Northeast

VERMONT LEAGUE OF CITIES AND TOWNS SIGNS 14,000 SF OFFICE LEASE

by admin November 13, 2013

MONTPELIER, VT. — The Vermont League of Cities and Towns has signed a 14,000-square-foot office lease at City Center in Montpelier, the capital of Vermont. CityCenter is located at 89 Main St. in downtown. Tenants at the building include the Secretary of State, The New England Culinary Institute, Skinny Pancake, Artisan’s Hand, Edward Jones, AT&T, Vermont Bankers Association and Onion River Community Access. The property also features an on-site parking garage. Doug Nedde is the owner of the City Center Montpelier building and broker/owner of Nedde Real Estate.

November 13, 2013

HFF ARRANGES $22M LOAN FOR CHESTER SPRINGS SHOPPING CENTER

by admin November 12, 2013

CHESTER, N.J. — HFF has arranged a $22 million loan on behalf of Heitman and Ramco-Gershenson Properties Trust for a 223,068-square-foot, grocery-anchored shopping center in Chester. A national bank provided the three-year loan, which includes a floating interest rate. Situated on approximately 20.4 acres, Chester Springs Shopping Center is located at the intersection of U.S. Highway 206 and Maple Avenue. The retail property is 96.6 percent leased and is anchored by ShopRite. Other tenants includes Marshalls, Staples and CVS/pharmacy. Eric Tupler and Jon Mikula, senior managing directors, and Kristian Lichtenfels and Michael Cerulo, real estate analysts, led the HFF team representing the borrower.

November 12, 2013

Hospitality Northeast

PITTSBURGH DOUBLETREE UNDERGOES $20M RENOVATION

by admin November 12, 2013

PITTSBURGH — DoubleTree by Hilton Pittsburgh-Green Tree has undergone a $20 million renovation. The new owner, RIDA Development Corp., renovated hotel’s 460 guestrooms, including 11 new suites. The redesign features more than 40,000 square feet of event space, including the addition of the 10,000-square-foot grand ballroom and 17 break-out rooms. The hotel features Champions Club Lounge, a sports bar fitted with a media wall with several flat-screen television sets and new fitness center, which includes an indoor heated pool. Pittsburgh-based CAM Hospitality Management LLC manages the hotel. Jim Looney of Jim Looney & Associates developed the new lodge design.

November 12, 2013

Multifamily Northeast

NORTHMARQ ARRANGES $9M LOAN FOR AUDUBON COURT APARTMENTS

by admin November 12, 2013

AUDUBON, PA. — NorthMarq Capital has arranged a $9 million loan for the refinancing of Audubon Court Apartments in suburban Philadelphia. Joseph Sweeney, managing director of NorthMarq’s Philadelphia regional office, arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac. The 174-unit, market-rate community is located at 2828 Egypt Road in Audubon.

November 12, 2013

Industrial Northeast

TERRENO REALTY BUYS INDUSTRIAL PROPERTY IN PISCATAWAY FOR $7M

by admin November 12, 2013

PISCATAWAY, N.J. — Terreno Realty Corp. has acquired an industrial property in Piscataway, located six miles north of New Brunswick, for $7 million. The property includes two multi-tenant industrial buildings spanning 105,000 square feet on 7.7 acres. The buildings feature 19 dock doors and are located at 60 and 70 W. Ethel Road, within two miles of I-287. The buildings are 76 percent leased to nine tenants.

November 12, 2013

Northeast Office

VORNADO TO SELL 866 UNITED NATIONS PLAZA IN NYC FOR $200M

by admin November 11, 2013

NEW YORK CITY — Vornado Realty Trust has agreed to sell 866 United Nations Plaza, a 360,000-square-foot office building in Manhattan, for $200 million. The New York-based real estate investment trust did not disclose the buyer’s information for the 38-story building, which occupies an entire square block between 48th and 49th streets, First Avenue and F.D.R. Drive. However, Crain's New York Business reported the buyer was a venture between real estate investors Meadow Partners and United Realty Partners. Major tenants at the building include the consulates of Chile, Finland, the United Nations Office of Foreign Missions and law firm Fross, Zelnick, Lehrman & Zissu. Vornado says the sale of the building will result in net proceeds of about $146 million, after repaying existing debt and closing costs. The sale is slated for completion by the end of the year.

November 11, 2013

Northeast Retail

PARTNERSHIP ACQUIRES LEASEHOLD INTEREST IN 650 FIFTH AVENUE

by admin November 11, 2013

NEW YORK CITY — SL Green Realty Corp. and partner Jeff Sutton have formed a venture that has acquired a 49-year leasehold interest for the entire retail portion of 650 Fifth Ave. in Manhattan. The investment provides the SL Green/Sutton partnership with control of the building’s basement, grade-level, second- and third-floor retail spaces that are currently occupied by Juicy Couture, Godiva Chocolate and Devon & Blakely. Former U.S. Magistrate Judge Kathleen A. Roberts was the court-appointed federal monitor and interim trustee of the landlord, 650 Fifth Avenue Co. David Green from Cushman & Wakefield acted on behalf of the property owner.

November 11, 2013

Northeast Seniors Housing

CAPITAL SENIOR LIVING BUYS ASSISTED LIVING COMMUNITY IN MILFORD

by admin November 11, 2013

MILFORD, MASS. — An affiliate of Capital Senior Living Corp. has purchased the 87-unit Whitcomb House, an assisted living and memory care community in suburban Boston. The property includes three interconnected buildings totaling 48,565 square feet. The community features 66 assisted living beds and 21 memory care beds and is approximately 97 percent occupied. Situated on 9.3 acres, Whitcomb House is located at 245 West. St. in Milford. Allen McMurtry, executive managing director at Cassidy Turley, represented the seller, a local owner who developed and managed the property.

November 11, 2013

Northeast Retail

CBRE ARRANGES $2M SALE OF RETAIL PROPERTY IN PHILADELPHIA

by admin November 11, 2013

PHILADELPHIA — CBRE Group Inc. has arranged the $2 million sale of 2120 S. 23rd St. in Philadelphia. Dollar General occupies the 11,685-square-foot building under a 10-year net lease, with two five-year option periods. The building, which was constructed in 1920 and fully renovated in 2012, includes a new roof with a 20-year warranty. Elli Klapper and Charles Berge of CBRE arranged the transaction on behalf of the seller.

November 11, 2013

Market Reports New York Northeast Market Reports

High Tech and High Fashion Settle in Upstate New York

by admin November 11, 2013

The retail industry has piggybacked onto the high tech world by recognizing the impact that the high tech industry is having on the demographics and income levels of the entire Upstate New York region. Recent announcements of the return of Lord & Taylor to Crossgates Mall in Albany, and the positioning of UNIQLO at the Palisades Mall in Nyack, N.Y., are proving that the impact of the high-tech industry is now being felt throughout the entire upstate region. The addition of both of these retailers to the mix in the Tech Valley corridor of Upstate New York (from Nyack to Saratoga Springs, N.Y.) bodes well for the region, and shows the world that the growth rate of young, tech-savvy professionals will become one of the strong foundations for retailers well into the future. The recent addition of these two dynamic retailers into the Hudson Valley/Tech Valley regions is evidence of their understanding of the impact of the high technology industries located here. The higher paying, clean-tech employment base, focused on a younger work force, points directly to these two retailers’ “sweet spot.” UNIQLO’s format is very fashion forward with a very high level of quality at their specific price point. …

November 11, 2013

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