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11-Cragwood-Rd-Avenel
IndustrialNew JerseyNortheast

CenterPoint Properties Buys 317,500 SF Industrial Facility for $25.2M

by Amy Works

AVENEL, N.J. — CenterPoint Properties has acquired a manufacturing and warehouse building at 11 Cragwood Road in Avenel for $25.2 million from a joint venture of Ivy Equities and CenterSquare Investment Management. Situated on nearly 20 acres, the 317,500-square-foot building has been fully leased to Gentek Building Products since the 1970s. Gary Gabriel, Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer, Frank Caccavo and Jason Goldman of Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction.

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MassachusettsMultifamilyNortheast

Roseland, Massport Open Retail/Residential Portside At East Pier Building 7

by Amy Works

BOSTON — Roseland, a subsidiary of Mack-Cali Realty Corp., in partnership with the Massachusetts Port Authority (Massport), has opened Portside at East Pier Building 7, a residential and retail complex located at 50 Lewis St. in Boston’s East Boston neighborhood. The five-story property features 176 apartments, including six extended-stay units, 3,600 square feet of ground-floor retail space and 192 parking spaces. Residential units feature oversized windows, ceramic tiles, stone countertops, kitchen islands, stainless steel appliances, in-unit washer/dryers, hardwood-style flooring, 10-foot ceilings and balconies. The pet-friendly community features a 24/7 concierge, fully equipped fitness center, clubroom with gaming and lounging areas, a conference room and WiFi.

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IndustrialNortheastPennsylvania

Woodmont Industrial Partners Sells Central Pennsylvania Distribution Center for $8M

by Amy Works

MECHANICSBURG, PA. — Woodmont Industrial Partners (WIP) has completed the sale of a distribution center, located at 34 Dauphin Drive in Mechanicsburg. Exeter Property Group purchased the 180,333-square-foot property for $8 million. Situated on 10.6 acres, the property features 3,200 square feet of office space, 24-foot ceilings, 20 dock positions and 10 rear rail doors. WIP originally acquired the rail-served center in 2012, and after extensive renovations leased the facility to Allen Distribution, a third-party logistics provider. Prior to the lease and sale of the facility, WIP implemented a six-month rehab program, including the incorporation of an ESFR sprinkler system and T-5 lighting, among other improvements.

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Mandarin-Oriental-Boston
MassachusettsMultifamilyNortheast

25 Mandarin Oriental Rental Residences to Convert to Condos in Boston

by Amy Works

BOSTON — The Residences at Mandarin Oriental Boston is converting 25 of its rental residences into condominiums. Located at 776 Bolyston St., the to-be-converted residences include 19 two-bedroom units and six one-bedroom units ranging from 930 to 1,625 square feet. Additionally, the existing 10 affordable rental properties located within The Residences at Mandarin Oriental Boston will remain unchanged. Jeannemarie Conley of Otis & Ahearn will market and sell the condos in early 2015.

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Windsor-Brentwood-CBRE
MultifamilyNortheastRhode Island

CBRE/NE Multifamily Group Brokers $25.8M Sale of Windsor at Brentwood

by Amy Works

NORTH PROVIDENCE, R.I. — CBRE/New England’s Capital Markets team has brokered the sale of Windsor at Brentwood, a 240-unit garden-style apartment community located in North Providence. Bower Hill Associates, an affiliate of GID Investment Advisors LLC, sold the property to Brentwood Apartments Limited Partnership, an affiliate of SMC Management LLC, for $25.8 million. Built in 1988, Windsor at Brentwood consists of 12 two- and three-story buildings with a mix of 178 one-bedroom apartments and 72 two-bedroom apartments. The apartments range in size from 541 to 965 square feet. At the time of the sale, 166 units had received kitchen and bathroom renovations along with community amenity upgrades. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.

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West-Side-Lofts-Woodmont
MultifamilyNew JerseyNortheast

Woodmont Properties, Metrovation Open West Side Lofts in New Jersey

by Amy Works

RED BANK, N.J. — Woodmont Properties and Metrovation have opened West Side Lofts, a luxury apartment community in Red Bank. The 92-unit property offers a mix of one-bedroom and two-bedroom units finished lofts, two-story townhomes and three-story live/work maisonettes with private roof decks. Community amenities include a rooftop lounge and outdoor deck with hot tub, fire pit and barbecue grill; a strength and cardio center; a clubroom with resident lounge; game room; business center; four sky lounges; private courtyard with seating area; electric vehicle charging station; and package concierge service. Additionally, West Side Lofts will feature 25,000 square feet of restaurant and retail shops, featuring Triumph Brewing Co.

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211-Mt-Airy-Rubenstein
New JerseyNortheastOffice

Rubenstein Partners, Onyx Equities Complete 61,676 SF Lease at 211 Mount Airy Road

by Amy Works

BASKING RIDGE, N.J. — Rubenstein Properties and partner Onyx Equities have executed a 61,676-square-foot lease with Avaya Inc. at 211 Mount Airy Road in Basking Ridge. Affiliates of Rubenstein and Onyx acquired the 305,000-square-foot property from Avaya in 2013 as a sale-leaseback deal. The property features a full cafeteria, state-of-the-art fitness facilities, 127-unit auditorium and an on-site conference center. Newmark Grubb Knight Frank represented both Avaya and Rubenstein/Onyx.

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New YorkNortheastOffice

Colliers, Lee & Associates Broker 51,223 SF Office Lease at 1251 Avenue of the Americas

by Amy Works

NEW YORK CITY — Colliers International and Lee & Associates have brokered a 51,223-square-foot lease at 1251 Avenue of the Americas in New York City. Bernstein Litowitz Berger & Grossman LLP inked a long-term relocation for the space in the 54-story, 2.4 million-square-foot office tower. The law firm plans to occupy the space by year-end 2015 and will occupy the entire 44th floor with additional space on the 41st floor and concourse level. Robert Koslow of Colliers International and Howard Rosen of Lee & Associates co-brokered the lease on behalf of the tenant. Peter Shimkin and David Falk of Newmark Grubb Knight Frank represented the landlord in the transaction.

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New YorkNortheastOffice

Compass Group Renews Lease at 135 East 57th Street

by Amy Works

NEW YORK CITY — Compass Group has renewed its lease for the entire 30th floor at 135 East 57th Street in New York City’s Plaza District. Owned by Cohen Brothers Realty Corp., the 32-story Class A office tower features eight high-speed passenger elevators, indoor garden space, building management and security personnel with 24/7 lobby attendance. Marc Horowitz of Cohen Brothers provided in-house representation for the landlord. David Kaplansky of Colliers International arranged the deal on behalf of the tenant.

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Parkway-Lofts-Clarion
MultifamilyNew JerseyNortheast

Clarion Partners Acquires Parkway Lofts in Bloomfield for More Than $100M

by Amy Works

BLOOMFIELD, N.J. — Clarion Partners has acquired Parkway Lofts, a multifamily property in Bloomfield, for more than $100 million. The seller was a joint venture comprised of Prism Capital Partners and an institutional investor. Originally built in 1897, the property is an eight-story industrial building that was redeveloped into 136 loft-style apartment units. Units feature gourmet kitchens with stainless steel appliances and quartz countertops, walk-in closets, oversized windows and in-unit washer/dryers. Onsite amenities include a two-story fitness center, rooftop deck with fire pit and ample garage parking. Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE Group’s Institutional Properties team represented the seller in the transaction.

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