Northeast

TWO MANHATTAN MULTIFAMILY BUILDINGS SELL FOR $23.7M

by admin November 14, 2013

NEW YORK CITY — Cignature Realty Associates has arranged the $23.7 million sale of two corner apartment buildings totaling 95 units in the Washington Heights neighborhood of Manhattan. The buildings are located at 4240 Broadway and 4300 Broadway. Cignature represented the seller, Heights Equities Inc., and the buyer, Crest Realties, a Canadian-based real estate investment group. Heights Equities is a local real estate investor, which has owned both buildings for 30 years. Both buildings are six stories, and 4300 Broadway spans 52,598 square feet and includes 54 units, while 4240 Broadway spans 59,200 square feet and totals 41 apartments.

November 14, 2013

61-ROOM QUALITY INN IN METRO PITTSBURGH SELLS FOR $2.8M

by admin November 14, 2013

MEADVILLE, PA. — MBA Hotel Brokers Inc. has arranged the $2.8 million sale of the 61-room Quality Inn in Meadville, a northern suburb of Pittsburgh. Charlie Fritsch, president of MBA Hotel Brokers, represented the seller, Aryan Inc., in the transaction. The buyer, Siddhi Laxmi Inc., plans to renovate the three-story hotel and continue to operate it as a Quality Inn. Lynda Drehmer, capital markets advisor at MBA Capital Funding, arranged $2.4 million in financing for the buyer, which will be used for renovations and franchise fees. The borrower provided $550,000, about 18 percent of the project cost.

November 14, 2013

Northeast Office

CASSIDY TURLEY ARRANGES 75,218 SF LEASE IN MANSFIELD

by admin November 14, 2013

MANSFIELD, MASS. — Samsonite has signed a 75,218-square-foot, five-year lease at 575 W. St. in Mansfield. The two-story, 169,432-square-foot office building is located in suburban Boston and is part of The Campus at Cabot Business Park, a three-building, 41-acre site. Sean Teague, senior managing director and principal, and Kate McGovern, an associate at Cassidy Turley, represented the landlord, CommonWealth REIT, in the transaction. Tom Kent and Sean Lynch of Jones Lang LaSalle represented Samsonite.

November 14, 2013

Northeast Retail

HFF ARRANGES $85M LOAN FOR LONG ISLAND POWER CENTER

by admin November 13, 2013

WESTBURY, N.Y. — HFF has arranged an $85 million loan for Roosevelt Raceway Center, a 428,395-square-foot retail power center in Westbury, located about 27 miles east of New York City. Working on behalf of the borrower, a joint venture between Mattone Group LLC and Gartenstein Properties, HFF placed the fixed-rate loan with New York Community Bank. Completed in 1995, the property is leased to tenants including Fairway Market, The Home Depot, Michaels, Babies “R” Us, Sprint, AMC Theatres, Applebee’s and Chili’s. Robert Delitsky, managing director, led the HFF team representing the borrower.

November 13, 2013

Multifamily Northeast

MERIDIAN ARRANGES $17.9M LOAN FOR WALNUT PLACE IN PHILADELPHIA

by admin November 13, 2013

PHILADELPHIA — Meridian Capital Group LLC has arranged a $17.9 million loan for the refinancing of Walnut Place, a luxury multifamily property in Philadelphia, on behalf of PMC Property Group. A local balance sheet lender provided the 10-year loan, which features a fixed interest rate of 3.75 percent. The 77-unit, eight-story Walnut Place features 3,000 square feet of ground-level retail space and is located at 312-320 Walnut St. The property is a remodeled, historic apartment building featuring loft-style apartments with high ceilings, natural light and views of downtown Philadelphia. Amenities at the community include a fitness center, on-site laundry facility and parking. David Fisher, senior vice president at Meridian Capital Group, arranged the loan.

November 13, 2013

Northeast Retail

26,115 SF SHOPPING CENTER IN SOUTH NEW JERSEY SELLS FOR $6.2M

by admin November 13, 2013

DEPTFORD, N.J. — Marcus & Millichap has arranged the $6.2 million sale of Staples Shopping Center, a 26,115-square-foot shopping center in Deptford, a city in southwest New Jersey. The sales price equates to $235.88 per square foot. Constructed in the mid-1980s, the transaction marks the first time the shopping center has traded hands. The property is located at the corner of Deptford Center and Hurffville roads. Staples anchors the shopping center, which includes tenants such as Visionworks, Peddler’s Bike Shop, and Dunkin’ Donuts. Brad Nathanson, first vice president of investments in Marcus & Millichap’s Philadelphia office, represented the seller and the buyer in the transaction.

November 13, 2013

Northeast Office

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

Northeast Retail

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

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