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LogistiCenter-78-81-PA
IndustrialNortheastPennsylvania

Dermody Properties, PCCP Break Ground on 405,000 SF Distribution Center in Pennsylvania

by Amy Works

UNION TOWNSHIP, PA. — Dermody Properties and PCCP have broken ground on LogistiCenter 78-81 in Union Township. Situated on 43 acres at the intersection of I-78 and I-81, the facility will feature 405,000 square feet of industrial space. The property will be a front-load distribution building with a separate lot providing excess to parking capacity. Additionally, the facility will feature 36-foot clear heights, 81 dock doors, 60-foot loading bays and parking for 220 cars and one extra trailer parking space per dock door. Completion is slated for spring 2016. R. S. Mowery & Sons Inc. is serving as the general contractor for the project.

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Devli-Group-NYC
HospitalityNew YorkNortheast

Devli Group Tops Out Boutique Hotel in NYC’s Madison Square Park Area

by Amy Works

NEW YORK CITY — Devli Group has topped out the construction of a 44,000-square-foot boutique hotel located at 44 W. 29th St. in New York City’s Madison Square Park area. Designed by Gene Kaufman Architect, the 18-story hotel will feature 109 rooms. The property will include a sunken garden, a multi-level restaurant and lounge, a 740-square-foot rooftop salon and a total of 2,700 square feet of bar and lounge space. Studio Mai is designing the hotel’s interior spaces.

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CivicMixed-UseNew YorkNortheastOffice

Cushman & Wakefield Arranges $8M Sale of Manhattan Property

by Amy Works

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a property located at 206-212 Wadsworth Ave. in Manhattan’s Washington Heights. Caerus Group acquired the property for $8 million in an all-cash transaction. The buyer plans to construct a new development on the site, which offers 97,422 square feet of buildable space. The previous owners, Wadsworth Avenue Baptist Church Inc., will occupy a condominium at the new development, which will replace the existing structure. Robert Shapiro of Cushman & Wakefield handled the transaction.

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7000-Midlantic-Dr-Mt-Laurel-NJ
New JerseyNortheastRetail

Brandywine Realty Trust to Build 10,000 SF Retail Center in New Jersey

by Amy Works

MOUNT LAUREL, N.J. — Brandywine Realty Trust plans to develop a 10,000-square-foot retail center at 7000 Midlantic Drive in Mount Laurel. Pre-leased tenants include Anthony’s Coal Fired Pizza, Jimmy John’s Gourmet Sandwiches and Qdoba Mexican Grill. The developer is expected to break ground on the project this month with construction ending in May 2016. The retail property is being paired with an adjacent Springhill Suites Marriott, also developed by Brandywine. MSC Retail is providing site selection representation for the property, as well as pre-development consulting and leasing services.

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MassachusettsMultifamilyNortheast

Prudential Real Estate Investors Buys Residential Tower in Cambridge

by Amy Works

CAMBRIDGE, MASS. — Prudential Real Estate Investors has acquired Twenty|20, a newly developed residential tower in Cambridge. Canyon Partners Real Estate LLC, through its Canyon-Johnson Urban Funds, sold the property for an undisclosed price. Built to LEED Silver specifications, the 335-unit apartment tower is part of the NorthPoint development site, a 42-acre master-planned development project transforming a former rail yard into a mixed-use, transit-oriented community. Apartments include high-end finishes, energy-efficient appliances and oversized windows. Common area amenities include a rooftop terrace with panoramic views, a 3,000-square-foot fitness center and yoga sundeck, an open-air courtyard and an indoor basketball court.

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IndustrialLoansNew JerseyNortheastRetail

Trevian Capital Funds $16.5M Bridge Loan for Self-Storage, Warehouse Property

by Amy Works

BELLEVILLE, N.J. — Trevian Capital has funded a $16.5 million first-mortgage bridge loan secured by a fully occupied self-storage and warehouse facility in Belleville. The loan proceeds are being used to pay off an existing defaulted CMBS loan, fund the build-out of an additional 510 self-storage units, and provide the borrower cash out refinancing. The property is primarily occupied by Safe & Secure Self Storage, which occupies 300,000 square feet, with an additional 100,000 square feet of warehouse/storage space leased on a long-term basis to Essex County and Ecuadorian Rain Forest. Additional terms of the financing, including the name of the borrower, were not released.

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Two-Liberty-Square-MA
MassachusettsNortheastOffice

The Winhall Companies Acquires Two Liberty Square in Boston

by Amy Works

BOSTON — An affiliate of The Winhall Companies has acquired Two Liberty Square, a 67,609-square-foot office building in Boston. Originally constructed in 1913, the 11-story, Beaux Arts-style building is 82 percent occupied by tenants that include Zipcar, Humana, Arthur J. Gallagher & Co., Copyright Clearance Center and Brill. CenterSquare Investment Management, on behalf of one of its institutional clients, sold the property for an undisclosed price. Coleman Benedict and Ben Sayles of HFF represented the seller in the sale. Additionally, Lauren O’Neil of HFF arranged a 10-year, fixed-rate acquisition loan through SunLife for the buyer.

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Larhmont-I-Mount-Laurel-NJ
HealthcareNew JerseyNortheast

Colliers Arranges Sale of 22,744 SF Medical Office building in New Jersey

by Amy Works

MOUNT LAUREL, N.J. — An affiliate of Princeton, N.J.-based IBIS Plaza has acquired Larchmont I, a medical office building located at 204 Ark Road in Mount Laurel, for an undisclosed price. Situated on 1.8 acres, the building was constructed in 1981. The buyer plans to renovate the common areas and two of the vacant suites for its IBIS business. Evan Zweben and Marc Islander of Colliers International represented the undisclosed seller in the transaction.

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246-Goose-Lane-CT
ConnecticutHealthcareNortheast

O,R&L Commercial Brokers 13,517 SF Lease in Guilford, Connecticut

by Amy Works

GUILFORD, CONN. — O,R&L Commercial has brokered the lease of 13,517 square feet of medical office space to Guilford Surgery Center LLC (GSC). The space is located at 246 Goose Lane within Innovation Park. GSC is a collaboration between local surgeons and Merritt Healthcare of White Plains, N.Y. The new entity plans to construct an ambulatory surgery center for patients on the site. O,R&L Commercial represented the tenant, while Dow Realty represented the undisclosed landlord in the lease transaction.

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416-W-52-St-NYC
LoansMultifamilyNew YorkNortheast

Meridian Capital Group Arranges $122.8M in Acquisition Financing for Vacant Residential Property

by Amy Works

NEW YORK CITY — Meridian Capital Group has arranged a $122.8 million acquisition loan for the purchase of a vacant residential property located at 416 W. 52nd St. in the Clinton neighborhood of New York City. The borrower is Gaia Real Estate. The 36-month loan provided by TPG Real Estate Finance features a competitive floating rate and two 12-month options. Constructed in 1940 and gut-renovated in 2015, the 141,350-square-foot property features 156 apartments. All units are completely new and include premium appliances, custom cabinetry, designer fixtures, wood flooring and oversized windows. Building amenities include a furnished rooftop deck, a fitness center and tenant lounge, plus an interior courtyard. The gut renovation included the updating and replacing all aspects of the property from plumbing and electrical wires to refinishing and reconstructing all visible surfaces (floors, walls, ceilings, kitchens and baths). Ronnie Levine and Jeff Berkes of Meridian’s New York City office originated the loan.

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