SECAUCUS, N.J. — HFF has closed the $29 million sale of the leasehold interest at One Emerson Lane, a 340,000-square-foot light industrial property in Secaucus. Situated on 18.64 acres and constructed in 1978, the vacant property features 35,712 square feet of two-story office space. Michael Nachamkin and Steve Simonelli of HFF represented the seller, Trinity Place Holdings, in the transaction.
Northeast
NEW YORK CITY — Madison Realty Capital has closed on a $23.5 million first mortgage loan to Heritage Equity Partners for the acquisition of a development site in Brooklyn’s Crown Heights. The borrower plans to redevelop the 31,943-square-foot property at 564 St Johns Place, which is currently operating as a rental parking facility, into an eight-story residential building. When complete, the 172-unit development will offer a mix of 26 studios, 110 one-bedroom, 32 two-bedroom and four three-bedroom units, as well as 86 on-site parking spaces.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a development site at 92 Fulton Street in Lower Manhattan. The 25-foot wide vacant lot offers 29,890 buildable square feet, including air rights. A private investor purchased the property from a developer for $10 million. Michael Tortorici, Howard Raber, Shimon Shkury, Victor Sozio and Randy Modell of Ariel Property Advisors represented the seller and procured the buyer in the transaction.
NEW YORK CITY — American Realty Capital New York City REIT’s operating partnership has entered into an agreement to acquire a 12,327-square-foot commercial condominium unit at The Hit Factory in Manhattan’s Midtown West neighborhood. Sagamore 54th Avenue St. Investments LLC and Sagamore Arizona LLC are selling the property for $7.3 million, exclusive of closing costs. The property is currently 100 percent leased to Gibson Guitar Corp.
NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use property located at the corner of 61st Street and Fifth Avenue in Brooklyn’s Sunset Park neighborhood. The 9,250-square-foot property features six apartments and two commercial units. The property sold for $2.9 million or $308 per square foot. Adam Hess, Sam Shalumov and Chris Pechlivanides of TerraCRG handled the transaction. The buyer and seller were not disclosed.
Over the last few years, tight conditions in Pittsburgh’s multifamily market have allowed operators to aggressively push rents among all class levels. This year, a surge in multifamily completions will put elevated pressure on vacancies, but more jobs and new households will keep across the board operations in positive motion, supporting another year of rent growth. Developers are expected to build more than 1,600 multifamily units in 2014, the largest expansion of supply in over ten years. Most new multifamily projects in Pittsburgh are located north and south of the central business district where construction costs are lower. For example, in Cranberry Township in the north many units are strategically situated around the newly announced $72 million UPMC Lemieux Sports Complex. In southern Pittsburgh, added drilling activity in the Marcellus Shale and energy-related company expansions encouraged demand for rentals, spurring construction of several multifamily and residential communities. A minor overstock of brand-new rentals and single-family homes will move vacancy up somewhat in select submarkets, slowing down the previous year’s persevering rent growth. An improving economy in Pittsburgh and further rent gains will sustain strong buyer demand throughout 2014. Employers will add 24,600 jobs in 2014 to expand employment in Pittsburgh …
WYNCOTE, PA. — Meridian Capital Group, on behalf of Lindy Property Management Company, has arranged a $92.3 million mortgage for the purchase of the Towers of Wyncote located at 8440 Limekiln Pike in Wyncote. The 1,095-unit, three-tower multifamily community the property was originally constructed in 1968 and renovated in 2008. Community amenities include a movie theater, outdoor swimming pool, spa, tennis courts, sports complex, business center and conference room. The 8-year loan, which was 80 percent of the purchase price, features a competitive fixed-rate of 3.625 percent and was provided by a regional balance sheet lender. David Fisher of Meridian Capital’s Iselin, N.J., office negotiated the transaction.
PITTSBURGH, PA. — KeyBank Real Estate Capital, on behalf of NSP Inc., has arranged a $139 million refinance loan for a four-property multifamily portfolio. The 1,382-unit portfolio comprises two assets in Pittsburgh, one property in Cincinnati and one asset in Lexington, Ky. The financing was structured as a non-recourse, fixed-rate CMBS first mortgage for $120 million and a $19 million fixed-rate mezzanine financing placed with a third-party investor. The facilities are 5-year, coterminous tenor. Randy Martin and Jon Reible of KeyBank arranged the loan for the borrower.
SADDLE BROOK, N.J. — Marcus & Millichap has brokered the sale of the ground lease of Park 80 East for $5.6 million. Located in Saddle Brook, the 75,000-square-foot net-leased office building was purchased by a New York-based exchange buyer for a 6 percent cap rate in an all-cash transaction. Michael Lombardi of Marcus & Millichap’s Net Leased Property Group New Jersey office marketed the property on behalf of the undisclosed seller.
MERRIMACK, N.H. — Calkain Companies has arranged the sale of a two-building, net-leased multi-tenant property in Merrimack. A private buyer acquired the property for $5.3 million. The property is an outparcel to Merrimack Premium Outlets and located near Fidelity Investments’ corporate campus. Tenants of the newly constructed four-tenant center include Starbucks Coffee, Digital Federal Credit Union and Qdoba Mexican Grille. Stanley Wyrwicz of Calkain’s Boston office represented the undisclosed seller in the transaction.