Northeast

MACK-CALI SELLS COMMERCIAL OFFICE PROPERTY FOR $96 MILLION

by admin April 25, 2014

PARSIPANNY, N.J. —Mack-Cali Realty Corp. has completed the disposition of a commercial office property located within Mack-Cali Business Campus in Parsipanny. Griffin Capital Corp. purchased the property for $96.6 million. Buyer Griffin Capital is assuming responsibility for approximately $7 million in tenant improvement allowances and commission obligations. Located at 22 Sylvan Way, the three-story, 249,409-square-foot, Class A office building was developed in 2009 and achieved LEED Silver certification. The property is long-term, net-leased to Wyndham Worldwide Corp. as the company’s headquarters. Jose Cruz and Kevin O’Hearn of HFF represented Mack-Cali in the transaction.

April 25, 2014

FANTINI & GORGA ARRANGES $12 MILLION FOR MIXED-USE PROJECT

by admin April 25, 2014

ATTLEBORO, MASS. — Fantini & Gorga has arranged a $12 million financing package for the development of Renaissance Station in Attleboro. Located at the corner of Wall and Main streets, the transit-oriented, mixed-use development will include a six-story residential tower with 80 apartments on five floors and a first-floor commercial space. The residential tower will feature a mix of modified loft-style apartments with one- and two-bedrooms, common rooms and a fitness center. The project is slated for completion in spring 2015. The borrower is Renaissance Station LLC, an affiliate of Crugnale Properties LLC. RESKON Group is serving as project manager and Annino Inc. is providing architectural services.

April 25, 2014

Northeast

WIDENER UNIVERSITY SELECTS IMC FOR STUDENT HOUSING PROJECT

by admin April 25, 2014

CHESTER, PA. — Widener University has selected IMC Construction for the development of a new residence hall in on its campus in Chester. Located at 15th and Porter streets, the 200-bed residence hall will also offer food service and classroom space on the first floor to create a living/learning community. The property is being designed by Conshohocken, Pa.-based Kimmel Bogrette Architecture + Site and will be built according to LEED standards.

April 25, 2014

Multifamily Northeast

FIRST BUILDING AT RIVERBEND EAST OPENS IN WAPPINGERS FALLS, N.Y.

by admin April 25, 2014

WAPPINGERS FALLS, N.Y. — Sterling Properties has opened the first building, featuring 27 apartment units, at RiverBend East at Wappingers Falls, a multifamily community in Wappingers Falls. Located minutes from the original RiverBend at Wappingers Falls, the property will offer 54 one- and two-bedroom apartments featuring nine-foot ceilings, designer kitchens, ceramic bathrooms, one-car garages, balconies and an in-unit washer/dryer. Additionally, the community will feature a clubroom, fitness studio and an outdoor pool.

April 25, 2014

Multifamily Northeast

27-UNIT APARTMENT COMPLEX SELLS FOR $4.3 MILLION IN WESTWOOD, N.J.

by admin April 25, 2014

WESTWOOD, N.J. — Gebroe-Hammer Associates has arranged the $4.3 million sale of a two-building multifamily community in Westwood. Located at 542-544 Fourth Ave., the three-story, 27-unit complex offers a mix of apartments, including one studio, 23 one-bedroom and three two-bedroom layouts. The property traded for approximately $160,000 per unit. Ken Uranowitz, Greg Pine and Nicholas Nicolaou of Gebroe-Hammer represented the undisclosed seller in the transaction. The buyer was also not disclosed.

April 25, 2014

Northeast Office

SL GREEN TO SELL $145M LEASEHOLD INTEREST IN 673 FIRST AVENUE IN NYC

by admin April 24, 2014

NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell its leasehold interest in 673 First Avenue for $145 million. The price represents a capitalization rate based on an in-place net operating income of 4.7 percent. NYU Hospitals Center is purchasing the 422,000-square-foot office building. The buyer, along with NYU School of Medicine and New York Presbyterian, occupy the building. The acquisition is expected to close during second quarter 2014. Bruce Mosler, Michael Rotchford, Mark Mandell and David Heller of Cushman & Wakefield represented the buyer in the transaction. Fried, Frank, Harris, Shriver & Jacobson LLP represented SL Green in the transaction.

April 24, 2014

Industrial Northeast

SUAN FARMA TAKES 20,316 SF INDUSTRIAL BUILDING IN FAIR LAWN, N.J.

by admin April 24, 2014

FAIR LAWN, N.J. — Suan Farma Inc. has purchased an industrial building at 17-09 Zink Place in Fair Lawn for $2 million. The 20,316-square-foot Class B manufacturing facility was constructed in 1978 and underwent extensive renovations in 2007. The company will relocate to the facility from its current location in Hackensack, N.J. Steven Leitner of New Jersey-based NAI James E. Hanson represented the buyer in the transaction. The seller was not disclosed.

April 24, 2014

Northeast

BENNETT WILLIAMS BROKERS TWO PROPERTY SALES IN YORK, PA.

by admin April 24, 2014

YORK, PA. — Bennett Williams Realty has brokered two property sales in York. In the first transaction, Susquehanna Renovations purchased a 10,500-square-foot, seven-unit multifamily building at 101-103 S. Queen St. Carlos & Grace Giordano sold the property for an undisclosed price. In the second transaction, MTO Properties LLC acquired a 2,138-square-foot commercial building at 226 W. Market St. from Magnolia Investments for an undisclosed price. Brad Rohrbaugh, Chad Stine and Abe Khan of Bennett Williams represented all parties in the transactions.

April 24, 2014

Mixed-Use Northeast

5,000 SF MIXED-USE PROPERTY SELLS FOR $5.6 MILLION IN NYC

by admin April 24, 2014

NEW YORK CITY — Besen & Associates has completed the off-market $5.6 million sale of a mixed-use property at 361 First Ave. in the Gramercy neighborhood of New York. The four-story, 5,000-square-foot building consists of five free-market apartments, one office and one retail store, which is occupied by Dunkin’ Donuts through 2025. Shoy McKen of Besen & Associates represented the undisclosed seller, while Amit Doshi and Ishan Chhabra, also of Besen & Associates, procured the undisclosed buyer.

April 24, 2014

Northeast Retail

LINEAR RETAIL REFINANCES TWO NEW HAMPSHIRE RETAIL PROPERTIES

by admin April 24, 2014

SALEM AND MANCHESTER, N.H. — Linear Retail Properties has refinanced two retail properties in New Hampshire. Needham Bank provided $8.24 million in loans for the two properties. The 27,353-square-foot Salem Village, located at the intersection of South Broadway and Pond Street in Salem, is occupied by Pet Life, Sherwin-Williams and AutoZone. The fully leased 9,870-square-foot Manchester Shopping Center in Manchester was renovated by 2012 and is occupied by Chipotle, Sleepy’s, US Cellular and Hannoush Jewelers. Linear Retail purchased Salem Village in January 2007 and Manchester Shopping Center in April 2012.

April 24, 2014

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