Northeast

Bussel Realty Arranges $4M Industrial Property Sale in New Jersey

by Amy Works May 20, 2015

SOUTH PLAINFIELD, N.J. — Bussel Realty Corp. has arranged the sale of an industrial property located at 111 Somogyi Court in South Plainfield. Somogyi Holdings LLC purchased the 64,990-square-foot property for $4 million. Situated on six acres, the property features 20-foot ceiling heights, 1,200 amps of electric power, 10 tailboards, seven drive-ins, wet sprinklers and rail service. David Blitt and Robert Sager of Bussel Realty represented the buyer, while CBRE represented the undisclosed seller in the transaction.

May 20, 2015

Connecticut Industrial Northeast

Sentry Commercial Brokers Sale of 52,214 SF Industrial Facility in Connecticut

by Amy Works May 20, 2015

EAST HARTFORD, CONN. — Sentry Commercial has brokered the sale and acquisition of an industrial property located at 60 Meadow St. in East Hartford. Arthur J. Hurley Co. purchased the 52,214-square-foot facility for $1.5 million from New Boston Fund. The electrical wire and cable distribution company plans to expand operations into the property this fall. Sentry Commercial was the sole broker in the transaction.

May 20, 2015

Healthcare New York Northeast

WESTMED Medical Group Opens New Facility in Purchase, New York

by Amy Works May 19, 2015

PURCHASE, N.Y. — WESTMED Medical Group has opened its fifth full-service office in Westchester County, N.Y. Located at 3030 Westchester Ave. within Purchase Professional Park in Purchase, the four-story, 85,000-square-foot medical office property is the first new construction along the Interstate 287 corridor in more than 25 years. Developers Simone Healthcare Development and Fareri Associates completed the $22 million property in less than 14 months. The medical facility will offer a variety of specialty practices, including internal medicine, pediatrics, dermatology, endocrinology, ENT, plastic surgery, reproductive endocrinology, critical care and neurology among others.

May 19, 2015

Massachusetts Multifamily Northeast Retail

Sperry Van Ness, DealPoint Merrill Form National Co-Investment Platform

by Amy Works May 19, 2015

BOSTON AND LOS ANGELES — Boston-based Sperry Van Ness International Corp. (SVNIC) has partnered with Los Angeles-based DealPoint Merrill to form a private equity firm. Operating under the name of SVN DealPoint Merrill Realty Partners, the new firm will capitalize on SVNIC’s access to investment opportunities, which will be then matched by DealPoint Merrill’s development experience. Kevin Maggiacomo, president and CEO of SVNIC, explains that the “goal of the new partnership is to build preeminent investor value by acquiring co-investment assets, which are fundamentally sound but undervalued.” “On a risk-adjusted basis, we prefer apartments, multi-tenant retail, self-storage and medical properties,” notes David Frank, CEO of DealPoint Merrill. “The new partnership will secure multiple rounds of real estate equity investment with the first tranche of approximately $100 million in the first year to acquire property in the name of the partnership.” SVNIC has approximately $9.1 billion in annual sales volumes and 190 national sales offices. DealPoint Merrill has acquired more than $2 billion in assets and attracted more than $1 billion in equity for commercial real estate investments.

May 19, 2015

Loans New York Northeast Retail

Pembrook Capital Secures $20M Acquisition Loan for Retail Property in Manhattan

by Amy Works May 19, 2015

NEW YORK CITY — Pembrook Capital Management LLC has secured a $20 million first mortgage loan for the acquisition of a retail property located at 468 Columbus Ave. in Manhattan’s Upper West Side. The property is currently a three-story, 15,000-square-foot vacant retail asset with the potential for residential development. The undisclosed borrower plans to lease the current three floors to a retail tenant and redevelop the property for residential use by adding five additional floors of apartments. Upon completion, the new property is expected to be eight stores with 31,000 square feet of rentable space. Terence Baydala of Pembrook arranged the financing.

May 19, 2015

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges $13.4M Loan for 183,985 SF Retail Property in New Jersey

by Amy Works May 19, 2015

HOLMDEL, N.J. — Cronheim Mortgage has arranged $13.4 million in refinancing for Kohl’s Plaza, a retail plaza located at the intersection of Route 35 and Union Ave. in Holmdel. The 10-year loan, which was placed with Voya Insurance and Annuity Co., features a 25-year amortization schedule. Purchase, N.Y.-based National Realty & Development Corp. manage the property, of which Tarrytown, N.J.-based Gibraltar Management also owns an interest. An 87,932-square-foot Kohl’s and a 37,020-square-foot Stein Mart anchor the property. Other tenants include Jersey Mike’s, 7-Eleven, Harmon Stores and Beach Bum Tanning. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim Mortgage secured the financing for the borrower.

May 19, 2015

New York Northeast

BGC Partners to Acquire Excess Space Retail Services Inc.

by Amy Works May 19, 2015

NEW YORK CITY — BGC Partners (NASDAQ: BGCP) has entered into an agreement to acquire Long Island, N.Y.-based Excess Space Retail Services Inc. Currently advising on 35.6 million square feet of retail space in North America, Excess Space provides real estate disposition, lease restructuring and lease renewal services, as well as related valuations for retailers nationwide. Since its formation, Excess Space has generated approximately $4 billion in cost savings for clients. Upon close of the acquisition, the deal is expected to complement and drive future growth opportunity within Newmark Grubb Knight Frank Global Corporate Services, which is BGC Partners’ commercial real estate services brand. Financial details of the agreement were not released.

May 19, 2015

New York Northeast Office

Hines, Pacolet Milliken Enterprises and J.P. Morgan Sell 7 Bryant Park in NYC

by Amy Works May 18, 2015

NEW YORK CITY — Hines, along with Pacolet Milliken Enterprises and institutional investors advised by J.P. Morgan Asset Management, have sold 7 Bryant Park in New York City to an institutional investor for an undisclosed price. Located between West 39th and 40th streets, the 30-story, 470,000-square-foot property was designed by Henry N. Cobb and Yvonne Szeto of Pei Cobb Freed & Partners. Currently, floors 15 through 27 and a first-floor retail space are available for lease. Hines has assumed on-site management responsibilities and CBRE has been selected as the exclusive leasing agent for the property. Phillips Lytle and Proskauer advised on the transaction.

May 18, 2015

Connecticut Industrial Northeast Office

O,R&L Commercial Arranges Sale of 12,750 SF Flex Building in Connecticut

by Amy Works May 18, 2015

CROMWELL, CONN. — O,R&L Commercial has brokered the sale of a flex building located at 800 Corporate Row in Cromwell. Buhl Land East IV LLC sold the 12,750-square-foot property for $1.05 million to Matthew Esler. The property features four drive-in doors and two loading docks. Renewal by Andersen will occupy the facility for its marketing and sales office, as well as a distribution hub for doors and windows. Frank Hird of O,R&L Commercial represented the seller, while Bob Gaucher, also of O,R&L, represented the buyer in the transaction.

May 18, 2015

Multifamily New York Northeast

Rosewood Realty Brokers $44M Sale of Multifamily Property in Brooklyn

by Amy Works May 18, 2015

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a multifamily property located at 805 St. Marks Ave. in Brooklyn’s Crown Heights neighborhood. Akelius Residential Property, the U.S. arm of Sweden-based Akelius, purchased the six-story, 172,000-square-foot property for $44 million, or 18.85 times the current rent roll. The property features 200 rent-stabilized and rent-controlled apartment units. Aaron Jungreis of Rosewood represented the seller, Burke Leighton Asset Management, while Billy Billitzer of Rosewood represented the buyer in the transaction.

May 18, 2015

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