Northeast

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

New York Northeast Office

Avison Young Brokers $135M Sale of UCP of NYC’s Former Program Center

by Amy Works December 18, 2014

NEW YORK CITY — Avison Young has arranged the sale of United Cerebral Palsy of New York City’s (UCP of NYC) former program center at 122 East 23rd St in Manhattan. Toll Brothers purchased the property for $135 million, or $750 per square foot. The asset includes a land parcel and an existing four-story, 60,000-square-foot building. The property offers a total of 180,000 square feet of development rights with zoning that allows for residential, retail and community uses. Jon Epstein, Vincent Carrega, Neil Helman and Charles Kingsley of Avison Young’s New York City-based capital markets team represented UCP of NYC and identified the buyer in the transaction.

December 18, 2014

Industrial New Jersey Northeast

Cushman & Wakefield Brokers $51.6M Sale of New Jersey Industrial Building

by Amy Works December 18, 2014

FAIRFIELD, N.J. — Cushman & Wakefield has brokered the sale and acquisition financing for an industrial building in Fairfield. Located at 300 Fairfield Road, the 418,000-square-foot property sold for $51.6 million, making it the largest single industrial asset sale in Northern New Jersey this year. Bala Cynwyd, Pa.-based Stoltz Real Estate Partners purchased the property from Fairfield BAB Group LLC. Constructed in 2006, the single-story building features 28-foot ceiling heights, 34 loading doors and 398 parking spaces. The property is fully leased to Middle Atlantic Products (MAP) through November 30, 2026. MAP, a part of Legrand North America, is a provider of mount integrated AV systems for residential, commercial, broadcast and security applications, and utilizes the site as its headquarters, production and distribution center. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of Cushman & Wakefield represented the seller. John Alascio, Mark Ehlinger and Suraj Ravi of Cushman & Wakefield’s Equity, Debt and Structured Finance Group arranged the acquisition financing, which was provided by Investors Bank.

December 18, 2014

Loans New Jersey Northeast Retail

Cronheim Mortgage Arranges $30M Loan for Walmart-Anchored Retail Center

by Amy Works December 18, 2014

BURLINGTON, N.J. — Cronheim Mortgage has secured $30 million in financing for a Walmart Supercenter-anchored retail center in Burlington. The loan was structured with a 10-year term and a 30-year amortization schedule. The 380,383-square-foot Liberty Square Center is part of Purchase, N.Y.-based National Realty & Development Corp.’s 22 million-square-foot portfolio. The retail center is anchored by Marshalls, Acme Supermarket, Toys ‘R’ Us and Walmart Supercenter. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim secured the loan, which was placed with Voya Investment Management.

December 18, 2014

Mixed-Use New York Northeast

TerraCRG Arranges Three Brooklyn Mixed-Use Buildings Sales Totaling $3.83M

by Amy Works December 18, 2014

NEW YORK CITY — TerraCRG has brokered the sales of three mixed-use buildings located in Brooklyn’s Bedford Stuyvesant and Bushwick neighborhoods. The properties sold for a combined total of $3.83 million in separate transactions. In the first transaction, a mixed-use property located at 570 Putnam Ave. sold for $1.55 million, or $323 per square foot. The building, which was delivered vacant, features 1,800 square feet of retail space, three large residential units and 800 square feet of outdoor terrace space. In the second transaction, a six-unit residential property located at 297 Himrod St. in Bushwick sold for $1.35 million, or $257 per square foot. In the final deal, the 3,300-square-foot mixed-use property at 104 Marcus Blvd. sold for $930,000, or $282 per square foot. Matthew Cosentino and Eric Satanovsky of TerraCRG negotiated the transactions.

December 18, 2014

Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 135,115 SF Industrial Property

by Amy Works December 17, 2014

KEARNY, N.J. — Cushman & Wakefield has brokered the sale of an industrial property located at 680 Belleville Turnpike in Kearny. The 135,115-square-foot property is 100 percent net leased to Pepsi, which utilizes the site as its Northern New Jersey distribution center. Situated on 11 acres, the property features 18,000 square feet of office space, 16 loading docks, 36-foot clear ceiling heights and a 117-space trailer storage. Russo Development sold the property to TIAA-CREF for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield worked with Omer Mir Ahmed of Russo Development to represent the seller. The Cushman & Wakefield team also procured the buyer, who was represented in-house by Henry Dong.

December 17, 2014

Newer Posts

Older Posts