Northeast

NORTHMARQ ARRANGES $30M FOR TIDEWATER AT SALISBURY

by admin January 15, 2014

SALISBURY, MASS. — NorthMarq Capital has arranged $30 million in construction financing for Tidewater at Salisbury, a 222,519-square-foot affordable housing complex in Salisbury. Financing for the transaction features a construction period of up to 36 months with a 10-year term following the conversion date and a 30-year amortization schedule. A national bank provided the loan. Ed Riekstins, senior vice president of NorthMarq Capital’s Boston regional office, arranged the permanent financing. The development is located at 191 Beach Road, about 40 miles north of Boston.

January 15, 2014

HAMPSHIRE COS. SELLS INDUSTRIAL SPACE IN BERGEN COUNTY TO TENANT

by admin January 15, 2014

HACKENSACK, N.J. — The Hampshire Cos. has sold a 45,313-square-foot industrial building located at 530 Huyler St. in Hackensack. Park Avenue Motor Corp. Inc., which has occupied the building since 2006, purchased the property. The industrial building spans across 3.5 acres and is located less than 10 miles from New York City. In 2009, the building was renovated into an automobile service facility that features amenities such as 16-foot ceiling heights, four grade-level overhead doors, 47 lifts, a customer lounge and office space.

January 15, 2014

Northeast Seniors Housing

JOHNSON CAPITAL ARRANGES $14M LOAN FOR PEEKSKILL SENIOR LIVING COMPLEX

by admin January 14, 2014

PEEKSKILL, N.Y. — Johnson Capital has arranged a $14 million loan for the refinancing of 120-unit Drum Hill Senior Living complex in Peekskill, located about 25 miles north of White Plains. The two-building property spans approximately 85,000 square feet and is situated a half mile from the Hudson River. Approximately 49 of the 120 units are Low-Income Housing Tax Credit units and the rest are affordable market-rate senior living units. Drum Hill is an adaptive reuse project. The project was converted from a high school to its current use in 1999. The owners of the property received a $13.9 million Industrial Development Bond issued by the City of Peekskill Industrial Development Authority for the project. The bond was refinanced with the $14 million note arranged by Lino DiLascio of Johnson Capital. A regional bank provided the 10-year loan, which includes a 30-year amortization schedule and a interest rate of approximately 5 percent.

January 14, 2014

Northeast Retail

URSTADT ACQUIRES 30,940 SF RETAIL CENTER IN BETHEL, CONN.

by admin January 14, 2014

BETHEL, CONN. — Urstadt Biddle Properties Inc. has acquired the 30,940-square-foot Bethel Hub Shopping Center in Bethel, located about three miles south of Danbury, for $9 million. A 7,596-square-foot Rite Aid pharmacy and a 13,884-square-foot Caraluzzi’s liquor store anchor the property. Other tenants in the center include People’s Bank, which occupies 2,500 square feet, Wah Lah Soups Salads and More, Pizzeria Lauretano, a dry cleaner and a laundromat. The shopping center was fully occupied at the time of sale.

January 14, 2014

Multifamily Northeast

ISMAEL LEYVA ARCHITECTS TO DESIGN SCHOOL 146,000 SF DORMITORY

by admin January 14, 2014

NEW YORK CITY — Magnum Real Estate Group has selected Ismael Leyva Architects to design the new 147,000-square-foot School of Visual Arts dormitory at 407 First Ave. in Kips Bay neighborhood of Manhattan. The School of Visual Arts dormitory will include 500 beds within 242 suites. The 14-story building will serve as the flagship residence hall for the art school. The building’s L-shape will make another part of the building six stories tall. The building will also feature administrative and faculty offices on the first floor and basement level, as well as a public terrace on the roof on the six-story portion of the building. Construction is expected to wrap up in summer 2016 in time for a fall semester opening that year.

January 14, 2014

Northeast Retail

M&M ARRANGES $2.7M SALE OF 3,960 SF NET-LEASED PROPERTY

by admin January 14, 2014

COLTS NECK, N.J. — Marcus & Millichap has arranged the $2.7 million sale of a ground lease for a 3,960-square-foot property occupied by Chase Bank in Colts Neck, located about 19 miles north of Brick. Michael Lombardi, senior associate, director of the Net Leased Property Group in Marcus & Millichap’s New Jersey office, represented the seller. Lombardi also secured and represented the buyer, a private investor. The triple-net leased bank branch sold at a 5 percent cap rate.

January 14, 2014

Northeast Retail

ARCP COMPLETES $601.2M PURCHASE OF FORTRESS PORTFOLIO

by admin January 13, 2014

NEW YORK CITY — American Realty Capital Properties Inc. has completed its acquisition of a net lease portfolio from affiliates of funds managed by Fortress Investment Group LLC. The acquisition includes 120 properties, mostly retail, totaling 6.1 million square feet and a contract purchase price of $601.2 million. “With the acquisition of this portfolio from Fortress, we have closed on another one of our previously announced large property purchases,” says Nicholas Schorsch, executive chairman and CEO of ARCP. “We have further added to our best-in-class portfolio with the purchase of these high-quality net lease assets, diversified by geography, industry and tenant.”

January 13, 2014

Northeast Office

WALTERS GROUP COMPLETES CONSTRUCTION OF 8,000 SF OFFICE BUILDING

by admin January 13, 2014

HADDONFIELD, N.J. — The Walters Group, a residential and commercial real estate developer, has completed construction on its new 8,000-square-foot, Class A office building in Haddonfield. The new facility is located at 21 E. Euclid Ave., about 10 miles east of Philadelphia. Walters Group has relocated its Marlton offices to the new two-story building, taking the entire second floor. The law firm of Del Duca Lewis has also relocated its offices from Cherry Hill to the new location occupying space on the first floor. The Walters Group is the developer of the building and will jointly own and manage the building with Del Duca Lewis. Additional tenant space is available, ranging from 1,200 square feet to 4,000 square feet.

January 13, 2014

Multifamily Northeast

BINSWANGER BROKERS SALE OF 1.4-ACRE SITE IN METRO PHILADELPHIA

by admin January 13, 2014

BRYN MAWR, PA. — Binswanger has arranged the sale of two parcels situated on a 1.4 acre site in Bryn Mawr, located about 10 miles northwest of Philadelphia. The buyer, JLPH Associates LP, plans to build a new multifamily project on the site. Two separate owners sold the properties, located at 847 and 859 Old Lancaster Ave. Devon Apartments is a two-building complex that includes 24 two-bedroom apartment units and spans 32,580 square feet on 1.1 acres. The multifamily property was 54 percent occupied at the time of the sale. The property located at 847 Old Lancaster Ave., which is currently used as a medical office building, includes a two-story, building on 0.4 acres. Scott Gabrielsen, president, along with Scott Williams and Nick Sannelli of Binswanger Commercial, arranged the transaction.

January 13, 2014

Multifamily Northeast

CROWN HEIGHTS APARTMENT BUILDING TRADES HANDS FOR $11M

by admin January 13, 2014

NEW YORK CITY — Marcus & Millichap has arranged the $11 million sale of 15 Crown St., a six-story, 58-unit multifamily building in the Crown Heights/Prospect Heights area of Brooklyn. The sales price equates to a 4 percent cap rate and $189,655 per unit, according to Marcus & Millichap. Peter Von Der Ahe, Matthew Fotis and Adam Abuaf in Marcus & Millichap’s Manhattan office represented both the seller and the buyer in the transaction. “This sale marks the trend of new investors finding investment opportunities in emerging Brooklyn submarkets,” says Fotis. “New York renters seeking alternatives to the area’s prime neighborhoods has fueled demand for more affordable units, especially those with luxury finishes.”

January 13, 2014

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