Northeast

Bussel Realty Arranges Sale of 41,000 SF Industrial Facility in New Jersey

by Amy Works February 5, 2015

PISCATAWAY, N.J. — Bussel Realty Corp. has arranged the sale of an industrial facility located at 727 South Ave. in Piscataway. Deals For Less purchased the 41,000-square-foot property for $1.8 million. The facility features 14-foot ceilings, five loading docks, one drive-in space and heavy power. The buyer plans to raise the property’s roof an additional 10 feet and use the facility for the distribution of novelty items. Gregory Irving, Stephen Nozza and John Cascio of Bussel Realty Corp. represented the seller, Kanter Properties LLC, while Isaac Neuman of Gramercy Realty Sales represented the buyer in the deal.

February 5, 2015

Loans New Jersey Northeast Office Retail

HFF Arranges $221.8M Loan for 30-Property Retail, Office Portfolio

by Amy Works February 4, 2015

FLORHAM PARK, N.J. — Florham-based HFF, on behalf of Paramount Realty Services, has arranged $221.8 million in financing for an approximately 2 million-square-foot portfolio consisting of 30 retail, office and medical office properties in Pennsylvania and Maryland. The portfolio was 96 percent occupied at the time of closing. Jon Mikula, Jim Cadranell, Samuel Seiden and Michael Cerulo of HFF represented the borrower in the transaction. The financing was closed with a portfolio lender. Additional details of the deal were not released.

February 4, 2015

Massachusetts Multifamily Northeast

JV Plans $26M Apartment Complex in Boston’s Allston Neighborhood

by Amy Works February 4, 2015

BOSTON — The Grossman Companies and The Waypoint Companies have partnered to acquire a 0.7-acre land site that has been permitted for an 80-unit apartment complex in Boston’s Allston neighborhood for $3.5 million. The joint venture is seeking investors willing to provide 58 percent of the equity to acquire the land, which is located at 61-89 Braintree St., and fund soft costs until it either sells the permitted land or closes on a construction loan. The $26 million 61-89 Braintree Street project will be the largest modular construction project in the city. The project was designed and permitted to use modular construction to ensure quality control, a fast-track construction schedule, greater energy efficiency and the reduction of excess materials.

February 4, 2015

Industrial New Jersey Northeast

Greiner-Maltz Brokers Sale of 18-Acre Former Tuscan Dairy Site in New Jersey

by Amy Works February 4, 2015

UNION, N.J. — Greiner-Maltz has arranged the sale of the former Tuscan Dairy site, located at 750 Union Ave. in Union, to Chicago-based Bridge Development Partners for an undisclosed price. Bridge Development plans to demolish the existing structures on the site and build a 263,415-square-foot distribution center. The center will have 36-foot ceilings, an ESFR sprinkler system, 50 tailboards, 116 trailer positions and parking for 150 cars. Designed to accommodate up to two tenants, the facility is slated for completion in November. Cornerstone Architects is providing architectural and structural design services and Premier Design & Build National LLC is serving as general contractor. Ray Musalo of Greiner-Maltz represented the seller, Industrial Realty Group, and the buyer in the deal.

February 4, 2015

Connecticut Industrial Northeast Office

Brady Corp. Sells 85,000 SF Industrial Facility for $4M in Connecticut

by Amy Works February 4, 2015

BRANFORD, CONN. — Brady Corp. has completed the disposition of an 85,000-square-foot light industrial/flex facility in Branford. Situated on 11.2 acres at 20 Thompson Road, the facility sold for $4 million. Brady Corp. plans to lease back 20,000 square feet of the building’s Class B office space. The Geenty Group and Cresa represented the seller, while The Geenty Group represented the undisclosed buyer in the transaction.

February 4, 2015

Northeast Office Pennsylvania

KarMar Realty Group Brokers $1.45M Sale of Pennsylvania Office Building

by Amy Works February 4, 2015

GLEN MILLS, PA. — KarMar Realty Group has brokered the sale of an office building located at 1788 Wilmington Pike in Glen Mills. GHS Summit LLC purchased the two-story, 14,500-square-foot office building from Crawford Leasing LLC for $1.45 million. Justin Soss and Donald Grimes of KarMar Realty represented the seller in the transaction.

February 4, 2015

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Hudson County’s Multifamily Market Remains Golden for Investors

by Jaime Lackey February 4, 2015

Abundant financing, unrelenting demand in an undersupplied industry and low rates are driving Northern New Jersey’s multifamily investment market toward pre-recession levels. Nowhere is this more evident than in the urban commuter hub of Hudson County. Known as an integral part of New Jersey’s Gold Coast, Hudson County serves as one of the most active investment and rental markets in the region thanks to its proximity to Manhattan and high concentration of multifamily properties. Long-term owners in the area increasingly are aware of the market conditions, and trading has started to approach unprecedented levels. A prime example was the recent $21 million sale of a four-property Hudson County multifamily portfolio, with units located throughout Jersey City and Hoboken. The deal marks one of the most highly bid sales in Hudson County this year, with more than 20 competitive offers submitted for the portfolio consisting of 159 apartments and six commercial units. Following three rounds of bidding, the seller, which had owned the property for more than 40 years, accepted the highest non-contingent offer. All of the properties were fully occupied at the time of sale, and the largest — a mid-rise elevator building on Magnolia Avenue in Jersey City — …

February 4, 2015

Multifamily Northeast Pennsylvania

Village Green Breaks Ground for Residential Development in Pittsburgh

by Amy Works February 3, 2015

PITTSBURGH — Village Green has broken ground for the development of Southside Works City Apartments, a residential property located in Pittsburgh’s Southside Works corridor. The project will feature 264 luxury apartments, 12,000 square feet of retail space and a 562-space parking garage. Slated to open in early 2016, property will offer nano, studio, convertible, and one- and two-bedroom units, as well as penthouse apartments. On-site amenities include a restaurant/café/specialty market, concierge services, indoor/outdoor pool, 24-hour fitness center, business center and conference room, Zen garden and courtyard park, and a club room with a bar, televisions, fireplace and gourmet kitchen. Pittsburgh-based Rycon Construction is building the project.

February 3, 2015

Connecticut Multifamily Northeast

Continental Properties Breaks Ground for Montage I Rocky Hill in Connecticut

by Amy Works February 3, 2015

ROCKY HILL, CONN. — Continental Properties has broken ground for the development of Montage I Rocky Hill, a residential community in Hartford County. Comprising five three-story buildings, the 144-unit property will offer a mix of 54 one-bedroom units and 90 two-bedroom units. Additionally, the community will feature a 2,600-square-foot clubhouse, putting green, Bark Park, organic garden, nature walk with fitness trails and detached garages. Continental Properties acquired the development site in 2014 and construction is slated for completion in fall 2016.

February 3, 2015

Multifamily New Jersey Northeast

J.G. Petrucci Company Opens 192-Unit Apartment Community in New Jersey

by Amy Works February 3, 2015

LYNDHURST, N.J. — J.G. Petrucci Company Inc. has opened The Station at Lyndhurst, a newly constructed residential community located at 240 Chubb Ave. in Lyndhurst. Managed by Alliance Residential Co., the property features 192 one-, two- and three-bedroom apartments with open-concept living areas, nine-foot ceilings, wood-style flooring and full-size or stackable washers and dryers. Additionally, many units offer personal balconies or courtyards. Community amenities include a fitness center, residential lounge with flat-screen televisions and billiards table, an outdoor lounge with fireplace, and covered and outdoor parking. Rental rates range from $1,725 to $2,800 and units are available for immediate occupancy.

February 3, 2015

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