With nearly 24,500 units planned, under construction or recently completed, Northern New Jersey’s impressive multifamily development pipeline continues as one of the region’s hottest discussion topics. Specifically, inquiring minds want to know how this growth in inventory will impact market fundamentals moving forward. The bulk of the development pipeline and activity (59 percent) is taking place along the Hudson River Gold Coast, from Jersey City to Edgewater. Just north of Edgewater, Fort Lee is seeing a surge of new construction. Three projects are underway or at the cusp of breaking ground there; over the next two years, they will add 1,000 units within a three-block radius of the entrance of the George Washington Bridge. This will have a transformative effect on the neighborhood. This raises some questions. At what pace will the new product be absorbed? What will happen to short- and longer-term rent growth? Northern New Jersey always has maintained high, unmet demand for newly constructed communities (especially along the Gold Coast), evidenced by high occupancy levels and rent growth for Class A product that outperforms the regional and national market averages. Currently, asking rent for Class A communities is at an all-time high of $2,043 per month. The …
BRISTOL, CONN. — HFF has closed the $42 million sale of 383 Middle Street, a 410,174-square-foot, Class A office building in Bristol. HFF marketed the property on behalf of the seller, Winstanley Enterprises LLC. Inland Real Estate Acquisitions Inc. purchased the property, which is fully leased to a sports entertainment company. Renovated in 2004, the property features a new cafeteria, new building systems and a data center. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Steve Simonelli led the HFF investment sales team representing the seller. The property is situated on 36.9 acres in the Southeast Bristol Business Park, about 14 miles southwest of downtown Hartford.
NEW YORK CITY — Stan Johnson Co. has completed the $22 million sale of a retail condominium located at 1991 Broadway Ave. in Manhattan. The 7,500-square-foot property features 60 feet of frontage between 67th and 68th streets. Jason Maier and his team at Stan Johnson Co.’s New York office sold the property on behalf of Manhattan-based Small Fish Corp. to Ashkenazy Acquisition Corp. The space, which includes a public atrium, is located adjacent to the new Apple flagship store and close to the Lincoln Center, Julliard and the AOL Time Warner Center.
NEW YORK CITY — Marcus & Millichap has arranged the $12 million sale of 7 East 19th Street, a five-story, loft-style apartment building in the Flatiron district of Manhattan. The sales price equates to $960,000 per unit. Peter Von Der Ahe, Scott Edelstein and Seth Glasser, all in Marcus & Millichap’s Manhattan office, represented the seller, a New York-based private investor. Edelstein, Von Der Ahe and Glasser, along with Sean Beuche and Christopher Sjurset, also of Marcus & Millichap, represented the buyer, another New York-based private investor. The 10,144-square-foot property is located on East 19th Street between Broadway and 5th Avenue.
BOSTON — Shorenstein Properties LLC has acquired Center Plaza, a transit-oriented, mixed-use property totaling 717,128 square feet in Boston. Terms of the transaction were not disclosed. Developed by Beacon Capital in phases in the late 1960s and early 1970s, the property includes three nine-story buildings featuring 620,000 square of office space, 77,000 square feet of retail, 19,000 square feet of storage space and a 575-car garage. Shorenstein completed the acquisition of Center Plaza on behalf of its 10th fund, Shorenstein Realty Investors Ten LP, which it formed in 2010 with $1.2 billion of committed capital.
BRAINTREE AND WOBURN, MASS. — Senior Housing Properties Trust has closed on the sale of two rehabilitation hospitals in Woburn and Braintree for $90 million. The company plans to gain more than $30 million from the sale. A joint venture comprised of Birmingham, Ala.-based The Sanders Trust LLC and Chicago-based Harrison Street Real Estate Capital LLC purchased the hospitals. The two hospitals sold are New England Rehabilitation Hospital in Woburn and Braintree Rehabilitation Hospital in Braintree. Senior Housing Properties Trust purchased the hospitals in 2002. Medicare pays a large majority of the revenues at the sold hospitals, according to Senior Housing Properties Trust. Reliant Hospital Partners LLC will operate the hospitals.
BETHLEHEM, PA. — NAI James E. Hanson has arranged the $19 million sale of 47 acres in Bethlehem, located about nine miles east of Allentown. The buyer, a joint-venture partnership of KRE Group and The Silverman Group, plans to build Madison Farms, a large-scale, mixed-use residential and retail project on the property. The first phase of the development will feature 294 apartments and 123,000 square feet of retail space. ShopRite grocery store will anchor the retail portion of the project, which is expected to open by the first quarter of 2015. Upon completion, Madison Farms will feature 837 residences that will include a mix of apartments, single-family homes and townhomes. John Schilp, senior vice president, and Sig Schorr, vice president of NAI Hanson, represented the buyer and the seller in the transaction.
SICKLERVILLE, N.J. — Marcus & Millichap has arranged the $6.6 million sale of Winslow Plaza, a 40,695-square-foot shopping center in Sicklerville, a city in southern New Jersey. Dean Zang, Mark Taylor and Christopher Munley, investment specialists in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a joint venture of RPC Real Estate and Wynnewood-based Merion Realty Partners. The agents also represented the buyer, Wheeler Interests, a newly formed public REIT based in Virginia Beach. Winslow Plaza is shadow anchored by a ShopRite grocery store and is located along Berlin-Cross Keys Road.
MANSFIELD, CONN. —Chozick Realty Inc. has arranged the $4.4 million sale of Renwood Apartments, a 76-unit, student-oriented multifamily community located near the University of Connecticut in Storrs. The property features 32 one-bedroom and 44 two-bedroom apartments with 46 garages. Constructed in 1966, Renwood is located 1.5 miles from campus and is situated on a 35-acre site. Rick Chozick, an investment sales broker at Chozick Realty Inc., represented the seller, 157-35 OAP Holding LLC, and procured the buyer in the transaction.
STAMFORD, CONN. — Capri Capital Partners LLC, on behalf of an institutional investor, has acquired 101 Park Place at Harbor Point, a Class A multifamily property in Stamford, for $135 million. Opened in 2010, 101 Park Place was the first new luxury apartment building in Harbor Point, an 80-acre, transit-oriented community under development. The 15-story, 336-unit apartment building has an occupancy rate of 94 percent. Amenities include a roof-top terrace and large pool deck. Building Land & Technology and its partner, Lupert-Adler Real Estate Funds, developed the property.