Northeast

LAURUS ACQUIRES HILTON GARDEN INN IN FORT WASHINGTON, PA.

by admin October 21, 2013

FORT WASHINGTON, PA. — Laurus Corp. has acquired the 146-room Hilton Garden Inn in Fort Washington. Located 20 miles north of downtown Philadelphia, the six-story hotel features an indoor swimming pool, business center, guest laundry facility, the brand’s signature restaurant and bar and three meeting facilities totaling 3,350 square feet. Laurus plans to invest $1.9 million in the property toward renovations. The Hilton Garden Inn is adjacent to the Fort Washington Office Park, which includes nearly 6 million square feet of Class A office space. The office park is home to more than 100 companies such as GMAC/Ally, URS Corp., Honeywell, Verizon, FedEx and Johnson & Johnson.

October 21, 2013

Boston and Cambridge Office Markets Grow Hotter

by admin October 21, 2013

While much of the suburbs, as well as pockets in Boston and Cambridge, continue to have a high inventory of office space, rents keep rising as vacancy is dropping in the area’s hottest submarkets — Boston’s Back Bay and East and Mid-Cambridge. Class A vacancy in the Back Bay now averages 6 percent while it’s even lower for Class A space in Mid-Cambridge and East Cambridge (1 percent in Kendall Square and 1.5 percent in Central Square). Average rents for Class A office space in the Back Bay are over $57 per square foot and almost $78 per square foot for high-rise space. In Cambridge, average Class A office and lab space rents are in the high $50s. Other Boston Trends • With demand increasing in the Seaport and even the low-rise tower space, many tenants from Cambridge are looking in other submarkets. In fact, Downtown Crossing has become the new Seaport, and North Station is seeing an uptick of activity as well. Average Class A rents in the Seaport are up to $52 per square foot, with much better value available in Downtown Crossing and North Station, where rents are in the mid-$30 range per square foot. • Demand …

October 21, 2013

Northeast Retail

TUCKER DEVELOPMENT BREAKS GROUND ON $92M RETAIL PROJECT

by admin October 18, 2013

NEWARK, N.J. — Tucker Development Corp. has broken ground on Springfield Avenue Marketplace, a $92 million urban, mixed-use development in Newark. Springfield Avenue will feature 125,000 square feet of retail space and 152 residential apartments. ShopRite, which signed a lease for 67,000 square feet, will be the anchor tenant at the development. Situated on the edge of the University Heights neighborhood, Springfield Avenue Marketplace will service the shopping needs of approximately 280,000 Newark residents, 180,000 members of the city's workforce and 60,000 college students and faculty. The development is part of Newark's Urban Enterprise Zone, where customers are entitled to a 50 percent reduction of sales tax on most purchases, along with the full exemption of state taxes on grocery and clothing purchases. The Goldman Sachs Urban Investment Group will provide approximately $65 million in financing for the development of Springfield Avenue Marketplace.

October 18, 2013

Mixed-Use Northeast

KW COMMERCIAL ARRANGES $75M, 45-YEAR LAND LEASE IN LONG ISLAND

by admin October 18, 2013

FARMINGDALE, N.Y. — RRDHC LLC has signed a lease for 13 acres at 1024 Broadhollow Road in Farmingdale, a village in Nassau County. The initial 45-year lease is valued at more than $75 million. RRDHC plans to develop a mixed-use property on the site that will include restaurant and hospitality space. Blair Gilbert of Exton, Pa.-based KW Commercial represented RRDHC LLC in the transaction. Peter Hofrichter of Tack Development represented the landlord.

October 18, 2013

Mixed-Use Northeast

WASHINGTON TRUST PROVIDES $10.5M FOR MIXED-USE PROPERTY

by admin October 18, 2013

WESTPORT, CONN. — Washington Trust’s Commercial Real Estate Group has provided a $10.5 million loan to 180 Westport Partners LLC for the acquisition and renovation of a mixed-used property in Westport. The 32,103-square-foot office/retail space is located in Westport’s downtown retail corridor at 180 Post Road, just one block from Main Street.

October 18, 2013

Northeast Office

NORTHMARQ ARRANGES $1.7M LOAN FOR OFFICE BUILDING IN NANTUCKET

by admin October 18, 2013

NANTUCKET, MASS. — NorthMarq Capital’s Boston regional office has arranged $1.7 million for the refinancing of the Albert G. Brock Building in Nantucket, an island 30 miles south of Cape Cod. The 5,897-square-foot, multi-tenant office property is located at 53 Main St. A life insurance company provided the 20-year loan, which is self-amortizing. Doug Nickerson, vice president at NorthMarq, arranged the loan.

October 18, 2013

Multifamily Northeast

VORNADO TO BUILD 472,000 SF CONDO TOWER IN MANHATTAN

by admin October 17, 2013

NEW YORK CITY — Vornado Realty Trust has acquired the land and air rights above a development site at 220 Central Park South in Manhattan for $194 million. Extell Development Co., builder of the nearby One57 luxury-condo tower, was the seller, according to Bloomberg. Vornado says the deal will enable the company to begin work on a 920-foot luxury residential condominium tower at the site. Robert A.M. Stern Architects will design the 472,000-square-foot tower, which will have unobstructed views of Central Park.

October 17, 2013

Northeast Office

CUSHMAN ARRANGES $90.8M SALE OF OFFICE PORTFOLIO

by admin October 17, 2013

HOPEWELL, N.J. — Cushman & Wakefield has arranged the $90.8 million sale of 1100, 1150 and 1200 Merrill Lynch Drive, a trio of Class A office buildings in Hopewell. A partnership including Fortress Investment Group, Sansome Pacific Properties, Normandy Real Estate Partners and Skyline Pacific Properties sold the 380,000-square-foot complex to American Real Estate Partners. The buildings are part of Merrill Lynch’s 12-building, 1.8 million-square-foot Hopewell campus and house the firm’s global wealth and investment management division. Cushman also arranged $60 million in acquisition financing for the office portfolio. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Grace Braverman of Cushman & Wakefield's metropolitan capital markets group represented the sellers in the transaction. Mark Ehlinger and John Alascio of Cushman & Wakefield's equity, debt and structured finance team arranged acquisition financing on behalf of the American Real Estate Partners.

October 17, 2013

Northeast Office

RFR TO GIVE MANHATTAN OFFICE BUILDING A $65M MAKEOVER

by admin October 17, 2013

NEW YORK CITY — RFR has unveiled a $65 million capital improvement plan for its 530,000-square-foot office tower located at 285 Madison Ave. in Manhattan. RFR plans include redesigning the office tower as a green building and achieving LEED-Silver certification. The tower’s infrastructure will get a boost with new elevators and HVAC system, and the entrance and lobby of the 1920s-era building will be redesigned. Additionally, 40,000 square feet of retail space will be offered.

October 17, 2013

Multifamily Northeast

HFF ARRANGES $62.4M LOAN FOR CONDO DEVELOPMENT IN NYC

by admin October 17, 2013

NEW YORK CITY — HFF has arranged a $62.4 million construction loan for the redevelopment of 12 East 13th Street, a residential condominium project in Manhattan’s Greenwich Village neighborhood. HFF worked on behalf of the borrowing team of DHA Capital, Continental Properties and Ramius. Apollo Commercial Real Estate Finance provided the non-recourse loan. Proceeds of the loan will be used to redevelop an eight-story parking garage into a 12-story, luxury residential condominium property called 12 East 13th Street. The building is located south of Union Square between University Place and Fifth Avenue. The project is slated for completion by spring 2015. Michael Gigliotti, associate director, and Andrew Scandalios, senior managing director, led the HFF team representing the borrower.

October 17, 2013

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