Northeast

ELV Associates Sells Long Wharf in Boston to Capital Properties for $34M

by Amy Works May 22, 2015

BOSTON — ELV Associates has sold the Long Wharf, a two-building office and retail property in Boston, to Capital Properties for $34 million. Totaling 77,600 square feet, Long Wharf comprises the five-story Custom House Block and the adjacent four-story Gardiner Building. At the time of sale, the property was 98 percent occupied by a variety of tenants, including AECOM and Chart House restaurant. Robert Griffin, Edward Maher, Matt Pullen, Geoffrey Millerd and Justin Smith of Cushman & Wakefield represented the seller in the transaction.

May 22, 2015

Mixed-Use New York Northeast

Cushman & Wakefield Brokers $20M Sale of Mixed-Use Building in Manhattan

by Amy Works May 22, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use building at 1004-1008 Second Ave. in Manhattan’s Midtown East neighborhood. An undisclosed buyer acquired the five-story property in an all-cash transaction for $20 million, or $1,282 per square foot. The 15,605-square-foot property features two commercial units, occupied by restaurants, and 25 residential units, of which 19 are free market, four are rent stabilized and two are rent controlled. Clint Olsen of Cushman & Wakefield represented the undisclosed seller, while Ricky Braha of JTRE Holdings represented the buyer in the transaction.

May 22, 2015

Loans New York Northeast

M. Robert Goldman & Company Arranges $272.2M in Financing for GTJ REIT Inc.

by Amy Works May 21, 2015

LONG ISLAND, N.Y. — M. Robert Goldman & Company Inc. (MRG) has arranged $272.2 million in financing in two transactions for Long Island-based GTJ REIT Inc. The first transaction for $233.1 million covered 28 properties throughout New York, New Jersey and Connecticut. The financing was provided through MRG’s correspondent relationship with AIG Asset Management on behalf of many of its insurance company subsidiaries. Proceeds from the 10-year, interest-only loan were used to retire existing debt. Additionally, MRG secured a $39.1 million acquisition loan for GTJ’s purchase of the six-property, 734,000-square-foot Sudler industrial portfolio in Piscataway, N.J. The financing was secured with Allstate Life Insurance Co. Jonathan Goldman and John Robustello of M. Robert Goldman & Company handled the debt placements.

May 21, 2015

Healthcare Northeast Pennsylvania

HFF Arranges $160.7M Sale of Medical Office Building in Philadelphia’s Center City

by Amy Works May 21, 2015

PHILADELPHIA — HFF has arranged the sale of a medical office building located at 833 Chestnut St. in Philadelphia’s Center City district. A publicly traded healthcare REIT purchased the 12-story, 705,061-square-foot property for $160.7 million from Digital Realty Trust. Originally built in 1928, the property has been substantially renovated and was 92 occupied at the time of sale. Major tenants include Thomas Jefferson Hospital, JUP, Thomas Jefferson University, Nemours Children’s Clinic, Ballinger Co. and the U.S. Government. Mark Thomson, Andrew Scandalios, Jose Cruz, Michael Bennett and Philip Mahler of HFF represented the seller in the transaction.

May 21, 2015

Mixed-Use Multifamily New Jersey Northeast Retail

HillTop Partners Breaks Ground for Mixed-Use Development in New Jersey

by Amy Works May 21, 2015

IRVINGTON, N.J. — HillTop Partners, a joint venture between Kapwood LLC and Urban Builders Collaborative, has broken ground for the development of The HillTop, a residential and mixed-use development in Irvington. The first phase of the project, slated for completion in late 2017, will include a five-story, 110,000-square-foot residential building comprising 115 market-rate and affordable housing rental units, while additional phases will comprise 700 mixed-use units and 15,000 square feet of commercial and retail space, as well as a preschool and restaurant space. Designed by Perkins Eastman, The HillTop is located on six acres formerly occupied by Irvington General Hospital, which shuttered nearly a decade ago. HillTop Partners acquired the site from the township in 2013.

May 21, 2015

Loans Massachusetts Northeast Office

CBRE/NE Arranges Sale, Acquisition Financing for 186 Lincoln Street in Downtown Boston

by Amy Works May 21, 2015

BOSTON — CBRE/New England has arranged the sale of 186 Lincoln Street, an office building located in Boston’s South Station micro market. Morris & Morse Co. sold the property to New York-based Brickman Real Estate for $20.6 million. At the time of sale, the 68,526-square-foot property was 70 percent occupied by a variety of tenants, including Roche Diagnostics, Full Contact and Greystone Solutions. Chris Angelone, John Meador, Bruce Lusa and Jessica Dowd of CBRE/NE represented the seller in the transaction. Carlos Febres-Mazzei, Kyle Juszczyszyn, Alex Bradley and Taylor Shepard of CBRE/NE’s Debt & Structured Finance team secured acquisition financing for the buyer.

May 21, 2015

Hospitality Northeast Pennsylvania

Philadelphia Hospitality Partners Sells Majority Interest of Ritz-Carlton Philadelphia

by Amy Works May 21, 2015

PHILADELPHIA — Philadelphia Hospitality Partners L.P. has sold a majority interest of the Ritz-Carlton Philadelphia to Carey Watermark Investors Inc. The 299-room hotel features 26,000 square feet of meeting space, two food and beverage outlets and the Richel D’Ambra Spa and Salon. The new owner plans to implement a comprehensive $21.3 million, or $71,000 per key, renovation of the property beginning in the third quarter. The Ritz-Carlton Hotel Company will continue to manage the property. Hodges Ward Elliott represented the seller in the transaction. Financial terms of the sale were not released.

May 21, 2015

Industrial New York Northeast

Equilibrium Equities Acquires 514,000 SF Distribution Center in New York

by Amy Works May 20, 2015

KIRKWOOD, N.Y. — An affiliate of Blue Bell, Pa.-based Equilibrium Equities Inc. has acquired a distribution center located at One Grosset Drive in Kirkwood, within the Greater Binghampton, N.Y., area. Penguin Random House LLC sold the property for an undisclosed price. The buyer plans to immediately rebrand the 514,000-square-foot center as a multi-tenant distribution facility called Triumph Business Center. Situated on 51 acres, the property features 28- and 29-foot ceiling heights, a 62,000-square-foot rack-support section, and a fully automated storage and retrieval system with an 82-foot ceiling height. Planned renovations include improved exterior aesthetics, lighting and signage upgrades, minor building system repairs and improved truck loading. Pre-leasing activities for the rebranded center have already commenced.

May 20, 2015

Connecticut Northeast Retail

Ceruzzi Properties Sells Trolley Square in Connecticut for $22M

by Amy Works May 20, 2015

EAST HAVEN, CONN. — TS East Haven LLC, an entity controlled by Ceruzzi Properties, has sold Trolley Square, a retail center in East Haven, to a Manhattan-based private investor for $22 million, as part of a 1031 exchange. Located at the intersection of Hemingway Avenue and Main Street, the 107,921-square-foot shopping center is anchored by a Stop & Shop and fully leased to a variety of national and local tenants. Jeffrey Dunne, David Gavin, Chris Angelone and Nat Heald of CBRE represented the seller and procured the buyer in the transaction. Robert Von Ancken of Newmark Grubb Knight Frank advised the buyer and secured a second mortgage to complete the purchase on behalf of the buyer.

May 20, 2015

Loans Multifamily New Jersey Northeast

Mark Scott’s CMC Arranges $12.5M Construction Loan for Phase II of The Pearl in New Jersey

by Amy Works May 20, 2015

EDGEWATER, N.J. — Mark Scott’s Commercial Mortgage Capital (CMC) has arranged $12.5 million in construction financing for Phase II of The Pearl, a residential project on New Jersey’s Gold Coast in Edgewater. The financing was arranged with CIT on behalf of the borrower and developer, National Resources. Located at 45 River Road, The Pearl will feature 63 condominiums with 10-foot ceiling heights with full-height windows, high-end natural finishes and sustainable energy systems. On-site amenities will include a 24-hour concierge service, state-of-the-art fitness center, an outdoor pool with views of Manhattan, rooftop deck, restaurants, shops and riverside parks. National Resources partnered with Lessard Design Associates and Alan Tanksley Interiors to transform the six-story commercial building, which was originally designed by Skidmore Owings & Merrill for Lever Brothers in 1953, into a residential project.

May 20, 2015

Newer Posts

Older Posts