Northeast

CBRE Brokers Sale of 240,378 SF Retail Center in New York

by Amy Works January 9, 2015

NEWBURGH, N.Y. — CBRE Group Inc. has brokered the sale of Newburgh Crossing, a retail center located in Newburgh. Monsey, N.Y.-based DBD Holdings LLC purchased the property from RPAI Newburgh Crossing LLC, an entity controlled by Retail Properties of America Inc., for an undisclosed price. Situated at the intersection of Route 300 and 17K, the 240,378-square-foot retail center is 100 percent occupied by national tenants, including Michaels, Barnes & Noble, Pier 1 Imports and TGI Friday’s. Jeffrey Dune and David Gavin of CBRE’s Institutional Properties team represented the seller and procured the buyer in the transaction.

January 9, 2015

Healthcare New Jersey Northeast Office

United Realty Trust Acquires 90,000 SF Medical Headquarters in New Jersey

by Amy Works January 9, 2015

CHERRY HILL, N.J. — United Realty Trust Inc. has acquired a medical office property located at 7 Carnegie Plaza in Cherry Hill. FRS Carnegie Plaza LLC sold the 90,000-square-foot property sold for $9.3 million. Built in 1988 and last renovated in 2009, the property is fully occupied by Fox Rehabilitation Services, a provider of physical, occupational and speech therapy services. Situated on 17.4 acres, the property provides infrastructure for more than 700 employees and includes 559 onsite outdoor parking spaces. United Realty Trust financed the acquisition in part through a $5.5 million first mortgage loan and a $1.8 million mezzanine loan.

January 9, 2015

Connecticut Multifamily Northeast

Continental Properties Breaks Ground on 228-Unit Residential Community in Connecticut

by Amy Works January 9, 2015

SHELTON, CONN. — Continental Properties has broken ground for the development of The Mark | Fairfield County, a 228-unit residential community located in Shelton. Located at 740 Bridgeport Ave., the six-building property will feature 96 one-bedroom units, 132 two-bedroom units, a clubhouse, cinema room, library, sports lounge, fitness center, EV car charger, private dining room, pool cabana, fire pot, two gazebos and a dog park. The property is slated for completion in 2016.

January 9, 2015

Northeast Retail Vermont

Marcus & Millichap Brokers $1.4M Commercial Property Sale in Vermont

by Amy Works January 9, 2015

WATERBURY, VT. — Marcus & Millichap has arranged the sale of a Merchant’s Bank location in Waterbury. A New England-based investor acquired the property, which is located at 994 Waterbury Stowe Road, for $1.4 million. The bank is located off Interstate 89 in an area with 26,000 vehicles passing per day. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the buyer, while Marcus & Millichap’s San Diego office represented the seller. Jeffrey Nick, also of Marcus & Millichap, is the broker of record in Vermont.

January 9, 2015

Northeast Pennsylvania Retail

CBRE Brokers $41.1M Sale of Power Center in Monaca, Pa.

by Amy Works January 8, 2015

MONACA, PA. — CBRE Inc. has brokered the sale of Township Marketplace, a power center located in Monaca. American Realty Capital, advised by Lincoln Retail REIT Services, purchased the retail center for $41.1 million. Built in 1999, the 298,630-square-foot center is anchored by Lowe’s Home Improvement Warehouse. Additional tenants include Cinemark, Party City, Michaels, PetSmart and Five Below. Brad Nathanson, Tom Gorman, Paul Fedorko and Antoine Matthews of CBRE represented the undisclosed seller in the transaction.

January 8, 2015

New Jersey Northeast Office

The Berger Organization Adds 58 Park Place its Portfolio

by Amy Works January 8, 2015

NEWARK, N.J. — The Berger Organization has acquired 58 Park Place in Newark from PPSJ Corp. for an undisclosed price. The 30,000-square-foot office property is 50 percent occupied by the Garden State Ballet and Tempo Networks, a pan-Caribbean media and entertainment company. Habitat for Humanity, which is currently located at 60 Park Place, plans to relocate to the fourth floor of 58 Park Place. This acquisition adds to the company’s current Newark portfolio, which includes 10, 50 and 60 Park Place and 570 and 765 Broad Street. Additional terms of the transaction were not released.

January 8, 2015

Connecticut Northeast Office

O,R&L Brokers $4.63M Sale of Connecticut Office Building Portfolio

by Amy Works January 8, 2015

ROCKY HILL AND BERLIN, CONN. — O,R&L Commercial has brokered the $4.63 million sale of a four-building office portfolio in Berlin and Cromwell. Universal Enterprise LLC purchased the properties, which includes one building in Berlin and three buildings in Cromwell, for $4.63 million from RH Medical Center Associates LLC and Mill Crossing Associates, respectively. The 12,000-square-foot medical office building, located at 546 Cromwell Ave. in Rocky Hill, sold for $1.6 million, and the 35,000-square-foot Mill Crossing, located at 1224 Mill St. in Berlin, sold for $3.03 million. The buyer plans to expand the three-building complex at Mill Crossing to include a fourth building featuring 10,000 square feet of office/medical office space. Jay Morris of O,R&L Commercial represented all parties in the transaction.

January 8, 2015

Maine Northeast

Marcus & Millichap Arranges $1.65M Sale of Maine Retail Property

by Amy Works January 8, 2015

SOUTH PORTLAND, MAINE — Marcus & Millichap has brokered the sale of a Napa Auto Parts retail store in South Portland. A New England-based investor purchased the property for $1.65 million in a 1031 exchange. Located at 65 Market St., the property is located between the Mill Creek Shopping Center and a Shaw’s Supermarket-anchored shopping center. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the buyer, while Marcus & Millichap’s San Francisco office represented the institutional seller. Adrian Harris, also of Marcus & Millichap, is the firm’s broker of record in Maine.

January 8, 2015

Connecticut Mixed-Use Northeast

Press/Cuozzo Realtors Brokers $1.5M Connecticut Development Site Sale

by Amy Works January 8, 2015

NORTH HAVEN, CONN. — Press/Cuozzo Realtors has brokered the $1.5 million sale of a development site located in North Haven. Located at 505 and 511 Washington Ave., the two contiguous parcels total 3.78 acres with 341 feet of frontage. The buyer, 511 Washington Avenue LLC, plans to reposition the site as a mixed-use development. Stephen Press of Press/Cuozzo Realtors represented the seller, Bryant Munson, and the buyer in the deal.

January 8, 2015

New York Northeast Office Retail

Savanna, Hornig Capital Partners Acquire Former Schlitz Brewery in Bushwick

by Amy Works January 7, 2015

NEW YORK CITY — New York City-based Savanna has partnered with Hornig Capital Partners and Chelsea Village Associates to acquire 95 Evergreen Ave. in the Bushwick neighborhood of Brooklyn for an undisclosed price. The five-story, 165,000-square-foot industrial building is located on the southeastern corner of Evergreen Avenue and George Street. Originally built as the Schlitz Brewery, the property features 15,500- to 36,600-square-foot floor plates, 15- to 30-foot ceiling heights and large windows with direct views of Manhattan and the surrounding boroughs. The joint venture plans to launch a $20 million building-wide capital improvement program in the first quarter of 2015 to convert the property into an office and retail location. Renovations include upgrading the property’s façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers and HVAC systems. The new space will cater to creative, media and technology tenants. Joe Berko and Lee Slipe of Berko & Associates represented the undisclosed seller in the transaction.

January 7, 2015

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