CARLISLE AND MECHANICSBURG, PA., AND HAGERSTOWN, MD. — HREC Investment Advisors has arranged the sale of a three-property hospitality portfolio located in Pennsylvania and Maryland. Keystone Lodging Enterprise sold the properties for an undisclosed price. The portfolio consists of the 99-room Sleep Inn in Carlisle, the 93-room Wingate by Wyndham in Mechanicsburg, and the 96-room Sleep Inn & Suites in Hagerstown. Ketan Patel and Geoff Davis of HREC represented the seller in the transaction. The name of the buyer was not released.
NEW YORK CITY — TerraCRG has arranged the sale of a multifamily building located at 208 Starr St. in Brooklyn’s Bushwick neighborhood. The asset sold for $1.5 million. The two-story building features four free-market residential apartments, which were delivered vacant. Matthew Cosentino and Eric Satanovsky of TerraCRG represented the undisclosed seller in the transaction. The name of the buyer was not released.
NEW YORK CITY — HFF has arranged $360 million in financing for the development of 100 East 53rd Street, a luxury condominium project in Manhattan’s Midtown East neighborhood. The construction loan was arranged for a joint venture between RFR Holdings LLC and Vanke Holdings LLC/China (HK) Asset Management Co. Ltd. through the Industrial and Commercial Bank of China. The 61-story tower will feature 94 for-sale residences, as well as ground- and second-floor retail and restaurant space. Slated for completion in 2017, the Foster + Partners-designed property will offer studio, one-, two-, three- and four-bedroom floor plans, a swimming pool, sauna, steam room, fitness center, yoga room, Pilates studio, massage/spa treatment rooms, lounge, media room and concierge services. Hines is serving as co-developer of the project along with RFR Holding LLC. Compass and Classic Marketing are handling sales and marketing for the project. Mike Tepedino, Michael Gigliotti and Jennifer Keller of HFF represented the borrower in the financing.
BURLINGTON, N.J. — NAI Mertz has brokered the sale of an industrial facility located at Six Campus Dr. in Burlington. The buyer is an investor focused on the acquisition and operation of single-tenant industrial properties. Generation Brands, a manufacturer and distributor of decorative and functional lighting and ceiling fan products, occupies the entire building. Situated on 60 acres, the property, which includes 250,000 square feet of expansion potential, features 32-foot clear ceiling heights, 61 loading docks, solar paneling and ESFR sprinkler systems. Scott Mertz of NAI Mertz was the sole broker in the transaction. The name of the seller and the acquisition price were not released.
BARTONSVILLE, PA. — Aztec Group Inc. has secured a total of $23.3 million in financing for two retail centers in Bartonsville. The firm secured $13.2 million in financing for Bartonsville Square and $10.1 million for Bartonsville Plaza. Basis Investment Group provided a 10-year loan, featuring a 75 percent loan-to-value ratio and a 30-year amortization schedule, for Bartonsville Square. Bartonsville Square is an 80,000-square-foot retail center anchored by a 50,000-square-foot Dick’s Sporting Goods. The property was developed by an affiliate of Legend Properties and is currently 95 percent leased and occupied. Also developed by an affiliate of Legend Properties, the 49,000-square-foot Bartonsville Plaza is 94 percent leased and occupied. Current tenants include Sleepy’s Mattress, Verizon Wireless, GameStop, Moe’s Southwest Grill, Great Clips, Sonic and Advanced Auto Parts. Ladder Capital provided a 10-year loan, which features a 70 percent loan-to-value ratio and a 25-year amortization schedule, for Bartonsville Plaza. Howard Taft and Charles Penan of Aztec Group Inc. arranged the financing for the undisclosed borrower.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a mixed-use building located at 2070 Frederick Douglass Blvd. in New York City’s West Harlem neighborhood. Prince Street LLC purchased the six-story building for $10.1 million, or $667 per square foot, from 2070 Uptown LLC. The property features 16 residential units and two commercial spaces. Peter Von Der Ahe, Scott Edelstein, Seth Glasser and Brett Garson of Marcus & Millichap represented both parties in the transaction.
NEW YORK CITY — Mortgage Equicap LLC has arranged an $8.5 million bridge loan for mixed-use condominium conversion in New York City’s Tribeca neighborhood. The building will feature four loft residential condos and a ground-floor retail condo. Equicap was able to arrange the bridge loan to replace the in-place construction loan on the property. Daniel Hilpert of Mortgage Equicap negotiated the financing.
The New Jersey industrial market is experiencing a renaissance of sorts with robust leasing activity in both Northern and Central regions of the state, increasing asking rents and more than 4.5 million square feet of industrial space delivered in 2014. All of these factors point to an even stronger 2015 as developers take advantage of improving market conditions. As we continue to see users and investors competing for the same properties, which in turn creates bidding contests resulting in higher sale prices, we pause and ask, “Can users compete with investors in this environment? And furthermore, should they?” To answer these questions, we need to look back at how we arrived at the current conditions. Towards the fourth quarter of 2013, asking rents and vacancy rates seemed to reach equilibrium. For each quarter after, asking rents steadily increased and vacancy dropped as demand rose. In the fourth quarter of 2014, vacancy in Central New Jersey fell to 7.2 percent, and asking rents rose from $5.35 to $5.42 per square foot with increasing demand along the New Jersey Turnpike corridor. Throughout the year, positive absorption totaled more than 2 million square feet in this region, making it the sixth year in …
PATCHOGUE, N.Y. — Brookhaven Industrial Development Agency (IDA) has approved incentives for the development of an assisted living facility in Patchogue. Levittown, N.Y.-based D&F Patchogue A.L. LLC plans to develop a five-story 87,000-square-foot facility on 1.33 acres at 18 and 22 Maple Ave. and 131 E. Main St. in downtown Patchogue. Estimated to cost $31 million, the 128-unit facility will feature 46 memory care beds. The facility will be initially owned by D&F and managed by Des Moines, Iowa-based Life Care Services. The IDA financial package includes a Payment in Lieu of Taxes (PILOT) agreement and the developer was granted exemptions from sales tax on construction materials and equipment.
FORT WASHINGTON, PA. — HFF has arranged a $22.1 million bridge loan with $14.3 million of future funding for Fort Washington Executive Center, a three-building office complex located at 600, 601 and 602 Office Center Dr. in Fort Washington. HFF secured the three-year, floating-rate loan through Citizens Bank for the borrower, a joint venture between Kairos Real Estate Partners and Artemis Real Estate Partners. The loan, which features two one-year extension options, will be used to recapitalize the property, as well as fund future capital improvements and leasing costs. The complex offers 393,067 square feet of Class A office space. Current tenants include Nutrisystem, AstraZeneca, McNeil, AmeriHealth and Allstate. The borrower plans to renovate the property, including upgrades to the common areas, restrooms, amenities, conference and training facilities, and landscaping. Ryan Ade, James Conley and Mike Pagniucci of HFF represented the borrower in the financing.