Northeast

CVS-ANCHORED CENTER IN COVENTRY, R.I. SELLS FOR $11.6M

by admin September 25, 2013

COVENTRY, R.I. — Cole Capital Advisors Inc. has acquired Coventry Crossing, a 20,752-square-foot shopping center in Coventry, located about 20 miles south of Providence, for $11.6 million. The sales price equates to $559 per square foot. CVS/pharmacy anchors the property and has 19 years remaining on its lease. Built in 2008 on 5.6 acres, the center is located at the intersection of Arnold Road and the New London Turnpike at 2250 New London Turnpike. Coventry Crossing features three freestanding buildings. CVS and Webster Bank occupy one building each and Dunkin’ Donuts and Radio Shack occupy the third building. CVS and Webster Bank make up 77 percent of the center’s gross leasable area and generate 73 percent of its income. Robert Horvath, Todd Tremblay and Margaret Huelskamp of Marcus & Millichap represented the seller, Coventry Crossing LLC. Horvath and Tremblay also represented Cole Capital Advisors in the transaction.

September 25, 2013

HARLEY-DAVIDSON OF BOSTON PURCHASES TWO BUILDING RETAIL PLAZA

by admin September 25, 2013

REVERE, MASS. — Dealership Boston Harley-Davidson has acquired the 120,000-square-foot former Johnnies Foodmaster retail plaza in Revere, a northern suburb of Boston. The two-building complex will feature Harley-Davidson’s new showroom and state-of-the-art service center. Steve Woodworth and Bob Borgman of Wyman Street Advisors represented Boston Harley-Davidson in the transaction. Scott Dragos of NAI Hunneman Commercial represented the seller.

September 25, 2013

Healthcare Northeast

EAGLEBRIDGE ARRANGES $11M LOAN FOR MOB IN HARTFORD

by admin September 24, 2013

HARTFORD, CONN. — EagleBridge Capital has arranged $11 million in construction/permanent mortgage financing secured by a 57,753-square-foot medical office building (MOB) in Hartford. Ted Sidel and Brian Sheehan, principals at EagleBridge Capital, arranged the financing with a regional financial institution on behalf of The Keystone Cos. St. Francis Hospital Medical Center leases the five-story building on a triple-net basis. The property is located at 103 Woodland St. on a 3.9-acre site across from the main campus of St. Francis Hospital Medical Center. The MOB is undergoing a major rehabilitation, which includes the build-out of new office space, as well as upgrading the roof, electrical system and elevators.

September 24, 2013

Multifamily Northeast

M&M ARRANGES $8.3M SALE OF 30-UNIT APARTMENT PROPERTY

by admin September 24, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $8.3 million sale of three contiguous five-story multifamily buildings on the Upper West Side in New York City. The sales price equates to $417 per square foot. Peter Von Der Ahe, first vice president of investments, Joe Koicim, vice president of investments, and Sean Lefkovits, investment associate, of Marcus & Millichap, represented the buyer and seller, both private individuals. The multifamily walk-up buildings total 30 units and 19,801 square feet.

September 24, 2013

Multifamily Northeast

MILLERSVILLE UNIVERSITY BREAKS GROUND ON NEW LIVING COMMUNITY

by admin September 24, 2013

MILLERSVILLE, PA. — Millersville University students, administration and a development crew celebrated the official groundbreaking and beam signing for the first phase of new living-learning communities on the Millersville University of Pennsylvania campus. Project developer, Ambling University Development Group, was awarded the project through a national bid process along with its partner firms, Benchmark Construction and architecture firm Lord, Aeck and Sargent. The project marks the initial phase of Millersville's plan to replace all 2,200 on-campus beds with modern, suite-style accommodations while maintaining a consistent bed capacity throughout the modernization initiative. The project cost is $180 million. The first phase is slated for completion by fall 2014 and will include 709 beds in two buildings. Phase I includes 188,272 square feet and 267 units in a mix of single and double occupancy semi-suites and full suites. The tax-exempt bond financing for the project was coordinated by RBC Capital Markets and recently closed at an interest rate of 4.54 percent. Student Services Inc. will serve as the owner of the new facilities.

September 24, 2013

Northeast Office

TRIPADVISOR SIGNS 72,000 SF LEASE IN BOSTON

by admin September 24, 2013

BOSTON — TripAdvisor has signed a 72,000-square-foot office lease at 226 Causeway St. in Boston’s North Station. Two subsidiaries of TripAdvisor — Smarter Travel and FlipKey — will occupy space on the building’s second, third and sixth floors. The groups will relocate from Charlestown and Boston, respectively, and move in later this year. The lease brings the building to 90 percent occupancy. Michael Joyce, Thomas Ashe and Patrick Buckley of Richards Barry Joyce & Partners LLC represented the landlord in the transaction. The firm is the exclusive commercial leasing agent for 226 Causeway St. Mark Roth of Cushman & Wakefield and Anne Columbia of Columbia Group Realty Advisors Inc. represented TripAdvisor.

September 24, 2013

Northeast Retail

AGREE REALTY BUYS 112,230 SF RETAIL BUILDING FOR $10.6M

by admin September 23, 2013

ALLENTOWN, PA. — Agree Realty Corp. has acquired an 112,230-square-foot retail property located on Airport Road South in Allentown for $10.6 million. BJ's Wholesale Club has occupied the location for more than 20 years. In 2001, the membership warehouse retail store added a gas station to the property. With this acquisition, Agree Realty has acquired approximately $70 million in retail properties this year.

September 23, 2013

Multifamily Northeast

GEBROE-HAMMER ARRANGES $7.7M SALE OF APARTMENT COMMUNITY

by admin September 23, 2013

ROCHELLE PARK, N.J. — Gebroe-Hammer Associates has arranged the $7.7 million sale of Central Avenue Apartments, a 32-unit apartment community in Rochelle Park. The two-building, garden-style apartment complex is located at 47-53 Central Ave., about 18 miles north of Newark. A four-bedroom, 1,900-square-foot home and 66-space parking lot were also included in the sale. Joseph Brecher, Greg Pine and Debbie Pomerantz of Gebroe-Hammer Associates represented the seller, 47-53 Central Avenue LLC, and identified the buyer in the transaction.

September 23, 2013

Northeast

M&M ARRANGES $5.2M SALE OF SELF STORAGE FACILITY

by admin September 23, 2013

TOMS RIVER, N.J. — Marcus & Millichap has arranged the $5.2 million sale of Central Self-Storage in Toms River, a city in northeast New Jersey. Built in 2006, the property includes 480 units and spans 45,630 square feet. Richard Schontz and Christopher Munley of Marcus & Millichap’s Philadelphia office represented the seller and procured the buyer, a publically registered non-traded REIT. The buyer was selected after a national marketing campaign yielded numerous offers from regional and national self storage operators, according to Marcus & Millichap.

September 23, 2013

Industrial Northeast

K+N LOGISTICS MOVES INTO 228,000 SF SPACE IN BETHLEHEM

by admin September 23, 2013

BETHLEHEM, PA. — Kuehne + Nagel Inc. (K+N) has signed a long-term lease for 228,000 square feet at 4275 Fritch Drive in Bethlehem, about nine miles east of Allentown. Griffin Land constructed the warehouse in 2012. K+N is one of the world’s leading logistics companies with more than 63,000 employees located in more than 100 countries. The company will use the warehouse building to handle a third-party logistics requirement for a Fortune 100 global healthcare company. CBRE represented the landlord, a real estate subsidiary of Griffin Land, in the transaction. CBRE’s global supply chain team based in New Jersey represented K+N.

September 23, 2013

Newer Posts

Older Posts