Northeast

BOULDER GROUP ARRANGES $3.5M SALE OF CVS PROPERTY IN DUNKIRK

by admin November 15, 2013

DUNKIRK, N.Y. — The Boulder Group has arranged the $3.5 million sale of a single-tenant, net-leased CVS/pharmacy property in Dunkirk, located about 50 miles southwest of Buffalo. CVS has 25 years remaining on its lease at the 10,125-square-foot building. Developed in 2000, the property is on a 35,980-square-foot parcel at the corner of E. 4th and Main streets. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a private individual based in the Midwest, in the transaction. The seller was a Texas-based investment firm.

November 15, 2013

MMCC ARRANGES $2.7M LOAN FOR FAIRWAY COMMONS IN PHILADELPHIA

by admin November 15, 2013

PHILADELPHIA — Marcus & Millichap Capital Corp. has arranged a $2.7 million loan secured by Fairway Commons Apartments in Philadelphia. The Class C apartment property includes 34 units. The non-recourse, seven-year loan includes a fixed interest rate of 3.7 percent. Fairway Commons is located at 4927 Wynnefield Ave.

November 15, 2013

Northeast

ROBERT TILLSLEY TO BE PRESIDENT OF CORFAC INTERNATIONAL

by admin November 15, 2013

FALLS CHURCH, VA. — Corporate Facility Advisors (CORFAC International) has appointed the 2014 leadership at the U.S.-based firm. Robert Tillsley, principal with Paramus, N.J.-based McBride Corporate Real Estate, will serve as president and Scott Savacool, senior associate with St. Louis-based Sansone Group, will serve as vice president. Tillsley has served in several leadership roles with CORFAC International, most recently as vice president. As chair of the CORFAC International standards of excellence committee this year, Tillsley led an initiative that recognized the most actively engaged CORFAC affiliates. Savacool previously served on CORFAC’s executive committee as treasurer and secretary.

November 15, 2013

Multifamily Northeast

CORNERSTONE CLOSES THIRD AFFORDABLE HOUSING FUND, RAISES $106M

by admin November 14, 2013

HARTFORD, CONN. — Cornerstone Real Estate Advisers LLC has closed a $106 million equity fund dedicated to the preservation of affordable housing in the United States. The Cornerstone-NAHT Enhanced Preservation Fund III LLC (Fund III), co-sponsored by the National Affordable Housing Trust (NAHT), is earmarked for the rehabilitation of 17 multifamily properties for lower-income, mostly elderly renters. The properties, most with operating histories of nearly 100 percent occupancy, are located across the country. Fund III is the third affordable housing equity fund Cornerstone has launched with NAHT. Together with Cornerstone-NAHT Enhanced Preservation Fund I and II, more than $240 million has been raised to preserve affordable housing at 36 properties with 3,615 rental units.

November 14, 2013

Multifamily Northeast

TWO MANHATTAN MULTIFAMILY BUILDINGS SELL FOR $23.7M

by admin November 14, 2013

NEW YORK CITY — Cignature Realty Associates has arranged the $23.7 million sale of two corner apartment buildings totaling 95 units in the Washington Heights neighborhood of Manhattan. The buildings are located at 4240 Broadway and 4300 Broadway. Cignature represented the seller, Heights Equities Inc., and the buyer, Crest Realties, a Canadian-based real estate investment group. Heights Equities is a local real estate investor, which has owned both buildings for 30 years. Both buildings are six stories, and 4300 Broadway spans 52,598 square feet and includes 54 units, while 4240 Broadway spans 59,200 square feet and totals 41 apartments.

November 14, 2013

Hospitality Northeast

61-ROOM QUALITY INN IN METRO PITTSBURGH SELLS FOR $2.8M

by admin November 14, 2013

MEADVILLE, PA. — MBA Hotel Brokers Inc. has arranged the $2.8 million sale of the 61-room Quality Inn in Meadville, a northern suburb of Pittsburgh. Charlie Fritsch, president of MBA Hotel Brokers, represented the seller, Aryan Inc., in the transaction. The buyer, Siddhi Laxmi Inc., plans to renovate the three-story hotel and continue to operate it as a Quality Inn. Lynda Drehmer, capital markets advisor at MBA Capital Funding, arranged $2.4 million in financing for the buyer, which will be used for renovations and franchise fees. The borrower provided $550,000, about 18 percent of the project cost.

November 14, 2013

Northeast Office

CASSIDY TURLEY ARRANGES 75,218 SF LEASE IN MANSFIELD

by admin November 14, 2013

MANSFIELD, MASS. — Samsonite has signed a 75,218-square-foot, five-year lease at 575 W. St. in Mansfield. The two-story, 169,432-square-foot office building is located in suburban Boston and is part of The Campus at Cabot Business Park, a three-building, 41-acre site. Sean Teague, senior managing director and principal, and Kate McGovern, an associate at Cassidy Turley, represented the landlord, CommonWealth REIT, in the transaction. Tom Kent and Sean Lynch of Jones Lang LaSalle represented Samsonite.

November 14, 2013

Northeast Retail

HFF ARRANGES $85M LOAN FOR LONG ISLAND POWER CENTER

by admin November 13, 2013

WESTBURY, N.Y. — HFF has arranged an $85 million loan for Roosevelt Raceway Center, a 428,395-square-foot retail power center in Westbury, located about 27 miles east of New York City. Working on behalf of the borrower, a joint venture between Mattone Group LLC and Gartenstein Properties, HFF placed the fixed-rate loan with New York Community Bank. Completed in 1995, the property is leased to tenants including Fairway Market, The Home Depot, Michaels, Babies “R” Us, Sprint, AMC Theatres, Applebee’s and Chili’s. Robert Delitsky, managing director, led the HFF team representing the borrower.

November 13, 2013

Multifamily Northeast

MERIDIAN ARRANGES $17.9M LOAN FOR WALNUT PLACE IN PHILADELPHIA

by admin November 13, 2013

PHILADELPHIA — Meridian Capital Group LLC has arranged a $17.9 million loan for the refinancing of Walnut Place, a luxury multifamily property in Philadelphia, on behalf of PMC Property Group. A local balance sheet lender provided the 10-year loan, which features a fixed interest rate of 3.75 percent. The 77-unit, eight-story Walnut Place features 3,000 square feet of ground-level retail space and is located at 312-320 Walnut St. The property is a remodeled, historic apartment building featuring loft-style apartments with high ceilings, natural light and views of downtown Philadelphia. Amenities at the community include a fitness center, on-site laundry facility and parking. David Fisher, senior vice president at Meridian Capital Group, arranged the loan.

November 13, 2013

Northeast Retail

26,115 SF SHOPPING CENTER IN SOUTH NEW JERSEY SELLS FOR $6.2M

by admin November 13, 2013

DEPTFORD, N.J. — Marcus & Millichap has arranged the $6.2 million sale of Staples Shopping Center, a 26,115-square-foot shopping center in Deptford, a city in southwest New Jersey. The sales price equates to $235.88 per square foot. Constructed in the mid-1980s, the transaction marks the first time the shopping center has traded hands. The property is located at the corner of Deptford Center and Hurffville roads. Staples anchors the shopping center, which includes tenants such as Visionworks, Peddler’s Bike Shop, and Dunkin’ Donuts. Brad Nathanson, first vice president of investments in Marcus & Millichap’s Philadelphia office, represented the seller and the buyer in the transaction.

November 13, 2013

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