Anecdotally, by activity and by the numbers, the suburban Boston industrial market has definitely strengthened. If positive net absorption trends continue through the balance of the year, 2013 could end in territory that we have not seen since before the Great Recession. The momentum in the market has changed significantly in two years. For example, two years ago our firm was hired to sell a 53,000-square-foot single-story industrial building in Woburn for a third-generation plastics manufacturing company that was growing and wanted to buy a larger facility in the region. The company concurrently asked us to look for a larger building for them to buy. However, before putting an alternative building under contract, they would need to sell their Woburn property. In 2011, we did not have much activity from prospective buyers interested in our client’s property yet there were a number of viable purchase options available to them. Fast forward to the present, and we have multiple, highly qualified companies interested in buying their Woburn building — but now there is nothing to buy that meets our client’s criteria for size, quality and location. As a result, we have been forced to switch our acquisition strategy to buying land …
HARRISBURG, PA. — Marcus & Millichap has arranged the $25.7 million sale of Ivy Ridge Apartments, a 218-unit, newly constructed apartment complex in Harrisburg. The sales price represents $117,913 per unit, a new price per unit high in the Harrisburg market this year, according to Marcus & Millichap. Zachary Pierce and Mark Thomson, directors of Marcus & Millichap’s national multi housing group in Philadelphia, represented the seller, a local investor/developer. The buyer, also procured by Pierce and Thomson, is an operator of multifamily assets based in Northern New Jersey. The garden-style community is located at 589 Yale St. and features 192 two-bedroom units with private entrances and patios. The remaining 26 units are townhomes adjacent to the main complex. Community amenities include a clubhouse/leasing center with 24-hour fitness area, outdoor seating with fire pit and free Wi-Fi access.
WETHERSFIELD, CONN. — Cronheim Mortgage has arranged $9.4 million for a medical office building (MOB) located in Wethersfield, a southern suburb of Hartford. Phoenix Medical LLC was the borrower. The seven-year loan carries a 3.65 percent interest rate, and $7.15 million of the loan will be used for the acquisition of the building, while $2.25 million will be used for the construction of a 10,000-square-foot expansion. The expansion is for the Connecticut Multispecialty Group MSO, an existing tenant that has committed to a long-term lease for the space. Upon completion, the MOB will span 55,850 square feet. The property is fully occupied by a mix of medical tenants including a sleep center, general physician's office and a multi-specialty health center. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing.
NEWARK, N.J. — Arbor Commercial Funding, LLC has provided a $7 million loan for the refinancing of a 108-unit multifamily community in Newark. The property, 103 Chancellor Avenue Apartments, is in proximity to the Garden State Parkway and Newark Liberty International Airport and features a central laundry facility on the ground floor. The five-year, Fannie Mae DUS loan includes a 30-year amortization schedule.
PETERBOROUGH, N.H. — NAI Norwood Group has arranged the $2.9 million sale of a ground lease of a CVS/pharmacy building in Peterborough, 30 miles west of Nashua. Andy Fleisher of NAI Norwood Group represented the buyer in the 1031 tax-deferred exchange. Bradley Vear of Vear Commercial Properties Inc. represented the seller, East Moriches, N.Y.-based 125 Kublin Road LLC, in the transaction. The property is located at 125 Dublin Road, adjacent to a Shaw’s Grocery Store. Built in 2008, the 13,167-square-foot drugstore is situated on 1.9 acres.
NEW YORK CITY — Ariel Property Advisors has arranged the $30.5 million sale of nine multifamily buildings on the Upper West Side, Central Harlem and East Harlem in New York City. Shimon Shkury, Victor Sozio, Michael Tortorici, Jesse Deutch and Marko Agbaba of Ariel Property Advisors marketed the properties on behalf of the sellers, real estate investment firms. Five attached walk-ups at 265-273 W. 146th St. in Central Harlem totaling 100 unis sold for $11.1 million. A five-story, mixed-use walk-up at 950 Columbus Ave. on the Upper West Side sold for $5.1 million. Jeffrey Tanenbaum of Halstead Property represented the buyer, a local owner, in the transaction. A six-story, mixed-use building at 88 E. 111th St. in East Harlem sold for $5 million. The 19,884-square-foot walk-up includes 28 residential units and two commercial units. A six-story, mixed-use building at 1661 Park Ave. in East Harlem sold for $4.8 million. The 22,436-square-foot building features 34 residential units and one retail unit. A six-story walk-up at 524 E. 119th St. East Harlem sold for $4.5 million. The 21,100-square-foot building includes 35 residential units.
NORTH KINGSTOWN, R.I. — New Boston Fund Inc. has celebrated the groundbreaking of BankNewport’s newest branch in North Kingstown, about 21 miles south of Providence. The 2,000-square-foot bank will be located at the front of The Shops at Quonset Point development. BankNewport signed a 15-year lease in April on a pad site to construct the new bank branch. The new building will feature two drive-thru lanes, one of which will have a drive-thru ATM. Inside, the branch offers an ATM for after-hours banking; a coin counting machine in the lobby; and a conference room available to small businesses that require a meeting space during banking hours. Construction of BankNewport’s new branch is slated for an early 2014 completion.
HEWLETT, N.Y. — Simone Healthcare Development Group has acquired 1436 Broadway in Hewlett and announced plans for the construction of a new medical office at the property. The developer says it has arranged a long-term lease of the property to a major hospital in the area. The medical office property, which will offer primary, specialty and urgent care services, is slated to open in spring 2014. In addition to the new facility on Long Island, Simone Healthcare Development is also working with Montefiore Medical Center, Mount Sinai Hospital and other major healthcare providers on new outpatient care centers in New York.
FRANKLIN LAKES, N.J. — NAI James E. Hanson has completed a five-year lease renewal at 795 Franklin Ave. in Franklin Lakes, located about 25 miles north of Newark. Hackensack University Medical Center will occupy 3,425 square feet at the Class B office building. Michael Walters, executive managing director, and Steven Leitner, vice president at NAI Hanson, arranged the transaction. Sabra Realty owns the property. Also known as Campgaw Plaza, the two-story, 14,500-square-foot building was constructed in 1984 and includes 50 parking spaces.
HOLMDEL, N.J. — Holmdel Township has selected Somerset Development for the $100 million redevelopment of the former Bell Labs facility in Holmdel, located about 23 miles north of Staten Island, N.Y. The property includes a 2 million-square-foot building and 470 acres surrounding the facility. Somerset has spent the past several years working closely with the Holmdel community and officials to devise a plan that will transform the structure into a vibrant, mixed-use town center. In addition, the approved plan allows for residential, recreational and open space uses outside the building, including the development of up to 40 single-family homes and 185 age-restricted townhomes, as well as a field house for sports and an 18-hole golf course. The complex, which was originally constructed between 1959 and 1962, and then expanded to its current size between 1966 and 1982, is revered for its architectural distinction, in particular its notable mirrored glass façade. Designed by Eero Saarinen, the former Bell Labs research complex was home to Bell Laboratories division of Bell Telephone, later known as AT&T, Lucent and today, Alcatel-Lucent. Toll Brothers is in contract with Somerset for the purchase of land outside the building to construct the development’s residential component.