Northeast

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

Loans Mixed-Use New York Northeast

Madison Realty Provides $81M Loan for Level Hotel Mixed-Use Project in Brooklyn

by Amy Works January 7, 2015

NEW YORK CITY — Madison Realty Capital (MRC) has provided Zelig Weiss with $81 million in financing for the development of 55 Wythe Avenue in Brooklyn’s Williamsburg neighborhood. The project will be a 22-story, 260,000-square-foot mixed-use property that features retail, restaurant and commercial space, as well as a 183-room Level Hotel. The development will bring 40,000 square feet of retail space, a public rooftop garden, office space on the lower levels, and a Level Hotel with a banquet hall and pool deck. MRC initially provided Zelig Weiss with $18.35 million in acquisition financing for the site in May 2014. Andy Nemeroff and Michael Nemeroff of Imperial Capital Co. and Joel Friedman of Nationwide Realty represented the borrower in the transaction.

January 7, 2015

Loans Multifamily New Hampshire Northeast Seniors Housing Vermont

Cushman & Wakefield Senior Housing Arranges $49.6M Construction Financing for LCB Senior Living

by Amy Works January 7, 2015

SALEM, N.H., AND SOUTH BURLINGTON, VT. — Cushman & Wakefield Senior Housing Capital Markets has arranged $49.6 million in construction financing and joint venture equity for two senior housing developments in New England. The projects are LCB Senior Living’s seventh and eighth senior housing developments since it began its development program in 2013. The properties are The Residence at Salem Woods in Salem and The Residence at Quarry Hill in South Burlington. The Salem property will offer 84 apartments with 88 beds for independent, assisted and memory-care living. Wells Fargo provided $15.6 million in construction financing while the joint venture equity was provided by an institutional investor. The project broke ground in November 2014 and is expected to open in early 2016. The South Burlington property features 102 apartments with 104 beds for independent, assisted and memory-care living. PNC Bank provided $18.4 million in construction financing, while Virtus Real Estate Capital provided $8.5 million in joint venture equity. Construction is slated to begin in January 2015 with a planned summer 2016 opening. Rick Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield negotiated the transactions.

January 7, 2015

Hospitality Loans New York Northeast

HFF Arranges $32M Loan for Development of Boutique Hotel in Manhattan

by Amy Works January 7, 2015

NEW YORK CITY — HFF has arranged $32 million in non-recourse financing for the development of a 200-key boutique hotel in Manhattan’s Bowery neighborhood. Located at 223-225 Broadway, the hotel will include rooftop amenity space and restaurant and music space with entrances on Bowery and Freeman Alley. The hotel is slated for completion in 2015/2016. HFF worked on behalf of the borrower, a joint venture between Omnia Group and Northwind Group, to secure the loan through a global asset management company. Jay Marshall, Christopher Peck and Sam Nidenberg of HFF represented the borrower in the transaction.

January 7, 2015

Multifamily New York Northeast

Gaia Real Estate Sells Brooklyn Apartment Building for $13M

by Amy Works January 7, 2015

NEW YORK CITY — Gaia Real Estate has completed the sale of an apartment building located at 11 Spencer Court in Brooklyn’s Bedford-Stuyvesant neighborhood. Persam White LLC purchased the 13-story residential property for $13 million. The 23-unit property features a mix of studio, two-bedroom and duplexes, private elevators, floor-to-ceiling windows, terraces, a gym and a lounge-style roof top deck with views of the Manhattan skyline.

January 7, 2015

New York Northeast Office

RFR Holding LLC Acquires 281 Park Avenue South in NYC’s Midtown South

by Amy Works January 6, 2015

NEW YORK CITY — RFR Holding LLC, along with Real Estate Capital Partners, has acquired 281 Park Avenue South, a landmark building formerly known as the Church Mission House in Midtown South. RFR purchased the six-story, 45,000-square-foot building from the Federation of Protestant Welfare Agencies for $50 million. Following upgrades that will include new storefronts, mechanical systems and a new office lobby with entrance on 22nd Street, the building will be repositioned as a showpiece for a single office user requiring 28,000 to 40,000 square feet. The building features approximately 6,700-square-foot rentable floor plates, ceiling heights up to 20 feet, a cooper and terra-cotta roof, marble mosaic flooring, stained glass windows, wood wainscoting and plaster ornamentation.

January 6, 2015

Industrial New Jersey Northeast

Construction Underway for New Facility at LogistiCenter Logan in New Jersey

by Amy Works January 6, 2015

LOGAN TOWNSHIP, N.J. — Dermody Properties has started construction on a multi-tenant industrial facility at LogistiCenter Logan, its 7.4-million-square-foot industrial park in Logan Township. Located at 1110 Commerce Blvd., the facility will total 171,600 square feet. Upon completion, the facility will be fully operational and suited for e-commerce, food and beverage, and consumer product warehousing and distribution. The facility will feature 32-foot clear heights, 105 car parking spaces and 39 trailer parking spaces. Blue Rock Construction is serving as construction partner for the property, which is being marketed by Colliers International. Great Point Investors LLC is the strategic capital partner on the project. Construction is slated for completion this summer.

January 6, 2015

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