Northeast

PEARL PROPERTIES BUYS PHILADELPHIA APARTMENT COMPLEX

by admin October 30, 2013

PHILADELPHIA — Lowe Enterprises Investors has acquired The Granary, a new nine-story, Class A multifamily property in Philadelphia’s Center City, from developer Pearl Properties. The property sold for $120 million, according to the Philadelphia Business Journal. Located at 20th and Callowhill streets, The Granary includes 229 apartments and 20,463 square feet of retail space. The building was completed in October and is currently 40 percent leased. The Granary offers a mix of one-and two-bedroom units with in-unit washer/dryers, granite countertops, stainless steel appliances and bamboo floors. Amenities at the property include a state-of-the-art fitness center, business center, music room and library, community kitchen and club room, an onsite concierge and full-time doorman.

October 30, 2013

WASHINGTON TRUST PROVIDES $19M LOAN FOR ALCO BUILDINGS

by admin October 30, 2013

PROVIDENCE, R.I. — Washington Trust’s commercial real estate group has provided $19 million in financing to Foundry ALCO Members LLC for its acquisition of the five-building American Locomotive (ALCO) Complex in Providence. The brick ALCO buildings, originally constructed as a locomotive factory in 1901, are located on 11.8 acres at 68 Hemlock and 51 Valley streets. The 200,000-square-foot property was redeveloped into an office complex in 2006-2009 and is now 70 percent leased. Tenants at ALCO include law firms, an engineering company and the Rhode Island Economic Development Corp. The largest tenant in the complex is United Natural Foods Inc., a wholesale natural food distributor in the United States. Washington Trust led the financing, which included funding from Rockland Trust.

October 30, 2013

Northeast Retail

GHP BUYS 25,000 SF SHOPPING CENTER IN NORWALK

by admin October 30, 2013

NORWALK, CONN. — GHP Office Realty has acquired 120 New Canaan Ave., a 24,732-square-foot shopping center in Norwalk, as part of a 1031 tax-deferred exchange. The property is located off Exit 38 on the Merritt Parkway and is within close proximity to Route 7 and Interstate 95. Eight tenants currently occupy the property, including Café Madrid, Banana Nails, A.S. Fine Foods, Rite Aid, State of the Art Cleaners, La Bella Salon, Liz Sue Bagels II and Little Tokyo. The shopping center currently has retail and medical suites available ranging from 1,500-3,250 square feet.

October 30, 2013

Multifamily Northeast

BERKADIA ORIGINATES $37M LOAN FOR NYC MULTIFAMILY ASSETS

by admin October 29, 2013

NEW YORK CITY — The Manhattan office of Berkadia Commercial Mortgage LLC has originated $37.1 million in bridge financing for three multifamily properties in Brooklyn. Stewart Campbell, senior vice president at Berkadia, arranged both loans through Berkadia’s proprietary bridge lending program. Campbell worked with borrower 97 Grand Avenue LLC to secure $25 million for the acquisition of two multifamily buildings under development located at 96 Steuben St. and 97 Grand Ave. in the Clinton Hill neighborhood. The two-year loan features a floating, 6 percent interest rate and interest-only payments. In addition to the acquisition, the proceeds from the loan will also fund the remaining construction and lease-up of both buildings. Campbell also arranged $12.1 million in interim financing for a mixed-use property located at 70-78 Willoughby St. The two-year, floating-rate loan features a 4.5 percent interest rate and interest-only payments. The borrower, Metrotech BH Holdings LLC, will use the loan to fund the redevelopment of a commercial and retail building into a mixed-use property featuring rental units and retail space.

October 29, 2013

Northeast Office

MANHATTAN MIXED-USE BUILDING SELLS FOR $10.9M

by admin October 29, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $10.9 million sale of 123-127 Lafayette St., a partially vacant six-story office building in Lower Manhattan. The sales price equates to $663 per square foot. Barbara Dansker in Marcus & Millichap’s Manhattan office, represented the seller, an owner/user. Dansker also represented the buyer, Stellar Management, a New York-based developer. The property is located between Canal and Howard streets.

October 29, 2013

Northeast Retail

EAGLEBRIDGE ARRANGES $1.3M LOAN FOR DOLLAR GENERAL PLAZA

by admin October 29, 2013

WILLIAMSTOWN, MASS. — EagleBridge Capital has arranged $1.3 million in construction and permanent mortgage financing on behalf of 384 Main Associates for Dollar General Plaza in Williamstown. Ted Sidel and Brian Sheehan, principals at EagleBridge, arranged the financing through a regional institution. Dollar General Plaza is a 10,235-square-foot shopping center located at 384 Main St. Proceeds from the loan will be used to fund the build-out of a new 8,860-square-foot Dollar General store and repay an existing mortgage. The plaza is triple-net leased to Dollar General and Subway, which occupies 1,375 square feet.

October 29, 2013

Northeast Office

ISRAELI AIRLINE SIGNS 14,918 SF LEASE IN MANHATTAN

by admin October 29, 2013

NEW YORK CITY — El Al Airlines Ltd., Israel’s national airline, has signed a new 10-year lease at 100 Wall St. in Manhattan, occupying 14,918 square feet on a portion of the fourth floor. Brian Reiver of Savanna, a New York-based real estate private equity firm, represented the landlord in the transaction. Albert Duryea of New York Realty Group Inc. represented the tenant. El Al offers nonstop flights between New York and Israel, as well as the only nonstop service from Los Angeles, according to Savanna.

October 29, 2013

Northeast Office

CLARION PARTNERS ACQUIRES 10 BROOKLINE PLACE FOR $121M

by admin October 28, 2013

BROOKLINE, MASS. — Clarion Partners has acquired 10 Brookline Place, a 173,439-square-foot office building in Brookline, for $121 million. The six-story building serves as the southwest gateway to the Longwood Medical and Academic Area, a large medical campus that includes Harvard teaching hospitals in Boston. Clarion purchased the property from Invesco Real Estate. The Dana-Farber Cancer Institute anchors the building. The cancer treatment center has occupied space at the property since 2001. Eastdil Secured arranged the transaction.

October 28, 2013

Northeast Retail

90,000 SF RETAIL ASSET IN WESTPORT SELLS FOR $54.3M

by admin October 28, 2013

WESTPORT, CONN. — The Kowalsky family of Westport has sold The Village, a 90,000-square-foot shopping center in Westport, for $54.3 million to Equity One Inc. As one of Westport’s longtime landowners, the Kowalsky family broke ground on the site in 1969 and completed construction on the center in 1974. The Fresh Market anchors the four-building retail center, which is located on 7.5 acres along both sides of Post Road East. Other tenants include Dunkin’ Donuts, Little Gym, The UPS Store, KOKO Fit Club and SweetFrog. Jon Angel, president, and Brett Sherman, senior vice president of Angel Commercial LLC, a Southport, Conn.-based commercial real estate brokerage firm, represented the seller in the transaction.

October 28, 2013

Northeast

JLL ARRANGES SALE OF SELF STORAGE PORTFOLIO FOR $21.3M

by admin October 28, 2013

MARMORA AND TRENTON, N.J. — Jones Lang LaSalle (JLL) has arranged the $21.3 million sale of a portfolio of three self storage facilities, totaling 226,455 square feet, for 21st Century Storage. Kurt O'Brien acquired 101 U.S. Route 9 in Marmora, N.J., 555 North Olden Ave. in Trenton, N.J., and 5301 Park Heights Ave. in Baltimore. Doug McCarron, Steve Mellon and Pete Williams, managing directors with JLL’s national self storage team, represented the seller, 21st Century Storage. Joseph Garibaldi, managing director, and James Molloy III, senior vice president at JLL, assisted in the transaction. The buyer was represented in-house. The 51,975-square-foot building at 101 U.S. Route 9 in Marmora features 449 storage units, and the 111,115-square-foot property at 555 North Olden Ave. in Trenton includes 1,030 heated and air-cooled units. The 60,505-square-foot property at 5301 Park Heights Ave. in Baltimore includes 894 storage units.

October 28, 2013

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