RYE, N.Y. — NAI Friedland has arranged the sale of an approximately 12,000-square-foot warehouse at 30 Nursery Lane in Rye for $1.6 million. David Kucera of County Coach Corp., a Westchester County bus company, purchased the facility to accommodate the company’s expansion. The warehouse and partial office space offers 12- to 14.5-foot ceilings and is accessible from I-95 and I-287. The building offers multiple offices, a conference room, large sales meeting room, and two lunchrooms.
Northeast
FAIRFIELD, CT. — Save the Children will lease 59,100-square-foot of office space at 501 Kings Highway in Fairfield for its new headquarters. Eric West of West, Lane & Schlager Realty Advisors and Mindy Saffer of Cresa represented Save the Children in the headquarters relocation negotiations that resulted in 15-year lease. Save the Children is an independent organization that works in the United States and around the world to create lasting change for children in need. The property attracted the tenant due to location and cost; it allows the organization to maintain its long-term presence in Fairfield County.
The Manhattan office leasing market witnessed a substantial amount of activity in 2013. Surprising moves were made as tenants relocated out of traditional submarkets into emerging submarkets throughout the city. Many well-known companies, such as Condé Nast and Jones Day, made big commitments to move from traditional office space in Midtown to Downtown. The low vacancy rate in the Midtown South market forced tenants to look for outside options. Companies such as Nielsen, Shazam Media Services, and Alloy Digital have moved out of the Midtown South market over the past 12 to 18 months. This movement is expected to continue in 2014. This year started off well. However, anecdotal evidence suggests that many early 2014 transactions were carried over from the end of 2013. From January through end of February, a total of 301 lease transactions were signed amounting to 4.4 million square feet of leased space, as compared to 600 transactions closed in the first quarter of 2013. The average Class A vacancy rate throughout Manhattan remained between 9 and 10 percent, while Downtown experienced vacancy in the lower double digits mainly due to new construction. Pockets within the Midtown submarket showed diverging dynamics. For example, the Midtown submarket …
NEW YORK — Berkadia Commercial Mortgage has arranged $43.9 million for two skilled nursing facilities in New York. Jay Healy of Berkadia’s Seniors Housing and Healthcare group worked with the owner of both properties to secure the fixed-rate financing. Healy secured a 12-year term extension and closed a 29-year, 6-month loan through HUD’s 232/223(a)(7) program for a 280-bed facility in Nassau County, which offers around-the-clock nursing care, therapeutic recreational programs, on-site dentistry and a beauty parlor for its residents. In addition, Healy facilitated a note modification through HUD for a five-story building in Dutchess County, which consists of 160 beds. The two transactions resulted in combined debt service savings of over $1.7 million for the borrower and were structured in such a way that a master lease was not required by HUD.
DOVER, DEL. — A joint venture has purchased seven office buildings from CD Realty Advisors Inc. in Dover for $30 million. Located at 800-861 Silver Lake Blvd., the office park is occupied by the largest concentration of government tenants in Dover. Moshe Mendlowitz of the Goldstone Group, Mark and Chesky Frankel of Lakestar, and west coast philanthropist Shlomo Rechnitz teamed up for the purchase. This deal adds another layer to what is in excess of $500 million in total square footage purchased by Lakestar properties. Rechnitz is the owner of Brius Health Care Services, the largest nursing home provider in California. Shaya Ackerman of Eastern Union Funding arranged a $21.75 million loan from Ladder Capital, locking in three years of interest-only on a 10-year term, with a 30-year amortization schedule. According to Ackerman, the out-clauses in government leases present a risk that can complicate financing. He worked with Ladder Capital to minimize that risk.
WESTPORT, CT. — In partnership with Summit Development, The Grossman Companies has acquired 60 Charles Street in Westport, for $2.7 million. The 5,728-square-foot retail building is located on just over a half acre near the heart of one of Fairfield County’s most affluent towns and adjacent to the Westport Metro North station, with access to Exit 17 off I-95. The space, which had been home to a restaurant, is currently vacant. The partnership has invested almost $45 million in joint venture acquisitions since 2012. 60 Charles Street is the fourth Grossman-Summit joint venture acquisition in the past 18 months.
OGUNQUIT, MAINE — Rockbridge has acquired The Cliff House Resort & Spa, a historic 142-year-old 166-room resort situated on 70 oceanfront acres atop Bald Head Cliff in Ogunquit. Rockbridge, through a joint venture with Maine-based hoteliers Marc Dugas and Peter Anastos, purchased the resort with plans to complete a comprehensive renovation after the 2015 season. New Castle Hotels will manage The Cliff House for Rockbridge. Amenities at the resort include three dining options ranging from fine to casual, 13,000 square feet of meeting space with a 150-seat amphitheater, a 2,500-square-foot fitness center, vanishing edge swimming pool, 75-foot indoor lap pool, whirlpool, steam room and sauna.
MALVERN, PA. — Saint-Gobain has selected a 65-acre site at 20 Moores Road in Malvern as the site of its new North American headquarters. The site will be completely redeveloped as a LEED-certified facility for Saint-Gobain and its North American construction materials subsidiary, CertainTeed Corp. Binswanger represented Saint-Gobain in the site search and negotiation of a long-term lease for the property. Binswanger also brokered the sale of the two organizations’ current headquarters in Valley Forge, Pa. In total, the relocation will bring approximately 120 additional employees to Chester County and will raise the company’s total employee count at the new headquarters to more than 800. The redevelopment of the campus, formerly occupied by Aegon Group, will be executed by E. Kahn Development Corp., which will also acquire the current headquarters site in Valley Forge. Completion is slated for fall 2015. Binswanger’s Project Management Group will represent Saint-Gobain as its advisor and project coordinator through the construction and redevelopment of the site.
NEW YORK CITY — Pembrook Capital Management has closed on a $24.8 million bridge loan to fund McSam Hotel Group’s purchase of a Manhattan development site. Located on West 37th Street between Eighth and Ninth avenues, the site currently features two parking lots that will be developed into a hotel property. The site is situated in close proximity to Hudson Yards and the Javits Center and will benefit from ongoing transportation improvements that are transforming the neighborhood.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 150 52nd St., a 123,785-square-foot, two-story industrial building on New York Bay in the Sunset Park neighborhood of Brooklyn. The $19.5 million sale price equates to $157 per square foot — and $2.7 million over the asking price. Jakub Nowak and Hemal Patel of Marcus & Millichap represented the seller, 150 52nd Street LLC, a national private equity partnership. Located between First Avenue and Second Avenue and occupying most of the block it stands on, 150 52nd St. is within the Southwest Brooklyn Industrial Business Zone and near the Bush Terminal Pier Park green space and sports field development. The location is also inside the New York City Economic Development Corp.’s Sustainable Urban Industrial District, which is part of the city’s Sunset Plan Park Vision aimed at promoting investment and development in the Sunset Park waterfront industrial area. Access to the Brooklyn-Queens Expressway is nearby. The property has short-term leases in place. By 2018, 90 percent of the space will be available and all current leases and renewals expire in 2021. This gives the buyer the opportunity to add value through redevelopment and increasing rents. However, the current …