FRANKLIN TOWNSHIP, N.J. — CBRE Group Inc. has completed the sale of 600 Atrium Drive, a 15-acre development site located in Franklin Township, for an undisclosed price. Charles Berger and Elli Klapper of the Private Capital Group, along with Artie Weiss and Sandra Herman of Brokerage Services in New Jersey, represented the seller and procured the out-of-state buyer in the transaction. The vacant tract of land is located at Exit 10 of State Route 287 and sits approximately 35 minutes from midtown Manhattan and 15 minutes from Newark Airport and Port Elizabeth/Newark. The surrounding area is home to more than 4.5 million square feet of office properties and nearly 9 million square feet of industrial properties.
Northeast
SHIPPENSBURG, PA. — The U.S. Green Building Council – Central Pennsylvania Region has awarded Campus Apartments and Shippensburg University Student Services Inc. a 2014 ForeverGreen Award for Excellence in Green Building Design and Construction. The award, given within the “Sustainability in Higher Education” category, recognizes Phase I of the Shippensburg University student housing project. The project was selected for its use of local materials throughout construction and the developers’ efforts in salvaging nearly 98 percent of demolished materials to reduce waste. Other features include an energy-efficient heating and cooling system, water-bottle filling stations, low-flow fixtures to reduce water use and large windows in each unit to achieve the maximum amount of daylight. Completed December 2012, the $46 million first phase consists of three new housing residences, including two facilities on the north side of campus and one on the south side. The residences accommodate 924 students. Phase II is scheduled to be completed in fall 2014.
Metropolitan Boston continues to enjoy robust economic expansion and exceptionally strong real estate fundamentals. Strength in local housing prices, wages and consumer confidence demonstrated during 2013, coupled with low inflation and increases in consumer spending, will enable the economy’s growth to continue well into 2014 and beyond. With an unemployment rate among the strongest in the U.S. (7.1 percent as of November 2013), Massachusetts continues to thrive due to the presence of world-class educational, medical and research institutions. State GDP grew an estimated 3.5 percent in the third quarter of 2013, according to MassBenchmarks, following a revised 1.7 percent increase in the second quarter of the year. The publication forecasts 3.4 percent growth in state GDP from October through March. Commercial real estate saw falling vacancies, rising rents and new construction across most property types. In 2013, 5.5 million square feet of new inventory was delivered, including 3.1 million square feet of multifamily residential and 1.9 million square feet of office. More than 16 million square feet is under construction — three times greater than the previous five-year average in metro Boston — including 7 million square feet of multifamily residential, 6.9 million square feet of office and 2.2 million …
BOSTON — Boston Capital has closed Boston Capital Corporate Tax Credit Fund XXXVIII, a nationally diversified portfolio of 43 affordable apartment properties in 16 states with a fund size of $235 million in equity. The properties acquired by Corporate Fund XXXVIII add an additional 2,651 apartment units to Boston Capital's holdings. The fund includes 10 developments for senior citizens and 33 multifamily properties.
MOUNT ARLINGTON, N.J. — Mark Scott’s Commercial Mortgage Capital has arranged a $14.3 million loan assumption for an 80,355-square-foot, active-adult community in Mount Arlington. Landmark Cos. LLC acquired the 105-unit Carriage Club from Pantzer Properties and as part of the sale, the buyer assumed the Freddie Mac loan. Located at 1 Hillside Drive, the seven-acre community features a mix of one- and two-bedroom units that range in size from 790 square feet to 1,030 square feet.
EGG HARBOR TOWNSHIP, N.J. — Washington Trust’s commercial real estate group has provided $13 million in financing to an affiliate of MCR Development LLC for the 120-room Homewood Suites by Hilton Egg Harbor hotel. The four-story hotel is located at 3008 English Creek Ave. in Egg Harbor Township. The hotel offers extended-stay lodging with an indoor swimming pool, exercise room, sports court, business center, suite shop and guest laundry room. The property was acquired in May 2012.
SOUTHPORT, CONN. — Vidal Wettenstein LLC has arranged the $2.3 million sale of 200 Pequot Avenue, a 13,000-square-foot office building in Southport. Pullman & Comley LLC formerly used the property as its headquarters. Computer Consulting Associates Inc. sold the building to SG Pequot 200 LLC. Robert Lewis of Vidal Wettenstein arranged the transaction.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $2.3 million sale of 629 Grand Street, a vacant four-story apartment building located in the East Williamsburg section of Brooklyn. The multifamily property features three rental units, a ground-floor retail space and approximately 3,890 square feet of available air rights. Joseph Landau of GFI represented the buyer and the seller, both local investors, in the transaction. The building was constructed in 1920 and is located in close proximity to the Lorimer Street, Metropolitan Avenue and Grand Avenue subway stations.
HOBOKEN, N.J. — Argo Real Estate and Alpine Development have sold The Artisan, a 59-unit luxury residential development located at 1400 Clinton St. and 1440 Grand St. in Hoboken for $33.6 million. The 102,000-square-foot, six-story property includes two four-story apartment towers joined by a two-story retail building. LaSalle Investment Management purchased the property in an off-market transaction. New York-based Argo Real Estate partnered with Alpine Development in a joint venture for the project. The group received a $16 million loan from Sovereign Bank in August 2012 to finance construction of the mixed-use development and began leasing the luxury residential units in October 2013. Monthly rents range from $2,400 for a one-bedroom unit to $4,500 for a three-bedroom unit.
NEW YORK CITY — GFI Realty Services Inc. has arranged the $27.8 million sale of 88-15 168th Street, a 191-unit apartment building in the Jamaica section of Queens. Zara Realty, a Jamaica-based owner and operator of apartment communities, purchased the property. Daniel Shragaei of GFI Realty represented the seller, Executive Arms Realty, while Yosef Katz, also of GFI, procured the buyer in the off-market transaction. Constructed in 1961, 88-15 168th Street is a nine-story building that is situated off the Grand Central Parkway and major thoroughfare Hillside Avenue.