property in Massachusetts

by Amy Works March 25, 2015

HOPKINTON, MASS. — R.W. Holmes has negotiated the sale of a multi-tenanted flex building, located at 227-233 South St. in Hopkinton. 227-229 South Street LLC purchased the 43,000-square-foot property for $5.35 million from Mar S. Maple Realty Trust. Precision Digital Corp. will renovate and occupy 21,000 square feet of the property. Craig Johnston of R.W. Holmes procured and represented the buyer, while John Eysenbach, also of R.W. Holmes, represented the seller in the transaction.

March 25, 2015

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