Northeast

JV ACQUIRES 400,000 SF PHILADELPHIA OFFICE BUILDING FOR $40.5M

by admin December 12, 2013

PHILADELPHIA — A joint venture partnership between Keystone Property Group, Mack-Cali Realty Corp. and Parkway Corp. has acquired 100 Independence Mall West in Philadelphia for $40.5 million. The nine-story, 400,000-square-foot office building is located across from the historic Liberty Bell, the National Constitution Center and Independence National Park. The partnership purchased the Class A property from an affiliate of The Dow Chemical Co. The building is 85 percent leased to two tenants: Dow, which occupies 173,000 square feet as its Northeast headquarters; and the U.S. General Services Administration, which will occupy 135,715 square feet in July 2014. The partnership was represented in-house in the transaction. Robert Fahey, Jerry Kranzel, Lizann McGowen and George Cauffman of CBRE represented Dow.

December 12, 2013

HOME DEPOT PROPERTY IN BRIDGEWATER SELLS FOR MORE THAN $24M

by admin December 12, 2013

BRIDGEWATER, MASS. — Paul V. Profeta & Associates has purchased a 132,984-square-foot property occupied by Home Depot in suburban Boston for more than $24 million. Gvest Partners LLC sold the property, which is located on 27 acres in Bridgewater. The purchase price for the property includes a first mortgage loan of more than $14 million, a mezzanine loan of $7.6 million and an equity investment of more than $3 million. Home Depot has 24 years remaining on its 30-year lease term. Sterling Champ, executive vice president at CBRE, represented Paul V. Profeta & Associates in the transaction.

December 12, 2013

Multifamily Northeast

M&M ARRANGES $1.3M SALE OF SIX-UNIT APARTMENT BUILDING

by admin December 12, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $1.3 million sale of 355 Stockholm Street, a six-unit apartment property in Brooklyn. Said Boukhalfa of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and represented the buyer, a developer, in the transaction. The three-story apartment building is located on Stockholm Street between Wyckoff and St. Nicholas avenues in the Bushwick section of Brooklyn. All of the two-bedroom units in the building were recently renovated and include mahogany wood cabinets, granite counter tops and stainless steel appliances. The property’s basement is finished with tile floors and may be leased as a medical office.

December 12, 2013

Multifamily Northeast

HOME PROPERTIES ACQUIRES APARTMENT COMPLEX FOR $15.5M

by admin December 11, 2013

BROOKHAVEN, PA. — Home Properties Inc. has purchased Camelot Court, a 204-unit apartment community in suburban Philadelphia, for $15.5 million. The sales price equates to $76,000 per unit. Rochester, N.Y.-based Home Properties has renamed the multifamily property Stone Hill Apartments. At closing, Stone Hill Apartments was 90.2 percent occupied at monthly rents averaging $918. Built in 1971, Stone Hill consists of 11 three-story apartment buildings and is located in Brookhaven. Common area amenities include a laundry room in each building and a swimming pool with a private yard. During the first three years of ownership, Home Properties plans to spend approximately $3 million on site improvements, including window and door replacements and upgraded kitchens and baths in the apartment units.

December 11, 2013

Multifamily Northeast

GEBROE-HAMMER ARRANGES $7.9M OF APARTMENT SALES IN NEW JERSEY

by admin December 11, 2013

CALDWELL AND MONTCLAIR, N.J. — Gebroe-Hammer Associates has arranged the sale of two northern New Jersey apartment properties for $7.9 million. The two separate transactions total 49 units in Caldwell and Montclair, and long-term owners sold both properties. In the Caldwell transaction, the 27-unit, two-story apartment building at 40 Roseland Ave. traded for $4.3 million. Ken Uranowitz, president, and David Jarvis, executive vice president at Gebroe-Hammer Associates, represented the seller, a second-generation private owner, and identified the buyer. In Montclair, the four-story, 22-unit building at 9-11 Seymour St. sold for $3.6 million, which equates to more than $166,000 per unit.

December 11, 2013

Civic Northeast

CTA CONSTRUCTION COMPLETES 121,000 SF SCHOOL IN SUBURBAN BOSTON

by admin December 11, 2013

MAYNARD, MASS. — CTA Construction has completed the new 121,000-square-foot Maynard High School in Maynard, located about 25 miles west of Boston. The two-story building combines three other Maynard School buildings into one complex. The school is comprised of four wings: Wing A houses the gymnasium, locker rooms and classrooms; Wing B includes administrative offices and classrooms; Wing C houses the auditorium, cafeteria, kitchen and academic classrooms; and Wing D contains mechanical rooms. The existing school was demolished and replaced by new athletic practice fields. CTA Construction collaborated with designer Tappé Architects, and project manager Municipal Building Consultants Inc.

December 11, 2013

Northeast

NAI NORWOOD GROUP ARRANGES SALE OF 10.5 ACRES IN NEW HAMPTON

by admin December 11, 2013

NEW HAMPTON, N.H. — NAI Norwood Group has arranged the sale of 10.5 acres on Packard Drive in New Hampton, a city in central New Hampshire. John Hoben, Chris Norwood and Karl Norwood of NAI Norwood Group represented the seller, LW Packard & Co., in the transaction. The land sale closed at $142,000. According to plans presented by the buyer to the city of New Hampton officials, the property will be used for storage of fuel. The transaction represents the last sale of more than 75 acres in New Hampton by NAI Norwood Group on behalf of a single seller. The land features direct access to Interstate 93.

December 11, 2013

Northeast Office

METRO-NORTH COMMUTER RAILROAD SIGNS 265,903 SF LEASE IN NYC

by admin December 10, 2013

NEW YORK CITY — Metro-North Commuter Railroad Co. has signed a 20-year lease covering 265,903 square feet at 420 Lexington Ave. in New York City. Metro-North, a subsidiary of New York’s Metropolitan Transportation Authority, currently occupies 133,503 square feet on the 11th, 12th and 22nd floors of the 30-story, 1.2 million-square-foot property located adjacent to Grand Central Terminal. The 132,400-square-foot expansion will cover the entire 10th floor and portions of the second, third and fifth floors. Josh Kuriloff, Jodi Roberts and David Heller of Cushman & Wakefield Inc. represented Metro-North in the transaction. SL Green was represented in-house.

December 10, 2013

Northeast

155-ACRE FORMER PSYCHIATRIC CENTER SITE SELLS FOR $4M

by admin December 10, 2013

POUGHKEEPSIE, N.Y. — Houlihan Lawrence Commercial Real Estate Group has arranged the $4 million sale of the former 155-acre Hudson River Psychiatric Center site on Route 9 in Poughkeepsie, a city located between New York City and Albany. Tom LaPerch and Steve Salomone of Houlihan Lawrence represented the sellers, Hudson Heritage LLC, in the transaction. The buyer, Diversified Real Estate Advisors, has plans to use the site as a mixed-use property combining commercial, hospitality and residential. Kevin McGrath of McGrath Realty represented Diversified Real Estate Advisors in the deal. Built in the 1800s, the site served as several New York hospitals before it closed in 2001.

December 10, 2013

Mixed-Use Northeast

MERIDIAN ARRANGES $3.3M FOR MIXED-USE PROPERTY IN NYC

by admin December 10, 2013

NEW YORK CITY — Meridian Capital Group LLC has arranged a $3.3 million loan on behalf of Phido Co. for the refinancing of a mixed-use property located on York Avenue in New York City. The 10-year loan features a fixed interest rate of 3.95 percent and was provided by a local savings bank. Judah Hammer, vice president in Meridian Capital’s New York City headquarters, negotiated the transaction. The four-story, mixed-use property is located at 1634 York Ave. and includes 14 residential units and two retail spaces totaling 3,600 square feet, one of which houses the Mansion Restaurant.

December 10, 2013

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