Northeast

DLC Management Corp. Buys 518,000 SF Power Center in New York

by Amy Works December 22, 2014

POUGHKEEPSIE, N.Y. — DLC Management Corp. has acquired The Shoppes at South Hills, a retail power center located in Poughkeepsie. The 518,000-square-foot center was purchased for an undisclosed price. The Shoppes at South Hills is occupied by a variety of tenants, including ShopRite, Burlington Coat Factory, Christmas Tree Shop, Hobby Lobby, Kmart, Ashley Furniture HomeStore, Bob’s Discount Furniture and Chuck E. Cheese. Jose Cruz and Marc Duvall of HFF represented the undisclosed seller in the transaction.

December 22, 2014

Industrial New Jersey Northeast

River Drive Construction Completes 19,400 SF Build-Out for DSVR Inc.

by Amy Works December 22, 2014

MOUNT OLIVE TOWNSHIP, N.J. — River Drive Construction has completed the build-out of a 19,400-square-foot space for DSRV Inc. at 330 Waterloo Valley Road in Mount Olive Township. The project involved the conversion of 10,000 square feet of warehouse space into a light manufacturing facility for a diagnostics reagent process. The conversion involved the restructuring and installing various aspects of the space, including walls, extensive plumbing, HVAC and electric. Additionally, 8,000 square feet of space received a basic refresh. DSRV Inc. will now move its Georgia office and manufacturing activities to Mount Olive Township, which will optimize its operations with the new proximity to its parent company, Diagnostica Stago. River Drive Construction served as project manager of the conversion, which took eight months to complete.

December 22, 2014

Industrial New York Northeast

Kalmon Dolgin Affiliates Brokers $5M Warehouse, Parking Lot Sale in Brooklyn

by Amy Works December 22, 2014

NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of a warehouse and parking lot at 39 Ferris St. in the Red Hook section of Brooklyn. Kobe Bussan USA purchased the 6,000-square-foot warehouse and 14,000-square-foot parking lot from 39 Ferris Street LLC for $5 million. The buyer, a Japanese supermarket and restaurant, plans to open a new location at the site. Jeffrey Unger of Kalmon Dolgin represented the seller, while Yoko Evans of Furumoto Realty represented the buyer in the transaction.

December 22, 2014

New Jersey Northeast Office

SJP Properties Signs 40,000 SF Office Lease with Jet in Hoboken

by Amy Works December 22, 2014

HOBOKEN, N.J. — SJP Properties has leased 40,000 square feet of office space to Jet at Waterfront Corporate Center III in Hoboken. Slated to launch in 2015, Jet is the latest e-commerce venture led by Marc Lore, former CEO and co-founder of Diapers.com. The company will use the Waterfront location as its headquarters. Waterfront Corporate Center III is SJP’s third and final building within its high-performance, mixed-use business complex in Hoboken. Scott Peck and Brian Wilson of Resource Realty represented Jet in the transaction; SJP was represented in-house.

December 22, 2014

Multifamily New Jersey Northeast Seniors Housing

Tryko Partners Acquires Burnt Tavern Skilled Nursing Facility in New Jersey

by Amy Works December 22, 2014

BRICK, N.J. — Tryko Partners has acquired Burnt Tavern Rehabilitation and Healthcare Center in Brick for an undisclosed price. Located at 1049 Burnt Tavern Road, the center includes 148 skilled nursing beds with expansion potential and an assisted living component that can accommodate 23 clients. The company plans to launch a $1 million renovation program to upgrade the property, which has been renamed Willow Spring Rehabilitation and Healthcare Center. Planning renovations include a state-of-the-art sub-acute care unit, expanded rehabilitation facility with cutting-edge equipment and technology, and updated common areas, patient rooms and assisted living accommodations. Tryko Partners purchased the asset from the original developer, NuVision Management. Additional terms of the transaction were not released.

December 22, 2014

Loans Massachusetts Northeast Office

HFF Closes $150M Financing for 125 Summer St. in Boston’s Financial District

by Amy Works December 19, 2014

BOSTON — HFF has placed a $150 million mortgage on 125 Summer St., a Class A office tower in Boston’s Financial District. Located along the Rose Kennedy Greenway, the 475,303-square-foot, transit-oriented property offers access to the MBTA and commuter rail lines via South State Station. Additionally, the 22-story property features below-grade parking for 273 vehicles, a Bright Horizons daycare and a Starbucks. HFF worked on behalf of the borrower, Oxford Properties Group, to secure the fixed-rate loan through Guggenheim Commercial Real Estate Finance LLC. Oxford acquired the property as part of a larger officer portfolio in September. Riaz Cassum, John Fowler and Patrick McAneny of HFF represented the borrower in the transaction.

December 19, 2014

New York Northeast

Cushman & Wakefield to Acquire Massey Knakal Realty Services

by Amy Works December 19, 2014

NEW YORK CITY — Cushman & Wakefield has entered into an agreement to acquire Massey Knakal Realty Services. The acquisition will enhance Cushman & Wakefield’s global commercial real estate services with a more formidable capital markets presence in the New York Tri-State region. Massey Knakal was founded in 1988 and has more than 200 employees serving more than 200,000 property owners in New York City’s five boroughs, Westchester County, Long Island and New Jersey. The firm is best known for its work in the mid-sized office, retail and apartment building markets. Since its founding, Massey Knakal has closed more than 5,000 transactions, with a market value in excess of $21 billion. The acquisition has been approved by the parties’ respective governing bodies and is expected to close prior to year-end 2014, subject to customary closing conditions. Goldman, Sachs & Co. advised Cushman & Wakefield, while Perella Weinberg Partners LLC advised Massey Knakal in the transaction.

December 19, 2014

Massachusetts Northeast Office

Roseview-PMRG Fund I Acquires Cambridge Office Building for $41.5M

by Amy Works December 19, 2014

CAMBRIDGE, MASS. — Roseview-PMRG Fund I has acquired 100 CambridgePark Drive, a Class A office building located in Cambridge, from Transatlantic Investment Management. The five-story, 135,572-square-foot property sold for $41.5 million. Constructed in 1992, the brick-clad office building features 27,100-square-foot floor plates and is leased to various tenants, including Cambridge Systematics, Cambridge Savings Bank, ICF International and Modo Labs. Roseview-PMRG plans to invest several million dollars to reposition the property, including renovating the lobby and other common areas. Roseview-PMRG Fund I is a $250 million discretionary fund formed by PM Realty Group and The Roseview Group in July 2014 to acquire and reposition office properties across the United States. The acquisition of 100 CambridgePark is the fund’s first purchase.

December 19, 2014

Connecticut Loans Northeast Office

NorthStar Income II Originates $41M Loan for 167,000 SF Data Center

by Amy Works December 19, 2014

NORWALK, CONN. — NorthStar Real Estate Income II has originated a $41 million senior loan for a newly constructed data center in Norwalk. Constructed in 2014 as a build-to-suit, the state-of-the-art data center features more than 167,000 square feet of rentable space. Additionally, the property is 100 percent master leased, with a 21-year net lease, to an affiliate of Cervalis LLC, a provider of information technology infrastructure solutions. The loan is the third transaction completed between the borrower, a commercial real estate owner and operator, and investment vehicles sponsored by NorthStar Asset Management Group Inc., NorthStar Income II’s sponsor. The three transactions total more than $137 million.

December 19, 2014

Massachusetts Multifamily Northeast

OGR Tewksbury Buys 56-Unit Multifamily Community for $10M

by Amy Works December 19, 2014

TEWKSBURY, MASS. — OCR Tewksbury, an affiliate of Ocean Gate Realty Advisors, has purchased a multifamily community located at 1535 Main St. in Tewksbury, a suburb of Boston. The 56-unit, garden-style property sold for $10 million. Simon Butler and Biria St. John of Cushman & Wakefield/New England represented the seller, Omni Properties, in the transaction. East Boston Savings Bank arranged financing for the acquisition. Ocean Gate Realty Advisors is a privately held real estate investment company with offices in Boston and New York City.

December 19, 2014

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