Northeast

Sitex Group Acquires New Jersey Sharp Plaza for $40M

by Amy Works January 19, 2015

MAHWAH, N.J. — Sitex Group has acquired Sharp Plaza, a mixed-use campus located in Mahwah, for $40 million. Situated on the New York state border at the intersection of Routes 17 and 287, the campus includes a three-story, 147,000-square-foot Class A office building, a 350,000-square-foot warehouse building and 23 acres of undeveloped land. The office building is currently leased to Sharp as its North American headquarters on a long-term basis. The warehouse, which is expandable by 200,000 square feet, currently has an 80,000-square-foot vacancy. The remainder of the warehouse is long-term leased to Sharp and Amazing Savings. Sitex Group plans to reposition the warehouse vacancy and market the vacant land for office or warehouse build-to-suit opportunities. McBride Real Estate represented Sitex Group in the acquisition.

January 19, 2015

New York Northeast Retail

Savanna Purchases 24,682 SF Retail Property in NYC’s Meatpacking District

by Amy Works January 19, 2015

NEW YORK CITY — Savanna has acquired a newly built retail property located at 461 West 14th St. in New York City’s Meatpacking District. Brandon Miller and Michael Miller of Real Estate Equities Corp. and Alfieri Development sold the 24,682-square-foot property, which is located under the High Line, for an undisclosed price. The property features 15-foot ceilings, all-glass storefronts and LED paneling atop the glass. Additionally, the floor plates can be configured into one or two large retail spaces or several smaller spaces, with 10,000 square feet on the corner of Tenth Avenue and 14th Street, and 6,000 square feet on the corner of Tenth Avenue and 15th Street. Savanna has engaged JLL to market the property. Neil Helman, Vincent Carrega, Jon Epstein and Charles Kingsley of Avison Young represented the seller, a single-purpose entity controlled by investor/developer Real Estate Equities Corp.

January 19, 2015

Hospitality New York Northeast

YOTEL, Synapse Development Group Bring First YOTEL-Branded Hotel to Brooklyn

by Amy Works January 19, 2015

NEW YORK CITY — Synapse Development Group and YOTEL are developing the first YOTEL-branded project in Brooklyn. Situated near the Brooklyn-Queens Expressway, the 100,000-square-foot mixed-use project will feature street-level retail space, a 110-key YOTEL Williamsburg hotel, residential condominiums and a rooftop garden. Designed by HWKN, the hotel is scheduled to open in 2017.

January 19, 2015

Multifamily New York Northeast

Alpha Realty Brokers Three Multifamily Sales Totaling $3.24M

by Amy Works January 19, 2015

NEW YORK CITY — Alpha Realty has brokered the sales of three multifamily properties located in Brooklyn and East New York totaling $3.24 million. In the first transaction, a multifamily investor purchased a three-story, nine-unit apartment building located at 200 28th St. in Brooklyn’s Greenwood Heights section. The 6,000-square-foot building sold for $1.4 million. In the second deal, an investor acquired a 642 Vermont St. in Brooklyn’s East New York area for $995,000. The three-story property features six apartments and one commercial unit. Additionally, 2162 Fulton St., located in Brooklyn, sold for $850,000. The property consists of four apartment units and one store. Lev Mavashev, Jacob Aronov and Adam Traub of Alpha Realty represented all parties in the off-market transactions.

January 19, 2015

Massachusetts Northeast Office

The Davis Companies Sells Six-Story Office Building in Boston’s Seaport District

by Amy Works January 16, 2015

BOSTON — The Davis Companies has completed the disposition of an office building located at 24 Farnsworth St. in Boston’s Seaport District. Unitarian Universalist Association (UUA), the lead tenant, acquired the property through a previously negotiated lease-to-purchase agreement for an undisclosed price. UUA will relocate its headquarters from Boston’s Beacon Hill neighborhood to the six-story, 74,554-square-foot property. The building offers open floor plans and abundant natural lighting. An investment fund of The Davis Companies originally purchased the mortgage note on the property in May 2012, when the building was only 14.5 percent leased. Within 10 months of the mortgage note acquisition, The Davis Companies brought the property to full occupancy when UUA agreed to move its headquarters to the building. UUA is now exercising its option to purchase, which was part of its new 10-year lease for the remainder of the building.

January 16, 2015

Hospitality New York Northeast

Urgo Hotels & Resorts Buys Whiteface Lodge Resort in Lake Placid

by Amy Works January 16, 2015

LAKE PLACID, N.Y. — Bethesda, Md.-based Urgo Hotels & Resorts has acquired Whiteface Lodge Resort in Lake Placid for an undisclosed price. Located at Seven Whiteface Inn Lane in the Adirondacks, the resort offers 94 one- to four-bedroom suites, a private residence club, a 5,800-square-foot spa with six treatment rooms and a fully equipped fitness center. Additionally, the four-season resort features an indoor/outdoor swimming pool, ice skating rink, 54-seat movie theater, two bowling lanes, tennis courts, snowshoe/cross country trails and a private beach on Lake Placid with a canoe club providing boat rentals. The property also features a fine dining restaurant and 14 undeveloped acres, including lakefront property.

January 16, 2015

New Jersey Northeast Retail Texas

Simon Purchases The Mills at Jersey Gardens and University Park Village in Fort Worth

by Amy Works January 16, 2015

ELIZABETH, N.J., AND FORT WORTH, TEXAS — Simon has closed on its acquisition of two retail centers in New Jersey and Fort Worth, Texas, for an aggregate purchase price of $1.09 billion, including the assumption of existing mortgage debt. The two properties were acquired in connection with the closing of Washington Prime Group’s acquisition of Glimcher Realty Trust. Located in Elizabeth, Jersey Gardens, which has been renamed The Mills at Jersey Gardens, features a variety of tenants, including Bed, Bath & Beyond; Century 21; Coach Factory; Forever XX1; Lord & Taylor Outlet; Michael Kors; Neiman Marcus Last Call; Nike Factory Store; Saks Fifth Avenue Off 5th; and AMC Theatres. University Park Village in Fort Worth is tenanted by Ann Taylor, Anthropologie, Apple, Athleta, Banana Republic, Chico’s, Free People, J. Crew, Lululemon Athletica, Madewell, Michael Kors, Pottery Barn, Talbots, Vera Bradley, White House | Black Market, and Williams-Sonoma.

January 16, 2015

Industrial New Jersey Northeast

CenterPoint Properties Sells 35,038 SF Industrial Facility in New Jersey

by Amy Works January 16, 2015

CARLSTADT, N.J. — CenterPoint Properties has sold its facility at 30 Commerce Road in Carlstadt for an undisclosed price. Caudalie, a French skin care company, purchased the property, which is located on 1.44 acres and features two exterior loading docks, in an off-market transaction. The facility offers close proximity to New York and major highways, including Interstate 95, the New Jersey Turnpike and New Jersey Routes 46 and 80. Andrew Houston, Larry Casey and Robin Ritter-Ceriello of DTZ represented the seller in the deal.

January 16, 2015

Loans Northeast Office Pennsylvania

Integra Real Estate Capital Arranges $1.83M Loan for Office Property in Philly

by Amy Works January 16, 2015

PHILADELPHIA — Integra Real Estate Capital has arranged a $1.83 million bridge loan for the acquisition of an office building located on Sandmeyer Lane in Philadelphia. The newly constructed property offers 48,750 square feet of flex office space. Integra was able to close the loan within 16 days to meet the constraint of the buyer’s 1031 exchange deadline. The non-recourse loan features a competitive interest rate and a flexible repayment structure. Igor Goldenberg of Integra negotiated the transaction on behalf of the New York-based ownership group.

January 16, 2015

Massachusetts Mixed-Use Northeast

The Pebbles Corp. Selected to Develop $330M Mixed-Use Project in Boston

by Amy Works January 15, 2015

BOSTON — The Pebbles Corp. has been selected to develop its first project in Boston. The firm was selected by MassDot and Massachusetts Bay Transportation Authority (MBTA) to develop a mixed-use project at Turnpike Air Rights Parcel 13, located at the intersection of Boylston Street and Massachusetts Avenue in Boston’s Back Bay neighborhood. Along with Handel Architects and Utile Inc., a Boston-based think tank, Pebbles has proposed The Viola Back Bay, a $330 million, 390,000-square-foot mixed-use development for the site. The proposed plans include a 156-key boutique hotel, 88 condominiums with unobstructed views of the Charles River, 85 residential apartments, 20,000 square feet of retail and 138 on-site parking spaces. The transit-oriented property will be accessible by Hynes Station and offer ground-floor access via a new entrance on Boylston Avenue. HDR Inc., an architecture and engineering firm specializing in transit projects, will serve as station designer for the project. Parcel 13 encompasses approximately 54,500 square feet of air rights over the Massachusetts Turnpike and portions of the MBTA Green Line tunnel across the street the from Hynes Convention Center. Construction is expected to commence in 24 to 36 months pending the approval process.

January 15, 2015

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